PICARD: 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.
PICARD
Largest movements
- Cash +€41,737
up €41,737 (+14.9%), from €280,093 to €321,830
mainly Net result for the year (+€46,030) and Trade debts (+€27,641)
- Receivables within one year +€14,304
up €14,304 (+69.4%), from €20,606 to €34,910
of which Other amounts receivable: +€13,240
- Stocks and contracts +€14,263
up €14,263 (+7.3%), from €194,387 to €208,650
- Reserves +€46,030
up €46,030 (+12.4%), from €370,487 to €416,517
of which Distributable reserves: +€46,030
- Trade debts +€27,641
up €27,641 (+210.6%), from €13,122 to €40,763
- Staff costs +€10,063
up €10,063 (+4.2%), from €240,623 to €250,686
- Taxes -€3,525
down €3,525 (-18.2%), from €19,416 to €15,891
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 | €544,713 | €617,323 | +€72,610 | +13.3% |
| Fixed assets | 21/28 | €46,524 | €48,822 | +€2,297 | +4.9% |
| Intangible fixed assets | 21 | - | €4,315 | +€4,315 | |
| Tangible fixed assets | 22/27 | €7,524 | €5,507 | -€2,018 | -26.8% |
| Plant, machinery and equipment | 23 | €7,524 | €5,507 | -€2,018 | -26.8% |
| Financial fixed assets | 28 | €39,000 | €39,000 | = | 0.0% |
| Current assets | 29/58 | €498,189 | €568,501 | +€70,312 | +14.1% |
| Stocks and contracts in progress | 3 | €194,387 | €208,650 | +€14,263 | +7.3% |
| Stocks | 30/36 | €194,387 | €208,650 | +€14,263 | +7.3% |
| Amounts receivable within one year | 40/41 | €20,606 | €34,910 | +€14,304 | +69.4% |
| Trade receivables | 40 | €21 | €1,085 | +€1,064 | +5030.0% |
| Other amounts receivable | 41 | €20,584 | €33,825 | +€13,240 | +64.3% |
| Cash at bank and in hand | 54/58 | €280,093 | €321,830 | +€41,737 | +14.9% |
| Deferred charges and accrued income | 490/1 | €3,103 | €3,111 | +€8 | +0.3% |
| Total equity and liabilities | 10/49 | €544,713 | €617,323 | +€72,610 | +13.3% |
| Equity | 10/15 | €500,309 | €546,339 | +€46,030 | +9.2% |
| Contributions | 10/11 | €129,822 | €129,822 | = | 0.0% |
| Capital | 10 | €129,822 | €129,822 | = | 0.0% |
| Issued capital | 100 | €129,822 | €129,822 | = | 0.0% |
| Reserves | 13 | €370,487 | €416,517 | +€46,030 | +12.4% |
| Non-distributable reserves | 130/1 | €12,982 | €12,982 | = | 0.0% |
| Legal reserve | 130 | €12,982 | €12,982 | = | 0.0% |
| Distributable reserves | 133 | €357,505 | €403,535 | +€46,030 | +12.9% |
| Amounts payable | 17/49 | €44,404 | €70,984 | +€26,580 | +59.9% |
| Amounts payable within one year | 42/48 | €44,017 | €70,257 | +€26,240 | +59.6% |
| Trade debts | 44 | €13,122 | €40,763 | +€27,641 | +210.6% |
| Suppliers | 440/4 | €13,122 | €40,763 | +€27,641 | +210.6% |
| Taxes, remuneration and social security | 45 | €30,895 | €29,493 | -€1,401 | -4.5% |
| Taxes | 450/3 | €1,382 | €2,623 | +€1,242 | +89.9% |
| Remuneration and social security | 454/9 | €29,513 | €26,870 | -€2,643 | -9.0% |
| Accrued charges and deferred income | 492/3 | €387 | €727 | +€340 | +87.8% |
| Remuneration, social security and pensions | 62 | €240,623 | €250,686 | +€10,063 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,130 | €2,250 | +€1,120 | +99.1% |
| Other operating charges | 640/8 | €1,524 | €1,499 | -€24 | -1.6% |
| Gross operating margin | 9900 | €327,385 | €325,967 | -€1,418 | -0.4% |
| Operating profit (loss) | 9901 | €84,108 | €71,532 | -€12,576 | -15.0% |
| Financial income | 75/76B | €301 | €251 | -€49 | -16.4% |
| Recurring financial income | 75 | €301 | €251 | -€49 | -16.4% |
| Financial charges | 65/66B | €8,395 | €9,863 | +€1,468 | +17.5% |
| Recurring financial charges | 65 | €8,395 | €9,863 | +€1,468 | +17.5% |
| Profit (loss) for the period before taxes | 9903 | €76,014 | €61,920 | -€14,094 | -18.5% |
| Income taxes | 67/77 | €19,416 | €15,891 | -€3,525 | -18.2% |
| Profit (loss) for the period | 9904 | €56,599 | €46,030 | -€10,569 | -18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €56,599 | €46,030 | -€10,569 | -18.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.