PICO: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
PICO
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€66,029
2024 · €93,627-€27,598
Equity
€693,932
2024 · €627,903+€66,029
Cash
€24,825
2024 · €19,282+€5,543
Balance sheet total
€4.6m
2024 · €4.5m+€49,078
Largest movements
Assets
- Receivables within one year +€49,744
up €49,744 (+63.4%), from €78,484 to €128,228
of which Trade receivables: +€64,659
Equity and liabilities
- Profit (loss) carried forward +€66,029
up €66,029 (+4.7%), from -€1.4m to -€1.3m
Income statement
- Gross operating margin -€16,278
down €16,278 (-15.5%), from €104,908 to €88,630
- Taxes +€12,981
up €12,981 (+5624.6%), from €231 to €13,212
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€93,627
Gross operating margin
-€16,278
Depreciation
+€942
Other operating charges
+€20
Financial income
+€36
Financial charges
+€664
Taxes
-€12,981
Result 2025
€66,029
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€5,543
Investment
€0
Financing
€0
Cash 2024
€19,282
From operations (derived)
+€5,543
Net result for the year
+€66,029
Depreciation
+€6,454
Receivables within one year
-€49,744
Deferred charges and accrued income
-€245
Trade debts
+€1,934
Other debts
-€18,884
Cash 2025
€24,825
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,537,100 | €4,586,178 | +€49,078 | +1.1% |
| Fixed assets | 21/28 | €4,435,663 | €4,429,209 | -€6,454 | -0.1% |
| Tangible fixed assets | 22/27 | €11,956 | €5,502 | -€6,454 | -54.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €7,330 | €3,411 | -€3,920 | -53.5% |
| Other tangible fixed assets | 26 | €4,626 | €2,092 | -€2,534 | -54.8% |
| Financial fixed assets | 28 | €4,423,707 | €4,423,707 | = | 0.0% |
| Current assets | 29/58 | €101,437 | €156,969 | +€55,532 | +54.7% |
| Amounts receivable within one year | 40/41 | €78,484 | €128,228 | +€49,744 | +63.4% |
| Trade receivables | 40 | €55,569 | €120,228 | +€64,659 | +116.4% |
| Other amounts receivable | 41 | €22,915 | €8,000 | -€14,915 | -65.1% |
| Cash at bank and in hand | 54/58 | €19,282 | €24,825 | +€5,543 | +28.7% |
| Deferred charges and accrued income | 490/1 | €3,670 | €3,915 | +€245 | +6.7% |
| Total equity and liabilities | 10/49 | €4,537,100 | €4,586,178 | +€49,078 | +1.1% |
| Equity | 10/15 | €627,903 | €693,932 | +€66,029 | +10.5% |
| Contributions | 10/11 | €1,937,400 | €1,937,400 | = | 0.0% |
| Reserves | 13 | €83,803 | €83,803 | = | 0.0% |
| Distributable reserves | 133 | €83,803 | €83,803 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,393,300 | -€1,327,271 | +€66,029 | +4.7% |
| Amounts payable | 17/49 | €3,909,197 | €3,892,246 | -€16,950 | -0.4% |
| Amounts payable after more than one year | 17 | €3,868,223 | €3,868,223 | = | 0.0% |
| Other amounts payable | 178/9 | €3,868,223 | €3,868,223 | = | 0.0% |
| Amounts payable within one year | 42/48 | €40,974 | €24,023 | -€16,950 | -41.4% |
| Trade debts | 44 | €3,198 | €5,132 | +€1,934 | +60.5% |
| Suppliers | 440/4 | €3,198 | €5,132 | +€1,934 | +60.5% |
| Taxes, remuneration and social security | 45 | €3,330 | €3,330 | = | 0.0% |
| Taxes | 450/3 | €820 | €820 | = | 0.0% |
| Remuneration and social security | 454/9 | €2,510 | €2,510 | = | 0.0% |
| Other amounts payable | 47/48 | €34,446 | €15,561 | -€18,884 | -54.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,395 | €6,454 | -€942 | -12.7% |
| Other operating charges | 640/8 | €1,640 | €1,620 | -€20 | -1.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €104,908 | €88,630 | -€16,278 | -15.5% |
| Operating profit (loss) | 9901 | €95,872 | €80,556 | -€15,316 | -16.0% |
| Financial income | 75/76B | €61 | €97 | +€36 | +58.4% |
| Recurring financial income | 75 | €61 | €97 | +€36 | +58.4% |
| Financial charges | 65/66B | €2,076 | €1,412 | -€664 | -32.0% |
| Recurring financial charges | 65 | €2,076 | €1,412 | -€664 | -32.0% |
| Profit (loss) for the period before taxes | 9903 | €93,858 | €79,240 | -€14,617 | -15.6% |
| Income taxes | 67/77 | €231 | €13,212 | +€12,981 | +5624.6% |
| Profit (loss) for the period | 9904 | €93,627 | €66,029 | -€27,598 | -29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €93,627 | €66,029 | -€27,598 | -29.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.