Picoul: what changed
Picoul
Largest movements
- Tangible fixed assets +€33,358
up €33,358 (+82.8%), from €40,281 to €73,639
- Receivables within one year -€23,257
down €23,257 (-49.9%), from €46,573 to €23,316
of which Trade receivables: -€32,307
- Cash +€11,151
up €11,151 (+20.1%), from €55,426 to €66,577
mainly Net result for the year (+€59,429) and Other debts (+€42,680)
- Intangible fixed assets +€2,999
new in 2025: €2,999
- Other debts +€42,680
up €42,680 (+44.1%), from €96,776 to €139,456
- Tax, wage and social debts -€16,858
down €16,858 (-44.4%), from €37,934 to €21,077
- Gross operating margin +€14,600
up €14,600 (+18.1%), from €80,829 to €95,428
- Depreciation +€3,578
up €3,578 (+37.2%), from €9,628 to €13,206
- Taxes +€3,348
up €3,348 (+18.5%), from €18,049 to €21,397
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €142,756 | €167,559 | +€24,803 | +17.4% |
| Fixed assets | 21/28 | €40,281 | €76,639 | +€36,358 | +90.3% |
| Intangible fixed assets | 21 | - | €2,999 | +€2,999 | |
| Tangible fixed assets | 22/27 | €40,281 | €73,639 | +€33,358 | +82.8% |
| Furniture and vehicles | 24 | €40,281 | €73,639 | +€33,358 | +82.8% |
| Current assets | 29/58 | €102,475 | €90,920 | -€11,555 | -11.3% |
| Amounts receivable within one year | 40/41 | €46,573 | €23,316 | -€23,257 | -49.9% |
| Trade receivables | 40 | €46,573 | €14,266 | -€32,307 | -69.4% |
| Other amounts receivable | 41 | - | €9,050 | +€9,050 | |
| Cash at bank and in hand | 54/58 | €55,426 | €66,577 | +€11,151 | +20.1% |
| Deferred charges and accrued income | 490/1 | €476 | €1,027 | +€551 | +116% |
| Total equity and liabilities | 10/49 | €142,756 | €167,559 | +€24,803 | +17.4% |
| Equity | 10/15 | €6,200 | €6,200 | = | 0.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €136,556 | €161,359 | +€24,803 | +18.2% |
| Amounts payable within one year | 42/48 | €136,556 | €161,359 | +€24,803 | +18.2% |
| Trade debts | 44 | €1,846 | €826 | -€1,020 | -55.2% |
| Suppliers | 440/4 | €1,846 | €826 | -€1,020 | -55.2% |
| Taxes, remuneration and social security | 45 | €37,934 | €21,077 | -€16,858 | -44.4% |
| Taxes | 450/3 | €37,934 | €21,077 | -€16,858 | -44.4% |
| Other amounts payable | 47/48 | €96,776 | €139,456 | +€42,680 | +44.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,628 | €13,206 | +€3,578 | +37.2% |
| Other operating charges | 640/8 | €547 | €1,110 | +€564 | +103% |
| Gross operating margin | 9900 | €80,829 | €95,428 | +€14,600 | +18.1% |
| Operating profit (loss) | 9901 | €70,654 | €81,112 | +€10,458 | +14.8% |
| Financial charges | 65/66B | €117 | €287 | +€170 | +145% |
| Recurring financial charges | 65 | €117 | €287 | +€170 | +145% |
| Profit (loss) for the period before taxes | 9903 | €70,537 | €80,825 | +€10,288 | +14.6% |
| Income taxes | 67/77 | €18,049 | €21,397 | +€3,348 | +18.5% |
| Profit (loss) for the period | 9904 | €52,488 | €59,429 | +€6,940 | +13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €52,488 | €59,429 | +€6,940 | +13.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.