CEDRIC GEORGES - PICOT: what changed
What changed
CEDRIC GEORGES - PICOT
NACE 68.110, Buying and selling of own real estate
filed annual accounts (NBB)
Net result for the year
€244,475
2024 · €174,920+€69,555
Equity
€571,270
2024 · €413,031+€158,239
Cash
€141,760
2024 · €170,182-€28,422
Balance sheet total
€722,970
2024 · €654,453+€68,518
Largest movements
Assets
- Current investments +€350,000
new in 2025: €350,000
- Receivables within one year -€241,740
down €241,740 (-60.9%), from €396,814 to €155,074
of which Trade receivables: -€298,200
- Cash -€28,422
down €28,422 (-16.7%), from €170,182 to €141,760
mainly Current investments (-€350,000) and Contributions, distributions and other (-€86,236)
- Tangible fixed assets -€12,504
down €12,504 (-14.5%), from €86,322 to €73,818
of which Furniture and vehicles: -€13,784
Equity and liabilities
- Profit (loss) carried forward +€158,239
up €158,239 (+123%), from €128,633 to €286,873
- Accrued charges and deferred income -€60,000
no longer reported in 2025 (was €60,000)
- Other debts -€20,977
no longer reported in 2025 (was €20,977)
- Debts after one year -€14,286
down €14,286 (-36.1%), from €39,588 to €25,303
Income statement
- Gross operating margin +€97,856
up €97,856 (+40.0%), from €244,619 to €342,475
- Taxes +€28,179
up €28,179 (+55.1%), from €51,157 to €79,336
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€174,920
Gross operating margin
+€97,856
Depreciation
+€1,243
Other operating charges
-€586
Financial income
-€1,519
Financial charges
+€740
Taxes
-€28,179
Result 2025
€244,475
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€425,438
Investment
-€353,974
Financing
-€99,886
Cash 2024
€170,182
From operations (derived)
+€425,438
Net result for the year
+€244,475
Depreciation
+€16,477
Receivables within one year
+€241,740
Deferred charges and accrued income
-€1,183
Trade debts
-€779
Tax, wage and social debts
+€5,685
Other debts
-€20,977
Accrued charges and deferred income
-€60,000
Investment (derived)
-€353,974
Investment in fixed assets (net)
-€3,974
Current investments
-€350,000
Financing
-€99,886
Debts after one year
-€14,286
Current portion of long-term debt
+€636
Contributions, distributions and other
-€86,236
Cash 2025
€141,760
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €654,453 | €722,970 | +€68,518 | +10.5% |
| Fixed assets | 21/28 | €86,322 | €73,818 | -€12,504 | -14.5% |
| Tangible fixed assets | 22/27 | €86,322 | €73,818 | -€12,504 | -14.5% |
| Furniture and vehicles | 24 | €86,322 | €72,537 | -€13,784 | -16.0% |
| Other tangible fixed assets | 26 | - | €1,281 | +€1,281 | |
| Current assets | 29/58 | €568,131 | €649,152 | +€81,021 | +14.3% |
| Amounts receivable within one year | 40/41 | €396,814 | €155,074 | -€241,740 | -60.9% |
| Trade receivables | 40 | €367,157 | €68,957 | -€298,200 | -81.2% |
| Other amounts receivable | 41 | €29,657 | €86,118 | +€56,460 | +190% |
| Current investments | 50/53 | - | €350,000 | +€350,000 | |
| Cash at bank and in hand | 54/58 | €170,182 | €141,760 | -€28,422 | -16.7% |
| Deferred charges and accrued income | 490/1 | €1,135 | €2,318 | +€1,183 | +104% |
| Total equity and liabilities | 10/49 | €654,453 | €722,970 | +€68,518 | +10.5% |
| Equity | 10/15 | €413,031 | €571,270 | +€158,239 | +38.3% |
| Contributions | 10/11 | €168,600 | €168,600 | = | 0.0% |
| Reserves | 13 | €115,797 | €115,797 | = | 0.0% |
| Tax-exempt reserves | 132 | €105,250 | €105,250 | = | 0.0% |
| Distributable reserves | 133 | €10,547 | €10,547 | = | 0.0% |
| Profit (loss) carried forward | 14 | €128,633 | €286,873 | +€158,239 | +123% |
| Amounts payable | 17/49 | €241,422 | €151,701 | -€89,721 | -37.2% |
| Amounts payable after more than one year | 17 | €39,588 | €25,303 | -€14,286 | -36.1% |
| Financial debts | 170/4 | €39,588 | €25,303 | -€14,286 | -36.1% |
| Amounts payable within one year | 42/48 | €141,834 | €126,398 | -€15,436 | -10.9% |
| Current portion of amounts payable after more than one year | 42 | €13,650 | €14,286 | +€636 | +4.7% |
| Trade debts | 44 | €1,200 | €421 | -€779 | -64.9% |
| Suppliers | 440/4 | €1,200 | €421 | -€779 | -64.9% |
| Taxes, remuneration and social security | 45 | €106,007 | €111,691 | +€5,685 | +5.4% |
| Taxes | 450/3 | €104,007 | €111,691 | +€7,685 | +7.4% |
| Remuneration and social security | 454/9 | €2,000 | - | -€2,000 | |
| Other amounts payable | 47/48 | €20,977 | - | -€20,977 | |
| Accrued charges and deferred income | 492/3 | €60,000 | - | -€60,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,721 | €16,477 | -€1,243 | -7.0% |
| Other operating charges | 640/8 | €451 | €1,037 | +€586 | +130% |
| Gross operating margin | 9900 | €244,619 | €342,475 | +€97,856 | +40.0% |
| Operating profit (loss) | 9901 | €226,447 | €324,961 | +€98,514 | +43.5% |
| Financial income | 75/76B | €2,712 | €1,193 | -€1,519 | -56.0% |
| Recurring financial income | 75 | €2,712 | €1,193 | -€1,519 | -56.0% |
| Financial charges | 65/66B | €3,081 | €2,342 | -€740 | -24.0% |
| Recurring financial charges | 65 | €3,081 | €2,342 | -€740 | -24.0% |
| Profit (loss) for the period before taxes | 9903 | €226,078 | €323,812 | +€97,734 | +43.2% |
| Income taxes | 67/77 | €51,157 | €79,336 | +€28,179 | +55.1% |
| Profit (loss) for the period | 9904 | €174,920 | €244,475 | +€69,555 | +39.8% |
| Transfer to tax-exempt reserves | 689 | €105,250 | €18,945 | -€86,305 | -82.0% |
| Profit (loss) for the period to be appropriated | 9905 | €69,670 | €225,530 | +€155,860 | +224% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.