PNCO: 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.
PNCO
Largest movements
- Receivables within one year -€43,074
down €43,074 (-75.4%), from €57,124 to €14,050
of which Other amounts receivable: -€40,785
- Tangible fixed assets +€3,581
up €3,581 (+2144.3%), from €167 to €3,748
- Cash -€2,213
down €2,213 (-15.3%), from €14,443 to €12,230
mainly Other debts (-€34,673) and Contributions, distributions and other (-€10,973)
- Other debts -€34,673
down €34,673 (-78.8%), from €44,000 to €9,327
- Tax, wage and social debts -€5,773
down €5,773 (-27.7%), from €20,878 to €15,105
- Trade debts -€1,279
down €1,279 (-62.8%), from €2,036 to €757
- Gross operating margin -€6,077
down €6,077 (-29.1%), from €20,866 to €14,789
- Taxes -€1,692
down €1,692 (-36.2%), from €4,671 to €2,979
- Financial income -€1,233
down €1,233 (-49.1%), from €2,511 to €1,278
- Other operating charges -€639
down €639 (-53.8%), from €1,187 to €548
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 | €72,124 | €30,028 | -€42,096 | -58.4% |
| Fixed assets | 21/28 | €557 | €3,748 | +€3,191 | +572.9% |
| Intangible fixed assets | 21 | €390 | €0 | -€390 | -100.0% |
| Tangible fixed assets | 22/27 | €167 | €3,748 | +€3,581 | +2144.3% |
| Furniture and vehicles | 24 | €167 | €3,748 | +€3,581 | +2144.3% |
| Current assets | 29/58 | €71,567 | €26,280 | -€45,287 | -63.3% |
| Amounts receivable within one year | 40/41 | €57,124 | €14,050 | -€43,074 | -75.4% |
| Trade receivables | 40 | €13,790 | €11,501 | -€2,289 | -16.6% |
| Other amounts receivable | 41 | €43,334 | €2,549 | -€40,785 | -94.1% |
| Cash at bank and in hand | 54/58 | €14,443 | €12,230 | -€2,213 | -15.3% |
| Total equity and liabilities | 10/49 | €72,124 | €30,028 | -€42,096 | -58.4% |
| Equity | 10/15 | €4,771 | €4,771 | = | 0.0% |
| Reserves | 13 | €4,771 | €4,771 | = | 0.0% |
| Distributable reserves | 133 | €4,771 | €4,771 | = | 0.0% |
| Amounts payable | 17/49 | €67,353 | €25,257 | -€42,096 | -62.5% |
| Amounts payable within one year | 42/48 | €66,914 | €25,189 | -€41,725 | -62.4% |
| Trade debts | 44 | €2,036 | €757 | -€1,279 | -62.8% |
| Suppliers | 440/4 | €2,036 | €757 | -€1,279 | -62.8% |
| Taxes, remuneration and social security | 45 | €20,878 | €15,105 | -€5,773 | -27.7% |
| Taxes | 450/3 | €20,878 | €15,105 | -€5,773 | -27.7% |
| Other amounts payable | 47/48 | €44,000 | €9,327 | -€34,673 | -78.8% |
| Accrued charges and deferred income | 492/3 | €439 | €68 | -€371 | -84.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €851 | €1,011 | +€160 | +18.8% |
| Other operating charges | 640/8 | €1,187 | €548 | -€639 | -53.8% |
| Gross operating margin | 9900 | €20,866 | €14,789 | -€6,077 | -29.1% |
| Operating profit (loss) | 9901 | €18,828 | €13,230 | -€5,598 | -29.7% |
| Financial income | 75/76B | €2,511 | €1,278 | -€1,233 | -49.1% |
| Recurring financial income | 75 | €2,511 | €1,278 | -€1,233 | -49.1% |
| Financial charges | 65/66B | €445 | €556 | +€111 | +24.9% |
| Recurring financial charges | 65 | €445 | €556 | +€111 | +24.9% |
| Profit (loss) for the period before taxes | 9903 | €20,894 | €13,952 | -€6,942 | -33.2% |
| Income taxes | 67/77 | €4,671 | €2,979 | -€1,692 | -36.2% |
| Profit (loss) for the period | 9904 | €16,223 | €10,973 | -€5,250 | -32.4% |
| Profit (loss) for the period to be appropriated | 9905 | €16,223 | €10,973 | -€5,250 | -32.4% |
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 8 October 2026 via checked.be.