PICEU PROJECTS: 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.
PICEU PROJECTS
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Reserves +€140,413
up €140,413 (+11.3%), from €1.2m to €1.4m
of which Distributable reserves: +€141,699
- Debts after one year -€86,218
down €86,218 (-20.9%), from €411,584 to €325,365
- Other debts -€59,641
down €59,641 (-8.7%), from €685,428 to €625,787
- Taxes +€15,573
up €15,573 (+18.8%), from €82,731 to €98,304
- Gross operating margin -€12,620
down €12,620 (-3.0%), from €423,081 to €410,461
- Financial charges +€5,636
up €5,636 (+12.5%), from €45,249 to €50,886
- Depreciation +€5,461
up €5,461 (+5.3%), from €102,759 to €108,220
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 | €3,238,272 | €3,250,009 | +€11,738 | +0.4% |
| Fixed assets | 21/28 | €2,861,187 | €2,843,372 | -€17,815 | -0.6% |
| Tangible fixed assets | 22/27 | €2,861,182 | €2,843,367 | -€17,815 | -0.6% |
| Land and buildings | 22 | €2,812,964 | €2,724,873 | -€88,091 | -3.1% |
| Furniture and vehicles | 24 | €48,218 | €118,494 | +€70,276 | +146% |
| Financial fixed assets | 28 | €5 | €5 | = | 0.0% |
| Current assets | 29/58 | €377,085 | €406,637 | +€29,552 | +7.8% |
| Amounts receivable within one year | 40/41 | €170,681 | €174,782 | +€4,101 | +2.4% |
| Trade receivables | 40 | €170,680 | €174,782 | +€4,101 | +2.4% |
| Other amounts receivable | 41 | €0 | €0 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €206,404 | €231,855 | +€25,451 | +12.3% |
| Total equity and liabilities | 10/49 | €3,238,272 | €3,250,009 | +€11,738 | +0.4% |
| Equity | 10/15 | €1,956,195 | €2,096,608 | +€140,413 | +7.2% |
| Contributions | 10/11 | €710,554 | €710,554 | = | 0.0% |
| Reserves | 13 | €1,245,642 | €1,386,054 | +€140,413 | +11.3% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €20,000 | €20,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,898 | €15,611 | -€1,287 | -7.6% |
| Distributable reserves | 133 | €1,208,744 | €1,350,444 | +€141,699 | +11.7% |
| Provisions and deferred taxes | 16 | €17,855 | €16,495 | -€1,360 | -7.6% |
| Deferred taxes | 168 | €17,855 | €16,495 | -€1,360 | -7.6% |
| Amounts payable | 17/49 | €1,264,221 | €1,136,906 | -€127,315 | -10.1% |
| Amounts payable after more than one year | 17 | €411,584 | €325,365 | -€86,218 | -20.9% |
| Financial debts | 170/4 | €411,584 | €325,365 | -€86,218 | -20.9% |
| Amounts payable within one year | 42/48 | €852,638 | €811,541 | -€41,097 | -4.8% |
| Current portion of amounts payable after more than one year | 42 | €149,440 | €171,931 | +€22,491 | +15.1% |
| Trade debts | 44 | €1,873 | €1,784 | -€89 | -4.7% |
| Suppliers | 440/4 | €1,873 | €1,784 | -€89 | -4.7% |
| Taxes, remuneration and social security | 45 | €15,897 | €12,039 | -€3,858 | -24.3% |
| Taxes | 450/3 | €15,897 | €8,964 | -€6,933 | -43.6% |
| Remuneration and social security | 454/9 | - | €3,075 | +€3,075 | |
| Other amounts payable | 47/48 | €685,428 | €625,787 | -€59,641 | -8.7% |
| Non-recurring operating income | 76A | - | €3,600 | +€3,600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,759 | €108,220 | +€5,461 | +5.3% |
| Other operating charges | 640/8 | €13,479 | €13,998 | +€519 | +3.9% |
| Gross operating margin | 9900 | €423,081 | €410,461 | -€12,620 | -3.0% |
| Operating profit (loss) | 9901 | €306,844 | €288,243 | -€18,601 | -6.1% |
| Financial charges | 65/66B | €45,249 | €50,886 | +€5,636 | +12.5% |
| Recurring financial charges | 65 | €45,249 | €50,886 | +€5,636 | +12.5% |
| Profit (loss) for the period before taxes | 9903 | €261,594 | €237,357 | -€24,237 | -9.3% |
| Transfer from deferred taxes | 780 | €1,360 | €1,360 | = | 0.0% |
| Income taxes | 67/77 | €82,731 | €98,304 | +€15,573 | +18.8% |
| Profit (loss) for the period | 9904 | €180,223 | €140,413 | -€39,811 | -22.1% |
| Transfer from tax-exempt reserves | 789 | €1,287 | €1,287 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €181,510 | €141,699 | -€39,811 | -21.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.