Picsem: 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.
Picsem
Largest movements
- Cash +€10,962
up €10,962 (+630%), from €1,739 to €12,700
mainly Net result for the year (+€15,333) and Depreciation (+€1,137)
- Receivables within one year +€1,518
up €1,518 (+17.1%), from €8,874 to €10,393
- Tangible fixed assets +€1,037
up €1,037 (+63.8%), from €1,626 to €2,662
- Deferred charges and accrued income -€287
down €287 (-36.3%), from €790 to €503
- Profit (loss) carried forward +€15,333
up €15,333, from -€6,649 to €8,684
- Other debts -€1,784
down €1,784 (-45.6%), from €3,916 to €2,132
- Tax, wage and social debts +€522
up €522 (+9.4%), from €5,551 to €6,073
of which Taxes: +€682
- Accrued charges and deferred income -€500
no longer reported in 2025 (was €500)
- Trade debts -€342
down €342 (-50.7%), from €674 to €332
- Gross operating margin +€25,350
up €25,350, from -€5,414 to €19,936
- Taxes +€3,403
new in 2025: €3,403
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 | €13,028 | €26,258 | +€13,229 | +102% |
| Fixed assets | 21/28 | €1,626 | €2,662 | +€1,037 | +63.8% |
| Tangible fixed assets | 22/27 | €1,626 | €2,662 | +€1,037 | +63.8% |
| Plant, machinery and equipment | 23 | €1,626 | €2,662 | +€1,037 | +63.8% |
| Current assets | 29/58 | €11,403 | €23,596 | +€12,193 | +107% |
| Amounts receivable within one year | 40/41 | €8,874 | €10,393 | +€1,518 | +17.1% |
| Trade receivables | 40 | €8,874 | €10,393 | +€1,518 | +17.1% |
| Cash at bank and in hand | 54/58 | €1,739 | €12,700 | +€10,962 | +630% |
| Deferred charges and accrued income | 490/1 | €790 | €503 | -€287 | -36.3% |
| Total equity and liabilities | 10/49 | €13,028 | €26,258 | +€13,229 | +102% |
| Equity | 10/15 | €2,388 | €17,721 | +€15,333 | +642% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €7,037 | €7,037 | = | 0.0% |
| Distributable reserves | 133 | €7,037 | €7,037 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,649 | €8,684 | +€15,333 | |
| Amounts payable | 17/49 | €10,640 | €8,537 | -€2,103 | -19.8% |
| Amounts payable within one year | 42/48 | €10,140 | €8,537 | -€1,603 | -15.8% |
| Trade debts | 44 | €674 | €332 | -€342 | -50.7% |
| Suppliers | 440/4 | €674 | €332 | -€342 | -50.7% |
| Taxes, remuneration and social security | 45 | €5,551 | €6,073 | +€522 | +9.4% |
| Taxes | 450/3 | €5,391 | €6,073 | +€682 | +12.7% |
| Remuneration and social security | 454/9 | €160 | - | -€160 | |
| Other amounts payable | 47/48 | €3,916 | €2,132 | -€1,784 | -45.6% |
| Accrued charges and deferred income | 492/3 | €500 | - | -€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,030 | €1,137 | +€107 | +10.4% |
| Gross operating margin | 9900 | -€5,414 | €19,936 | +€25,350 | |
| Operating profit (loss) | 9901 | -€6,444 | €18,799 | +€25,243 | |
| Financial income | 75/76B | €3 | €26 | +€23 | +820% |
| Recurring financial income | 75 | €3 | €26 | +€23 | +820% |
| Non-recurring financial income | 76B | €3 | €26 | +€23 | +820% |
| Financial charges | 65/66B | €207 | €89 | -€118 | -56.9% |
| Recurring financial charges | 65 | €199 | €74 | -€125 | -62.8% |
| Non-recurring financial charges | 66B | €8 | €15 | +€7 | +88.4% |
| Profit (loss) for the period before taxes | 9903 | -€6,649 | €18,736 | +€25,385 | |
| Income taxes | 67/77 | - | €3,403 | +€3,403 | |
| Profit (loss) for the period | 9904 | -€6,649 | €15,333 | +€21,982 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,649 | €15,333 | +€21,982 |
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 28 October 2026 via checked.be.