PICO & Co: what changed
Two financial 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.
PICO & Co
Largest movements
- Current investments +€147,059
up €147,059, from €0 to €147,059
- Cash -€144,781
down €144,781 (-26.0%), from €555,792 to €411,011
mainly Current investments (-€147,059) and Contributions, distributions and other (-€139,614)
- Tangible fixed assets -€10,863
down €10,863 (-19.7%), from €55,273 to €44,410
of which Plant, machinery and equipment: -€11,791
- Receivables within one year -€9,402
down €9,402 (-11.9%), from €78,937 to €69,536
of which Other amounts receivable: -€9,402
- Reserves -€45,511
down €45,511 (-8.1%), from €564,852 to €519,342
of which Distributable reserves: -€45,511
- Tax, wage and social debts +€27,885
up €27,885 (+161.0%), from €17,323 to €45,207
of which Remuneration and social security: +€21,845
- Staff costs +€12,767
up €12,767 (+3.1%), from €408,742 to €421,509
- Gross operating margin +€7,448
up €7,448 (+1.3%), from €569,724 to €577,172
- Depreciation -€6,158
down €6,158 (-28.8%), from €21,369 to €15,211
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €711,177 | €693,468 | -€17,709 | -2.5% |
| Fixed assets | 21/28 | €55,603 | €44,740 | -€10,863 | -19.5% |
| Tangible fixed assets | 22/27 | €55,273 | €44,410 | -€10,863 | -19.7% |
| Plant, machinery and equipment | 23 | €53,778 | €41,987 | -€11,791 | -21.9% |
| Furniture and vehicles | 24 | €1,494 | €2,423 | +€929 | +62.1% |
| Financial fixed assets | 28 | €330 | €330 | = | 0.0% |
| Current assets | 29/58 | €655,574 | €648,728 | -€6,847 | -1.0% |
| Stocks and contracts in progress | 3 | €15,339 | €16,234 | +€896 | +5.8% |
| Stocks | 30/36 | €15,339 | €16,234 | +€896 | +5.8% |
| Amounts receivable within one year | 40/41 | €78,937 | €69,536 | -€9,402 | -11.9% |
| Trade receivables | 40 | €38,345 | €38,345 | = | 0.0% |
| Other amounts receivable | 41 | €40,592 | €31,191 | -€9,402 | -23.2% |
| Current investments | 50/53 | €0 | €147,059 | +€147,059 | |
| Cash at bank and in hand | 54/58 | €555,792 | €411,011 | -€144,781 | -26.0% |
| Deferred charges and accrued income | 490/1 | €5,507 | €4,888 | -€619 | -11.2% |
| Total equity and liabilities | 10/49 | €711,177 | €693,468 | -€17,709 | -2.5% |
| Equity | 10/15 | €626,852 | €581,342 | -€45,511 | -7.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €564,852 | €519,342 | -€45,511 | -8.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €558,652 | €513,142 | -€45,511 | -8.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €84,325 | €112,126 | +€27,801 | +33.0% |
| Amounts payable within one year | 42/48 | €84,325 | €112,126 | +€27,801 | +33.0% |
| Financial debts | 43 | €22,045 | €20,387 | -€1,658 | -7.5% |
| Other loans | 439 | €22,045 | €20,387 | -€1,658 | -7.5% |
| Trade debts | 44 | €44,957 | €46,532 | +€1,575 | +3.5% |
| Suppliers | 440/4 | €44,957 | €46,532 | +€1,575 | +3.5% |
| Taxes, remuneration and social security | 45 | €17,323 | €45,207 | +€27,885 | +161.0% |
| Taxes | 450/3 | €5,646 | €11,686 | +€6,040 | +107.0% |
| Remuneration and social security | 454/9 | €11,677 | €33,522 | +€21,845 | +187.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €408,742 | €421,509 | +€12,767 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,369 | €15,211 | -€6,158 | -28.8% |
| Other operating charges | 640/8 | €937 | €2,631 | +€1,694 | +180.8% |
| Non-recurring operating charges | 66A | - | €5,000 | +€5,000 | |
| Gross operating margin | 9900 | €569,724 | €577,172 | +€7,448 | +1.3% |
| Operating profit (loss) | 9901 | €138,676 | €132,822 | -€5,854 | -4.2% |
| Financial income | 75/76B | €11,857 | €6,105 | -€5,751 | -48.5% |
| Recurring financial income | 75 | €11,857 | €6,105 | -€5,751 | -48.5% |
| Financial charges | 65/66B | €3,885 | €6,013 | +€2,129 | +54.8% |
| Recurring financial charges | 65 | €3,885 | €6,013 | +€2,129 | +54.8% |
| Profit (loss) for the period before taxes | 9903 | €146,648 | €132,914 | -€13,734 | -9.4% |
| Income taxes | 67/77 | €43,088 | €38,811 | -€4,277 | -9.9% |
| Profit (loss) for the period | 9904 | €103,560 | €94,103 | -€9,458 | -9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €103,560 | €94,103 | -€9,458 | -9.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.