PICOTIN: 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.
PICOTIN
Largest movements
- Cash -€14,995
down €14,995 (-41.1%), from €36,492 to €21,497
mainly Investment in fixed assets (net) (-€49,285) and Debts after one year (-€9,084)
- Receivables within one year +€4,616
up €4,616 (+320%), from €1,444 to €6,060
of which Trade receivables: +€2,814
- Debts after one year -€9,084
down €9,084 (-4.9%), from €184,159 to €175,075
- Reserves +€9,000
up €9,000 (+17.5%), from €51,500 to €60,500
- Other debts -€6,149
no longer reported in 2025 (was €6,149)
- Tax, wage and social debts -€5,064
down €5,064 (-13.5%), from €37,592 to €32,527
of which Remuneration and social security: -€6,944
- Staff costs +€40,505
up €40,505 (+46.4%), from €87,295 to €127,800
- Gross operating margin +€37,491
up €37,491 (+23.2%), from €161,435 to €198,925
- Depreciation +€8,732
up €8,732 (+22.8%), from €38,290 to €47,021
- Taxes -€4,916
down €4,916 (-54.9%), from €8,950 to €4,034
- Financial charges +€2,007
up €2,007 (+52.1%), from €3,855 to €5,862
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 | €405,130 | €397,910 | -€7,220 | -1.8% |
| Fixed assets | 21/28 | €364,185 | €366,449 | +€2,264 | +0.6% |
| Tangible fixed assets | 22/27 | €364,185 | €366,449 | +€2,264 | +0.6% |
| Land and buildings | 22 | €267,175 | €249,020 | -€18,155 | -6.8% |
| Plant, machinery and equipment | 23 | €88,205 | €106,419 | +€18,215 | +20.7% |
| Furniture and vehicles | 24 | €8,806 | €11,010 | +€2,204 | +25.0% |
| Current assets | 29/58 | €40,944 | €31,461 | -€9,484 | -23.2% |
| Stocks and contracts in progress | 3 | €1,304 | €1,109 | -€196 | -15.0% |
| Stocks | 30/36 | €1,304 | €1,109 | -€196 | -15.0% |
| Amounts receivable within one year | 40/41 | €1,444 | €6,060 | +€4,616 | +320% |
| Trade receivables | 40 | €246 | €3,060 | +€2,814 | +1,145% |
| Other amounts receivable | 41 | €1,198 | €3,000 | +€1,802 | +150% |
| Cash at bank and in hand | 54/58 | €36,492 | €21,497 | -€14,995 | -41.1% |
| Deferred charges and accrued income | 490/1 | €1,705 | €2,795 | +€1,091 | +64.0% |
| Total equity and liabilities | 10/49 | €405,130 | €397,910 | -€7,220 | -1.8% |
| Equity | 10/15 | €157,817 | €168,907 | +€11,090 | +7.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €51,500 | €60,500 | +€9,000 | +17.5% |
| Distributable reserves | 133 | €51,500 | €60,500 | +€9,000 | +17.5% |
| Profit (loss) carried forward | 14 | €86,317 | €88,407 | +€2,090 | +2.4% |
| Amounts payable | 17/49 | €247,313 | €229,003 | -€18,310 | -7.4% |
| Amounts payable after more than one year | 17 | €184,159 | €175,075 | -€9,084 | -4.9% |
| Financial debts | 170/4 | €184,159 | €175,075 | -€9,084 | -4.9% |
| Amounts payable within one year | 42/48 | €63,154 | €53,928 | -€9,226 | -14.6% |
| Current portion of amounts payable after more than one year | 42 | €8,859 | €9,084 | +€225 | +2.5% |
| Trade debts | 44 | €10,554 | €12,317 | +€1,763 | +16.7% |
| Suppliers | 440/4 | €10,554 | €12,317 | +€1,763 | +16.7% |
| Taxes, remuneration and social security | 45 | €37,592 | €32,527 | -€5,064 | -13.5% |
| Taxes | 450/3 | €6,212 | €8,091 | +€1,880 | +30.3% |
| Remuneration and social security | 454/9 | €31,380 | €24,436 | -€6,944 | -22.1% |
| Other amounts payable | 47/48 | €6,149 | - | -€6,149 | |
| Remuneration, social security and pensions | 62 | €87,295 | €127,800 | +€40,505 | +46.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,290 | €47,021 | +€8,732 | +22.8% |
| Other operating charges | 640/8 | €4,364 | €3,921 | -€443 | -10.2% |
| Non-recurring operating charges | 66A | €229 | €130 | -€98 | -43.0% |
| Gross operating margin | 9900 | €161,435 | €198,925 | +€37,491 | +23.2% |
| Operating profit (loss) | 9901 | €31,257 | €20,053 | -€11,204 | -35.8% |
| Financial income | 75/76B | €2,900 | €933 | -€1,967 | -67.8% |
| Recurring financial income | 75 | €61 | €45 | -€16 | -26.5% |
| Non-recurring financial income | 76B | €2,840 | €889 | -€1,951 | -68.7% |
| Financial charges | 65/66B | €3,855 | €5,862 | +€2,007 | +52.1% |
| Recurring financial charges | 65 | €3,855 | €5,862 | +€2,007 | +52.1% |
| Profit (loss) for the period before taxes | 9903 | €30,302 | €15,124 | -€15,178 | -50.1% |
| Income taxes | 67/77 | €8,950 | €4,034 | -€4,916 | -54.9% |
| Profit (loss) for the period | 9904 | €21,352 | €11,090 | -€10,261 | -48.1% |
| Profit (loss) for the period to be appropriated | 9905 | €21,352 | €11,090 | -€10,261 | -48.1% |
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 17 October 2026 via checked.be.