Frédéric Picard: 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.
Frédéric Picard
Largest movements
- Cash +€43,676
up €43,676 (+49.8%), from €87,745 to €131,422
mainly Net result for the year (+€31,260) and Other debts (+€26,834)
- Tangible fixed assets -€25,485
down €25,485 (-39.5%), from €64,596 to €39,111
of which Furniture and vehicles: -€18,770
- Receivables within one year -€3,410
down €3,410 (-40.4%), from €8,447 to €5,037
of which Trade receivables: -€2,537
- Other debts +€26,834
up €26,834 (+31.9%), from €84,238 to €111,072
- Debts after one year -€11,241
down €11,241 (-75.7%), from €14,847 to €3,606
- Trade debts -€3,057
down €3,057 (-59.0%), from €5,179 to €2,122
- Accrued charges and deferred income +€1,942
up €1,942 (+117.1%), from €1,658 to €3,600
- Gross operating margin +€27,707
up €27,707 (+28.6%), from €97,025 to €124,732
- Staff costs +€8,436
up €8,436 (+19.2%), from €44,021 to €52,457
- Taxes +€4,207
up €4,207 (+55.4%), from €7,593 to €11,800
- Depreciation -€2,419
down €2,419 (-8.6%), from €28,004 to €25,585
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 | €161,742 | €176,724 | +€14,982 | +9.3% |
| Fixed assets | 21/28 | €64,771 | €39,186 | -€25,585 | -39.5% |
| Intangible fixed assets | 21 | €175 | €75 | -€100 | -57.2% |
| Tangible fixed assets | 22/27 | €64,596 | €39,111 | -€25,485 | -39.5% |
| Furniture and vehicles | 24 | €52,859 | €34,089 | -€18,770 | -35.5% |
| Leasing and similar rights | 25 | €11,737 | €5,022 | -€6,715 | -57.2% |
| Current assets | 29/58 | €96,971 | €137,538 | +€40,567 | +41.8% |
| Amounts receivable within one year | 40/41 | €8,447 | €5,037 | -€3,410 | -40.4% |
| Trade receivables | 40 | €2,537 | - | -€2,537 | |
| Other amounts receivable | 41 | €5,911 | €5,037 | -€874 | -14.8% |
| Cash at bank and in hand | 54/58 | €87,745 | €131,422 | +€43,676 | +49.8% |
| Deferred charges and accrued income | 490/1 | €778 | €1,079 | +€301 | +38.7% |
| Total equity and liabilities | 10/49 | €161,742 | €176,724 | +€14,982 | +9.3% |
| Equity | 10/15 | €43,657 | €43,657 | = | 0.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €41,157 | €41,157 | = | 0.0% |
| Distributable reserves | 133 | €41,157 | €41,157 | = | 0.0% |
| Amounts payable | 17/49 | €118,085 | €133,067 | +€14,982 | +12.7% |
| Amounts payable after more than one year | 17 | €14,847 | €3,606 | -€11,241 | -75.7% |
| Financial debts | 170/4 | €14,847 | €3,606 | -€11,241 | -75.7% |
| Amounts payable within one year | 42/48 | €101,579 | €125,860 | +€24,281 | +23.9% |
| Current portion of amounts payable after more than one year | 42 | €10,087 | €11,241 | +€1,154 | +11.4% |
| Trade debts | 44 | €5,179 | €2,122 | -€3,057 | -59.0% |
| Suppliers | 440/4 | €5,179 | €2,122 | -€3,057 | -59.0% |
| Taxes, remuneration and social security | 45 | €2,076 | €1,426 | -€650 | -31.3% |
| Taxes | 450/3 | €751 | €101 | -€650 | -86.5% |
| Remuneration and social security | 454/9 | €1,325 | €1,325 | = | 0.0% |
| Other amounts payable | 47/48 | €84,238 | €111,072 | +€26,834 | +31.9% |
| Accrued charges and deferred income | 492/3 | €1,658 | €3,600 | +€1,942 | +117.1% |
| Remuneration, social security and pensions | 62 | €44,021 | €52,457 | +€8,436 | +19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,004 | €25,585 | -€2,419 | -8.6% |
| Other operating charges | 640/8 | €1,248 | €1,174 | -€74 | -5.9% |
| Gross operating margin | 9900 | €97,025 | €124,732 | +€27,707 | +28.6% |
| Operating profit (loss) | 9901 | €23,752 | €45,516 | +€21,764 | +91.6% |
| Financial income | 75/76B | - | €5 | +€5 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Financial charges | 65/66B | €3,208 | €2,461 | -€747 | -23.3% |
| Recurring financial charges | 65 | €3,208 | €2,461 | -€747 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | €20,544 | €43,060 | +€22,516 | +109.6% |
| Income taxes | 67/77 | €7,593 | €11,800 | +€4,207 | +55.4% |
| Profit (loss) for the period | 9904 | €12,951 | €31,260 | +€18,309 | +141.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,951 | €31,260 | +€18,309 | +141.4% |
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 4 October 2026 via checked.be.