Summary
PICARD CONSTRUCT is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €2.7m and a net result of €1.1m. Equity is growing by about 5.2% per year across the filed financial years. Its solvency ranks better than 20% of 3,015 sector peers (NACE 64, financial year 2025). The company has been active since 1999 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, full format
In the rankings
#1 employer in the province of Luxembourg, Finance and insurance sector#2 company by total assets in Tenneville#2 company by equity in Tenneville
2025 annual accounts filed late (25 days) Filed on 25 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00429912.
Equity
€2.7m▲ 67.0%
2024 · €1.6m
Net result
€1.1m▲ 303%
2024 · €264,508
Total assets
€10.9m▲ 2.6%
2024 · €10.6m
Solvency
24.4%▲ 9.4pp
2024 · 15.0%
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result recovers in 2025; 2025 is 192% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Turnover€34.4m
2025
Operating result€1.6m
2025
Net result€1.1m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€10.9m
2025
Equity€2.7m
2025
Debt€8.2m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€1.5m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)9.8%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency24.4%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio1.26
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)87.2
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€17.7m-€25.8m▲ 45.9%€17.3m▼ 32.8%€22.5m▲ 29.8%€20.4m▼ 9.4%€26.8m▲ 31.5%€26.0m▼ 3.0%€34.4m▲ 32.5%
Operating result€0.4m-€0.4m▲ 18.5%€0.2m▼ 64.1%€0.4m▲ 138%-€0.05m€0.7m€0.5m▼ 27.1%€1.6m▲ 192%
Net result€0.2m-€0.2m▲ 22.6%€0.05mwithin the sector's middle half▼ 78.6%€0.2mwithin the sector's middle half▲ 261%-€0.2mbelow the sector's middle half€0.4mwithin the sector's middle half€0.3mwithin the sector's middle half▼ 40.3%€1.1mabove the sector's middle half▲ 303%
Equity€1.4m-€1.6m▲ 11.3%€1.6mwithin the sector's middle half▲ 3.2%€1.0mwithin the sector's middle half▼ 36.2%€0.9mwithin the sector's middle half▼ 14.9%€1.3mwithin the sector's middle half▲ 49.9%€1.6mwithin the sector's middle half▲ 19.9%€2.7mwithin the sector's middle half▲ 67.0%
Total assets€8.3m-€10.5m▲ 26.3%€8.4mwithin the sector's middle half▼ 20.1%€8.7mwithin the sector's middle half▲ 3.6%€8.2mwithin the sector's middle half▼ 6.1%€10.4mwithin the sector's middle half▲ 27.2%€10.6mwithin the sector's middle half▲ 2.0%€10.9mwithin the sector's middle half▲ 2.6%
Debt€6.9m-€8.8m▲ 27.6%€6.8m▼ 23.2%€7.6m▲ 12.3%€7.2m▼ 4.7%€9.0m▲ 24.6%€9.0m▼ 0.6%€8.2m▼ 8.9%
Working capital-€0.2m-€0.005m€0.003mwithin the sector's middle half▼ 32.6%-€0.3mwithin the sector's middle half-€0.04mwithin the sector's middle half▲ 86.2%€0.1mwithin the sector's middle half€0.4mwithin the sector's middle half▲ 195%€1.5mwithin the sector's middle half▲ 336%
Solvency17.0%-15.0%▼ 2.0pp19.4%below the sector's middle half▲ 4.4pp12.0%below the sector's middle half▼ 7.4pp10.8%below the sector's middle half▼ 1.1pp12.8%below the sector's middle half▲ 1.9pp15.0%below the sector's middle half▲ 2.2pp24.4%below the sector's middle half▲ 9.4pp
Current ratio0.96-1.00▲ 0.041.00within the sector's middle half=0.95within the sector's middle half▼ 0.050.99within the sector's middle half▲ 0.041.02within the sector's middle half▲ 0.031.05within the sector's middle half▲ 0.041.26within the sector's middle half▲ 0.21
Return on assets (ROA)2.4%-2.4%▼ 0.1pp0.6%within the sector's middle half▼ 1.7pp2.2%within the sector's middle half▲ 1.6pp-1.9%below the sector's middle half▼ 4.1pp4.3%within the sector's middle half▲ 6.1pp2.5%within the sector's middle half▼ 1.8pp9.8%above the sector's middle half▲ 7.3pp
Staff (FTE)71.6-80.4▲ 12.3%83.1above the sector's middle half▲ 3.4%77.9above the sector's middle half▼ 6.3%80.7above the sector's middle half▲ 3.6%76.9above the sector's middle half▼ 4.7%79.3above the sector's middle half▲ 3.1%87.2above the sector's middle half▲ 10.0%
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10.8m
Fixed assets
€3.4m ▼ 4.4%
Current assets
€7.4m ▲ 6.7%
Equity and liabilities €10.9m
Equity
€2.7m ▲ 67.0%
Provisions
€45,000 ▲ 50.0%
Debt
€8.2m ▼ 8.9%
Debt's share of the balance-sheet total falls from 84.7% to 75.2%. Equity is higher and debt is lower.
Key figures and ratios
ROE
40.2%▲
2024 · 16.6%
Debt ≤ 1 year
€5.9m▼
2024 · €6.6m
Debt > 1 year
€2.3m▼
2024 · €2.4m
Income taxes
€395,850▲
2024 · €136,449
Staff costs
€5.5m▲
2024 · €4.4m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €23.1m | €21.0m | €27.4m | €26.5m | €34.5m | ▲ 30.2% |
| Turnover70 | €17.7m | €25.8m | €17.3m | €22.5m | €20.4m | €26.8m | €26.0m | €34.4m | ▲ 32.5% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €0.2m | €0.3m | €0.2m | €0.1m | -€0.4m | - |
| Other operating income74 | - | - | - | €0.4m | €0.3m | €0.4m | €0.4m | €0.5m | ▲ 34.7% |
| Non-recurring operating income76A | - | - | - | €0.01m | €0.05m | €0.03m | €0.04m | €0.05m | ▲ 19.7% |
| Operating charges60/66A | - | - | - | €22.7m | €21.1m | €26.6m | €26.0m | €33.0m | ▲ 26.9% |
| Goods for resale, raw materials and consumables60 | - | - | - | €16.0m | €13.7m | €18.5m | €17.6m | €22.8m | ▲ 29.4% |
| Purchases600/8 | - | - | - | €16.0m | €13.8m | €18.5m | €17.7m | €22.7m | ▲ 28.6% |
| Change in stocks: decrease (increase)609 | - | - | - | €0.01m | -€0.1m | €0.01m | -€0.03m | €0.1m | - |
| Services and other goods61 | - | - | - | €2.1m | €2.4m | €3.0m | €3.3m | €3.9m | ▲ 19.6% |
| Remuneration, social security and pensions62 | - | - | - | €3.9m | €4.4m | €4.5m | €4.4m | €5.5m | ▲ 24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 15.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.05m | €0.04m | €0.05m | €0.05m | €0.04m | ▼ 10.4% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0.03m | -€0.03m | €0 | - | €0.02m | - |
| Other operating charges640/8 | - | - | - | €0.06m | €0.06m | €0.09m | €0.07m | €0.08m | ▲ 8.9% |
| Non-recurring operating charges66A | - | - | - | €0.002m | - | €0.008m | €0.02m | €0.02m | ▼ 21.1% |
| Operating profit (loss)9901 | €0.4m | €0.4m | €0.2m | €0.4m | -€0.05m | €0.7m | €0.5m | €1.6m | ▲ 192% |
| Financial income75/76B | - | - | - | €0.02m | €0.008m | €0.02m | €0.03m | €0.05m | ▲ 48.3% |
| Recurring financial income75 | €0.02m | €0.06m | €0.03m | €0.02m | €0.008m | €0.02m | €0.03m | €0.05m | ▲ 48.3% |
| Income from financial fixed assets750 | - | - | - | - | - | €0 | €0 | - | - |
| Income from current assets751 | - | - | - | - | - | - | €45 | €0 | ▼ 99.2% |
| Other financial income752/9 | - | - | - | €0.02m | €0.008m | €0.02m | €0.03m | €0.05m | ▲ 48.6% |
| Financial charges65/66B | - | - | - | €0.06m | €0.07m | €0.2m | €0.2m | €0.2m | ▼ 9.5% |
| Recurring financial charges65 | €0.06m | €0.06m | €0.06m | €0.06m | €0.07m | €0.2m | €0.2m | €0.2m | ▼ 9.5% |
| Debt charges650 | €0.04m | €0.06m | €0.05m | €0.05m | €0.06m | €0.1m | €0.1m | €0.1m | ▲ 2.2% |
| Other financial charges652/9 | - | - | - | €0.008m | €0.009m | €0.02m | €0.03m | €0.01m | ▼ 63.5% |
| Profit (loss) for the period before taxes9903 | €0.3m | €0.4m | €0.1m | €0.3m | -€0.1m | €0.6m | €0.4m | €1.5m | ▲ 265% |
| Income taxes67/77 | €0.1m | €0.2m | €0.07m | €0.1m | €0.04m | €0.2m | €0.1m | €0.4m | ▲ 190% |
| Taxes670/3 | - | - | - | €0.1m | €0.04m | €0.2m | €0.1m | €0.4m | ▲ 190% |
| Profit (loss) for the period9904 | €0.2m | €0.2m | €0.05m | €0.2m | -€0.2m | €0.4m | €0.3m | €1.1m | ▲ 303% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | - | €0.2m | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | €0.2m | €0 | €0.7m | - |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.2m | €0.05m | €0.2m | -€0.2m | €0.2m | €0.3m | €0.5m | ▲ 101% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €8.3m | €10.5m | €8.4m | €8.7m | €8.2m | €10.4m | €10.6m | €10.9m | ▲ 2.6% |
| Formation expenses20 | €0.02m | €0.04m | €0.03m | €0.02m | €0.01m | €0.005m | €0.07m | €0.04m | ▼ 37.1% |
| Fixed assets21/28 | €3.9m | €4.2m | €3.9m | €3.3m | €3.4m | €3.5m | €3.6m | €3.4m | ▼ 4.4% |
| Intangible fixed assets21 | €0.01m | €0.03m | €0.03m | €0.01m | €0.007m | €0.008m | €0.004m | €0.06m | ▲ 15× |
| Tangible fixed assets22/27 | €3.9m | €4.1m | €3.8m | €3.3m | €3.4m | €3.4m | €3.5m | €3.3m | ▼ 6.0% |
| Land and buildings22 | - | - | - | €2.5m | €2.5m | €2.5m | €2.4m | €2.3m | ▼ 5.1% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 4.7% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.2m | €0.3m | €0.2m | €0.2m | ▼ 3.3% |
| Leasing and similar rights25 | - | - | - | €0.5m | €0.5m | €0.5m | €0.6m | €0.5m | ▼ 15.1% |
| Financial fixed assets28 | €0.004m | €0.002m | €0.002m | €0.002m | €0.02m | €0.07m | €0.06m | €0.06m | = |
| Other financial fixed assets284/8 | - | - | - | €0.002m | €0.02m | €0.07m | €0.06m | €0.06m | = |
| Shares284 | - | - | - | €0.002m | €0.02m | €0.07m | €0.06m | €0.06m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €91 | €91 | €91 | €91 | €91 | = |
| Current assets29/58 | €4.4m | €6.3m | €4.5m | €5.3m | €4.7m | €6.9m | €6.9m | €7.4m | ▲ 6.7% |
| Amounts receivable after more than one year29 | - | - | - | €0.1m | - | - | - | - | - |
| Other amounts receivable291 | - | - | - | €0.1m | - | - | - | - | - |
| Stocks and contracts in progress3 | €0.4m | €0.4m | €0.4m | €0.5m | €0.8m | €1.2m | €1.6m | €1.5m | ▼ 7.8% |
| Stocks30/36 | - | - | - | €0.2m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 31.5% |
| Raw materials and consumables30/31 | - | - | - | €0.2m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 31.5% |
| Contracts in progress37 | - | - | - | €0.3m | €0.5m | €0.9m | €1.3m | €1.2m | ▼ 2.0% |
| Amounts receivable within one year40/41 | €3.5m | €5.0m | €3.0m | €3.7m | €3.5m | €5.3m | €5.0m | €5.5m | ▲ 9.6% |
| Trade receivables40 | - | - | - | €3.1m | €3.0m | €4.8m | €4.4m | €4.4m | ▲ 0.9% |
| Other amounts receivable41 | - | - | - | €0.6m | €0.5m | €0.6m | €0.6m | €1.1m | ▲ 70.2% |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €0.2m | €0.9m | €0.2m | €0.2m | €0.1m | €0.3m | ▲ 159% |
| Deferred charges and accrued income490/1 | - | - | - | €0.09m | €0.2m | €0.1m | €0.2m | €0.2m | ▼ 27.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €8.3m | €10.5m | €8.4m | €8.7m | €8.2m | €10.4m | €10.6m | €10.9m | ▲ 2.6% |
| Equity10/15 | €1.4m | €1.6m | €1.6m | €1.0m | €0.9m | €1.3m | €1.6m | €2.7m | ▲ 67.0% |
| Contributions10/11 | €0.6m | €0.6m | €0.6m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Issued capital100 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Revaluation surpluses12 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.07m | €0.07m | €0.07m | €0.03m | €0.03m | €0.2m | €0.2m | €0.8m | ▲ 221% |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Legal reserve130 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Tax-exempt reserves132 | - | - | - | €0.006m | €0.006m | €0.2m | €0.2m | €0.8m | ▲ 247% |
| Profit (loss) carried forward14 | €0.7m | €0.9m | €1.0m | €0.5m | €0.3m | €0.6m | €0.8m | €1.4m | ▲ 63.7% |
| Investment grants15 | - | - | - | €0.03m | €0.03m | €0.02m | €0.02m | €0.02m | ▼ 4.2% |
| Provisions and deferred taxes16 | - | €0.1m | - | €0.06m | €0.03m | €0.03m | €0.03m | €0.05m | ▲ 50.0% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.06m | €0.03m | €0.03m | €0.03m | €0.05m | ▲ 50.0% |
| Other liabilities and charges164/5 | - | - | - | €0.06m | €0.03m | €0.03m | €0.03m | €0.05m | ▲ 50.0% |
| Amounts payable17/49 | €6.9m | €8.8m | €6.8m | €7.6m | €7.2m | €9.0m | €9.0m | €8.2m | ▼ 8.9% |
| Amounts payable after more than one year17 | €2.3m | €2.5m | €2.3m | €2.0m | €2.5m | €2.2m | €2.4m | €2.3m | ▼ 5.4% |
| Financial debts170/4 | - | - | - | €2.0m | €2.5m | €2.2m | €2.4m | €2.3m | ▼ 5.4% |
| Subordinated loans170 | - | - | - | €0.1m | €0.6m | €0.1m | €0.1m | €0.1m | = |
| Leasing and similar obligations172 | - | - | - | €0.3m | €0.3m | €0.3m | €0.4m | €0.3m | ▼ 22.5% |
| Credit institutions173 | - | - | - | €1.6m | €1.5m | €1.2m | €1.4m | €1.1m | ▼ 26.9% |
| Other loans174 | - | - | - | - | - | €0.5m | €0.4m | €0.7m | ▲ 93.9% |
| Amounts payable within one year42/48 | €4.6m | €6.3m | €4.5m | €5.6m | €4.8m | €6.8m | €6.6m | €5.9m | ▼ 11.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.5m | €0.5m | €0.5m | €0.6m | €0.6m | ▼ 2.8% |
| Financial debts43 | - | - | - | €0.2m | €0.5m | €1.0m | €1.0m | €0.2m | ▼ 79.8% |
| Credit institutions430/8 | - | - | - | €0.2m | €0.5m | €1.0m | €1.0m | €0.2m | ▼ 79.8% |
| Trade debts44 | €3.3m | €4.8m | €2.8m | €4.4m | €3.2m | €4.6m | €4.4m | €3.9m | ▼ 11.5% |
| Suppliers440/4 | - | - | - | €4.4m | €3.2m | €4.6m | €4.4m | €3.9m | ▼ 11.5% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €0.7m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.4m | €0.5m | €0.6m | €0.6m | €0.5m | ▼ 13.5% |
| Taxes450/3 | - | - | - | €0.1m | €0.3m | €0.2m | €0.2m | €0.1m | ▼ 52.0% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.3m | €0.4m | €0.3m | €0.4m | ▲ 13.8% |
| Other amounts payable47/48 | - | - | - | €0.02m | €0.04m | €0.05m | €0.06m | €0.04m | ▼ 26.4% |
| Accrued charges and deferred income492/3 | - | - | - | €0.004m | €0.007m | €0.05m | €0.001m | €0.06m | ▲ 53× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.2m | €0.2m | €0.05m | €0.2m | -€0.2m | €0.4m | €0.3m | €1.1m | ▲ 303% |
| + Depreciation and write-downs630 | €0.3m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 15.0% |
| Operating cash flow (approximation) | €0.5m | €0.7m | €0.6m | €0.7m | €0.4m | €0.9m | €0.7m | €1.6m | ▲ 118% |
| Investment in fixed assets (approximation) | - | -€0.7m | -€0.2m | -€0.003m | -€0.6m | -€0.6m | -€0.6m | -€0.4m | ▲ 30.1% |
| Change in cash | - | €0.03m | -€0.009m | €0.7m | -€0.7m | -€0.03m | -€0.08m | €0.2m | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 27 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 25-08-2026 | 2026-00429912 |
| 31-12-2024 | full format | 01-07-2025 | 2025-00206793 |
| 31-12-2023 | full format | 29-04-2024 | 2024-00071612 |
| 31-12-2022 | full format | 31-08-2023 | 2023-00391597 |
| 31-12-2021 | full format | 31-08-2022 | 2022-20358775 |
| 31-12-2020 | full format | 06-07-2021 | 2021-30800566 |
| 31-12-2019 | full format | 30-10-2020 | 2020-64900054 |
| 31-12-2018 | full format | 26-08-2019 | 2019-49900440 |
| 31-12-2017 | full format | 12-07-2018 | 2018-32000233 |
| 31-12-2016 | full format | 19-06-2017 | 2017-18800522 |
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Of the 24,459 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 20,049. 10,097 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.