PICAVET: 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
PICAVET
NACE 01.160, Crop and animal production, hunting and related service activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€914,028
2024 · €3.0m-€2.1m
Equity
€6.9m
2024 · €6.3m+€585,855
Cash
€1.2m
2024 · €570,451+€637,477
Balance sheet total
€7.9m
2024 · €7.2m+€687,587
Largest movements
Assets
- Current investments -€820,000
down €820,000 (-45.1%), from €1.8m to €1.0m
- Cash +€637,477
up €637,477 (+111.7%), from €570,451 to €1.2m
mainly Net result for the year (+€914,028) and Depreciation (+€827,136)
- Stocks and contracts +€493,434
up €493,434 (+66.6%), from €740,880 to €1.2m
- Tangible fixed assets +€293,319
up €293,319 (+7.6%), from €3.9m to €4.2m
of which Plant, machinery and equipment: +€474,906
- Receivables within one year +€90,087
up €90,087 (+67.5%), from €133,466 to €223,553
of which Trade receivables: +€169,819
Equity and liabilities
- Reserves +€570,266
up €570,266 (+9.0%), from €6.3m to €6.9m
of which Distributable reserves: +€285,221
- Other debts -€443,185
down €443,185 (-83.2%), from €532,761 to €89,576
- Debts after one year +€427,833
new in 2025: €427,833
- Current portion of long-term debt +€118,000
new in 2025: €118,000
Income statement
- Gross operating margin -€2.9m
down €2.9m (-55.3%), from €5.2m to €2.3m
- Taxes -€486,832
down €486,832 (-57.5%), from €846,599 to €359,768
- Depreciation -€227,776
down €227,776 (-21.6%), from €1.1m to €827,136
- Financial income -€86,232
down €86,232 (-63.5%), from €135,798 to €49,566
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
€3.0m
Gross operating margin
-€2.9m
Staff costs
-€27,915
Depreciation
+€227,776
Other operating charges
-€39,261
Other operating items
+€195,934
Financial income
-€86,232
Financial charges
-€5,768
Taxes
+€486,832
Deferred taxes and other
+€96,148
Result 2025
€914,028
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
+€720,272
Investment
-€300,455
Financing
+€217,660
Cash 2024
€570,451
From operations (derived)
+€720,272
Net result for the year
+€914,028
Depreciation
+€827,136
Stocks and contracts
-€493,434
Receivables within one year
-€90,087
Deferred charges and accrued income
+€6,730
Provisions
-€10,235
Trade debts
+€17,984
Tax, wage and social debts
-€8,780
Other debts
-€443,185
Accrued charges and deferred income
+€115
Investment (derived)
-€300,455
Investment in fixed assets (net)
-€1.1m
Current investments
+€820,000
Financing
+€217,660
Debts after one year
+€427,833
Current portion of long-term debt
+€118,000
Contributions, distributions and other
-€328,173
Cash 2025
€1.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,184,774 | €7,872,362 | +€687,587 | +9.6% |
| Fixed assets | 21/28 | €3,876,750 | €4,170,069 | +€293,319 | +7.6% |
| Tangible fixed assets | 22/27 | €3,876,615 | €4,169,934 | +€293,319 | +7.6% |
| Land and buildings | 22 | €1,681,233 | €1,615,465 | -€65,768 | -3.9% |
| Plant, machinery and equipment | 23 | €1,672,132 | €2,147,039 | +€474,906 | +28.4% |
| Furniture and vehicles | 24 | €499,863 | €392,619 | -€107,244 | -21.5% |
| Other tangible fixed assets | 26 | €23,386 | €14,812 | -€8,575 | -36.7% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €3,308,024 | €3,702,292 | +€394,268 | +11.9% |
| Stocks and contracts in progress | 3 | €740,880 | €1,234,314 | +€493,434 | +66.6% |
| Stocks | 30/36 | €740,880 | €1,234,314 | +€493,434 | +66.6% |
| Amounts receivable within one year | 40/41 | €133,466 | €223,553 | +€90,087 | +67.5% |
| Trade receivables | 40 | €29,808 | €199,627 | +€169,819 | +569.7% |
| Other amounts receivable | 41 | €103,658 | €23,926 | -€79,731 | -76.9% |
| Current investments | 50/53 | €1,820,000 | €1,000,000 | -€820,000 | -45.1% |
| Cash at bank and in hand | 54/58 | €570,451 | €1,207,928 | +€637,477 | +111.7% |
| Deferred charges and accrued income | 490/1 | €43,227 | €36,497 | -€6,730 | -15.6% |
| Total equity and liabilities | 10/49 | €7,184,774 | €7,872,362 | +€687,587 | +9.6% |
| Equity | 10/15 | €6,340,790 | €6,926,645 | +€585,855 | +9.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €6,315,790 | €6,886,056 | +€570,266 | +9.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €1,036,554 | €1,321,598 | +€285,044 | +27.5% |
| Distributable reserves | 133 | €5,279,236 | €5,564,457 | +€285,221 | +5.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | - | €15,589 | +€15,589 | |
| Provisions and deferred taxes | 16 | €138,018 | €127,783 | -€10,235 | -7.4% |
| Provisions for liabilities and charges | 160/5 | €193 | €193 | = | 0.0% |
| Major repairs and maintenance | 162 | €193 | €193 | = | 0.0% |
| Deferred taxes | 168 | €137,825 | €127,589 | -€10,235 | -7.4% |
| Amounts payable | 17/49 | €705,967 | €817,934 | +€111,967 | +15.9% |
| Amounts payable after more than one year | 17 | - | €427,833 | +€427,833 | |
| Financial debts | 170/4 | - | €427,833 | +€427,833 | |
| Amounts payable within one year | 42/48 | €702,309 | €386,328 | -€315,981 | -45.0% |
| Current portion of amounts payable after more than one year | 42 | - | €118,000 | +€118,000 | |
| Trade debts | 44 | €53,865 | €71,849 | +€17,984 | +33.4% |
| Suppliers | 440/4 | €53,865 | €71,849 | +€17,984 | +33.4% |
| Taxes, remuneration and social security | 45 | €115,683 | €106,903 | -€8,780 | -7.6% |
| Taxes | 450/3 | €110,998 | €79,162 | -€31,836 | -28.7% |
| Remuneration and social security | 454/9 | €4,685 | €27,741 | +€23,056 | +492.1% |
| Other amounts payable | 47/48 | €532,761 | €89,576 | -€443,185 | -83.2% |
| Accrued charges and deferred income | 492/3 | €3,658 | €3,773 | +€115 | +3.1% |
| Non-recurring operating income | 76A | €752,186 | €254,472 | -€497,714 | -66.2% |
| Remuneration, social security and pensions | 62 | €178,129 | €206,044 | +€27,915 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,054,912 | €827,136 | -€227,776 | -21.6% |
| Other operating charges | 640/8 | €43,880 | €83,141 | +€39,261 | +89.5% |
| Non-recurring operating charges | 66A | €196,915 | €981 | -€195,934 | -99.5% |
| Gross operating margin | 9900 | €5,235,901 | €2,338,142 | -€2.9m | -55.3% |
| Operating profit (loss) | 9901 | €3,762,064 | €1,220,840 | -€2.5m | -67.5% |
| Financial income | 75/76B | €135,798 | €49,566 | -€86,232 | -63.5% |
| Recurring financial income | 75 | €135,798 | €49,566 | -€86,232 | -63.5% |
| Financial charges | 65/66B | €1,078 | €6,845 | +€5,768 | +535.2% |
| Recurring financial charges | 65 | €1,078 | €6,845 | +€5,768 | +535.2% |
| Profit (loss) for the period before taxes | 9903 | €3,896,785 | €1,263,560 | -€2.6m | -67.6% |
| Transfer from deferred taxes | 780 | €12,937 | €10,235 | -€2,702 | -20.9% |
| Transfer to deferred taxes | 680 | €98,850 | €0 | -€98,850 | -100.0% |
| Income taxes | 67/77 | €846,599 | €359,768 | -€486,832 | -57.5% |
| Profit (loss) for the period | 9904 | €2,964,273 | €914,028 | -€2.1m | -69.2% |
| Transfer from tax-exempt reserves | 789 | €38,812 | €30,706 | -€8,107 | -20.9% |
| Transfer to tax-exempt reserves | 689 | €919,630 | €315,750 | -€603,880 | -65.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,083,455 | €628,984 | -€1.5m | -69.8% |
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.