PILCO: 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.
PILCO
Largest movements
- Receivables within one year +€26,439
up €26,439 (+76.8%), from €34,432 to €60,871
of which Trade receivables: +€22,038
- Tangible fixed assets -€20,078
down €20,078 (-41.1%), from €48,877 to €28,799
of which Furniture and vehicles: -€17,353
- Cash -€18,192
down €18,192 (-46.4%), from €39,178 to €20,986
mainly Receivables within one year (-€26,439) and Investment in fixed assets (net) (-€12,337)
- Stocks and contracts +€6,838
up €6,838 (+12.5%), from €54,560 to €61,398
- Other debts +€15,291
up €15,291 (+970.1%), from €1,576 to €16,868
- Debts after one year -€10,452
down €10,452 (-8.9%), from €117,452 to €107,000
- Trade debts -€7,232
down €7,232 (-73.0%), from €9,902 to €2,670
- Current portion of long-term debt -€5,964
down €5,964 (-17.4%), from €34,348 to €28,384
- Profit (loss) carried forward +€3,494
up €3,494 (+46.5%), from -€7,510 to -€4,016
- Gross operating margin -€3,916
down €3,916 (-8.7%), from €44,948 to €41,033
- Depreciation -€1,600
down €1,600 (-4.7%), from €34,015 to €32,415
- Taxes +€621
up €621 (+449.2%), from €138 to €759
- Financial charges -€561
down €561 (-27.0%), from €2,079 to €1,518
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 | €181,242 | €176,203 | -€5,039 | -2.8% |
| Fixed assets | 21/28 | €48,877 | €28,799 | -€20,078 | -41.1% |
| Tangible fixed assets | 22/27 | €48,877 | €28,799 | -€20,078 | -41.1% |
| Plant, machinery and equipment | 23 | €4,798 | €2,074 | -€2,725 | -56.8% |
| Furniture and vehicles | 24 | €44,078 | €26,725 | -€17,353 | -39.4% |
| Current assets | 29/58 | €132,365 | €147,404 | +€15,039 | +11.4% |
| Stocks and contracts in progress | 3 | €54,560 | €61,398 | +€6,838 | +12.5% |
| Stocks | 30/36 | €54,560 | €61,398 | +€6,838 | +12.5% |
| Amounts receivable within one year | 40/41 | €34,432 | €60,871 | +€26,439 | +76.8% |
| Trade receivables | 40 | €20,263 | €42,301 | +€22,038 | +108.8% |
| Other amounts receivable | 41 | €14,169 | €18,570 | +€4,401 | +31.1% |
| Cash at bank and in hand | 54/58 | €39,178 | €20,986 | -€18,192 | -46.4% |
| Deferred charges and accrued income | 490/1 | €4,195 | €4,149 | -€46 | -1.1% |
| Total equity and liabilities | 10/49 | €181,242 | €176,203 | -€5,039 | -2.8% |
| Equity | 10/15 | €14,519 | €18,013 | +€3,494 | +24.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €15,829 | €15,829 | = | 0.0% |
| Distributable reserves | 133 | €15,829 | €15,829 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,510 | -€4,016 | +€3,494 | +46.5% |
| Amounts payable | 17/49 | €166,723 | €158,190 | -€8,533 | -5.1% |
| Amounts payable after more than one year | 17 | €117,452 | €107,000 | -€10,452 | -8.9% |
| Financial debts | 170/4 | €117,452 | €107,000 | -€10,452 | -8.9% |
| Amounts payable within one year | 42/48 | €49,271 | €51,190 | +€1,919 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €34,348 | €28,384 | -€5,964 | -17.4% |
| Trade debts | 44 | €9,902 | €2,670 | -€7,232 | -73.0% |
| Suppliers | 440/4 | €9,902 | €2,670 | -€7,232 | -73.0% |
| Taxes, remuneration and social security | 45 | €3,445 | €3,269 | -€177 | -5.1% |
| Taxes | 450/3 | €3,445 | €3,269 | -€177 | -5.1% |
| Other amounts payable | 47/48 | €1,576 | €16,868 | +€15,291 | +970.1% |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,015 | €32,415 | -€1,600 | -4.7% |
| Other operating charges | 640/8 | €2,412 | €2,846 | +€435 | +18.0% |
| Gross operating margin | 9900 | €44,948 | €41,033 | -€3,916 | -8.7% |
| Operating profit (loss) | 9901 | €8,521 | €5,771 | -€2,750 | -32.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,079 | €1,518 | -€561 | -27.0% |
| Recurring financial charges | 65 | €2,079 | €1,518 | -€561 | -27.0% |
| Profit (loss) for the period before taxes | 9903 | €6,442 | €4,253 | -€2,189 | -34.0% |
| Income taxes | 67/77 | €138 | €759 | +€621 | +449.2% |
| Profit (loss) for the period | 9904 | €6,304 | €3,494 | -€2,810 | -44.6% |
| Profit (loss) for the period to be appropriated | 9905 | €6,304 | €3,494 | -€2,810 | -44.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.