PICO: what changed
PICO
Largest movements
- Cash -€272,098
down €272,098 (-76.7%), from €354,952 to €82,854
mainly Current investments (-€245,000) and Tax, wage and social debts (-€17,200)
- Current investments +€245,000
up €245,000 (+1,633%), from €15,000 to €260,000
- Tax, wage and social debts -€17,200
no longer reported in 2025 (was €17,200)
- Other debts -€10,851
down €10,851 (-59.6%), from €18,191 to €7,340
- Reserves +€4,731
up €4,731 (+2.3%), from €206,235 to €210,965
- Gross operating margin -€196,701
down €196,701, from €194,242 to -€2,459
- Taxes -€16,875
down €16,875 (-97.1%), from €17,373 to €498
- Financial income +€10,090
up €10,090 (+1,515%), from €666 to €10,757
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €371,871 | €348,855 | -€23,016 | -6.2% |
| Current assets | 29/58 | €371,871 | €348,855 | -€23,016 | -6.2% |
| Amounts receivable within one year | 40/41 | €1,907 | €2,750 | +€843 | +44.2% |
| Other amounts receivable | 41 | €1,907 | €2,750 | +€843 | +44.2% |
| Current investments | 50/53 | €15,000 | €260,000 | +€245,000 | +1,633% |
| Cash at bank and in hand | 54/58 | €354,952 | €82,854 | -€272,098 | -76.7% |
| Deferred charges and accrued income | 490/1 | €11 | €3,250 | +€3,239 | +28,361% |
| Total equity and liabilities | 10/49 | €371,871 | €348,855 | -€23,016 | -6.2% |
| Equity | 10/15 | €333,735 | €338,465 | +€4,731 | +1.4% |
| Contributions | 10/11 | €127,500 | €127,500 | = | 0.0% |
| Reserves | 13 | €206,235 | €210,965 | +€4,731 | +2.3% |
| Distributable reserves | 133 | €206,235 | €210,965 | +€4,731 | +2.3% |
| Amounts payable | 17/49 | €38,136 | €10,389 | -€27,747 | -72.8% |
| Amounts payable within one year | 42/48 | €37,639 | €8,853 | -€28,787 | -76.5% |
| Trade debts | 44 | €2,248 | €1,513 | -€736 | -32.7% |
| Suppliers | 440/4 | €2,248 | €1,513 | -€736 | -32.7% |
| Taxes, remuneration and social security | 45 | €17,200 | - | -€17,200 | |
| Taxes | 450/3 | €17,200 | - | -€17,200 | |
| Other amounts payable | 47/48 | €18,191 | €7,340 | -€10,851 | -59.6% |
| Accrued charges and deferred income | 492/3 | €497 | €1,537 | +€1,040 | +209% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73 | - | -€73 | |
| Other operating charges | 640/8 | €1,146 | €674 | -€472 | -41.2% |
| Gross operating margin | 9900 | €194,242 | -€2,459 | -€196,701 | |
| Operating profit (loss) | 9901 | €193,023 | -€3,132 | -€196,155 | |
| Financial income | 75/76B | €666 | €10,757 | +€10,090 | +1,515% |
| Recurring financial income | 75 | €666 | €10,757 | +€10,090 | +1,515% |
| Financial charges | 65/66B | €1,525 | €1,563 | +€38 | +2.5% |
| Recurring financial charges | 65 | €1,525 | €1,563 | +€38 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €192,164 | €6,061 | -€186,102 | -96.8% |
| Income taxes | 67/77 | €17,373 | €498 | -€16,875 | -97.1% |
| Profit (loss) for the period | 9904 | €174,791 | €5,564 | -€169,228 | -96.8% |
| Profit (loss) for the period to be appropriated | 9905 | €174,791 | €5,564 | -€169,228 | -96.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.