PIRCALCO: 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.
PIRCALCO
Largest movements
- Tangible fixed assets +€330,978
up €330,978 (+16.9%), from €2.0m to €2.3m
of which Land and buildings: +€328,901
- Receivables within one year -€78,462
down €78,462 (-80.9%), from €97,018 to €18,556
of which Trade receivables: -€69,917
- Cash +€45,912
up €45,912 (+35.3%), from €129,916 to €175,829
mainly Debts after one year (+€290,699) and Depreciation (+€116,558)
- Debts after one year +€290,699
up €290,699 (+718.7%), from €40,446 to €331,145
- Reserves +€36,477
up €36,477 (+4.7%), from €769,679 to €806,156
of which Distributable reserves: +€34,653
- Current portion of long-term debt +€25,703
up €25,703 (+70.6%), from €36,393 to €62,096
- Depreciation +€55,783
up €55,783 (+91.8%), from €60,775 to €116,558
- Taxes -€12,643
down €12,643 (-40.5%), from €31,191 to €18,548
- Gross operating margin +€10,979
up €10,979 (+5.5%), from €198,595 to €209,574
- Other operating charges -€9,967
down €9,967 (-35.3%), from €28,269 to €18,303
- Financial charges +€4,767
up €4,767 (+31.9%), from €14,938 to €19,705
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 | €2,186,843 | €2,485,363 | +€298,519 | +13.7% |
| Fixed assets | 21/28 | €1,956,056 | €2,287,033 | +€330,978 | +16.9% |
| Tangible fixed assets | 22/27 | €1,956,056 | €2,287,033 | +€330,978 | +16.9% |
| Land and buildings | 22 | €1,956,056 | €2,284,957 | +€328,901 | +16.8% |
| Plant, machinery and equipment | 23 | - | €2,077 | +€2,077 | |
| Current assets | 29/58 | €230,788 | €198,329 | -€32,458 | -14.1% |
| Amounts receivable within one year | 40/41 | €97,018 | €18,556 | -€78,462 | -80.9% |
| Trade receivables | 40 | €87,018 | €17,102 | -€69,917 | -80.3% |
| Other amounts receivable | 41 | €10,000 | €1,454 | -€8,546 | -85.5% |
| Cash at bank and in hand | 54/58 | €129,916 | €175,829 | +€45,912 | +35.3% |
| Deferred charges and accrued income | 490/1 | €3,853 | €3,945 | +€92 | +2.4% |
| Total equity and liabilities | 10/49 | €2,186,843 | €2,485,363 | +€298,519 | +13.7% |
| Equity | 10/15 | €1,875,595 | €1,912,072 | +€36,477 | +1.9% |
| Contributions | 10/11 | €1,077,409 | €1,077,409 | = | 0.0% |
| Capital | 10 | €1,077,409 | €1,077,409 | = | 0.0% |
| Issued capital | 100 | €1,077,409 | €1,077,409 | = | 0.0% |
| Revaluation surpluses | 12 | €28,508 | €28,508 | = | 0.0% |
| Reserves | 13 | €769,679 | €806,156 | +€36,477 | +4.7% |
| Non-distributable reserves | 130/1 | €28,966 | €30,790 | +€1,824 | +6.3% |
| Legal reserve | 130 | €28,966 | €30,790 | +€1,824 | +6.3% |
| Tax-exempt reserves | 132 | €39,741 | €39,741 | = | 0.0% |
| Distributable reserves | 133 | €700,972 | €735,625 | +€34,653 | +4.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €20,969 | €20,969 | = | 0.0% |
| Deferred taxes | 168 | €20,969 | €20,969 | = | 0.0% |
| Amounts payable | 17/49 | €290,279 | €552,321 | +€262,042 | +90.3% |
| Amounts payable after more than one year | 17 | €40,446 | €331,145 | +€290,699 | +718.7% |
| Financial debts | 170/4 | €40,446 | €331,145 | +€290,699 | +718.7% |
| Amounts payable within one year | 42/48 | €224,820 | €213,021 | -€11,798 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €36,393 | €62,096 | +€25,703 | +70.6% |
| Trade debts | 44 | €18,211 | €3,076 | -€15,135 | -83.1% |
| Suppliers | 440/4 | €18,211 | €3,076 | -€15,135 | -83.1% |
| Taxes, remuneration and social security | 45 | €21,120 | €20,934 | -€186 | -0.9% |
| Taxes | 450/3 | €21,120 | €20,934 | -€186 | -0.9% |
| Other amounts payable | 47/48 | €149,096 | €126,915 | -€22,181 | -14.9% |
| Accrued charges and deferred income | 492/3 | €25,013 | €8,154 | -€16,858 | -67.4% |
| Non-recurring operating income | 76A | €0 | €1,120 | +€1,120 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,775 | €116,558 | +€55,783 | +91.8% |
| Other operating charges | 640/8 | €28,269 | €18,303 | -€9,967 | -35.3% |
| Gross operating margin | 9900 | €198,595 | €209,574 | +€10,979 | +5.5% |
| Operating profit (loss) | 9901 | €109,551 | €74,714 | -€34,837 | -31.8% |
| Financial income | 75/76B | €90 | €16 | -€74 | -82.4% |
| Recurring financial income | 75 | €90 | €16 | -€74 | -82.4% |
| Financial charges | 65/66B | €14,938 | €19,705 | +€4,767 | +31.9% |
| Recurring financial charges | 65 | €14,938 | €19,705 | +€4,767 | +31.9% |
| Profit (loss) for the period before taxes | 9903 | €94,703 | €55,025 | -€39,678 | -41.9% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €31,191 | €18,548 | -€12,643 | -40.5% |
| Profit (loss) for the period | 9904 | €63,512 | €36,477 | -€27,035 | -42.6% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €63,512 | €36,477 | -€27,035 | -42.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.