PICARD CONSTRUCT: 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.
What changed
PICARD CONSTRUCT
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · €264,508+€802,008
Equity
€2.7m
2024 · €1.6m+€1.1m
Cash
€287,359
2024 · €110,755+€176,603
Balance sheet total
€10.9m
2024 · €10.6m+€279,501
Largest movements
Assets
- Receivables within one year +€480,006
up €480,006 (+9.6%), from €5.0m to €5.5m
of which Other amounts receivable: +€440,906
- Tangible fixed assets -€212,264
down €212,264 (-6.0%), from €3.5m to €3.3m
of which Land and buildings: -€124,193
- Cash +€176,603
up €176,603 (+159.5%), from €110,755 to €287,359
mainly Net result for the year (+€1.1m) and Advances received (+€654,319)
- Stocks and contracts -€124,309
down €124,309 (-7.8%), from €1.6m to €1.5m
of which Stocks: -€99,077
Equity and liabilities
- Short-term financial debts -€766,732
down €766,732 (-79.8%), from €960,960 to €194,228
- Advances received +€654,319
new in 2025: €654,319
- Reserves +€534,670
up €534,670 (+221.3%), from €241,655 to €776,325
of which Tax-exempt reserves: +€534,670
- Profit (loss) carried forward +€531,846
up €531,846 (+63.7%), from €834,639 to €1.4m
- Trade debts -€506,493
down €506,493 (-11.5%), from €4.4m to €3.9m
Income statement
- Turnover +€8.4m
up €8.4m (+32.5%), from €26.0m to €34.4m
- Goods and materials +€5.2m
up €5.2m (+29.4%), from €17.6m to €22.8m
of which Purchases: +€5.1m
- Staff costs +€1.1m
up €1.1m (+24.0%), from €4.4m to €5.5m
- Services and other goods +€646,711
up €646,711 (+19.6%), from €3.3m to €3.9m
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.
Result 2024
€264,508
Turnover
+€8.4m
Other operating income
+€125,987
Goods and materials
-€5.2m
Services and other goods
-€646,711
Staff costs
-€1.1m
Depreciation
-€71,410
Write-downs
+€4,700
Provisions
-€15,000
Other operating charges
-€6,262
Other operating items
-€558,038
Financial income
+€15,002
Financial charges
+€15,927
Taxes
-€259,401
Result 2025
€1.1m
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.
From operations
+€1.5m
Investment
-€364,694
Financing
-€913,547
Cash 2024
€110,755
From operations (derived)
+€1.5m
Net result for the year
+€1.1m
Depreciation
+€547,984
Stocks and contracts
+€124,309
Receivables within one year
-€480,006
Deferred charges and accrued income
+€69,511
Provisions
+€15,000
Trade debts
-€506,493
Tax, wage and social debts
-€76,880
Advances received
+€654,319
Other debts
-€15,419
Accrued charges and deferred income
+€56,005
Investment (derived)
-€364,694
Investment in fixed assets (net)
-€364,694
Financing
-€913,547
Debts after one year
-€128,871
Current portion of long-term debt
-€16,959
Short-term financial debts
-€766,732
Contributions, distributions and other
-€984
Cash 2025
€287,359
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,594,537 | €10,874,038 | +€279,501 | +2.6% |
| Formation expenses | 20 | €66,743 | €41,962 | -€24,781 | -37.1% |
| Fixed assets | 21/28 | €3,585,658 | €3,427,150 | -€158,508 | -4.4% |
| Intangible fixed assets | 21 | €3,929 | €57,684 | +€53,755 | +1368.1% |
| Tangible fixed assets | 22/27 | €3,519,865 | €3,307,601 | -€212,264 | -6.0% |
| Land and buildings | 22 | €2,448,368 | €2,324,175 | -€124,193 | -5.1% |
| Plant, machinery and equipment | 23 | €235,243 | €246,294 | +€11,051 | +4.7% |
| Furniture and vehicles | 24 | €231,449 | €223,739 | -€7,710 | -3.3% |
| Leasing and similar rights | 25 | €604,806 | €513,393 | -€91,412 | -15.1% |
| Financial fixed assets | 28 | €61,865 | €61,865 | = | 0.0% |
| Other financial fixed assets | 284/8 | €61,865 | €61,865 | = | 0.0% |
| Shares | 284 | €61,774 | €61,774 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €91 | €91 | = | 0.0% |
| Current assets | 29/58 | €6,942,136 | €7,404,927 | +€462,790 | +6.7% |
| Stocks and contracts in progress | 3 | €1,587,605 | €1,463,296 | -€124,309 | -7.8% |
| Stocks | 30/36 | €314,740 | €215,663 | -€99,077 | -31.5% |
| Raw materials and consumables | 30/31 | €314,740 | €215,663 | -€99,077 | -31.5% |
| Contracts in progress | 37 | €1,272,865 | €1,247,634 | -€25,232 | -2.0% |
| Amounts receivable within one year | 40/41 | €4,994,282 | €5,474,288 | +€480,006 | +9.6% |
| Trade receivables | 40 | €4,366,229 | €4,405,330 | +€39,101 | +0.9% |
| Other amounts receivable | 41 | €628,052 | €1,068,958 | +€440,906 | +70.2% |
| Cash at bank and in hand | 54/58 | €110,755 | €287,359 | +€176,603 | +159.5% |
| Deferred charges and accrued income | 490/1 | €249,494 | €179,983 | -€69,511 | -27.9% |
| Total equity and liabilities | 10/49 | €10,594,537 | €10,874,038 | +€279,501 | +2.6% |
| Equity | 10/15 | €1,589,977 | €2,655,509 | +€1.1m | +67.0% |
| Contributions | 10/11 | €255,747 | €255,747 | = | 0.0% |
| Capital | 10 | €255,747 | €255,747 | = | 0.0% |
| Issued capital | 100 | €255,747 | €255,747 | = | 0.0% |
| Revaluation surpluses | 12 | €234,425 | €234,425 | = | 0.0% |
| Reserves | 13 | €241,655 | €776,325 | +€534,670 | +221.3% |
| Non-distributable reserves | 130/1 | €25,575 | €25,575 | = | 0.0% |
| Legal reserve | 130 | €25,575 | €25,575 | = | 0.0% |
| Tax-exempt reserves | 132 | €216,080 | €750,750 | +€534,670 | +247.4% |
| Profit (loss) carried forward | 14 | €834,639 | €1,366,485 | +€531,846 | +63.7% |
| Investment grants | 15 | €23,511 | €22,527 | -€984 | -4.2% |
| Provisions and deferred taxes | 16 | €30,000 | €45,000 | +€15,000 | +50.0% |
| Provisions for liabilities and charges | 160/5 | €30,000 | €45,000 | +€15,000 | +50.0% |
| Other liabilities and charges | 164/5 | €30,000 | €45,000 | +€15,000 | +50.0% |
| Amounts payable | 17/49 | €8,974,560 | €8,173,529 | -€801,031 | -8.9% |
| Amounts payable after more than one year | 17 | €2,385,733 | €2,256,862 | -€128,871 | -5.4% |
| Financial debts | 170/4 | €2,385,733 | €2,256,862 | -€128,871 | -5.4% |
| Subordinated loans | 170 | €130,000 | €130,000 | = | 0.0% |
| Leasing and similar obligations | 172 | €431,629 | €334,379 | -€97,249 | -22.5% |
| Credit institutions | 173 | €1,444,105 | €1,055,506 | -€388,599 | -26.9% |
| Other loans | 174 | €380,000 | €736,977 | +€356,977 | +93.9% |
| Amounts payable within one year | 42/48 | €6,587,758 | €5,859,593 | -€728,165 | -11.1% |
| Current portion of amounts payable after more than one year | 42 | €608,003 | €591,043 | -€16,959 | -2.8% |
| Financial debts | 43 | €960,960 | €194,228 | -€766,732 | -79.8% |
| Credit institutions | 430/8 | €960,960 | €194,228 | -€766,732 | -79.8% |
| Trade debts | 44 | €4,389,611 | €3,883,118 | -€506,493 | -11.5% |
| Suppliers | 440/4 | €4,389,611 | €3,883,118 | -€506,493 | -11.5% |
| Advances received on contracts in progress | 46 | - | €654,319 | +€654,319 | |
| Taxes, remuneration and social security | 45 | €570,874 | €493,994 | -€76,880 | -13.5% |
| Taxes | 450/3 | €236,649 | €113,661 | -€122,988 | -52.0% |
| Remuneration and social security | 454/9 | €334,225 | €380,333 | +€46,108 | +13.8% |
| Other amounts payable | 47/48 | €58,311 | €42,892 | -€15,419 | -26.4% |
| Accrued charges and deferred income | 492/3 | €1,070 | €57,075 | +€56,005 | +5236.4% |
| Operating income | 70/76A | €26,510,007 | €34,522,278 | +€8.0m | +30.2% |
| Turnover | 70 | €25,981,219 | €34,430,357 | +€8.4m | +32.5% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €126,441 | -€444,062 | -€570,503 | |
| Other operating income | 74 | €363,461 | €489,448 | +€125,987 | +34.7% |
| Non-recurring operating income | 76A | €38,886 | €46,535 | +€7,649 | +19.7% |
| Operating charges | 60/66A | €25,972,797 | €32,954,589 | +€7.0m | +26.9% |
| Goods for resale, raw materials and consumables | 60 | €17,647,975 | €22,842,502 | +€5.2m | +29.4% |
| Purchases | 600/8 | €17,682,389 | €22,743,425 | +€5.1m | +28.6% |
| Change in stocks: decrease (increase) | 609 | -€34,414 | €99,077 | +€133,491 | |
| Services and other goods | 61 | €3,296,221 | €3,942,931 | +€646,711 | +19.6% |
| Remuneration, social security and pensions | 62 | €4,413,472 | €5,470,870 | +€1.1m | +24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €476,573 | €547,984 | +€71,410 | +15.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €45,000 | €40,300 | -€4,700 | -10.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €15,000 | +€15,000 | |
| Other operating charges | 640/8 | €70,697 | €76,958 | +€6,262 | +8.9% |
| Non-recurring operating charges | 66A | €22,860 | €18,043 | -€4,817 | -21.1% |
| Operating profit (loss) | 9901 | €537,209 | €1,567,689 | +€1.0m | +191.8% |
| Financial income | 75/76B | €31,033 | €46,035 | +€15,002 | +48.3% |
| Recurring financial income | 75 | €31,033 | €46,035 | +€15,002 | +48.3% |
| Income from financial fixed assets | 750 | €0 | - | = | |
| Income from current assets | 751 | €45 | €0 | -€44 | -99.2% |
| Other financial income | 752/9 | €30,988 | €46,034 | +€15,046 | +48.6% |
| Financial charges | 65/66B | €167,285 | €151,358 | -€15,927 | -9.5% |
| Recurring financial charges | 65 | €167,285 | €151,358 | -€15,927 | -9.5% |
| Debt charges | 650 | €137,513 | €140,487 | +€2,974 | +2.2% |
| Other financial charges | 652/9 | €29,772 | €10,872 | -€18,901 | -63.5% |
| Profit (loss) for the period before taxes | 9903 | €400,957 | €1,462,365 | +€1.1m | +264.7% |
| Income taxes | 67/77 | €136,449 | €395,850 | +€259,401 | +190.1% |
| Taxes | 670/3 | €136,449 | €395,850 | +€259,401 | +190.1% |
| Profit (loss) for the period | 9904 | €264,508 | €1,066,516 | +€802,008 | +303.2% |
| Transfer from tax-exempt reserves | 789 | - | €168,400 | +€168,400 | |
| Transfer to tax-exempt reserves | 689 | €0 | €703,070 | +€703,070 | |
| Profit (loss) for the period to be appropriated | 9905 | €264,508 | €531,846 | +€267,338 | +101.1% |
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 30 September 2026 via checked.be.