PICS: 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.
PICS
Largest movements
- Tangible fixed assets +€58,869
up €58,869 (+19.2%), from €306,591 to €365,461
of which Land and buildings: +€65,666
- Stocks and contracts +€58,714
up €58,714 (+25.0%), from €234,887 to €293,601
of which Contracts in progress: +€53,351
- Cash -€22,247
down €22,247 (-25.0%), from €89,039 to €66,791
mainly Investment in fixed assets (net) (-€77,821) and Tax, wage and social debts (-€69,906)
- Receivables within one year +€20,418
up €20,418 (+4.6%), from €442,261 to €462,679
of which Trade receivables: +€20,418
- Trade debts +€160,730
up €160,730 (+87.7%), from €183,327 to €344,056
- Tax, wage and social debts -€69,906
down €69,906 (-38.9%), from €179,550 to €109,645
of which Remuneration and social security: -€52,716
- Debts after one year +€32,831
up €32,831 (+28.5%), from €115,075 to €147,906
of which Financial debts: +€32,831
- Current portion of long-term debt -€24,831
down €24,831 (-5.3%), from €465,991 to €441,160
- Gross operating margin -€175,719
down €175,719 (-26.7%), from €658,879 to €483,160
- Staff costs -€137,541
down €137,541 (-25.3%), from €542,601 to €405,060
- Depreciation +€12,608
up €12,608 (+80.2%), from €15,713 to €28,321
- Taxes -€11,224
down €11,224 (-55.6%), from €20,188 to €8,964
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 | €1,107,182 | €1,211,603 | +€104,421 | +9.4% |
| Fixed assets | 21/28 | €317,159 | €366,659 | +€49,500 | +15.6% |
| Intangible fixed assets | 21 | €9,369 | €0 | -€9,369 | -100.0% |
| Tangible fixed assets | 22/27 | €306,591 | €365,461 | +€58,869 | +19.2% |
| Land and buildings | 22 | €292,065 | €357,732 | +€65,666 | +22.5% |
| Furniture and vehicles | 24 | €14,526 | €7,729 | -€6,797 | -46.8% |
| Financial fixed assets | 28 | €1,199 | €1,199 | = | 0.0% |
| Current assets | 29/58 | €790,023 | €844,944 | +€54,921 | +7.0% |
| Stocks and contracts in progress | 3 | €234,887 | €293,601 | +€58,714 | +25.0% |
| Stocks | 30/36 | €133,466 | €138,829 | +€5,363 | +4.0% |
| Contracts in progress | 37 | €101,421 | €154,772 | +€53,351 | +52.6% |
| Amounts receivable within one year | 40/41 | €442,261 | €462,679 | +€20,418 | +4.6% |
| Trade receivables | 40 | €436,933 | €457,351 | +€20,418 | +4.7% |
| Other amounts receivable | 41 | €5,328 | €5,328 | = | 0.0% |
| Current investments | 50/53 | €6,314 | €6,740 | +€426 | +6.8% |
| Cash at bank and in hand | 54/58 | €89,039 | €66,791 | -€22,247 | -25.0% |
| Deferred charges and accrued income | 490/1 | €17,524 | €15,133 | -€2,391 | -13.6% |
| Total equity and liabilities | 10/49 | €1,107,182 | €1,211,603 | +€104,421 | +9.4% |
| Equity | 10/15 | €147,522 | €153,119 | +€5,597 | +3.8% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Revaluation surpluses | 12 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €169,944 | €169,944 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Distributable reserves | 133 | €163,444 | €163,444 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€207,422 | -€201,826 | +€5,597 | +2.7% |
| Amounts payable | 17/49 | €959,660 | €1,058,485 | +€98,824 | +10.3% |
| Amounts payable after more than one year | 17 | €115,075 | €147,906 | +€32,831 | +28.5% |
| Financial debts | 170/4 | €115,075 | €147,906 | +€32,831 | +28.5% |
| Trade debts | 175 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €844,586 | €910,578 | +€65,993 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €465,991 | €441,160 | -€24,831 | -5.3% |
| Trade debts | 44 | €183,327 | €344,056 | +€160,730 | +87.7% |
| Suppliers | 440/4 | €183,327 | €344,056 | +€160,730 | +87.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €179,550 | €109,645 | -€69,906 | -38.9% |
| Taxes | 450/3 | €52,209 | €35,019 | -€17,189 | -32.9% |
| Remuneration and social security | 454/9 | €127,341 | €74,625 | -€52,716 | -41.4% |
| Other amounts payable | 47/48 | €15,718 | €15,718 | = | 0.0% |
| Non-recurring operating income | 76A | €229 | €0 | -€229 | -100.0% |
| Remuneration, social security and pensions | 62 | €542,601 | €405,060 | -€137,541 | -25.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,713 | €28,321 | +€12,608 | +80.2% |
| Other operating charges | 640/8 | €4,239 | €3,958 | -€281 | -6.6% |
| Non-recurring operating charges | 66A | €0 | €141 | +€141 | |
| Gross operating margin | 9900 | €658,879 | €483,160 | -€175,719 | -26.7% |
| Operating profit (loss) | 9901 | €96,326 | €45,679 | -€50,647 | -52.6% |
| Financial income | 75/76B | €2,837 | €1,864 | -€973 | -34.3% |
| Recurring financial income | 75 | €2,629 | €1,194 | -€1,435 | -54.6% |
| Non-recurring financial income | 76B | €208 | €670 | +€462 | +221.9% |
| Financial charges | 65/66B | €38,330 | €32,983 | -€5,347 | -14.0% |
| Recurring financial charges | 65 | €38,330 | €32,983 | -€5,347 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €60,834 | €14,561 | -€46,273 | -76.1% |
| Income taxes | 67/77 | €20,188 | €8,964 | -€11,224 | -55.6% |
| Profit (loss) for the period | 9904 | €40,646 | €5,597 | -€35,049 | -86.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,646 | €5,597 | -€35,049 | -86.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.