PICAVET BEHEER: 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.
PICAVET BEHEER
Largest movements
- Tangible fixed assets -€112,825
down €112,825 (-23.5%), from €481,098 to €368,273
of which Land and buildings: -€114,052
- Reserves -€54,069
down €54,069 (-29.5%), from €183,175 to €129,106
of which Tax-exempt reserves: -€54,069
- Profit (loss) carried forward -€41,525
down €41,525 (-62.1%), from -€66,899 to -€108,424
- Provisions -€22,712
down €22,712 (-29.8%), from €76,162 to €53,450
- Gross operating margin -€4,594
down €4,594 (-13.8%), from €33,360 to €28,766
- Depreciation +€2,963
up €2,963 (+2.2%), from €134,038 to €137,001
- Other operating charges +€2,029
up €2,029 (+48.5%), from €4,187 to €6,216
- Financial charges +€825
up €825 (+27.2%), from €3,036 to €3,861
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.
Derived cash bridge
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 | €493,161 | €377,326 | -€115,835 | -23.5% |
| Fixed assets | 21/28 | €481,098 | €368,273 | -€112,825 | -23.5% |
| Tangible fixed assets | 22/27 | €481,098 | €368,273 | -€112,825 | -23.5% |
| Land and buildings | 22 | €478,037 | €363,984 | -€114,052 | -23.9% |
| Plant, machinery and equipment | 23 | €3,061 | €4,288 | +€1,227 | +40.1% |
| Current assets | 29/58 | €12,063 | €9,053 | -€3,010 | -25.0% |
| Amounts receivable within one year | 40/41 | €4,815 | - | -€4,815 | |
| Other amounts receivable | 41 | €4,815 | - | -€4,815 | |
| Cash at bank and in hand | 54/58 | €3,446 | €5,064 | +€1,618 | +46.9% |
| Deferred charges and accrued income | 490/1 | €3,802 | €3,989 | +€187 | +4.9% |
| Total equity and liabilities | 10/49 | €493,161 | €377,326 | -€115,835 | -23.5% |
| Equity | 10/15 | €134,868 | €39,274 | -€95,594 | -70.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €183,175 | €129,106 | -€54,069 | -29.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €181,316 | €127,247 | -€54,069 | -29.8% |
| Profit (loss) carried forward | 14 | -€66,899 | -€108,424 | -€41,525 | -62.1% |
| Provisions and deferred taxes | 16 | €76,162 | €53,450 | -€22,712 | -29.8% |
| Deferred taxes | 168 | €76,162 | €53,450 | -€22,712 | -29.8% |
| Amounts payable | 17/49 | €282,131 | €284,601 | +€2,470 | +0.9% |
| Amounts payable after more than one year | 17 | €133,276 | €133,276 | = | 0.0% |
| Other amounts payable | 178/9 | €133,276 | €133,276 | = | 0.0% |
| Amounts payable within one year | 42/48 | €148,855 | €151,325 | +€2,470 | +1.7% |
| Financial debts | 43 | €2,950 | €6,750 | +€3,800 | +129% |
| Credit institutions | 430/8 | €2,950 | €6,750 | +€3,800 | +129% |
| Trade debts | 44 | €3,060 | €6,243 | +€3,183 | +104% |
| Suppliers | 440/4 | €3,060 | €6,243 | +€3,183 | +104% |
| Other amounts payable | 47/48 | €142,845 | €138,333 | -€4,513 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,038 | €137,001 | +€2,963 | +2.2% |
| Other operating charges | 640/8 | €4,187 | €6,216 | +€2,029 | +48.5% |
| Gross operating margin | 9900 | €33,360 | €28,766 | -€4,594 | -13.8% |
| Operating profit (loss) | 9901 | -€104,865 | -€114,451 | -€9,586 | -9.1% |
| Financial income | 75/76B | €0 | €6 | +€6 | +1,508% |
| Recurring financial income | 75 | €0 | €6 | +€6 | +1,508% |
| Financial charges | 65/66B | €3,036 | €3,861 | +€825 | +27.2% |
| Recurring financial charges | 65 | €3,036 | €3,861 | +€825 | +27.2% |
| Profit (loss) for the period before taxes | 9903 | -€107,901 | -€118,306 | -€10,405 | -9.6% |
| Transfer from deferred taxes | 780 | €22,712 | €22,712 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€85,189 | -€95,594 | -€10,405 | -12.2% |
| Transfer from tax-exempt reserves | 789 | €54,069 | €54,069 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,120 | -€41,525 | -€10,405 | -33.4% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.