PICAVET IT: 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 IT
Largest movements
- Cash -€78,449
down €78,449 (-58.8%), from €133,407 to €54,958
mainly Contributions, distributions and other (-€111,471) and Deferred charges and accrued income (-€15,601)
- Deferred charges and accrued income +€15,601
up €15,601 (+605%), from €2,579 to €18,180
- Current investments +€10,758
new in 2025: €10,758
- Tangible fixed assets +€4,886
up €4,886 (+180%), from €2,710 to €7,596
of which Other tangible fixed assets: +€3,665
- Reserves -€66,905
down €66,905 (-53.8%), from €124,439 to €57,533
- Other debts +€29,750
new in 2025: €29,750
- Tax, wage and social debts -€11,153
down €11,153 (-52.9%), from €21,087 to €9,934
- Gross operating margin -€6,052
down €6,052 (-8.9%), from €67,762 to €61,709
- Taxes -€1,544
down €1,544 (-11.1%), from €13,894 to €12,350
- Financial charges +€1,245
up €1,245 (+169%), from €737 to €1,981
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 | €151,404 | €103,690 | -€47,714 | -31.5% |
| Fixed assets | 21/28 | €2,710 | €7,596 | +€4,886 | +180% |
| Tangible fixed assets | 22/27 | €2,710 | €7,596 | +€4,886 | +180% |
| Plant, machinery and equipment | 23 | - | €2,225 | +€2,225 | |
| Furniture and vehicles | 24 | €2,710 | €1,705 | -€1,004 | -37.1% |
| Other tangible fixed assets | 26 | - | €3,665 | +€3,665 | |
| Current assets | 29/58 | €148,694 | €96,094 | -€52,600 | -35.4% |
| Amounts receivable within one year | 40/41 | €12,708 | €12,197 | -€511 | -4.0% |
| Trade receivables | 40 | €12,708 | €12,197 | -€511 | -4.0% |
| Current investments | 50/53 | - | €10,758 | +€10,758 | |
| Cash at bank and in hand | 54/58 | €133,407 | €54,958 | -€78,449 | -58.8% |
| Deferred charges and accrued income | 490/1 | €2,579 | €18,180 | +€15,601 | +605% |
| Total equity and liabilities | 10/49 | €151,404 | €103,690 | -€47,714 | -31.5% |
| Equity | 10/15 | €129,439 | €62,533 | -€66,905 | -51.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €124,439 | €57,533 | -€66,905 | -53.8% |
| Distributable reserves | 133 | €124,439 | €57,533 | -€66,905 | -53.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €21,965 | €41,156 | +€19,191 | +87.4% |
| Amounts payable within one year | 42/48 | €21,965 | €41,156 | +€19,191 | +87.4% |
| Trade debts | 44 | €878 | €1,473 | +€595 | +67.7% |
| Suppliers | 440/4 | €878 | €1,473 | +€595 | +67.7% |
| Taxes, remuneration and social security | 45 | €21,087 | €9,934 | -€11,153 | -52.9% |
| Taxes | 450/3 | €21,087 | €9,934 | -€11,153 | -52.9% |
| Other amounts payable | 47/48 | - | €29,750 | +€29,750 | |
| Non-recurring operating income | 76A | - | €1,125 | +€1,125 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,235 | €2,125 | -€111 | -4.9% |
| Other operating charges | 640/8 | €396 | €547 | +€151 | +38.2% |
| Non-recurring operating charges | 66A | €0 | €403 | +€403 | |
| Gross operating margin | 9900 | €67,762 | €61,709 | -€6,052 | -8.9% |
| Operating profit (loss) | 9901 | €65,130 | €58,634 | -€6,497 | -10.0% |
| Financial income | 75/76B | €0 | €263 | +€263 | |
| Recurring financial income | 75 | €0 | €263 | +€263 | |
| Financial charges | 65/66B | €737 | €1,981 | +€1,245 | +169% |
| Recurring financial charges | 65 | €737 | €1,981 | +€1,245 | +169% |
| Profit (loss) for the period before taxes | 9903 | €64,393 | €56,915 | -€7,478 | -11.6% |
| Income taxes | 67/77 | €13,894 | €12,350 | -€1,544 | -11.1% |
| Profit (loss) for the period | 9904 | €50,500 | €44,565 | -€5,934 | -11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €50,500 | €44,565 | -€5,934 | -11.8% |
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 21 October 2026 via checked.be.