PICALAUSA: 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.
PICALAUSA
Largest movements
- Cash +€83,388
up €83,388 (+80.0%), from €104,260 to €187,648
mainly Depreciation (+€140,577) and Short-term financial debts (+€125,000)
- Tangible fixed assets +€69,576
up €69,576 (+32.0%), from €217,106 to €286,682
of which Land and buildings: +€132,899
- Intangible fixed assets -€62,914
down €62,914 (-17.3%), from €363,049 to €300,134
- Short-term financial debts +€125,000
new in 2025: €125,000
- Trade debts -€76,553
down €76,553 (-35.5%), from €215,772 to €139,219
- Reserves +€45,955
up €45,955 (+16.2%), from €283,611 to €329,567
- Other debts -€42,689
down €42,689 (-42.7%), from €100,026 to €57,337
- Current portion of long-term debt +€26,299
up €26,299 (+25.8%), from €101,767 to €128,066
- Staff costs +€155,516
up €155,516 (+37.9%), from €410,696 to €566,212
- Gross operating margin +€75,331
up €75,331 (+10.3%), from €731,442 to €806,773
- Taxes -€32,094
down €32,094 (-68.2%), from €47,061 to €14,967
- Other operating charges +€10,084
up €10,084 (+186.4%), from €5,410 to €15,494
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 | €1,172,548 | €1,256,580 | +€84,032 | +7.2% |
| Fixed assets | 21/28 | €580,289 | €586,951 | +€6,662 | +1.1% |
| Intangible fixed assets | 21 | €363,049 | €300,134 | -€62,914 | -17.3% |
| Tangible fixed assets | 22/27 | €217,106 | €286,682 | +€69,576 | +32.0% |
| Land and buildings | 22 | - | €132,899 | +€132,899 | |
| Plant, machinery and equipment | 23 | €172,990 | €123,148 | -€49,842 | -28.8% |
| Furniture and vehicles | 24 | €44,116 | €30,635 | -€13,481 | -30.6% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €592,258 | €669,629 | +€77,371 | +13.1% |
| Amounts receivable after more than one year | 29 | €60,000 | €60,000 | = | 0.0% |
| Other amounts receivable | 291 | €60,000 | €60,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €420,801 | €412,012 | -€8,789 | -2.1% |
| Trade receivables | 40 | €419,141 | €391,979 | -€27,162 | -6.5% |
| Other amounts receivable | 41 | €1,660 | €20,033 | +€18,373 | +1106.6% |
| Cash at bank and in hand | 54/58 | €104,260 | €187,648 | +€83,388 | +80.0% |
| Deferred charges and accrued income | 490/1 | €7,197 | €9,969 | +€2,771 | +38.5% |
| Total equity and liabilities | 10/49 | €1,172,548 | €1,256,580 | +€84,032 | +7.2% |
| Equity | 10/15 | €288,611 | €334,567 | +€45,955 | +15.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €283,611 | €329,567 | +€45,955 | +16.2% |
| Distributable reserves | 133 | €283,611 | €329,567 | +€45,955 | +16.2% |
| Amounts payable | 17/49 | €883,937 | €922,014 | +€38,077 | +4.3% |
| Amounts payable after more than one year | 17 | €366,277 | €370,599 | +€4,323 | +1.2% |
| Financial debts | 170/4 | €366,277 | €370,599 | +€4,323 | +1.2% |
| Amounts payable within one year | 42/48 | €512,581 | €545,365 | +€32,784 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €101,767 | €128,066 | +€26,299 | +25.8% |
| Financial debts | 43 | - | €125,000 | +€125,000 | |
| Credit institutions | 430/8 | - | €125,000 | +€125,000 | |
| Trade debts | 44 | €215,772 | €139,219 | -€76,553 | -35.5% |
| Suppliers | 440/4 | €215,772 | €139,219 | -€76,553 | -35.5% |
| Taxes, remuneration and social security | 45 | €95,016 | €95,743 | +€727 | +0.8% |
| Taxes | 450/3 | €42,029 | €35,798 | -€6,231 | -14.8% |
| Remuneration and social security | 454/9 | €52,988 | €59,945 | +€6,957 | +13.1% |
| Other amounts payable | 47/48 | €100,026 | €57,337 | -€42,689 | -42.7% |
| Accrued charges and deferred income | 492/3 | €5,080 | €6,049 | +€970 | +19.1% |
| Remuneration, social security and pensions | 62 | €410,696 | €566,212 | +€155,516 | +37.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,434 | €140,577 | +€6,143 | +4.6% |
| Other operating charges | 640/8 | €5,410 | €15,494 | +€10,084 | +186.4% |
| Non-recurring operating charges | 66A | - | €329 | +€329 | |
| Gross operating margin | 9900 | €731,442 | €806,773 | +€75,331 | +10.3% |
| Operating profit (loss) | 9901 | €180,902 | €84,161 | -€96,741 | -53.5% |
| Financial income | 75/76B | €81 | €368 | +€287 | +354.2% |
| Recurring financial income | 75 | €81 | €368 | +€287 | +354.2% |
| Financial charges | 65/66B | €21,529 | €23,606 | +€2,077 | +9.6% |
| Recurring financial charges | 65 | €21,529 | €23,606 | +€2,077 | +9.6% |
| Profit (loss) for the period before taxes | 9903 | €159,454 | €60,922 | -€98,531 | -61.8% |
| Income taxes | 67/77 | €47,061 | €14,967 | -€32,094 | -68.2% |
| Profit (loss) for the period | 9904 | €112,393 | €45,955 | -€66,438 | -59.1% |
| Profit (loss) for the period to be appropriated | 9905 | €112,393 | €45,955 | -€66,438 | -59.1% |
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 9 October 2026 via checked.be.