PICOTRA: 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.
PICOTRA
Largest movements
- Current investments +€350,000
up €350,000 (+58.3%), from €600,000 to €950,000
- Cash -€64,377
down €64,377 (-20.6%), from €312,990 to €248,612
mainly Current investments (-€350,000) and Trade debts (-€44,794)
- Stocks and contracts -€46,095
down €46,095 (-100%), from €46,095 to €0
- Receivables within one year -€44,638
down €44,638 (-14.5%), from €307,627 to €262,989
of which Trade receivables: -€44,633
- Profit (loss) carried forward +€241,764
up €241,764 (+17.8%), from €1.4m to €1.6m
- Trade debts -€44,794
down €44,794 (-61.5%), from €72,809 to €28,015
- Gross operating margin +€58,472
up €58,472 (+20.7%), from €282,477 to €340,948
- Taxes +€13,663
up €13,663 (+19.8%), from €68,854 to €82,517
- Financial charges -€5,081
down €5,081 (-84.6%), from €6,006 to €925
- Depreciation +€3,760
up €3,760 (+36.0%), from €10,441 to €14,200
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 | €1,613,125 | €1,821,981 | +€208,856 | +12.9% |
| Fixed assets | 21/28 | €346,414 | €348,380 | +€1,966 | +0.6% |
| Tangible fixed assets | 22/27 | €345,914 | €347,880 | +€1,966 | +0.6% |
| Land and buildings | 22 | €311,075 | €320,690 | +€9,615 | +3.1% |
| Furniture and vehicles | 24 | €34,839 | €27,190 | -€7,649 | -22.0% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €1,266,711 | €1,473,601 | +€206,890 | +16.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €46,095 | €0 | -€46,095 | -100% |
| Stocks | 30/36 | €46,095 | €0 | -€46,095 | -100% |
| Amounts receivable within one year | 40/41 | €307,627 | €262,989 | -€44,638 | -14.5% |
| Trade receivables | 40 | €307,623 | €262,989 | -€44,633 | -14.5% |
| Other amounts receivable | 41 | €4 | €0 | -€4 | -100% |
| Current investments | 50/53 | €600,000 | €950,000 | +€350,000 | +58.3% |
| Cash at bank and in hand | 54/58 | €312,990 | €248,612 | -€64,377 | -20.6% |
| Deferred charges and accrued income | 490/1 | - | €12,000 | +€12,000 | |
| Total equity and liabilities | 10/49 | €1,613,125 | €1,821,981 | +€208,856 | +12.9% |
| Equity | 10/15 | €1,493,661 | €1,735,424 | +€241,764 | +16.2% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €13,739 | €13,739 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Distributable reserves | 133 | €1,239 | €1,239 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,354,921 | €1,596,685 | +€241,764 | +17.8% |
| Amounts payable | 17/49 | €119,464 | €86,557 | -€32,908 | -27.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €119,464 | €86,557 | -€32,908 | -27.5% |
| Trade debts | 44 | €72,809 | €28,015 | -€44,794 | -61.5% |
| Suppliers | 440/4 | €72,809 | €28,015 | -€44,794 | -61.5% |
| Taxes, remuneration and social security | 45 | €26,908 | €38,994 | +€12,086 | +44.9% |
| Taxes | 450/3 | €25,358 | €38,994 | +€13,636 | +53.8% |
| Remuneration and social security | 454/9 | €1,550 | €0 | -€1,550 | -100% |
| Other amounts payable | 47/48 | €19,748 | €19,548 | -€200 | -1.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,441 | €14,200 | +€3,760 | +36.0% |
| Other operating charges | 640/8 | €8,770 | €10,169 | +€1,399 | +16.0% |
| Gross operating margin | 9900 | €282,477 | €340,948 | +€58,472 | +20.7% |
| Operating profit (loss) | 9901 | €263,266 | €316,579 | +€53,313 | +20.3% |
| Financial income | 75/76B | €5,629 | €8,626 | +€2,997 | +53.2% |
| Recurring financial income | 75 | €5,629 | €8,626 | +€2,997 | +53.2% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €6,006 | €925 | -€5,081 | -84.6% |
| Recurring financial charges | 65 | €6,006 | €925 | -€5,081 | -84.6% |
| Profit (loss) for the period before taxes | 9903 | €262,890 | €324,281 | +€61,391 | +23.4% |
| Income taxes | 67/77 | €68,854 | €82,517 | +€13,663 | +19.8% |
| Profit (loss) for the period | 9904 | €194,036 | €241,764 | +€47,728 | +24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €194,036 | €241,764 | +€47,728 | +24.6% |
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.