Picas: 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.
Picas
Largest movements
- Tangible fixed assets +€303,044
up €303,044 (+6.7%), from €4.5m to €4.8m
of which Assets under construction and advance payments: +€525,088
- Cash -€60,143
down €60,143 (-15.8%), from €379,631 to €319,488
mainly Investment in fixed assets (net) (-€476,258) and Debts after one year (-€111,798)
- Reserves +€333,878
up €333,878 (+11.4%), from €2.9m to €3.3m
of which Distributable reserves: +€198,868
- Debts after one year -€111,798
down €111,798 (-36.5%), from €306,470 to €194,672
of which Financial debts: -€111,798
- Accrued charges and deferred income -€68,673
down €68,673 (-97.2%), from €70,644 to €1,971
- Gross operating margin +€241,852
up €241,852 (+50.2%), from €481,891 to €723,743
- Taxes +€35,094
up €35,094 (+57.0%), from €61,565 to €96,659
- Write-downs -€13,559
down €13,559, from €11,676 to -€1,883
- Other operating charges -€8,100
down €8,100 (-10.4%), from €77,924 to €69,823
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,966,066 | €5,214,713 | +€248,647 | +5.0% |
| Fixed assets | 21/28 | €4,525,980 | €4,829,024 | +€303,044 | +6.7% |
| Tangible fixed assets | 22/27 | €4,525,980 | €4,829,024 | +€303,044 | +6.7% |
| Other tangible fixed assets | 26 | €4,525,980 | €4,303,936 | -€222,044 | -4.9% |
| Assets under construction and advance payments | 27 | - | €525,088 | +€525,088 | |
| Current assets | 29/58 | €440,086 | €385,689 | -€54,397 | -12.4% |
| Amounts receivable within one year | 40/41 | €60,456 | €56,949 | -€3,507 | -5.8% |
| Trade receivables | 40 | €58,827 | €56,949 | -€1,879 | -3.2% |
| Other amounts receivable | 41 | €1,629 | - | -€1,629 | |
| Cash at bank and in hand | 54/58 | €379,631 | €319,488 | -€60,143 | -15.8% |
| Deferred charges and accrued income | 490/1 | - | €9,253 | +€9,253 | |
| Total equity and liabilities | 10/49 | €4,966,066 | €5,214,713 | +€248,647 | +5.0% |
| Equity | 10/15 | €4,061,209 | €4,395,087 | +€333,878 | +8.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,066,018 | €1,066,018 | = | 0.0% |
| Reserves | 13 | €2,933,192 | €3,267,070 | +€333,878 | +11.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €688,838 | €823,848 | +€135,010 | +19.6% |
| Distributable reserves | 133 | €2,238,154 | €2,437,022 | +€198,868 | +8.9% |
| Provisions and deferred taxes | 16 | €229,613 | €274,616 | +€45,003 | +19.6% |
| Deferred taxes | 168 | €229,613 | €274,616 | +€45,003 | +19.6% |
| Amounts payable | 17/49 | €675,244 | €545,010 | -€130,234 | -19.3% |
| Amounts payable after more than one year | 17 | €306,470 | €194,672 | -€111,798 | -36.5% |
| Financial debts | 170/4 | €304,908 | €193,110 | -€111,798 | -36.7% |
| Other amounts payable | 178/9 | €1,562 | €1,562 | = | 0.0% |
| Amounts payable within one year | 42/48 | €298,131 | €348,368 | +€50,237 | +16.9% |
| Current portion of amounts payable after more than one year | 42 | €110,150 | €110,393 | +€243 | +0.2% |
| Trade debts | 44 | €186,463 | €208,391 | +€21,928 | +11.8% |
| Suppliers | 440/4 | €186,463 | €208,391 | +€21,928 | +11.8% |
| Taxes, remuneration and social security | 45 | €1,519 | €29,584 | +€28,065 | +1,848% |
| Taxes | 450/3 | €1,519 | €29,584 | +€28,065 | +1,848% |
| Accrued charges and deferred income | 492/3 | €70,644 | €1,971 | -€68,673 | -97.2% |
| Non-recurring operating income | 76A | - | €215,101 | +€215,101 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175,056 | €173,214 | -€1,842 | -1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,676 | -€1,883 | -€13,559 | |
| Other operating charges | 640/8 | €77,924 | €69,823 | -€8,100 | -10.4% |
| Gross operating margin | 9900 | €481,891 | €723,743 | +€241,852 | +50.2% |
| Operating profit (loss) | 9901 | €217,235 | €482,588 | +€265,354 | +122% |
| Financial charges | 65/66B | €7,961 | €7,048 | -€912 | -11.5% |
| Recurring financial charges | 65 | €7,961 | €7,048 | -€912 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €209,274 | €475,540 | +€266,266 | +127% |
| Transfer from deferred taxes | 780 | €8,768 | €8,772 | +€4 | 0.0% |
| Transfer to deferred taxes | 680 | - | €53,775 | +€53,775 | |
| Income taxes | 67/77 | €61,565 | €96,659 | +€35,094 | +57.0% |
| Profit (loss) for the period | 9904 | €156,478 | €333,878 | +€177,400 | +113% |
| Transfer from tax-exempt reserves | 789 | €26,343 | €26,316 | -€27 | -0.1% |
| Transfer to tax-exempt reserves | 689 | - | €161,326 | +€161,326 | |
| Profit (loss) for the period to be appropriated | 9905 | €182,821 | €198,868 | +€16,047 | +8.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.