PINACO: 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.
PINACO
Largest movements
- Cash +€186,593
up €186,593 (+60.1%), from €310,222 to €496,815
mainly Receivables after one year (+€140,000) and Other debts (+€72,343)
- Receivables after one year -€140,000
down €140,000 (-7.3%), from €1.9m to €1.8m
- Debts after one year -€124,232
down €124,232 (-13.0%), from €957,422 to €833,190
- Other debts +€72,343
up €72,343 (+77.4%), from €93,438 to €165,781
- Reserves +€51,000
up €51,000 (+23.1%), from €220,600 to €271,600
of which Distributable reserves: +€51,000
- Financial income -€131,801
down €131,801 (-99.4%), from €132,578 to €777
- Gross operating margin +€48,136
up €48,136 (+37.3%), from €129,031 to €177,167
- Taxes +€9,091
up €9,091 (+60.7%), from €14,965 to €24,056
- Financial charges -€3,155
down €3,155 (-6.2%), from €51,115 to €47,960
- Other operating charges -€2,162
down €2,162 (-21.8%), from €9,897 to €7,734
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,017,524 | €3,021,849 | +€4,325 | +0.1% |
| Fixed assets | 21/28 | €760,844 | €730,876 | -€29,968 | -3.9% |
| Tangible fixed assets | 22/27 | €760,844 | €730,876 | -€29,968 | -3.9% |
| Land and buildings | 22 | €759,973 | €730,246 | -€29,726 | -3.9% |
| Plant, machinery and equipment | 23 | €871 | €630 | -€241 | -27.7% |
| Current assets | 29/58 | €2,256,680 | €2,290,972 | +€34,293 | +1.5% |
| Amounts receivable after more than one year | 29 | €1,905,555 | €1,765,555 | -€140,000 | -7.3% |
| Other amounts receivable | 291 | €1,905,555 | €1,765,555 | -€140,000 | -7.3% |
| Amounts receivable within one year | 40/41 | €18,186 | €10,118 | -€8,069 | -44.4% |
| Trade receivables | 40 | €17,787 | €10,000 | -€7,787 | -43.8% |
| Other amounts receivable | 41 | €399 | €118 | -€282 | -70.5% |
| Cash at bank and in hand | 54/58 | €310,222 | €496,815 | +€186,593 | +60.1% |
| Deferred charges and accrued income | 490/1 | €22,717 | €18,485 | -€4,232 | -18.6% |
| Total equity and liabilities | 10/49 | €3,017,524 | €3,021,849 | +€4,325 | +0.1% |
| Equity | 10/15 | €1,846,836 | €1,898,603 | +€51,767 | +2.8% |
| Contributions | 10/11 | €836,000 | €836,000 | = | 0.0% |
| Capital | 10 | €836,000 | €836,000 | = | 0.0% |
| Issued capital | 100 | €836,000 | €836,000 | = | 0.0% |
| Reserves | 13 | €220,600 | €271,600 | +€51,000 | +23.1% |
| Non-distributable reserves | 130/1 | €83,600 | €83,600 | = | 0.0% |
| Legal reserve | 130 | €83,600 | €83,600 | = | 0.0% |
| Distributable reserves | 133 | €137,000 | €188,000 | +€51,000 | +37.2% |
| Profit (loss) carried forward | 14 | €790,236 | €791,003 | +€767 | +0.1% |
| Amounts payable | 17/49 | €1,170,688 | €1,123,246 | -€47,442 | -4.1% |
| Amounts payable after more than one year | 17 | €957,422 | €833,190 | -€124,232 | -13.0% |
| Financial debts | 170/4 | €957,422 | €833,190 | -€124,232 | -13.0% |
| Amounts payable within one year | 42/48 | €213,266 | €290,056 | +€76,790 | +36.0% |
| Current portion of amounts payable after more than one year | 42 | €99,232 | €99,232 | = | 0.0% |
| Trade debts | 44 | €4,121 | €3,005 | -€1,117 | -27.1% |
| Suppliers | 440/4 | €4,121 | €3,005 | -€1,117 | -27.1% |
| Taxes, remuneration and social security | 45 | €16,475 | €22,039 | +€5,563 | +33.8% |
| Taxes | 450/3 | €16,475 | €22,039 | +€5,563 | +33.8% |
| Other amounts payable | 47/48 | €93,438 | €165,781 | +€72,343 | +77.4% |
| Non-recurring operating income | 76A | - | €453 | +€453 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,651 | €46,426 | -€1,225 | -2.6% |
| Other operating charges | 640/8 | €9,897 | €7,734 | -€2,162 | -21.8% |
| Gross operating margin | 9900 | €129,031 | €177,167 | +€48,136 | +37.3% |
| Operating profit (loss) | 9901 | €71,483 | €123,006 | +€51,523 | +72.1% |
| Financial income | 75/76B | €132,578 | €777 | -€131,801 | -99.4% |
| Recurring financial income | 75 | €132,578 | €777 | -€131,801 | -99.4% |
| Financial charges | 65/66B | €51,115 | €47,960 | -€3,155 | -6.2% |
| Recurring financial charges | 65 | €51,115 | €47,960 | -€3,155 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €152,946 | €75,823 | -€77,123 | -50.4% |
| Income taxes | 67/77 | €14,965 | €24,056 | +€9,091 | +60.7% |
| Profit (loss) for the period | 9904 | €137,981 | €51,767 | -€86,213 | -62.5% |
| Profit (loss) for the period to be appropriated | 9905 | €137,981 | €51,767 | -€86,213 | -62.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.