PICADOR: 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.
PICADOR
Largest movements
- Tangible fixed assets -€11,740
down €11,740 (-71.6%), from €16,403 to €4,663
of which Land and buildings: -€11,192
- Cash -€3,000
down €3,000 (-72.5%), from €4,139 to €1,139
mainly Debts after one year (-€8,129) and Current portion of long-term debt (-€7,902)
- Debts after one year -€8,129
down €8,129 (-10.4%), from €78,479 to €70,350
of which Financial debts: -€8,129
- Current portion of long-term debt -€7,902
down €7,902 (-49.3%), from €16,030 to €8,129
- Profit (loss) carried forward +€2,338
up €2,338 (+2.3%), from -€103,633 to -€101,295
- Other debts -€877
down €877 (-8.2%), from €10,689 to €9,812
- Gross operating margin -€2,296
down €2,296 (-12.9%), from €17,856 to €15,560
- Financial charges -€237
down €237 (-33.7%), from €705 to €468
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,592 | €7,053 | -€14,540 | -67.3% |
| Fixed assets | 21/28 | €16,403 | €4,663 | -€11,740 | -71.6% |
| Tangible fixed assets | 22/27 | €16,403 | €4,663 | -€11,740 | -71.6% |
| Land and buildings | 22 | €15,855 | €4,663 | -€11,192 | -70.6% |
| Plant, machinery and equipment | 23 | €549 | - | -€549 | |
| Current assets | 29/58 | €5,189 | €2,389 | -€2,800 | -54.0% |
| Amounts receivable within one year | 40/41 | €1,050 | €1,250 | +€200 | +19.0% |
| Trade receivables | 40 | €1,050 | €1,250 | +€200 | +19.0% |
| Cash at bank and in hand | 54/58 | €4,139 | €1,139 | -€3,000 | -72.5% |
| Total equity and liabilities | 10/49 | €21,592 | €7,053 | -€14,540 | -67.3% |
| Equity | 10/15 | -€84,989 | -€82,651 | +€2,338 | +2.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €44 | €44 | = | 0.0% |
| Distributable reserves | 133 | €44 | €44 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€103,633 | -€101,295 | +€2,338 | +2.3% |
| Amounts payable | 17/49 | €106,581 | €89,704 | -€16,878 | -15.8% |
| Amounts payable after more than one year | 17 | €78,479 | €70,350 | -€8,129 | -10.4% |
| Financial debts | 170/4 | €8,129 | - | -€8,129 | |
| Other amounts payable | 178/9 | €70,350 | €70,350 | = | 0.0% |
| Amounts payable within one year | 42/48 | €28,103 | €19,354 | -€8,749 | -31.1% |
| Current portion of amounts payable after more than one year | 42 | €16,030 | €8,129 | -€7,902 | -49.3% |
| Trade debts | 44 | €333 | €363 | +€30 | +9.1% |
| Suppliers | 440/4 | €333 | €363 | +€30 | +9.1% |
| Advances received on contracts in progress | 46 | €1,050 | €1,050 | = | 0.0% |
| Other amounts payable | 47/48 | €10,689 | €9,812 | -€877 | -8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,740 | €11,740 | +€0 | 0.0% |
| Other operating charges | 640/8 | €984 | €1,015 | +€31 | +3.1% |
| Gross operating margin | 9900 | €17,856 | €15,560 | -€2,296 | -12.9% |
| Operating profit (loss) | 9901 | €5,132 | €2,805 | -€2,327 | -45.3% |
| Financial charges | 65/66B | €705 | €468 | -€237 | -33.7% |
| Recurring financial charges | 65 | €705 | €468 | -€237 | -33.7% |
| Profit (loss) for the period before taxes | 9903 | €4,428 | €2,338 | -€2,090 | -47.2% |
| Profit (loss) for the period | 9904 | €4,428 | €2,338 | -€2,090 | -47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,428 | €2,338 | -€2,090 | -47.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.