PICASA: 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.
PICASA
Largest movements
- Receivables within one year -€45,632
down €45,632 (-73.8%), from €61,804 to €16,172
of which Other amounts receivable: -€49,356
- Cash +€34,585
up €34,585 (+12.5%), from €277,098 to €311,682
mainly Other debts (+€176,623) and Receivables within one year (+€45,632)
- Tangible fixed assets +€5,117
up €5,117 (+16.6%), from €30,867 to €35,984
of which Plant, machinery and equipment: +€6,126
- Reserves -€222,878
down €222,878 (-71.0%), from €313,787 to €90,909
- Other debts +€176,623
up €176,623 (+14718.5%), from €1,200 to €177,823
- Tax, wage and social debts +€37,769
up €37,769 (+196.6%), from €19,216 to €56,985
of which Taxes: +€34,195
- Gross operating margin -€31,153
down €31,153 (-15.8%), from €197,299 to €166,146
- Staff costs +€9,436
up €9,436 (+8.5%), from €110,549 to €119,985
- Taxes -€6,333
down €6,333 (-49.2%), from €12,882 to €6,549
- Depreciation -€5,617
down €5,617 (-31.7%), from €17,727 to €12,109
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 | €383,757 | €377,101 | -€6,656 | -1.7% |
| Fixed assets | 21/28 | €34,627 | €38,352 | +€3,725 | +10.8% |
| Intangible fixed assets | 21 | €3,760 | €2,369 | -€1,392 | -37.0% |
| Tangible fixed assets | 22/27 | €30,867 | €35,984 | +€5,117 | +16.6% |
| Plant, machinery and equipment | 23 | €7,234 | €13,360 | +€6,126 | +84.7% |
| Furniture and vehicles | 24 | €15,702 | €16,179 | +€477 | +3.0% |
| Other tangible fixed assets | 26 | €7,930 | €6,445 | -€1,485 | -18.7% |
| Current assets | 29/58 | €349,130 | €338,748 | -€10,382 | -3.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €8,214 | €9,732 | +€1,518 | +18.5% |
| Stocks | 30/36 | €8,214 | €9,732 | +€1,518 | +18.5% |
| Amounts receivable within one year | 40/41 | €61,804 | €16,172 | -€45,632 | -73.8% |
| Trade receivables | 40 | €1,711 | €5,434 | +€3,724 | +217.7% |
| Other amounts receivable | 41 | €60,094 | €10,738 | -€49,356 | -82.1% |
| Cash at bank and in hand | 54/58 | €277,098 | €311,682 | +€34,585 | +12.5% |
| Deferred charges and accrued income | 490/1 | €2,014 | €1,162 | -€852 | -42.3% |
| Total equity and liabilities | 10/49 | €383,757 | €377,101 | -€6,656 | -1.7% |
| Equity | 10/15 | €333,787 | €110,909 | -€222,878 | -66.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €313,787 | €90,909 | -€222,878 | -71.0% |
| Distributable reserves | 133 | €313,787 | €90,909 | -€222,878 | -71.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €49,970 | €266,192 | +€216,221 | +432.7% |
| Amounts payable within one year | 42/48 | €49,970 | €266,192 | +€216,221 | +432.7% |
| Trade debts | 44 | €28,550 | €31,384 | +€2,834 | +9.9% |
| Suppliers | 440/4 | €28,550 | €31,384 | +€2,834 | +9.9% |
| Advances received on contracts in progress | 46 | €1,005 | €0 | -€1,005 | -100.0% |
| Taxes, remuneration and social security | 45 | €19,216 | €56,985 | +€37,769 | +196.6% |
| Taxes | 450/3 | €3,343 | €37,538 | +€34,195 | +1022.9% |
| Remuneration and social security | 454/9 | €15,873 | €19,447 | +€3,574 | +22.5% |
| Other amounts payable | 47/48 | €1,200 | €177,823 | +€176,623 | +14718.5% |
| Remuneration, social security and pensions | 62 | €110,549 | €119,985 | +€9,436 | +8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,727 | €12,109 | -€5,617 | -31.7% |
| Other operating charges | 640/8 | €2,668 | €921 | -€1,747 | -65.5% |
| Gross operating margin | 9900 | €197,299 | €166,146 | -€31,153 | -15.8% |
| Operating profit (loss) | 9901 | €66,355 | €33,130 | -€33,225 | -50.1% |
| Financial income | 75/76B | €2,325 | €2,129 | -€197 | -8.5% |
| Recurring financial income | 75 | €2,325 | €2,129 | -€197 | -8.5% |
| Financial charges | 65/66B | €2,324 | €2,126 | -€198 | -8.5% |
| Recurring financial charges | 65 | €2,324 | €2,126 | -€198 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €66,356 | €33,133 | -€33,224 | -50.1% |
| Income taxes | 67/77 | €12,882 | €6,549 | -€6,333 | -49.2% |
| Profit (loss) for the period | 9904 | €53,474 | €26,584 | -€26,891 | -50.3% |
| Profit (loss) for the period to be appropriated | 9905 | €53,474 | €26,584 | -€26,891 | -50.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.