PIFICO: 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.
What changed
PIFICO
NACE 64.910, Financial service activities, except insurance and pension funding
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€44,568
2024 · -€46,816+€2,248
Equity
€1.1m
2024 · €1.1m-€44,568
Cash
€1,425
2024 · €4,891-€3,466
Balance sheet total
€1.2m
2024 · €1.3m-€48,212
Largest movements
Assets
- Receivables within one year -€47,692
down €47,692 (-8.2%), from €580,763 to €533,071
Equity and liabilities
- Profit (loss) carried forward -€44,568
down €44,568 (-51.7%), from -€86,189 to -€130,757
Income statement
- Gross operating margin +€3,221
up €3,221 (+23.8%), from -€13,526 to -€10,305
- Depreciation +€1,002
up €1,002 (+3.4%), from €29,800 to €30,803
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
-€46,816
Gross operating margin
+€3,221
Depreciation
-€1,002
Other operating charges
+€20
Financial income
-€2
Financial charges
+€12
Result 2025
-€44,568
raises the resultlowers the result
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.
From operations
+€30,283
Investment
-€33,749
Financing
€0
Cash 2024
€4,891
From operations (derived)
+€30,283
Net result for the year
-€44,568
Depreciation
+€30,803
Receivables within one year
+€47,692
Trade debts
-€3,644
Investment (derived)
-€33,749
Investment in fixed assets (net)
-€33,749
Cash 2025
€1,425
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,268,666 | €1,220,454 | -€48,212 | -3.8% |
| Fixed assets | 21/28 | €683,012 | €685,958 | +€2,946 | +0.4% |
| Tangible fixed assets | 22/27 | €682,362 | €685,308 | +€2,946 | +0.4% |
| Land and buildings | 22 | €633,609 | €636,555 | +€2,946 | +0.5% |
| Furniture and vehicles | 24 | €48,753 | €48,753 | = | 0.0% |
| Financial fixed assets | 28 | €650 | €650 | = | 0.0% |
| Current assets | 29/58 | €585,654 | €534,496 | -€51,158 | -8.7% |
| Amounts receivable within one year | 40/41 | €580,763 | €533,071 | -€47,692 | -8.2% |
| Other amounts receivable | 41 | €580,763 | €533,071 | -€47,692 | -8.2% |
| Cash at bank and in hand | 54/58 | €4,891 | €1,425 | -€3,466 | -70.9% |
| Total equity and liabilities | 10/49 | €1,268,666 | €1,220,454 | -€48,212 | -3.8% |
| Equity | 10/15 | €1,095,573 | €1,051,005 | -€44,568 | -4.1% |
| Contributions | 10/11 | €1,168,522 | €1,168,522 | = | 0.0% |
| Capital | 10 | €1,168,522 | €1,168,522 | = | 0.0% |
| Issued capital | 100 | €1,230,000 | €1,230,000 | = | 0.0% |
| Uncalled capital | 101 | €61,478 | €61,478 | = | 0.0% |
| Reserves | 13 | €13,239 | €13,239 | = | 0.0% |
| Non-distributable reserves | 130/1 | €749 | €749 | = | 0.0% |
| Legal reserve | 130 | €749 | €749 | = | 0.0% |
| Distributable reserves | 133 | €12,490 | €12,490 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€86,189 | -€130,757 | -€44,568 | -51.7% |
| Amounts payable | 17/49 | €173,093 | €169,449 | -€3,644 | -2.1% |
| Amounts payable after more than one year | 17 | €151,250 | €151,250 | = | 0.0% |
| Other amounts payable | 178/9 | €151,250 | €151,250 | = | 0.0% |
| Amounts payable within one year | 42/48 | €21,843 | €18,199 | -€3,644 | -16.7% |
| Trade debts | 44 | €8,348 | €4,704 | -€3,644 | -43.6% |
| Suppliers | 440/4 | €8,348 | €4,704 | -€3,644 | -43.6% |
| Other amounts payable | 47/48 | €13,495 | €13,495 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,800 | €30,803 | +€1,002 | +3.4% |
| Other operating charges | 640/8 | €3,288 | €3,268 | -€20 | -0.6% |
| Gross operating margin | 9900 | -€13,526 | -€10,305 | +€3,221 | +23.8% |
| Operating profit (loss) | 9901 | -€46,614 | -€44,376 | +€2,239 | +4.8% |
| Financial income | 75/76B | €3 | €1 | -€2 | -71.7% |
| Recurring financial income | 75 | €3 | €1 | -€2 | -71.7% |
| Financial charges | 65/66B | €205 | €194 | -€12 | -5.7% |
| Recurring financial charges | 65 | €205 | €194 | -€12 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | -€46,816 | -€44,568 | +€2,248 | +4.8% |
| Profit (loss) for the period | 9904 | -€46,816 | -€44,568 | +€2,248 | +4.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€46,816 | -€44,568 | +€2,248 | +4.8% |
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 25 October 2026 via checked.be.