PICA PAU: what changed
PICA PAU
Largest movements
- Receivables within one year -€16,162
down €16,162 (-52.7%), from €30,667 to €14,505
of which Trade receivables: -€15,062
- Cash +€3,170
up €3,170 (+17,505%), from €18 to €3,188
mainly Receivables within one year (+€16,162) and Net result for the year (+€7,022)
- Trade debts -€11,835
down €11,835 (-74.0%), from €15,983 to €4,148
- Debts after one year -€11,467
down €11,467 (-10.8%), from €106,081 to €94,614
- Reserves +€7,022
up €7,022 (+31.9%), from €22,004 to €29,026
- Tax, wage and social debts +€2,380
up €2,380 (+23.8%), from €10,007 to €12,387
of which Taxes: +€2,402
- Gross operating margin -€1,311
down €1,311 (-6.7%), from €19,513 to €18,202
- Financial charges -€583
down €583 (-17.6%), from €3,307 to €2,724
- Other operating charges +€340
up €340 (+62.5%), from €545 to €885
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €170,396 | €156,868 | -€13,528 | -7.9% |
| Fixed assets | 21/28 | €139,711 | €139,144 | -€567 | -0.4% |
| Tangible fixed assets | 22/27 | €1,063 | €496 | -€567 | -53.3% |
| Furniture and vehicles | 24 | €1,063 | €496 | -€567 | -53.3% |
| Financial fixed assets | 28 | €138,648 | €138,648 | = | 0.0% |
| Current assets | 29/58 | €30,685 | €17,723 | -€12,962 | -42.2% |
| Amounts receivable within one year | 40/41 | €30,667 | €14,505 | -€16,162 | -52.7% |
| Trade receivables | 40 | €27,241 | €12,179 | -€15,062 | -55.3% |
| Other amounts receivable | 41 | €3,426 | €2,326 | -€1,100 | -32.1% |
| Cash at bank and in hand | 54/58 | €18 | €3,188 | +€3,170 | +17,505% |
| Deferred charges and accrued income | 490/1 | - | €30 | +€30 | |
| Total equity and liabilities | 10/49 | €170,396 | €156,868 | -€13,528 | -7.9% |
| Equity | 10/15 | €27,004 | €34,026 | +€7,022 | +26.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €22,004 | €29,026 | +€7,022 | +31.9% |
| Distributable reserves | 133 | €22,004 | €29,026 | +€7,022 | +31.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €143,392 | €122,841 | -€20,550 | -14.3% |
| Amounts payable after more than one year | 17 | €106,081 | €94,614 | -€11,467 | -10.8% |
| Financial debts | 170/4 | €106,081 | €94,614 | -€11,467 | -10.8% |
| Amounts payable within one year | 42/48 | €37,086 | €28,002 | -€9,084 | -24.5% |
| Current portion of amounts payable after more than one year | 42 | €11,096 | €11,467 | +€371 | +3.3% |
| Trade debts | 44 | €15,983 | €4,148 | -€11,835 | -74.0% |
| Suppliers | 440/4 | €15,983 | €4,148 | -€11,835 | -74.0% |
| Taxes, remuneration and social security | 45 | €10,007 | €12,387 | +€2,380 | +23.8% |
| Taxes | 450/3 | €9,985 | €12,387 | +€2,402 | +24.1% |
| Remuneration and social security | 454/9 | €22 | €0 | -€22 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €225 | €225 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €567 | €567 | = | 0.0% |
| Other operating charges | 640/8 | €545 | €885 | +€340 | +62.5% |
| Gross operating margin | 9900 | €19,513 | €18,202 | -€1,311 | -6.7% |
| Operating profit (loss) | 9901 | €18,401 | €16,750 | -€1,651 | -9.0% |
| Financial income | 75/76B | €35 | €129 | +€94 | +270% |
| Recurring financial income | 75 | €35 | €129 | +€94 | +270% |
| Financial charges | 65/66B | €3,307 | €2,724 | -€583 | -17.6% |
| Recurring financial charges | 65 | €3,307 | €2,724 | -€583 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | €15,129 | €14,156 | -€974 | -6.4% |
| Income taxes | 67/77 | €7,062 | €7,134 | +€72 | +1.0% |
| Profit (loss) for the period | 9904 | €8,068 | €7,022 | -€1,046 | -13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,068 | €7,022 | -€1,046 | -13.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.