Marc PICAT: 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.
Marc PICAT
Largest movements
- Receivables within one year +€53,536
up €53,536 (+69.7%), from €76,809 to €130,345
of which Other amounts receivable: +€54,247
- Tangible fixed assets -€5,204
down €5,204 (-11.8%), from €44,156 to €38,953
of which Furniture and vehicles: -€9,527
- Cash +€2,784
up €2,784 (+35.8%), from €7,774 to €10,558
mainly Net result for the year (+€56,470) and Depreciation (+€10,004)
- Reserves +€56,364
up €56,364 (+147%), from €38,224 to €94,587
- Debts after one year -€12,186
down €12,186 (-41.4%), from €29,452 to €17,266
- Tax, wage and social debts +€3,666
up €3,666 (+80.4%), from €4,560 to €8,225
- Trade debts +€3,388
up €3,388 (+40.4%), from €8,377 to €11,766
- Financial income +€5,105
up €5,105 (+4,994%), from €102 to €5,208
- Gross operating margin -€4,725
down €4,725 (-5.0%), from €94,525 to €89,800
- Other operating charges -€3,719
down €3,719 (-75.3%), from €4,938 to €1,219
- Taxes +€2,230
up €2,230 (+10.2%), from €21,832 to €24,062
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 | €130,010 | €181,828 | +€51,818 | +39.9% |
| Fixed assets | 21/28 | €44,156 | €38,953 | -€5,204 | -11.8% |
| Tangible fixed assets | 22/27 | €44,156 | €38,953 | -€5,204 | -11.8% |
| Furniture and vehicles | 24 | €43,921 | €34,394 | -€9,527 | -21.7% |
| Other tangible fixed assets | 26 | €236 | €4,559 | +€4,323 | +1,834% |
| Current assets | 29/58 | €85,853 | €142,875 | +€57,022 | +66.4% |
| Amounts receivable within one year | 40/41 | €76,809 | €130,345 | +€53,536 | +69.7% |
| Trade receivables | 40 | €16,429 | €15,717 | -€712 | -4.3% |
| Other amounts receivable | 41 | €60,380 | €114,627 | +€54,247 | +89.8% |
| Cash at bank and in hand | 54/58 | €7,774 | €10,558 | +€2,784 | +35.8% |
| Deferred charges and accrued income | 490/1 | €1,270 | €1,973 | +€702 | +55.3% |
| Total equity and liabilities | 10/49 | €130,010 | €181,828 | +€51,818 | +39.9% |
| Equity | 10/15 | €53,140 | €109,610 | +€56,470 | +106% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €38,224 | €94,587 | +€56,364 | +147% |
| Distributable reserves | 133 | €38,224 | €94,587 | +€56,364 | +147% |
| Profit (loss) carried forward | 14 | €2,416 | €2,522 | +€106 | +4.4% |
| Amounts payable | 17/49 | €76,870 | €72,218 | -€4,652 | -6.1% |
| Amounts payable after more than one year | 17 | €29,452 | €17,266 | -€12,186 | -41.4% |
| Financial debts | 170/4 | €29,452 | €17,266 | -€12,186 | -41.4% |
| Amounts payable within one year | 42/48 | €47,418 | €54,675 | +€7,257 | +15.3% |
| Current portion of amounts payable after more than one year | 42 | €34,481 | €34,684 | +€203 | +0.6% |
| Trade debts | 44 | €8,377 | €11,766 | +€3,388 | +40.4% |
| Suppliers | 440/4 | €8,377 | €11,766 | +€3,388 | +40.4% |
| Taxes, remuneration and social security | 45 | €4,560 | €8,225 | +€3,666 | +80.4% |
| Taxes | 450/3 | €4,560 | €8,225 | +€3,666 | +80.4% |
| Accrued charges and deferred income | 492/3 | - | €278 | +€278 | |
| Non-recurring operating income | 76A | €4,959 | - | -€4,959 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,645 | €10,004 | +€359 | +3.7% |
| Other operating charges | 640/8 | €4,938 | €1,219 | -€3,719 | -75.3% |
| Gross operating margin | 9900 | €94,525 | €89,800 | -€4,725 | -5.0% |
| Operating profit (loss) | 9901 | €79,942 | €78,577 | -€1,365 | -1.7% |
| Financial income | 75/76B | €102 | €5,208 | +€5,105 | +4,994% |
| Recurring financial income | 75 | €102 | €5,208 | +€5,105 | +4,994% |
| Financial charges | 65/66B | €2,554 | €3,252 | +€698 | +27.3% |
| Recurring financial charges | 65 | €2,554 | €3,252 | +€698 | +27.3% |
| Profit (loss) for the period before taxes | 9903 | €77,490 | €80,532 | +€3,042 | +3.9% |
| Income taxes | 67/77 | €21,832 | €24,062 | +€2,230 | +10.2% |
| Profit (loss) for the period | 9904 | €55,658 | €56,470 | +€812 | +1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €55,658 | €56,470 | +€812 | +1.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.