PICL - 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.
PICL - PROJECTS
Largest movements
- Cash +€20,054
up €20,054 (+103%), from €19,534 to €39,588
mainly Other debts (+€14,556) and Net result for the year (+€8,911)
- Tangible fixed assets +€3,918
up €3,918 (+21.0%), from €18,688 to €22,606
of which Furniture and vehicles: +€4,566
- Receivables within one year +€2,366
up €2,366 (+32.4%), from €7,309 to €9,675
- Other debts +€14,556
up €14,556 (+17.3%), from €83,968 to €98,523
- Profit (loss) carried forward +€8,911
up €8,911 (+15.4%), from -€58,019 to -€49,109
- Tax, wage and social debts +€2,200
up €2,200 (+53.7%), from €4,098 to €6,298
of which Taxes: +€4,200
- Gross operating margin -€42,388
down €42,388 (-66.9%), from €63,373 to €20,985
- Financial charges -€19,932
down €19,932 (-92.8%), from €21,478 to €1,546
- Taxes +€4,201
up €4,201 (+219%), from €1,914 to €6,115
- Depreciation +€954
up €954 (+31.7%), from €3,005 to €3,959
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 | €45,700 | €71,932 | +€26,233 | +57.4% |
| Fixed assets | 21/28 | €18,688 | €22,606 | +€3,918 | +21.0% |
| Tangible fixed assets | 22/27 | €18,688 | €22,606 | +€3,918 | +21.0% |
| Plant, machinery and equipment | 23 | €3,218 | €2,571 | -€648 | -20.1% |
| Furniture and vehicles | 24 | €15,469 | €20,035 | +€4,566 | +29.5% |
| Current assets | 29/58 | €27,012 | €49,326 | +€22,315 | +82.6% |
| Amounts receivable within one year | 40/41 | €7,309 | €9,675 | +€2,366 | +32.4% |
| Trade receivables | 40 | €7,309 | €9,675 | +€2,366 | +32.4% |
| Cash at bank and in hand | 54/58 | €19,534 | €39,588 | +€20,054 | +103% |
| Deferred charges and accrued income | 490/1 | €168 | €63 | -€105 | -62.6% |
| Total equity and liabilities | 10/49 | €45,700 | €71,932 | +€26,233 | +57.4% |
| Equity | 10/15 | -€45,619 | -€36,709 | +€8,911 | +19.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€58,019 | -€49,109 | +€8,911 | +15.4% |
| Amounts payable | 17/49 | €91,319 | €108,641 | +€17,322 | +19.0% |
| Amounts payable within one year | 42/48 | €91,319 | €108,641 | +€17,322 | +19.0% |
| Trade debts | 44 | €3,253 | €3,819 | +€566 | +17.4% |
| Suppliers | 440/4 | €3,253 | €3,819 | +€566 | +17.4% |
| Taxes, remuneration and social security | 45 | €4,098 | €6,298 | +€2,200 | +53.7% |
| Taxes | 450/3 | €2,098 | €6,298 | +€4,200 | +200% |
| Remuneration and social security | 454/9 | €2,000 | - | -€2,000 | |
| Other amounts payable | 47/48 | €83,968 | €98,523 | +€14,556 | +17.3% |
| Non-recurring operating income | 76A | €33,511 | - | -€33,511 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,005 | €3,959 | +€954 | +31.7% |
| Other operating charges | 640/8 | €911 | €457 | -€454 | -49.9% |
| Gross operating margin | 9900 | €63,373 | €20,985 | -€42,388 | -66.9% |
| Operating profit (loss) | 9901 | €59,457 | €16,570 | -€42,887 | -72.1% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €21,478 | €1,546 | -€19,932 | -92.8% |
| Recurring financial charges | 65 | €21,478 | €1,546 | -€19,932 | -92.8% |
| Profit (loss) for the period before taxes | 9903 | €37,979 | €15,025 | -€22,953 | -60.4% |
| Income taxes | 67/77 | €1,914 | €6,115 | +€4,201 | +219% |
| Profit (loss) for the period | 9904 | €36,065 | €8,911 | -€27,154 | -75.3% |
| Profit (loss) for the period to be appropriated | 9905 | €36,065 | €8,911 | -€27,154 | -75.3% |
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 15 October 2026 via checked.be.