Picopa: 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.
Picopa
Largest movements
- Financial fixed assets +€838,852
new in 2025: €838,852
- Current investments -€300,000
down €300,000 (-100%), from €300,000 to €0
- Receivables within one year +€261,683
up €261,683 (+901%), from €29,040 to €290,723
of which Other amounts receivable: +€261,683
- Cash +€62,041
up €62,041 (+780%), from €7,951 to €69,992
mainly Other debts (+€608,107) and Current investments (+€300,000)
- Tangible fixed assets -€50,177
down €50,177 (-4.3%), from €1.2m to €1.1m
- Other debts +€608,107
up €608,107 (+5,068%), from €12,000 to €620,107
- Reserves +€199,958
up €199,958 (+42.1%), from €474,775 to €674,734
- Gross operating margin +€217,070
up €217,070 (+165%), from €131,233 to €348,303
- Taxes +€63,571
up €63,571 (+269%), from €23,660 to €87,232
- Depreciation +€15,452
up €15,452 (+44.5%), from €34,725 to €50,177
- Financial income -€4,415
down €4,415 (-60.4%), from €7,305 to €2,890
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 | €1,522,090 | €2,309,002 | +€786,911 | +51.7% |
| Fixed assets | 21/28 | €1,157,334 | €1,946,009 | +€788,675 | +68.1% |
| Tangible fixed assets | 22/27 | €1,157,334 | €1,107,157 | -€50,177 | -4.3% |
| Land and buildings | 22 | €1,157,334 | €1,107,157 | -€50,177 | -4.3% |
| Financial fixed assets | 28 | - | €838,852 | +€838,852 | |
| Current assets | 29/58 | €364,757 | €362,993 | -€1,764 | -0.5% |
| Amounts receivable within one year | 40/41 | €29,040 | €290,723 | +€261,683 | +901% |
| Trade receivables | 40 | €29,040 | €29,040 | = | 0.0% |
| Other amounts receivable | 41 | €0 | €261,683 | +€261,683 | |
| Current investments | 50/53 | €300,000 | €0 | -€300,000 | -100% |
| Cash at bank and in hand | 54/58 | €7,951 | €69,992 | +€62,041 | +780% |
| Deferred charges and accrued income | 490/1 | €27,766 | €2,278 | -€25,488 | -91.8% |
| Total equity and liabilities | 10/49 | €1,522,090 | €2,309,002 | +€786,911 | +51.7% |
| Equity | 10/15 | €1,243,375 | €1,443,334 | +€199,958 | +16.1% |
| Contributions | 10/11 | €768,600 | €768,600 | = | 0.0% |
| Reserves | 13 | €474,775 | €674,734 | +€199,958 | +42.1% |
| Distributable reserves | 133 | €474,775 | €674,734 | +€199,958 | +42.1% |
| Amounts payable | 17/49 | €278,715 | €865,668 | +€586,953 | +211% |
| Amounts payable after more than one year | 17 | €234,952 | €217,722 | -€17,230 | -7.3% |
| Financial debts | 170/4 | €234,952 | €217,722 | -€17,230 | -7.3% |
| Amounts payable within one year | 42/48 | €43,763 | €647,946 | +€604,183 | +1,381% |
| Current portion of amounts payable after more than one year | 42 | €16,820 | €17,230 | +€410 | +2.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €5,948 | €2,232 | -€3,715 | -62.5% |
| Suppliers | 440/4 | €5,948 | €2,232 | -€3,715 | -62.5% |
| Taxes, remuneration and social security | 45 | €8,995 | €8,376 | -€618 | -6.9% |
| Taxes | 450/3 | €8,995 | €8,376 | -€618 | -6.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €12,000 | €620,107 | +€608,107 | +5,068% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,725 | €50,177 | +€15,452 | +44.5% |
| Other operating charges | 640/8 | €8,726 | €7,806 | -€920 | -10.5% |
| Gross operating margin | 9900 | €131,233 | €348,303 | +€217,070 | +165% |
| Operating profit (loss) | 9901 | €87,783 | €290,321 | +€202,538 | +231% |
| Financial income | 75/76B | €7,305 | €2,890 | -€4,415 | -60.4% |
| Recurring financial income | 75 | €7,305 | €2,890 | -€4,415 | -60.4% |
| Financial charges | 65/66B | €6,873 | €6,021 | -€852 | -12.4% |
| Recurring financial charges | 65 | €6,873 | €6,021 | -€852 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €88,215 | €287,190 | +€198,975 | +226% |
| Income taxes | 67/77 | €23,660 | €87,232 | +€63,571 | +269% |
| Profit (loss) for the period | 9904 | €64,555 | €199,958 | +€135,403 | +210% |
| Profit (loss) for the period to be appropriated | 9905 | €64,555 | €199,958 | +€135,403 | +210% |
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 26 October 2026 via checked.be.