PICEUROPE: 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.
PICEUROPE
Largest movements
- Cash -€46,299
down €46,299 (-12.2%), from €379,099 to €332,799
mainly Investment in fixed assets (net) (-€176,367) and Contributions, distributions and other (-€72,000)
- Receivables within one year -€26,603
down €26,603 (-14.5%), from €184,073 to €157,470
of which Trade receivables: -€42,551
- Tangible fixed assets -€14,757
down €14,757 (-2.1%), from €708,983 to €694,226
of which Leasing and similar rights: -€21,045
- Profit (loss) carried forward -€68,973
down €68,973 (-11.1%), from €621,137 to €552,164
- Other debts +€50,400
new in 2025: €50,400
- Trade debts -€39,810
down €39,810 (-56.2%), from €70,827 to €31,018
- Debts after one year -€26,538
down €26,538 (-7.4%), from €359,472 to €332,933
- Tax, wage and social debts -€17,090
down €17,090 (-45.5%), from €37,600 to €20,511
of which Taxes: -€15,819
- Depreciation +€101,945
up €101,945 (+114%), from €89,179 to €191,124
- Taxes -€36,348
down €36,348 (-76.7%), from €47,360 to €11,012
- Gross operating margin -€6,477
down €6,477 (-1.6%), from €412,271 to €405,793
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 | €1,295,926 | €1,208,825 | -€87,102 | -6.7% |
| Fixed assets | 21/28 | €708,983 | €694,226 | -€14,757 | -2.1% |
| Tangible fixed assets | 22/27 | €708,983 | €694,226 | -€14,757 | -2.1% |
| Land and buildings | 22 | €52,708 | €45,569 | -€7,139 | -13.5% |
| Plant, machinery and equipment | 23 | €1,809 | €803 | -€1,006 | -55.6% |
| Furniture and vehicles | 24 | €122,041 | €144,029 | +€21,987 | +18.0% |
| Leasing and similar rights | 25 | €464,277 | €443,232 | -€21,045 | -4.5% |
| Other tangible fixed assets | 26 | €68,147 | €60,593 | -€7,554 | -11.1% |
| Current assets | 29/58 | €586,944 | €514,599 | -€72,345 | -12.3% |
| Amounts receivable after more than one year | 29 | €20,000 | €20,000 | = | 0.0% |
| Other amounts receivable | 291 | €20,000 | €20,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €184,073 | €157,470 | -€26,603 | -14.5% |
| Trade receivables | 40 | €104,409 | €61,858 | -€42,551 | -40.8% |
| Other amounts receivable | 41 | €79,664 | €95,612 | +€15,948 | +20.0% |
| Cash at bank and in hand | 54/58 | €379,099 | €332,799 | -€46,299 | -12.2% |
| Deferred charges and accrued income | 490/1 | €3,771 | €4,329 | +€558 | +14.8% |
| Total equity and liabilities | 10/49 | €1,295,926 | €1,208,825 | -€87,102 | -6.7% |
| Equity | 10/15 | €719,354 | €650,381 | -€68,973 | -9.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €73,217 | €73,217 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €35,717 | €35,717 | = | 0.0% |
| Distributable reserves | 133 | €35,000 | €35,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €621,137 | €552,164 | -€68,973 | -11.1% |
| Amounts payable | 17/49 | €576,572 | €558,444 | -€18,128 | -3.1% |
| Amounts payable after more than one year | 17 | €359,472 | €332,933 | -€26,538 | -7.4% |
| Financial debts | 170/4 | €359,472 | €332,933 | -€26,538 | -7.4% |
| Amounts payable within one year | 42/48 | €217,101 | €225,511 | +€8,410 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €108,673 | €123,582 | +€14,909 | +13.7% |
| Trade debts | 44 | €70,827 | €31,018 | -€39,810 | -56.2% |
| Suppliers | 440/4 | €70,827 | €31,018 | -€39,810 | -56.2% |
| Taxes, remuneration and social security | 45 | €37,600 | €20,511 | -€17,090 | -45.5% |
| Taxes | 450/3 | €23,177 | €7,357 | -€15,819 | -68.3% |
| Remuneration and social security | 454/9 | €14,424 | €13,153 | -€1,270 | -8.8% |
| Other amounts payable | 47/48 | - | €50,400 | +€50,400 | |
| Non-recurring operating income | 76A | €105,000 | - | -€105,000 | |
| Remuneration, social security and pensions | 62 | €178,221 | €175,401 | -€2,820 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,179 | €191,124 | +€101,945 | +114% |
| Other operating charges | 640/8 | €13,377 | €11,243 | -€2,134 | -16.0% |
| Gross operating margin | 9900 | €412,271 | €405,793 | -€6,477 | -1.6% |
| Operating profit (loss) | 9901 | €131,494 | €28,025 | -€103,469 | -78.7% |
| Financial income | 75/76B | €5,110 | €5,949 | +€840 | +16.4% |
| Recurring financial income | 75 | €5,110 | €5,949 | +€840 | +16.4% |
| Financial charges | 65/66B | €22,583 | €19,936 | -€2,647 | -11.7% |
| Recurring financial charges | 65 | €22,583 | €19,936 | -€2,647 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €114,021 | €14,039 | -€99,982 | -87.7% |
| Transfer from deferred taxes | 780 | €3,450 | - | -€3,450 | |
| Income taxes | 67/77 | €47,360 | €11,012 | -€36,348 | -76.7% |
| Profit (loss) for the period | 9904 | €70,111 | €3,027 | -€67,084 | -95.7% |
| Transfer from tax-exempt reserves | 789 | €10,350 | - | -€10,350 | |
| Profit (loss) for the period to be appropriated | 9905 | €80,461 | €3,027 | -€77,434 | -96.2% |
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 27 October 2026 via checked.be.