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.
PITCO INDUSTRY
Largest movements
- Receivables within one year +€163,876
up €163,876 (+67.4%), from €243,121 to €406,996
of which Trade receivables: +€164,698
- Cash -€47,512
down €47,512 (-70.4%), from €67,470 to €19,958
mainly Receivables within one year (-€163,876) and Net result for the year (-€33,180)
- Tangible fixed assets -€25,025
down €25,025 (-18.4%), from €136,043 to €111,018
of which Land and buildings: -€17,443
- Trade debts +€81,222
up €81,222 (+61.0%), from €133,119 to €214,341
- Short-term financial debts +€57,000
up €57,000 (+67.1%), from €85,000 to €142,000
- Reserves -€33,180
down €33,180 (-17.2%), from €192,910 to €159,730
- Other debts -€11,819
down €11,819 (-74.5%), from €15,863 to €4,045
- Financial income -€9,779
down €9,779 (-53.9%), from €18,130 to €8,351
- Financial charges +€5,853
up €5,853 (+19.6%), from €29,927 to €35,781
- Depreciation -€4,928
down €4,928 (-13.4%), from €36,873 to €31,945
- Taxes -€3,758
down €3,758 (-92.0%), from €4,085 to €327
- Gross operating margin -€755
down €755 (-2.6%), from €29,132 to €28,377
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 | €447,474 | €539,645 | +€92,171 | +20.6% |
| Fixed assets | 21/28 | €136,043 | €111,018 | -€25,025 | -18.4% |
| Tangible fixed assets | 22/27 | €136,043 | €111,018 | -€25,025 | -18.4% |
| Land and buildings | 22 | €120,781 | €103,338 | -€17,443 | -14.4% |
| Furniture and vehicles | 24 | €15,262 | €7,680 | -€7,583 | -49.7% |
| Financial fixed assets | 28 | €0 | €0 | = | 0.0% |
| Current assets | 29/58 | €311,430 | €428,627 | +€117,196 | +37.6% |
| Amounts receivable within one year | 40/41 | €243,121 | €406,996 | +€163,876 | +67.4% |
| Trade receivables | 40 | €241,622 | €406,321 | +€164,698 | +68.2% |
| Other amounts receivable | 41 | €1,499 | €676 | -€823 | -54.9% |
| Cash at bank and in hand | 54/58 | €67,470 | €19,958 | -€47,512 | -70.4% |
| Deferred charges and accrued income | 490/1 | €839 | €1,672 | +€833 | +99.2% |
| Total equity and liabilities | 10/49 | €447,474 | €539,645 | +€92,171 | +20.6% |
| Equity | 10/15 | €211,510 | €178,330 | -€33,180 | -15.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €192,910 | €159,730 | -€33,180 | -17.2% |
| Distributable reserves | 133 | €192,910 | €159,730 | -€33,180 | -17.2% |
| Amounts payable | 17/49 | €235,963 | €361,315 | +€125,352 | +53.1% |
| Amounts payable within one year | 42/48 | €235,963 | €361,315 | +€125,352 | +53.1% |
| Financial debts | 43 | €85,000 | €142,000 | +€57,000 | +67.1% |
| Credit institutions | 430/8 | €85,000 | €142,000 | +€57,000 | +67.1% |
| Trade debts | 44 | €133,119 | €214,341 | +€81,222 | +61.0% |
| Suppliers | 440/4 | €133,119 | €214,341 | +€81,222 | +61.0% |
| Taxes, remuneration and social security | 45 | €1,981 | €930 | -€1,052 | -53.1% |
| Taxes | 450/3 | €1,981 | €930 | -€1,052 | -53.1% |
| Other amounts payable | 47/48 | €15,863 | €4,045 | -€11,819 | -74.5% |
| Non-recurring operating income | 76A | - | €14,263 | +€14,263 | |
| Remuneration, social security and pensions | 62 | €122 | €0 | -€122 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,873 | €31,945 | -€4,928 | -13.4% |
| Other operating charges | 640/8 | €2,342 | €1,855 | -€487 | -20.8% |
| Gross operating margin | 9900 | €29,132 | €28,377 | -€755 | -2.6% |
| Operating profit (loss) | 9901 | -€10,206 | -€5,424 | +€4,782 | +46.9% |
| Financial income | 75/76B | €18,130 | €8,351 | -€9,779 | -53.9% |
| Recurring financial income | 75 | €18,130 | €8,351 | -€9,779 | -53.9% |
| Financial charges | 65/66B | €29,927 | €35,781 | +€5,853 | +19.6% |
| Recurring financial charges | 65 | €29,927 | €35,781 | +€5,853 | +19.6% |
| Profit (loss) for the period before taxes | 9903 | -€22,004 | -€32,854 | -€10,850 | -49.3% |
| Income taxes | 67/77 | €4,085 | €327 | -€3,758 | -92.0% |
| Profit (loss) for the period | 9904 | -€26,088 | -€33,180 | -€7,092 | -27.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,088 | -€33,180 | -€7,092 | -27.2% |
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 26 September 2026 via checked.be.