PICCASO: 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.
PICCASO
Largest movements
- Cash +€26,252
up €26,252 (+35.8%), from €73,308 to €99,560
mainly Net result for the year (+€31,137) and Trade debts (+€7,593)
- Receivables within one year +€8,218
up €8,218 (+331.9%), from €2,476 to €10,695
of which Other amounts receivable: +€7,981
- Intangible fixed assets -€1,600
down €1,600 (-20.2%), from €7,939 to €6,339
- Deferred charges and accrued income +€1,595
up €1,595 (+108.6%), from €1,469 to €3,063
- Reserves +€31,137
up €31,137 (+52.8%), from €58,960 to €90,097
- Trade debts +€7,593
up €7,593 (+54.2%), from €14,019 to €21,611
- Other debts -€3,901
down €3,901 (-100.0%), from €3,901 to €0
- Tax, wage and social debts -€1,384
down €1,384 (-6.1%), from €22,854 to €21,470
of which Taxes: -€1,699
- Gross operating margin +€15,559
up €15,559 (+15.5%), from €100,080 to €115,639
- Staff costs +€4,375
up €4,375 (+7.4%), from €58,998 to €63,373
- Depreciation +€2,392
up €2,392 (+52.2%), from €4,580 to €6,972
- Taxes +€2,017
up €2,017 (+28.8%), from €7,015 to €9,031
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 | €103,858 | €137,234 | +€33,376 | +32.1% |
| Fixed assets | 21/28 | €23,881 | €21,119 | -€2,762 | -11.6% |
| Intangible fixed assets | 21 | €7,939 | €6,339 | -€1,600 | -20.2% |
| Tangible fixed assets | 22/27 | €15,942 | €14,780 | -€1,162 | -7.3% |
| Plant, machinery and equipment | 23 | €5,783 | €7,812 | +€2,029 | +35.1% |
| Furniture and vehicles | 24 | €5,147 | €3,323 | -€1,824 | -35.4% |
| Other tangible fixed assets | 26 | €5,012 | €3,645 | -€1,367 | -27.3% |
| Current assets | 29/58 | €79,977 | €116,115 | +€36,138 | +45.2% |
| Stocks and contracts in progress | 3 | €2,724 | €2,797 | +€73 | +2.7% |
| Stocks | 30/36 | €2,724 | €2,797 | +€73 | +2.7% |
| Amounts receivable within one year | 40/41 | €2,476 | €10,695 | +€8,218 | +331.9% |
| Trade receivables | 40 | €662 | €900 | +€237 | +35.8% |
| Other amounts receivable | 41 | €1,814 | €9,795 | +€7,981 | +440.0% |
| Cash at bank and in hand | 54/58 | €73,308 | €99,560 | +€26,252 | +35.8% |
| Deferred charges and accrued income | 490/1 | €1,469 | €3,063 | +€1,595 | +108.6% |
| Total equity and liabilities | 10/49 | €103,858 | €137,234 | +€33,376 | +32.1% |
| Equity | 10/15 | €61,460 | €92,597 | +€31,137 | +50.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €58,960 | €90,097 | +€31,137 | +52.8% |
| Distributable reserves | 133 | €58,960 | €90,097 | +€31,137 | +52.8% |
| Amounts payable | 17/49 | €42,398 | €44,637 | +€2,239 | +5.3% |
| Amounts payable within one year | 42/48 | €40,773 | €43,111 | +€2,338 | +5.7% |
| Financial debts | 43 | - | €30 | +€30 | |
| Credit institutions | 430/8 | - | €30 | +€30 | |
| Trade debts | 44 | €14,019 | €21,611 | +€7,593 | +54.2% |
| Suppliers | 440/4 | €14,019 | €21,611 | +€7,593 | +54.2% |
| Taxes, remuneration and social security | 45 | €22,854 | €21,470 | -€1,384 | -6.1% |
| Taxes | 450/3 | €18,248 | €16,549 | -€1,699 | -9.3% |
| Remuneration and social security | 454/9 | €4,606 | €4,920 | +€314 | +6.8% |
| Other amounts payable | 47/48 | €3,901 | €0 | -€3,901 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,625 | €1,526 | -€99 | -6.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €58,998 | €63,373 | +€4,375 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,580 | €6,972 | +€2,392 | +52.2% |
| Other operating charges | 640/8 | €2,425 | €1,803 | -€622 | -25.7% |
| Non-recurring operating charges | 66A | €31 | €0 | -€31 | -100.0% |
| Gross operating margin | 9900 | €100,080 | €115,639 | +€15,559 | +15.5% |
| Operating profit (loss) | 9901 | €34,046 | €43,491 | +€9,445 | +27.7% |
| Financial income | 75/76B | €61 | €339 | +€278 | +458.5% |
| Recurring financial income | 75 | €61 | €339 | +€278 | +458.5% |
| Financial charges | 65/66B | €3,595 | €3,661 | +€66 | +1.8% |
| Recurring financial charges | 65 | €3,595 | €3,661 | +€66 | +1.8% |
| Profit (loss) for the period before taxes | 9903 | €30,512 | €40,169 | +€9,656 | +31.6% |
| Income taxes | 67/77 | €7,015 | €9,031 | +€2,017 | +28.8% |
| Profit (loss) for the period | 9904 | €23,498 | €31,137 | +€7,640 | +32.5% |
| Profit (loss) for the period to be appropriated | 9905 | €23,498 | €31,137 | +€7,640 | +32.5% |
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 8 October 2026 via checked.be.