PICCADILLY: 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.
PICCADILLY
Largest movements
- Tangible fixed assets +€44,214
up €44,214 (+151.5%), from €29,193 to €73,408
of which Leasing and similar rights: +€55,718
- Receivables within one year +€19,022
up €19,022 (+44.8%), from €42,426 to €61,448
of which Other amounts receivable: +€18,717
- Cash -€13,700
down €13,700 (-20.8%), from €65,804 to €52,104
mainly Contributions, distributions and other (-€80,470) and Investment in fixed assets (net) (-€68,947)
- Stocks and contracts +€7,787
up €7,787 (+7.8%), from €100,179 to €107,966
- Deferred charges and accrued income +€6,856
up €6,856 (+178.7%), from €3,837 to €10,694
- Other debts +€72,533
up €72,533 (+913.9%), from €7,937 to €80,470
- Reserves -€43,110
down €43,110 (-26.0%), from €165,817 to €122,707
- Debts after one year +€39,206
up €39,206 (+680.2%), from €5,764 to €44,969
- Tax, wage and social debts -€15,061
down €15,061 (-48.6%), from €30,995 to €15,934
- Current portion of long-term debt +€7,254
up €7,254 (+74.6%), from €9,724 to €16,978
- Gross operating margin +€49,644
up €49,644 (+187.0%), from €26,551 to €76,194
- Write-downs +€31,909
up €31,909, from -€24,122 to €7,787
- Depreciation +€10,286
up €10,286 (+71.2%), from €14,446 to €24,732
- Financial charges +€1,350
up €1,350 (+38.7%), from €3,486 to €4,836
- Taxes +€775
up €775 (+5.4%), from €14,240 to €15,015
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 | €266,397 | €330,577 | +€64,179 | +24.1% |
| Fixed assets | 21/28 | €34,151 | €78,366 | +€44,214 | +129.5% |
| Tangible fixed assets | 22/27 | €29,193 | €73,408 | +€44,214 | +151.5% |
| Land and buildings | 22 | €11,800 | €10,000 | -€1,800 | -15.3% |
| Plant, machinery and equipment | 23 | €11,819 | €1,344 | -€10,476 | -88.6% |
| Furniture and vehicles | 24 | €1,590 | €3,784 | +€2,194 | +138.0% |
| Leasing and similar rights | 25 | - | €55,718 | +€55,718 | |
| Other tangible fixed assets | 26 | €3,984 | €2,561 | -€1,422 | -35.7% |
| Financial fixed assets | 28 | €4,958 | €4,958 | = | 0.0% |
| Current assets | 29/58 | €232,246 | €252,211 | +€19,965 | +8.6% |
| Amounts receivable after more than one year | 29 | €20,000 | €20,000 | = | 0.0% |
| Other amounts receivable | 291 | €20,000 | €20,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €100,179 | €107,966 | +€7,787 | +7.8% |
| Stocks | 30/36 | €100,179 | €107,966 | +€7,787 | +7.8% |
| Amounts receivable within one year | 40/41 | €42,426 | €61,448 | +€19,022 | +44.8% |
| Trade receivables | 40 | €195 | €500 | +€305 | +156.4% |
| Other amounts receivable | 41 | €42,231 | €60,948 | +€18,717 | +44.3% |
| Cash at bank and in hand | 54/58 | €65,804 | €52,104 | -€13,700 | -20.8% |
| Deferred charges and accrued income | 490/1 | €3,837 | €10,694 | +€6,856 | +178.7% |
| Total equity and liabilities | 10/49 | €266,397 | €330,577 | +€64,179 | +24.1% |
| Equity | 10/15 | €195,722 | €152,617 | -€43,105 | -22.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €165,817 | €122,707 | -€43,110 | -26.0% |
| Distributable reserves | 133 | €165,817 | €122,707 | -€43,110 | -26.0% |
| Profit (loss) carried forward | 14 | €11,304 | €11,310 | +€5 | 0.0% |
| Amounts payable | 17/49 | €70,676 | €177,960 | +€107,284 | +151.8% |
| Amounts payable after more than one year | 17 | €5,764 | €44,969 | +€39,206 | +680.2% |
| Financial debts | 170/4 | €5,764 | €44,969 | +€39,206 | +680.2% |
| Amounts payable within one year | 42/48 | €64,912 | €132,990 | +€68,078 | +104.9% |
| Current portion of amounts payable after more than one year | 42 | €9,724 | €16,978 | +€7,254 | +74.6% |
| Financial debts | 43 | €2,704 | €2,691 | -€13 | -0.5% |
| Credit institutions | 430/8 | €2,704 | €2,691 | -€13 | -0.5% |
| Trade debts | 44 | €13,552 | €16,918 | +€3,366 | +24.8% |
| Suppliers | 440/4 | €13,552 | €16,918 | +€3,366 | +24.8% |
| Taxes, remuneration and social security | 45 | €30,995 | €15,934 | -€15,061 | -48.6% |
| Taxes | 450/3 | €30,995 | €15,934 | -€15,061 | -48.6% |
| Other amounts payable | 47/48 | €7,937 | €80,470 | +€72,533 | +913.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,446 | €24,732 | +€10,286 | +71.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€24,122 | €7,787 | +€31,909 | |
| Other operating charges | 640/8 | €3,444 | €3,859 | +€415 | +12.1% |
| Gross operating margin | 9900 | €26,551 | €76,194 | +€49,644 | +187.0% |
| Operating profit (loss) | 9901 | €32,783 | €39,817 | +€7,033 | +21.5% |
| Financial income | 75/76B | €17,079 | €17,400 | +€321 | +1.9% |
| Recurring financial income | 75 | €17,079 | €17,400 | +€321 | +1.9% |
| Financial charges | 65/66B | €3,486 | €4,836 | +€1,350 | +38.7% |
| Recurring financial charges | 65 | €3,486 | €4,836 | +€1,350 | +38.7% |
| Profit (loss) for the period before taxes | 9903 | €46,377 | €52,381 | +€6,004 | +12.9% |
| Income taxes | 67/77 | €14,240 | €15,015 | +€775 | +5.4% |
| Profit (loss) for the period | 9904 | €32,136 | €37,365 | +€5,229 | +16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €32,136 | €37,365 | +€5,229 | +16.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.