MANAGEMENT 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.
MANAGEMENT PICARD
Largest movements
- Cash -€8,419
down €8,419 (-95.4%), from €8,825 to €406
mainly Debts after one year (-€43,975) and Other debts (-€18,129)
- Reserves +€48,622
up €48,622 (+2,614%), from €1,860 to €50,482
- Debts after one year -€43,975
down €43,975 (-21.9%), from €201,110 to €157,135
- Other debts -€18,129
down €18,129 (-6.5%), from €278,155 to €260,026
- Gross operating margin +€19,125
up €19,125 (+30.0%), from €63,797 to €82,922
- Taxes +€9,286
up €9,286 (+83.4%), from €11,135 to €20,421
- Financial charges -€3,245
down €3,245 (-28.3%), from €11,458 to €8,212
- Depreciation +€1,261
up €1,261 (+49.0%), from €2,574 to €3,834
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 | €821,925 | €812,494 | -€9,431 | -1.1% |
| Fixed assets | 21/28 | €805,751 | €809,629 | +€3,878 | +0.5% |
| Tangible fixed assets | 22/27 | €5,751 | €9,629 | +€3,878 | +67.4% |
| Plant, machinery and equipment | 23 | €4,070 | €3,303 | -€767 | -18.9% |
| Furniture and vehicles | 24 | €1,681 | €6,326 | +€4,645 | +276% |
| Financial fixed assets | 28 | €800,000 | €800,000 | = | 0.0% |
| Current assets | 29/58 | €16,174 | €2,864 | -€13,309 | -82.3% |
| Amounts receivable within one year | 40/41 | €6,597 | €2,458 | -€4,139 | -62.7% |
| Trade receivables | 40 | €6,590 | €2,429 | -€4,161 | -63.1% |
| Other amounts receivable | 41 | €7 | €29 | +€22 | +295% |
| Cash at bank and in hand | 54/58 | €8,825 | €406 | -€8,419 | -95.4% |
| Deferred charges and accrued income | 490/1 | €752 | - | -€752 | |
| Total equity and liabilities | 10/49 | €821,925 | €812,494 | -€9,431 | -1.1% |
| Equity | 10/15 | €283,195 | €331,817 | +€48,622 | +17.2% |
| Contributions | 10/11 | €26,760 | €26,760 | = | 0.0% |
| Reserves | 13 | €1,860 | €50,482 | +€48,622 | +2,614% |
| Distributable reserves | 133 | €1,860 | €50,482 | +€48,622 | +2,614% |
| Profit (loss) carried forward | 14 | €254,575 | €254,575 | = | 0.0% |
| Amounts payable | 17/49 | €538,730 | €480,677 | -€58,054 | -10.8% |
| Amounts payable after more than one year | 17 | €201,110 | €157,135 | -€43,975 | -21.9% |
| Financial debts | 170/4 | €201,110 | €157,135 | -€43,975 | -21.9% |
| Amounts payable within one year | 42/48 | €335,090 | €318,012 | -€17,078 | -5.1% |
| Current portion of amounts payable after more than one year | 42 | €40,242 | €41,956 | +€1,714 | +4.3% |
| Trade debts | 44 | €6,589 | €3,853 | -€2,736 | -41.5% |
| Suppliers | 440/4 | €6,589 | €3,853 | -€2,736 | -41.5% |
| Taxes, remuneration and social security | 45 | €10,104 | €12,177 | +€2,074 | +20.5% |
| Taxes | 450/3 | €10,104 | €12,177 | +€2,074 | +20.5% |
| Other amounts payable | 47/48 | €278,155 | €260,026 | -€18,129 | -6.5% |
| Accrued charges and deferred income | 492/3 | €2,530 | €5,530 | +€3,000 | +119% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,574 | €3,834 | +€1,261 | +49.0% |
| Other operating charges | 640/8 | €268 | €332 | +€65 | +24.1% |
| Gross operating margin | 9900 | €63,797 | €82,922 | +€19,125 | +30.0% |
| Operating profit (loss) | 9901 | €60,956 | €78,756 | +€17,800 | +29.2% |
| Financial charges | 65/66B | €11,458 | €8,212 | -€3,245 | -28.3% |
| Recurring financial charges | 65 | €11,458 | €8,212 | -€3,245 | -28.3% |
| Profit (loss) for the period before taxes | 9903 | €49,498 | €70,543 | +€21,045 | +42.5% |
| Income taxes | 67/77 | €11,135 | €20,421 | +€9,286 | +83.4% |
| Profit (loss) for the period | 9904 | €38,364 | €50,122 | +€11,759 | +30.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,364 | €50,122 | +€11,759 | +30.7% |
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 28 October 2026 via checked.be.