PICOR: 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.
PICOR
Largest movements
- Cash +€29,137
up €29,137 (+40.3%), from €72,368 to €101,506
mainly Receivables within one year (+€28,020) and Trade debts (+€22,782)
- Receivables within one year -€28,020
down €28,020 (-37.9%), from €73,839 to €45,819
of which Other amounts receivable: -€18,505
- Tangible fixed assets -€4,662
down €4,662 (-23.4%), from €19,923 to €15,261
of which Furniture and vehicles: -€4,801
- Trade debts +€22,782
up €22,782 (+89.5%), from €25,455 to €48,237
- Reserves -€13,779
down €13,779 (-14.0%), from €98,467 to €84,688
- Debts after one year -€6,939
no longer reported in 2025 (was €6,939)
- Tax, wage and social debts -€4,841
down €4,841 (-78.0%), from €6,205 to €1,364
- Current portion of long-term debt -€2,432
down €2,432 (-26.0%), from €9,371 to €6,939
- Gross operating margin -€20,864
down €20,864 (-47.8%), from €43,683 to €22,819
- Taxes -€6,651
down €6,651 (-63.5%), from €10,470 to €3,818
- Other operating charges +€636
up €636 (+105%), from €605 to €1,241
- Financial income -€587
down €587 (-33.9%), from €1,733 to €1,146
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.
Derived cash bridge
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 | €166,450 | €162,997 | -€3,453 | -2.1% |
| Fixed assets | 21/28 | €19,933 | €15,271 | -€4,662 | -23.4% |
| Tangible fixed assets | 22/27 | €19,923 | €15,261 | -€4,662 | -23.4% |
| Plant, machinery and equipment | 23 | €1,925 | €2,065 | +€140 | +7.3% |
| Furniture and vehicles | 24 | €17,998 | €13,196 | -€4,801 | -26.7% |
| Financial fixed assets | 28 | €10 | €10 | = | 0.0% |
| Current assets | 29/58 | €146,518 | €147,726 | +€1,208 | +0.8% |
| Stocks and contracts in progress | 3 | €311 | €401 | +€91 | +29.1% |
| Stocks | 30/36 | €311 | €401 | +€91 | +29.1% |
| Amounts receivable within one year | 40/41 | €73,839 | €45,819 | -€28,020 | -37.9% |
| Trade receivables | 40 | €36,693 | €27,178 | -€9,515 | -25.9% |
| Other amounts receivable | 41 | €37,146 | €18,641 | -€18,505 | -49.8% |
| Cash at bank and in hand | 54/58 | €72,368 | €101,506 | +€29,137 | +40.3% |
| Total equity and liabilities | 10/49 | €166,450 | €162,997 | -€3,453 | -2.1% |
| Equity | 10/15 | €106,481 | €92,702 | -€13,779 | -12.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €98,467 | €84,688 | -€13,779 | -14.0% |
| Distributable reserves | 133 | €98,467 | €84,688 | -€13,779 | -14.0% |
| Profit (loss) carried forward | 14 | €1,814 | €1,814 | = | 0.0% |
| Provisions and deferred taxes | 16 | €12,000 | €12,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €12,000 | €12,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €12,000 | €12,000 | = | 0.0% |
| Amounts payable | 17/49 | €47,969 | €58,295 | +€10,326 | +21.5% |
| Amounts payable after more than one year | 17 | €6,939 | - | -€6,939 | |
| Financial debts | 170/4 | €6,939 | - | -€6,939 | |
| Amounts payable within one year | 42/48 | €41,030 | €58,295 | +€17,265 | +42.1% |
| Current portion of amounts payable after more than one year | 42 | €9,371 | €6,939 | -€2,432 | -26.0% |
| Financial debts | 43 | - | €1,756 | +€1,756 | |
| Other loans | 439 | - | €1,756 | +€1,756 | |
| Trade debts | 44 | €25,455 | €48,237 | +€22,782 | +89.5% |
| Suppliers | 440/4 | €25,455 | €48,237 | +€22,782 | +89.5% |
| Taxes, remuneration and social security | 45 | €6,205 | €1,364 | -€4,841 | -78.0% |
| Taxes | 450/3 | €6,205 | €1,364 | -€4,841 | -78.0% |
| Remuneration, social security and pensions | 62 | €827 | €578 | -€249 | -30.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,875 | €5,567 | -€307 | -5.2% |
| Other operating charges | 640/8 | €605 | €1,241 | +€636 | +105% |
| Non-recurring operating charges | 66A | - | €2,985 | +€2,985 | |
| Gross operating margin | 9900 | €43,683 | €22,819 | -€20,864 | -47.8% |
| Operating profit (loss) | 9901 | €36,376 | €12,448 | -€23,928 | -65.8% |
| Financial income | 75/76B | €1,733 | €1,146 | -€587 | -33.9% |
| Recurring financial income | 75 | €1,733 | €1,146 | -€587 | -33.9% |
| Financial charges | 65/66B | €1,156 | €973 | -€183 | -15.8% |
| Recurring financial charges | 65 | €1,156 | €973 | -€183 | -15.8% |
| Profit (loss) for the period before taxes | 9903 | €36,954 | €12,621 | -€24,333 | -65.8% |
| Income taxes | 67/77 | €10,470 | €3,818 | -€6,651 | -63.5% |
| Profit (loss) for the period | 9904 | €26,484 | €8,803 | -€17,681 | -66.8% |
| Profit (loss) for the period to be appropriated | 9905 | €26,484 | €8,803 | -€17,681 | -66.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.