Picobello Projects: 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.
Picobello Projects
Largest movements
- Cash -€25,150
down €25,150 (-63.5%), from €39,628 to €14,478
mainly Net result for the year (-€17,554) and Debts after one year (-€12,890)
- Tangible fixed assets -€13,575
down €13,575 (-6.2%), from €219,031 to €205,456
of which Land and buildings: -€7,941
- Stocks and contracts +€5,595
up €5,595 (+77.5%), from €7,218 to €12,814
- Deferred charges and accrued income +€5,029
up €5,029 (+46.0%), from €10,943 to €15,972
- Profit (loss) carried forward -€17,554
new in 2025: -€17,554
- Debts after one year -€12,890
down €12,890 (-9.8%), from €130,984 to €118,094
- Other debts +€4,069
up €4,069 (+17.7%), from €22,963 to €27,032
- Trade debts -€2,948
down €2,948 (-55.0%), from €5,363 to €2,415
- Gross operating margin -€16,367
down €16,367 (-48.8%), from €33,553 to €17,186
- Taxes +€1,684
up €1,684 (+19.0%), from €8,843 to €10,527
- Depreciation -€924
down €924 (-4.8%), from €19,134 to €18,210
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 | €280,478 | €249,793 | -€30,686 | -10.9% |
| Fixed assets | 21/28 | €219,031 | €205,456 | -€13,575 | -6.2% |
| Tangible fixed assets | 22/27 | €219,031 | €205,456 | -€13,575 | -6.2% |
| Land and buildings | 22 | €136,490 | €128,549 | -€7,941 | -5.8% |
| Plant, machinery and equipment | 23 | €50,765 | €50,794 | +€29 | +0.1% |
| Furniture and vehicles | 24 | €27,007 | €21,344 | -€5,663 | -21.0% |
| Other tangible fixed assets | 26 | €4,769 | €4,769 | = | 0.0% |
| Current assets | 29/58 | €61,447 | €44,337 | -€17,110 | -27.8% |
| Stocks and contracts in progress | 3 | €7,218 | €12,814 | +€5,595 | +77.5% |
| Stocks | 30/36 | €7,218 | €12,814 | +€5,595 | +77.5% |
| Amounts receivable within one year | 40/41 | €3,658 | €1,073 | -€2,585 | -70.7% |
| Trade receivables | 40 | €1,815 | €1,005 | -€810 | -44.6% |
| Other amounts receivable | 41 | €1,842 | €67 | -€1,775 | -96.3% |
| Cash at bank and in hand | 54/58 | €39,628 | €14,478 | -€25,150 | -63.5% |
| Deferred charges and accrued income | 490/1 | €10,943 | €15,972 | +€5,029 | +46.0% |
| Total equity and liabilities | 10/49 | €280,478 | €249,793 | -€30,686 | -10.9% |
| Equity | 10/15 | €102,540 | €84,986 | -€17,554 | -17.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €96,340 | €96,340 | = | 0.0% |
| Distributable reserves | 133 | €96,340 | €96,340 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€17,554 | -€17,554 | |
| Amounts payable | 17/49 | €177,938 | €164,807 | -€13,131 | -7.4% |
| Amounts payable after more than one year | 17 | €130,984 | €118,094 | -€12,890 | -9.8% |
| Financial debts | 170/4 | €130,984 | €118,094 | -€12,890 | -9.8% |
| Amounts payable within one year | 42/48 | €46,954 | €46,713 | -€242 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €14,730 | €12,890 | -€1,840 | -12.5% |
| Trade debts | 44 | €5,363 | €2,415 | -€2,948 | -55.0% |
| Suppliers | 440/4 | €5,363 | €2,415 | -€2,948 | -55.0% |
| Taxes, remuneration and social security | 45 | €3,899 | €4,376 | +€477 | +12.2% |
| Taxes | 450/3 | €3,899 | €4,376 | +€477 | +12.2% |
| Other amounts payable | 47/48 | €22,963 | €27,032 | +€4,069 | +17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,134 | €18,210 | -€924 | -4.8% |
| Other operating charges | 640/8 | €1,654 | €1,532 | -€122 | -7.4% |
| Gross operating margin | 9900 | €33,553 | €17,186 | -€16,367 | -48.8% |
| Operating profit (loss) | 9901 | €12,766 | -€2,555 | -€15,321 | |
| Financial income | 75/76B | €201 | €163 | -€39 | -19.1% |
| Recurring financial income | 75 | €201 | €163 | -€39 | -19.1% |
| Financial charges | 65/66B | €4,769 | €4,635 | -€134 | -2.8% |
| Recurring financial charges | 65 | €4,769 | €4,635 | -€134 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | €8,199 | -€7,027 | -€15,226 | |
| Income taxes | 67/77 | €8,843 | €10,527 | +€1,684 | +19.0% |
| Profit (loss) for the period | 9904 | -€644 | -€17,554 | -€16,910 | -2623.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€644 | -€17,554 | -€16,910 | -2623.9% |
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 3 October 2026 via checked.be.