PICALI: 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.
PICALI
Largest movements
- Tangible fixed assets +€36,728
up €36,728 (+86.3%), from €42,572 to €79,300
of which Furniture and vehicles: +€37,677
- Receivables after one year +€15,000
up €15,000, from €0 to €15,000
- Receivables within one year -€14,499
down €14,499 (-29.5%), from €49,156 to €34,657
of which Other amounts receivable: -€9,442
- Cash +€6,779
up €6,779 (+29.5%), from €22,988 to €29,767
mainly Net result for the year (+€48,243) and Depreciation (+€19,395)
- Reserves +€48,243
up €48,243 (+27.0%), from €178,359 to €226,602
of which Distributable reserves: +€48,243
- Tax, wage and social debts +€9,153
up €9,153 (+118%), from €7,752 to €16,905
- Debts after one year -€8,059
down €8,059 (-44.2%), from €18,244 to €10,185
- Trade debts -€2,863
down €2,863 (-57.6%), from €4,974 to €2,111
- Gross operating margin -€11,695
down €11,695 (-11.0%), from €106,135 to €94,440
- Taxes -€4,211
down €4,211 (-14.0%), from €30,178 to €25,967
- Depreciation -€1,896
down €1,896 (-8.9%), from €21,291 to €19,395
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 | €235,127 | €279,135 | +€44,008 | +18.7% |
| Fixed assets | 21/28 | €42,572 | €79,300 | +€36,728 | +86.3% |
| Tangible fixed assets | 22/27 | €42,572 | €79,300 | +€36,728 | +86.3% |
| Plant, machinery and equipment | 23 | €4,405 | €3,456 | -€949 | -21.5% |
| Furniture and vehicles | 24 | €38,166 | €75,843 | +€37,677 | +98.7% |
| Current assets | 29/58 | €192,556 | €199,836 | +€7,280 | +3.8% |
| Amounts receivable after more than one year | 29 | €0 | €15,000 | +€15,000 | |
| Other amounts receivable | 291 | €0 | €15,000 | +€15,000 | |
| Amounts receivable within one year | 40/41 | €49,156 | €34,657 | -€14,499 | -29.5% |
| Trade receivables | 40 | €25,068 | €20,011 | -€5,057 | -20.2% |
| Other amounts receivable | 41 | €24,088 | €14,646 | -€9,442 | -39.2% |
| Current investments | 50/53 | €120,000 | €120,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €22,988 | €29,767 | +€6,779 | +29.5% |
| Deferred charges and accrued income | 490/1 | €412 | €412 | = | 0.0% |
| Total equity and liabilities | 10/49 | €235,127 | €279,135 | +€44,008 | +18.7% |
| Equity | 10/15 | €193,153 | €241,396 | +€48,243 | +25.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €178,359 | €226,602 | +€48,243 | +27.0% |
| Tax-exempt reserves | 132 | €324 | €324 | = | 0.0% |
| Distributable reserves | 133 | €178,035 | €226,279 | +€48,243 | +27.1% |
| Profit (loss) carried forward | 14 | €8,594 | €8,594 | = | 0.0% |
| Amounts payable | 17/49 | €41,975 | €37,740 | -€4,235 | -10.1% |
| Amounts payable after more than one year | 17 | €18,244 | €10,185 | -€8,059 | -44.2% |
| Financial debts | 170/4 | €18,244 | €10,185 | -€8,059 | -44.2% |
| Amounts payable within one year | 42/48 | €23,566 | €27,074 | +€3,509 | +14.9% |
| Current portion of amounts payable after more than one year | 42 | €10,840 | €8,059 | -€2,781 | -25.7% |
| Trade debts | 44 | €4,974 | €2,111 | -€2,863 | -57.6% |
| Suppliers | 440/4 | €4,974 | €2,111 | -€2,863 | -57.6% |
| Taxes, remuneration and social security | 45 | €7,752 | €16,905 | +€9,153 | +118% |
| Taxes | 450/3 | €7,752 | €16,905 | +€9,153 | +118% |
| Accrued charges and deferred income | 492/3 | €165 | €480 | +€315 | +190% |
| Non-recurring operating income | 76A | - | €6,656 | +€6,656 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,291 | €19,395 | -€1,896 | -8.9% |
| Other operating charges | 640/8 | €1,146 | €1,752 | +€607 | +53.0% |
| Non-recurring operating charges | 66A | - | €2,879 | +€2,879 | |
| Gross operating margin | 9900 | €106,135 | €94,440 | -€11,695 | -11.0% |
| Operating profit (loss) | 9901 | €83,698 | €70,413 | -€13,285 | -15.9% |
| Financial income | 75/76B | €3,319 | €3,927 | +€608 | +18.3% |
| Recurring financial income | 75 | €3,319 | €3,927 | +€608 | +18.3% |
| Financial charges | 65/66B | €462 | €130 | -€332 | -71.8% |
| Recurring financial charges | 65 | €462 | €130 | -€332 | -71.8% |
| Profit (loss) for the period before taxes | 9903 | €86,556 | €74,210 | -€12,346 | -14.3% |
| Income taxes | 67/77 | €30,178 | €25,967 | -€4,211 | -14.0% |
| Profit (loss) for the period | 9904 | €56,378 | €48,243 | -€8,135 | -14.4% |
| Profit (loss) for the period to be appropriated | 9905 | €56,378 | €48,243 | -€8,135 | -14.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.