LAURENT PICARD: 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.
LAURENT PICARD
Largest movements
- Receivables within one year +€38,739
up €38,739 (+199%), from €19,428 to €58,167
of which Other amounts receivable: +€23,362
- Tangible fixed assets -€23,663
down €23,663 (-13.1%), from €180,653 to €156,989
of which Furniture and vehicles: -€21,903
- Intangible fixed assets -€15,750
down €15,750 (-20.0%), from €78,750 to €63,000
- Cash -€4,735
down €4,735 (-67.0%), from €7,063 to €2,328
mainly Debts after one year (-€43,503) and Receivables within one year (-€38,739)
- Debts after one year -€43,503
down €43,503 (-37.4%), from €116,244 to €72,741
- Reserves +€33,564
up €33,564 (+64.1%), from €52,383 to €85,948
- Other debts +€4,949
up €4,949 (+35.3%), from €14,000 to €18,949
- Trade debts -€4,065
down €4,065 (-27.9%), from €14,569 to €10,504
- Gross operating margin -€7,974
down €7,974 (-19.2%), from €41,554 to €33,581
- Depreciation -€7,411
down €7,411 (-15.3%), from €48,532 to €41,120
- Staff costs +€4,888
new in 2025: €4,888
- Financial income -€3,054
down €3,054 (-4.8%), from €63,071 to €60,017
- Taxes +€2,930
up €2,930 (+457%), from €640 to €3,570
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 | €347,098 | €341,309 | -€5,789 | -1.7% |
| Fixed assets | 21/28 | €259,453 | €220,039 | -€39,413 | -15.2% |
| Intangible fixed assets | 21 | €78,750 | €63,000 | -€15,750 | -20.0% |
| Tangible fixed assets | 22/27 | €180,653 | €156,989 | -€23,663 | -13.1% |
| Land and buildings | 22 | €69,498 | €69,498 | = | 0.0% |
| Furniture and vehicles | 24 | €81,314 | €59,411 | -€21,903 | -26.9% |
| Other tangible fixed assets | 26 | €29,840 | €28,080 | -€1,760 | -5.9% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €87,645 | €121,270 | +€33,625 | +38.4% |
| Amounts receivable within one year | 40/41 | €19,428 | €58,167 | +€38,739 | +199% |
| Trade receivables | 40 | €0 | €15,377 | +€15,377 | |
| Other amounts receivable | 41 | €19,428 | €42,790 | +€23,362 | +120% |
| Cash at bank and in hand | 54/58 | €7,063 | €2,328 | -€4,735 | -67.0% |
| Deferred charges and accrued income | 490/1 | €61,154 | €60,775 | -€379 | -0.6% |
| Total equity and liabilities | 10/49 | €347,098 | €341,309 | -€5,789 | -1.7% |
| Equity | 10/15 | €152,314 | €185,878 | +€33,564 | +22.0% |
| Contributions | 10/11 | €59,400 | €59,400 | = | 0.0% |
| Reserves | 13 | €52,383 | €85,948 | +€33,564 | +64.1% |
| Distributable reserves | 133 | €52,383 | €85,948 | +€33,564 | +64.1% |
| Profit (loss) carried forward | 14 | €40,530 | €40,530 | = | 0.0% |
| Investment grants | 15 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €194,784 | €155,431 | -€39,353 | -20.2% |
| Amounts payable after more than one year | 17 | €116,244 | €72,741 | -€43,503 | -37.4% |
| Financial debts | 170/4 | €116,244 | €72,741 | -€43,503 | -37.4% |
| Amounts payable within one year | 42/48 | €78,541 | €82,691 | +€4,150 | +5.3% |
| Current portion of amounts payable after more than one year | 42 | €42,489 | €43,503 | +€1,014 | +2.4% |
| Trade debts | 44 | €14,569 | €10,504 | -€4,065 | -27.9% |
| Suppliers | 440/4 | €14,569 | €10,504 | -€4,065 | -27.9% |
| Taxes, remuneration and social security | 45 | €7,483 | €9,735 | +€2,252 | +30.1% |
| Taxes | 450/3 | €7,483 | €9,735 | +€2,252 | +30.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €14,000 | €18,949 | +€4,949 | +35.3% |
| Remuneration, social security and pensions | 62 | - | €4,888 | +€4,888 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,532 | €41,120 | -€7,411 | -15.3% |
| Other operating charges | 640/8 | €3,429 | €4,273 | +€845 | +24.6% |
| Non-recurring operating charges | 66A | €73,350 | €0 | -€73,350 | -100% |
| Gross operating margin | 9900 | €41,554 | €33,581 | -€7,974 | -19.2% |
| Operating profit (loss) | 9901 | -€83,757 | -€16,701 | +€67,055 | +80.1% |
| Financial income | 75/76B | €63,071 | €60,017 | -€3,054 | -4.8% |
| Recurring financial income | 75 | €63,071 | €60,017 | -€3,054 | -4.8% |
| Financial charges | 65/66B | €8,350 | €6,181 | -€2,169 | -26.0% |
| Recurring financial charges | 65 | €8,350 | €6,181 | -€2,169 | -26.0% |
| Profit (loss) for the period before taxes | 9903 | -€29,036 | €37,134 | +€66,170 | |
| Transfer from deferred taxes | 780 | €1,018 | €0 | -€1,018 | -100% |
| Income taxes | 67/77 | €640 | €3,570 | +€2,930 | +457% |
| Profit (loss) for the period | 9904 | -€28,658 | €33,564 | +€62,222 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,658 | €33,564 | +€62,222 |
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 27 October 2026 via checked.be.