LA PICAUTE: 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.
LA PICAUTE
Largest movements
- Tangible fixed assets -€108,726
down €108,726 (-8.0%), from €1.4m to €1.2m
of which Land and buildings: -€76,173
- Cash -€88,844
down €88,844 (-87.0%), from €102,110 to €13,266
mainly Net result for the year (-€235,263) and Investment in fixed assets (net) (-€57,064)
- Receivables within one year +€19,589
up €19,589 (+177%), from €11,075 to €30,665
- Profit (loss) carried forward -€235,263
down €235,263 (-7.9%), from -€3.0m to -€3.2m
- Other debts +€65,804
up €65,804 (+277%), from €23,739 to €89,543
- Advances received -€16,240
no longer reported in 2025 (was €16,240)
- Gross operating margin -€39,009
down €39,009 (-36.3%), from €107,414 to €68,405
- Staff costs +€25,637
up €25,637 (+24.7%), from €103,742 to €129,378
- Other operating charges -€10,477
down €10,477 (-55.9%), from €18,754 to €8,277
- Depreciation -€7,141
down €7,141 (-4.1%), from €172,930 to €165,790
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 | €1,479,855 | €1,301,376 | -€178,480 | -12.1% |
| Fixed assets | 21/28 | €1,356,871 | €1,248,145 | -€108,726 | -8.0% |
| Tangible fixed assets | 22/27 | €1,356,395 | €1,247,669 | -€108,726 | -8.0% |
| Land and buildings | 22 | €1,281,336 | €1,205,163 | -€76,173 | -5.9% |
| Plant, machinery and equipment | 23 | €68,665 | €39,543 | -€29,122 | -42.4% |
| Furniture and vehicles | 24 | €6,394 | €2,963 | -€3,431 | -53.7% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €476 | €476 | = | 0.0% |
| Current assets | 29/58 | €122,984 | €53,231 | -€69,754 | -56.7% |
| Stocks and contracts in progress | 3 | €7,677 | €6,814 | -€863 | -11.2% |
| Stocks | 30/36 | €7,677 | €6,814 | -€863 | -11.2% |
| Amounts receivable within one year | 40/41 | €11,075 | €30,665 | +€19,589 | +177% |
| Trade receivables | 40 | €11,075 | €30,665 | +€19,589 | +177% |
| Cash at bank and in hand | 54/58 | €102,110 | €13,266 | -€88,844 | -87.0% |
| Deferred charges and accrued income | 490/1 | €2,122 | €2,485 | +€363 | +17.1% |
| Total equity and liabilities | 10/49 | €1,479,855 | €1,301,376 | -€178,480 | -12.1% |
| Equity | 10/15 | -€1,203,085 | -€1,438,349 | -€235,263 | -19.6% |
| Contributions | 10/11 | €1,760,000 | €1,760,000 | = | 0.0% |
| Reserves | 13 | €8,000 | €8,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €500 | €500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €500 | €500 | = | 0.0% |
| Distributable reserves | 133 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,971,085 | -€3,206,349 | -€235,263 | -7.9% |
| Amounts payable | 17/49 | €2,682,941 | €2,739,724 | +€56,784 | +2.1% |
| Amounts payable after more than one year | 17 | €2,550,000 | €2,550,000 | = | 0.0% |
| Financial debts | 170/4 | €2,550,000 | €2,550,000 | = | 0.0% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €84,580 | €136,030 | +€51,450 | +60.8% |
| Current portion of amounts payable after more than one year | 42 | €15 | €15 | = | 0.0% |
| Trade debts | 44 | €18,612 | €15,566 | -€3,046 | -16.4% |
| Suppliers | 440/4 | €18,612 | €15,566 | -€3,046 | -16.4% |
| Advances received on contracts in progress | 46 | €16,240 | - | -€16,240 | |
| Taxes, remuneration and social security | 45 | €25,974 | €30,906 | +€4,932 | +19.0% |
| Taxes | 450/3 | €15,733 | €17,761 | +€2,029 | +12.9% |
| Remuneration and social security | 454/9 | €10,242 | €13,145 | +€2,903 | +28.3% |
| Other amounts payable | 47/48 | €23,739 | €89,543 | +€65,804 | +277% |
| Accrued charges and deferred income | 492/3 | €48,360 | €53,694 | +€5,334 | +11.0% |
| Remuneration, social security and pensions | 62 | €103,742 | €129,378 | +€25,637 | +24.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €172,930 | €165,790 | -€7,141 | -4.1% |
| Other operating charges | 640/8 | €18,754 | €8,277 | -€10,477 | -55.9% |
| Gross operating margin | 9900 | €107,414 | €68,405 | -€39,009 | -36.3% |
| Operating profit (loss) | 9901 | -€188,012 | -€235,040 | -€47,028 | -25.0% |
| Financial income | 75/76B | €184 | €62 | -€121 | -66.1% |
| Recurring financial income | 75 | €184 | €62 | -€121 | -66.1% |
| Financial charges | 65/66B | €668 | €286 | -€382 | -57.2% |
| Recurring financial charges | 65 | €668 | €286 | -€382 | -57.2% |
| Profit (loss) for the period before taxes | 9903 | -€188,496 | -€235,263 | -€46,768 | -24.8% |
| Income taxes | 67/77 | €347 | €0 | -€347 | -100% |
| Profit (loss) for the period | 9904 | -€188,843 | -€235,263 | -€46,421 | -24.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€188,843 | -€235,263 | -€46,421 | -24.6% |
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 1 November 2026 via checked.be.