PICARD: 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.
PICARD
Largest movements
- Receivables within one year +€32,648
up €32,648 (+47.7%), from €68,438 to €101,086
of which Trade receivables: +€32,884
- Cash +€22,143
up €22,143 (+114.8%), from €19,285 to €41,428
mainly Net result for the year (+€97,892) and Depreciation (+€36,997)
- Tangible fixed assets -€21,938
down €21,938 (-51.6%), from €42,507 to €20,568
of which Plant, machinery and equipment: -€37,788
- Deferred charges and accrued income +€19,708
up €19,708 (+702.8%), from €2,804 to €22,511
- Intangible fixed assets -€17,077
down €17,077 (-55.2%), from €30,959 to €13,882
- Profit (loss) carried forward +€97,892
up €97,892 (+56.1%), from -€174,545 to -€76,653
- Short-term financial debts -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Debts after one year -€24,838
down €24,838 (-74.0%), from €33,577 to €8,740
- Trade debts +€24,722
up €24,722 (+36.2%), from €68,277 to €92,999
- Tax, wage and social debts -€14,272
down €14,272 (-79.6%), from €17,938 to €3,666
of which Remuneration and social security: -€9,352
- Gross operating margin +€89,133
up €89,133 (+155.4%), from €57,360 to €146,493
- Staff costs -€51,640
down €51,640, from €50,766 to -€874
- Other operating charges -€17,736
down €17,736 (-92.7%), from €19,131 to €1,395
- Depreciation -€4,293
down €4,293 (-10.4%), from €41,290 to €36,997
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 | €163,993 | €199,476 | +€35,483 | +21.6% |
| Fixed assets | 21/28 | €73,466 | €34,450 | -€39,016 | -53.1% |
| Intangible fixed assets | 21 | €30,959 | €13,882 | -€17,077 | -55.2% |
| Tangible fixed assets | 22/27 | €42,507 | €20,568 | -€21,938 | -51.6% |
| Plant, machinery and equipment | 23 | €37,788 | €0 | -€37,788 | -100.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Leasing and similar rights | 25 | €4,718 | €0 | -€4,718 | -100.0% |
| Other tangible fixed assets | 26 | - | €20,568 | +€20,568 | |
| Current assets | 29/58 | €90,527 | €165,026 | +€74,499 | +82.3% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €68,438 | €101,086 | +€32,648 | +47.7% |
| Trade receivables | 40 | €68,202 | €101,086 | +€32,884 | +48.2% |
| Other amounts receivable | 41 | €236 | €0 | -€236 | -100.0% |
| Cash at bank and in hand | 54/58 | €19,285 | €41,428 | +€22,143 | +114.8% |
| Deferred charges and accrued income | 490/1 | €2,804 | €22,511 | +€19,708 | +702.8% |
| Total equity and liabilities | 10/49 | €163,993 | €199,476 | +€35,483 | +21.6% |
| Equity | 10/15 | -€41,907 | €55,985 | +€97,892 | |
| Contributions | 10/11 | €126,000 | €126,000 | = | 0.0% |
| Reserves | 13 | €6,638 | €6,638 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €0 | -€3,099 | -100.0% |
| Reserves not available under the articles | 1311 | €3,099 | €0 | -€3,099 | -100.0% |
| Distributable reserves | 133 | €3,539 | €6,638 | +€3,099 | +87.6% |
| Profit (loss) carried forward | 14 | -€174,545 | -€76,653 | +€97,892 | +56.1% |
| Amounts payable | 17/49 | €205,900 | €143,491 | -€62,409 | -30.3% |
| Amounts payable after more than one year | 17 | €33,577 | €8,740 | -€24,838 | -74.0% |
| Financial debts | 170/4 | €33,577 | €8,740 | -€24,838 | -74.0% |
| Amounts payable within one year | 42/48 | €172,269 | €120,809 | -€51,460 | -29.9% |
| Current portion of amounts payable after more than one year | 42 | €34,653 | €24,144 | -€10,509 | -30.3% |
| Financial debts | 43 | €50,000 | €0 | -€50,000 | -100.0% |
| Credit institutions | 430/8 | €50,000 | €0 | -€50,000 | -100.0% |
| Trade debts | 44 | €68,277 | €92,999 | +€24,722 | +36.2% |
| Suppliers | 440/4 | €68,277 | €92,999 | +€24,722 | +36.2% |
| Taxes, remuneration and social security | 45 | €17,938 | €3,666 | -€14,272 | -79.6% |
| Taxes | 450/3 | €8,586 | €3,666 | -€4,920 | -57.3% |
| Remuneration and social security | 454/9 | €9,352 | €0 | -€9,352 | -100.0% |
| Other amounts payable | 47/48 | €1,401 | €0 | -€1,401 | -100.0% |
| Accrued charges and deferred income | 492/3 | €53 | €13,942 | +€13,889 | +26068.1% |
| Non-recurring operating income | 76A | €6,154 | €0 | -€6,154 | -100.0% |
| Remuneration, social security and pensions | 62 | €50,766 | -€874 | -€51,640 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,290 | €36,997 | -€4,293 | -10.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,125 | €0 | -€1,125 | -100.0% |
| Other operating charges | 640/8 | €19,131 | €1,395 | -€17,736 | -92.7% |
| Non-recurring operating charges | 66A | €24,342 | €1,605 | -€22,737 | -93.4% |
| Gross operating margin | 9900 | €57,360 | €146,493 | +€89,133 | +155.4% |
| Operating profit (loss) | 9901 | -€79,293 | €107,371 | +€186,664 | |
| Financial income | 75/76B | €167 | €0 | -€166 | -99.7% |
| Recurring financial income | 75 | €167 | €0 | -€166 | -99.7% |
| Financial charges | 65/66B | €9,687 | €9,480 | -€207 | -2.1% |
| Recurring financial charges | 65 | €9,687 | €9,480 | -€207 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | -€88,813 | €97,892 | +€186,705 | |
| Income taxes | 67/77 | €238 | €0 | -€237 | -99.9% |
| Profit (loss) for the period | 9904 | -€89,051 | €97,892 | +€186,943 | |
| Profit (loss) for the period to be appropriated | 9905 | -€89,051 | €97,892 | +€186,943 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.