PICAGER: what changed
Two fiscal 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.
PICAGER
Largest movements
- Tangible fixed assets +€192,072
up €192,072 (+53.7%), from €357,936 to €550,008
of which Land and buildings: +€117,991
- Receivables within one year -€126,623
down €126,623 (-92.6%), from €136,800 to €10,177
of which Other amounts receivable: -€113,623
- Current investments +€39,416
new in 2025: €39,416
- Debts after one year +€81,087
up €81,087 (+42.9%), from €189,207 to €270,294
- Profit (loss) carried forward +€29,913
up €29,913 (+41.3%), from -€72,374 to -€42,461
- Provisions -€27,500
down €27,500 (-50.0%), from €55,000 to €27,500
- Trade debts +€14,437
up €14,437 (+210.9%), from €6,847 to €21,284
- Other debts +€10,394
up €10,394 (+35.0%), from €29,672 to €40,066
- Gross operating margin +€32,938
up €32,938 (+57.8%), from €56,975 to €89,913
- Depreciation +€28,172
up €28,172 (+187.5%), from €15,022 to €43,194
- Turnover +€26,106
up €26,106 (+23.0%), from €113,642 to €139,748
- Financial charges +€8,297
up €8,297 (+180.8%), from €4,590 to €12,887
- Other operating charges -€8,022
down €8,022 (-23.4%), from €34,256 to €26,234
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.
Cash bridge derived
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 | €496,881 | €601,746 | +€104,865 | +21.1% |
| Fixed assets | 21/28 | €357,936 | €550,008 | +€192,072 | +53.7% |
| Tangible fixed assets | 22/27 | €357,936 | €550,008 | +€192,072 | +53.7% |
| Land and buildings | 22 | €353,088 | €471,079 | +€117,991 | +33.4% |
| Plant, machinery and equipment | 23 | €4,848 | - | -€4,848 | |
| Other tangible fixed assets | 26 | - | €78,929 | +€78,929 | |
| Current assets | 29/58 | €138,945 | €51,738 | -€87,207 | -62.8% |
| Amounts receivable within one year | 40/41 | €136,800 | €10,177 | -€126,623 | -92.6% |
| Trade receivables | 40 | €23,177 | €10,177 | -€13,000 | -56.1% |
| Other amounts receivable | 41 | €113,623 | - | -€113,623 | |
| Current investments | 50/53 | - | €39,416 | +€39,416 | |
| Cash at bank and in hand | 54/58 | €2,145 | €2,145 | = | 0.0% |
| Total equity and liabilities | 10/49 | €496,881 | €601,746 | +€104,865 | +21.1% |
| Equity | 10/15 | €130,899 | €160,812 | +€29,913 | +22.9% |
| Contributions | 10/11 | €198,315 | €198,315 | = | 0.0% |
| Capital | 10 | €198,315 | €198,315 | = | 0.0% |
| Issued capital | 100 | €198,315 | €198,315 | = | 0.0% |
| Revaluation surpluses | 12 | €4,958 | €4,958 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€72,374 | -€42,461 | +€29,913 | +41.3% |
| Provisions and deferred taxes | 16 | €55,000 | €27,500 | -€27,500 | -50.0% |
| Provisions for liabilities and charges | 160/5 | €55,000 | €27,500 | -€27,500 | -50.0% |
| Environmental obligations | 163 | €55,000 | €27,500 | -€27,500 | -50.0% |
| Amounts payable | 17/49 | €310,982 | €413,434 | +€102,452 | +32.9% |
| Amounts payable after more than one year | 17 | €189,207 | €270,294 | +€81,087 | +42.9% |
| Financial debts | 170/4 | €189,207 | €270,294 | +€81,087 | +42.9% |
| Amounts payable within one year | 42/48 | €121,775 | €143,140 | +€21,365 | +17.5% |
| Financial debts | 43 | €47,006 | €43,540 | -€3,466 | -7.4% |
| Credit institutions | 430/8 | €47,006 | €43,540 | -€3,466 | -7.4% |
| Trade debts | 44 | €6,847 | €21,284 | +€14,437 | +210.9% |
| Suppliers | 440/4 | €6,847 | €21,284 | +€14,437 | +210.9% |
| Advances received on contracts in progress | 46 | €38,250 | €38,250 | = | 0.0% |
| Other amounts payable | 47/48 | €29,672 | €40,066 | +€10,394 | +35.0% |
| Turnover | 70 | €113,642 | €139,748 | +€26,106 | +23.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €56,667 | €51,430 | -€5,237 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,022 | €43,194 | +€28,172 | +187.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€30,000 | -€27,500 | +€2,500 | +8.3% |
| Other operating charges | 640/8 | €34,256 | €26,234 | -€8,022 | -23.4% |
| Gross operating margin | 9900 | €56,975 | €89,913 | +€32,938 | +57.8% |
| Operating profit (loss) | 9901 | €37,697 | €47,985 | +€10,288 | +27.3% |
| Financial charges | 65/66B | €4,590 | €12,887 | +€8,297 | +180.8% |
| Recurring financial charges | 65 | €4,590 | €12,887 | +€8,297 | +180.8% |
| Profit (loss) for the period before taxes | 9903 | €33,107 | €35,098 | +€1,991 | +6.0% |
| Income taxes | 67/77 | - | €5,185 | +€5,185 | |
| Profit (loss) for the period | 9904 | €33,107 | €29,913 | -€3,194 | -9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €33,107 | €29,913 | -€3,194 | -9.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.