PICAN: 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.
PICAN
Largest movements
- Current investments +€404,851
up €404,851 (+106.7%), from €379,500 to €784,351
- Cash -€244,162
down €244,162 (-40.0%), from €610,348 to €366,187
mainly Current investments (-€404,851) and Receivables within one year (-€13,869)
- Receivables within one year +€13,869
up €13,869 (+11.6%), from €119,582 to €133,451
of which Trade receivables: +€13,869
- Reserves +€198,331
up €198,331 (+18.4%), from €1.1m to €1.3m
- Gross operating margin +€20,156
up €20,156 (+8.0%), from €250,593 to €270,750
- Taxes +€4,540
up €4,540 (+5.6%), from €81,247 to €85,787
- Financial income -€3,492
down €3,492 (-15.6%), from €22,449 to €18,957
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 | €1,129,865 | €1,314,132 | +€184,267 | +16.3% |
| Fixed assets | 21/28 | €9,380 | €15,056 | +€5,677 | +60.5% |
| Tangible fixed assets | 22/27 | €9,380 | €15,056 | +€5,677 | +60.5% |
| Plant, machinery and equipment | 23 | €4,295 | €4,514 | +€219 | +5.1% |
| Furniture and vehicles | 24 | €3,130 | €8,795 | +€5,664 | +180.9% |
| Other tangible fixed assets | 26 | €1,954 | €1,748 | -€206 | -10.6% |
| Current assets | 29/58 | €1,120,485 | €1,299,076 | +€178,590 | +15.9% |
| Amounts receivable within one year | 40/41 | €119,582 | €133,451 | +€13,869 | +11.6% |
| Trade receivables | 40 | €119,582 | €133,451 | +€13,869 | +11.6% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Current investments | 50/53 | €379,500 | €784,351 | +€404,851 | +106.7% |
| Cash at bank and in hand | 54/58 | €610,348 | €366,187 | -€244,162 | -40.0% |
| Deferred charges and accrued income | 490/1 | €11,055 | €15,086 | +€4,031 | +36.5% |
| Total equity and liabilities | 10/49 | €1,129,865 | €1,314,132 | +€184,267 | +16.3% |
| Equity | 10/15 | €1,104,706 | €1,302,204 | +€197,498 | +17.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,079,560 | €1,277,891 | +€198,331 | +18.4% |
| Distributable reserves | 133 | €1,079,560 | €1,277,891 | +€198,331 | +18.4% |
| Profit (loss) carried forward | 14 | €6,546 | €5,713 | -€833 | -12.7% |
| Amounts payable | 17/49 | €25,159 | €11,927 | -€13,232 | -52.6% |
| Amounts payable within one year | 42/48 | €25,159 | €11,927 | -€13,232 | -52.6% |
| Trade debts | 44 | €377 | €418 | +€41 | +10.9% |
| Suppliers | 440/4 | €377 | €418 | +€41 | +10.9% |
| Taxes, remuneration and social security | 45 | €21,947 | €9,385 | -€12,562 | -57.2% |
| Taxes | 450/3 | €21,947 | €8,905 | -€13,042 | -59.4% |
| Remuneration and social security | 454/9 | - | €480 | +€480 | |
| Other amounts payable | 47/48 | €2,835 | €2,124 | -€711 | -25.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,883 | €3,613 | -€1,270 | -26.0% |
| Other operating charges | 640/8 | €771 | €1,394 | +€623 | +80.8% |
| Non-recurring operating charges | 66A | - | €63 | +€63 | |
| Gross operating margin | 9900 | €250,593 | €270,750 | +€20,156 | +8.0% |
| Operating profit (loss) | 9901 | €244,939 | €265,679 | +€20,739 | +8.5% |
| Financial income | 75/76B | €22,449 | €18,957 | -€3,492 | -15.6% |
| Recurring financial income | 75 | €22,449 | €18,957 | -€3,492 | -15.6% |
| Financial charges | 65/66B | €70 | €518 | +€448 | +637.6% |
| Recurring financial charges | 65 | €70 | €518 | +€448 | +637.6% |
| Profit (loss) for the period before taxes | 9903 | €267,319 | €284,118 | +€16,800 | +6.3% |
| Income taxes | 67/77 | €81,247 | €85,787 | +€4,540 | +5.6% |
| Profit (loss) for the period | 9904 | €186,072 | €198,331 | +€12,260 | +6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €186,072 | €198,331 | +€12,260 | +6.6% |
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.