PIECOVA: 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.
PIECOVA
Largest movements
- Tangible fixed assets +€709,137
up €709,137 (+1897.8%), from €37,366 to €746,502
of which Plant, machinery and equipment: +€430,502
- Receivables within one year -€32,789
down €32,789 (-13.1%), from €250,864 to €218,074
of which Trade receivables: -€129,392
- Trade debts +€693,584
up €693,584 (+453.2%), from €153,045 to €846,629
- Tax, wage and social debts -€37,158
down €37,158 (-38.3%), from €96,947 to €59,789
of which Remuneration and social security: -€26,565
- Profit (loss) carried forward +€23,015
up €23,015 (+48.8%), from €47,115 to €70,130
- Staff costs -€149,812
down €149,812 (-37.6%), from €398,114 to €248,302
- Gross operating margin -€118,990
down €118,990 (-28.5%), from €417,439 to €298,449
- Taxes +€5,653
up €5,653 (+108.1%), from €5,229 to €10,882
- Depreciation +€4,252
up €4,252 (+28.4%), from €14,990 to €19,242
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €314,827 | €993,050 | +€678,223 | +215.4% |
| Fixed assets | 21/28 | €40,746 | €749,311 | +€708,565 | +1739.0% |
| Intangible fixed assets | 21 | €3,380 | €2,809 | -€571 | -16.9% |
| Tangible fixed assets | 22/27 | €37,366 | €746,502 | +€709,137 | +1897.8% |
| Plant, machinery and equipment | 23 | €24,530 | €455,032 | +€430,502 | +1755.0% |
| Furniture and vehicles | 24 | €498 | €341 | -€157 | -31.5% |
| Other tangible fixed assets | 26 | €12,338 | €291,130 | +€278,792 | +2259.6% |
| Current assets | 29/58 | €274,081 | €243,739 | -€30,342 | -11.1% |
| Stocks and contracts in progress | 3 | €23,218 | €25,665 | +€2,447 | +10.5% |
| Stocks | 30/36 | €23,218 | €25,665 | +€2,447 | +10.5% |
| Amounts receivable within one year | 40/41 | €250,864 | €218,074 | -€32,789 | -13.1% |
| Trade receivables | 40 | €250,864 | €121,472 | -€129,392 | -51.6% |
| Other amounts receivable | 41 | - | €96,602 | +€96,602 | |
| Total equity and liabilities | 10/49 | €314,827 | €993,050 | +€678,223 | +215.4% |
| Equity | 10/15 | €63,615 | €86,630 | +€23,015 | +36.2% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €1,500 | €1,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,500 | €1,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,115 | €70,130 | +€23,015 | +48.8% |
| Amounts payable | 17/49 | €251,212 | €906,421 | +€655,209 | +260.8% |
| Amounts payable within one year | 42/48 | €251,212 | €906,421 | +€655,209 | +260.8% |
| Trade debts | 44 | €153,045 | €846,629 | +€693,584 | +453.2% |
| Suppliers | 440/4 | €153,045 | €846,629 | +€693,584 | +453.2% |
| Taxes, remuneration and social security | 45 | €96,947 | €59,789 | -€37,158 | -38.3% |
| Taxes | 450/3 | €30,325 | €19,732 | -€10,593 | -34.9% |
| Remuneration and social security | 454/9 | €66,622 | €40,057 | -€26,565 | -39.9% |
| Other amounts payable | 47/48 | €1,219 | €2 | -€1,217 | -99.8% |
| Remuneration, social security and pensions | 62 | €398,114 | €248,302 | -€149,812 | -37.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,990 | €19,242 | +€4,252 | +28.4% |
| Other operating charges | 640/8 | €267 | €848 | +€582 | +218.2% |
| Gross operating margin | 9900 | €417,439 | €298,449 | -€118,990 | -28.5% |
| Operating profit (loss) | 9901 | €4,068 | €30,057 | +€25,989 | +638.9% |
| Financial income | 75/76B | €3,870 | €4,170 | +€300 | +7.8% |
| Recurring financial income | 75 | €3,870 | €4,170 | +€300 | +7.8% |
| Financial charges | 65/66B | €276 | €330 | +€54 | +19.7% |
| Recurring financial charges | 65 | €276 | €330 | +€54 | +19.7% |
| Profit (loss) for the period before taxes | 9903 | €7,662 | €33,897 | +€26,235 | +342.4% |
| Income taxes | 67/77 | €5,229 | €10,882 | +€5,653 | +108.1% |
| Profit (loss) for the period | 9904 | €2,433 | €23,015 | +€20,582 | +845.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,433 | €23,015 | +€20,582 | +845.9% |
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 9 October 2026 via checked.be.