PORCO: 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.
PORCO
Largest movements
- Stocks and contracts -€227,014
down €227,014 (-32.4%), from €700,269 to €473,255
- Receivables within one year -€41,641
down €41,641 (-42.1%), from €98,798 to €57,157
of which Trade receivables: -€30,049
- Cash +€30,516
up €30,516 (+193%), from €15,849 to €46,365
mainly Stocks and contracts (+€227,014) and Receivables within one year (+€41,641)
- Other debts -€197,915
down €197,915 (-30.1%), from €657,823 to €459,907
- Trade debts -€28,218
down €28,218 (-25.7%), from €109,961 to €81,743
- Profit (loss) carried forward -€14,918
down €14,918, from €6,066 to -€8,852
- Gross operating margin -€18,948
down €18,948 (-15.4%), from €122,771 to €103,822
- Financial charges -€3,511
down €3,511 (-26.1%), from €13,477 to €9,966
- Staff costs +€2,626
up €2,626 (+2.5%), from €103,585 to €106,211
- Depreciation +€1,240
up €1,240 (+31.2%), from €3,972 to €5,212
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €836,447 | €593,096 | -€243,351 | -29.1% |
| Fixed assets | 21/28 | €21,531 | €16,320 | -€5,212 | -24.2% |
| Tangible fixed assets | 22/27 | €21,531 | €16,320 | -€5,212 | -24.2% |
| Plant, machinery and equipment | 23 | €14,574 | €10,796 | -€3,777 | -25.9% |
| Furniture and vehicles | 24 | €6,958 | €5,523 | -€1,435 | -20.6% |
| Current assets | 29/58 | €814,916 | €576,776 | -€238,139 | -29.2% |
| Stocks and contracts in progress | 3 | €700,269 | €473,255 | -€227,014 | -32.4% |
| Stocks | 30/36 | €700,269 | €473,255 | -€227,014 | -32.4% |
| Amounts receivable within one year | 40/41 | €98,798 | €57,157 | -€41,641 | -42.1% |
| Trade receivables | 40 | €78,172 | €48,123 | -€30,049 | -38.4% |
| Other amounts receivable | 41 | €20,626 | €9,034 | -€11,592 | -56.2% |
| Cash at bank and in hand | 54/58 | €15,849 | €46,365 | +€30,516 | +193% |
| Total equity and liabilities | 10/49 | €836,447 | €593,096 | -€243,351 | -29.1% |
| Equity | 10/15 | €56,066 | €41,148 | -€14,918 | -26.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,066 | -€8,852 | -€14,918 | |
| Amounts payable | 17/49 | €780,381 | €551,948 | -€228,433 | -29.3% |
| Amounts payable within one year | 42/48 | €780,381 | €551,948 | -€228,433 | -29.3% |
| Trade debts | 44 | €109,961 | €81,743 | -€28,218 | -25.7% |
| Suppliers | 440/4 | €109,961 | €81,743 | -€28,218 | -25.7% |
| Taxes, remuneration and social security | 45 | €12,597 | €10,297 | -€2,300 | -18.3% |
| Taxes | 450/3 | €1,394 | €0 | -€1,394 | -100% |
| Remuneration and social security | 454/9 | €11,203 | €10,297 | -€906 | -8.1% |
| Other amounts payable | 47/48 | €657,823 | €459,907 | -€197,915 | -30.1% |
| Remuneration, social security and pensions | 62 | €103,585 | €106,211 | +€2,626 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,972 | €5,212 | +€1,240 | +31.2% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €122,771 | €103,822 | -€18,948 | -15.4% |
| Operating profit (loss) | 9901 | €15,088 | -€7,728 | -€22,816 | |
| Financial income | 75/76B | €2,655 | €2,777 | +€122 | +4.6% |
| Recurring financial income | 75 | €2,655 | €2,777 | +€122 | +4.6% |
| Financial charges | 65/66B | €13,477 | €9,966 | -€3,511 | -26.1% |
| Recurring financial charges | 65 | €13,477 | €9,966 | -€3,511 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | €4,266 | -€14,918 | -€19,183 | |
| Income taxes | 67/77 | €916 | €0 | -€916 | -100% |
| Profit (loss) for the period | 9904 | €3,349 | -€14,918 | -€18,267 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,349 | -€14,918 | -€18,267 |
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 14 October 2026 via checked.be.