PICTORUM: 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.
PICTORUM
Largest movements
- Tangible fixed assets +€124,138
up €124,138 (+128%), from €96,989 to €221,127
of which Assets under construction and advance payments: +€119,516
- Cash -€55,323
down €55,323 (-73.5%), from €75,260 to €19,936
mainly Investment in fixed assets (net) (-€126,490) and Contributions, distributions and other (-€50,000)
- Receivables within one year -€5,962
down €5,962 (-18.3%), from €32,641 to €26,680
of which Other amounts receivable: -€6,949
- Reserves +€57,613
up €57,613 (+34.0%), from €169,630 to €227,243
- Tax, wage and social debts +€7,661
up €7,661 (+35.7%), from €21,473 to €29,134
of which Taxes: +€7,661
- Trade debts -€3,836
down €3,836 (-61.1%), from €6,274 to €2,439
- Gross operating margin +€37,000
up €37,000 (+35.0%), from €105,663 to €142,663
- Taxes +€11,356
up €11,356 (+55.6%), from €20,432 to €31,789
- Depreciation -€11,000
down €11,000 (-82.4%), from €13,352 to €2,352
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 | €207,378 | €268,816 | +€61,438 | +29.6% |
| Fixed assets | 21/28 | €96,989 | €221,127 | +€124,138 | +128% |
| Tangible fixed assets | 22/27 | €96,989 | €221,127 | +€124,138 | +128% |
| Land and buildings | 22 | €90,800 | €90,800 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,628 | €1,426 | -€202 | -12.4% |
| Furniture and vehicles | 24 | €4,560 | €9,385 | +€4,824 | +106% |
| Assets under construction and advance payments | 27 | - | €119,516 | +€119,516 | |
| Current assets | 29/58 | €110,389 | €47,689 | -€62,700 | -56.8% |
| Amounts receivable within one year | 40/41 | €32,641 | €26,680 | -€5,962 | -18.3% |
| Trade receivables | 40 | €24,200 | €25,187 | +€987 | +4.1% |
| Other amounts receivable | 41 | €8,441 | €1,492 | -€6,949 | -82.3% |
| Cash at bank and in hand | 54/58 | €75,260 | €19,936 | -€55,323 | -73.5% |
| Deferred charges and accrued income | 490/1 | €2,488 | €1,073 | -€1,415 | -56.9% |
| Total equity and liabilities | 10/49 | €207,378 | €268,816 | +€61,438 | +29.6% |
| Equity | 10/15 | €179,630 | €237,243 | +€57,613 | +32.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €169,630 | €227,243 | +€57,613 | +34.0% |
| Distributable reserves | 133 | €169,630 | €227,243 | +€57,613 | +34.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €27,748 | €31,572 | +€3,825 | +13.8% |
| Amounts payable within one year | 42/48 | €27,748 | €31,572 | +€3,825 | +13.8% |
| Trade debts | 44 | €6,274 | €2,439 | -€3,836 | -61.1% |
| Suppliers | 440/4 | €6,274 | €2,439 | -€3,836 | -61.1% |
| Taxes, remuneration and social security | 45 | €21,473 | €29,134 | +€7,661 | +35.7% |
| Taxes | 450/3 | €21,473 | €29,134 | +€7,661 | +35.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,352 | €2,352 | -€11,000 | -82.4% |
| Other operating charges | 640/8 | €731 | €627 | -€104 | -14.2% |
| Gross operating margin | 9900 | €105,663 | €142,663 | +€37,000 | +35.0% |
| Operating profit (loss) | 9901 | €91,580 | €139,684 | +€48,104 | +52.5% |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €230 | €283 | +€53 | +22.8% |
| Recurring financial charges | 65 | €230 | €283 | +€53 | +22.8% |
| Profit (loss) for the period before taxes | 9903 | €91,349 | €139,402 | +€48,052 | +52.6% |
| Income taxes | 67/77 | €20,432 | €31,789 | +€11,356 | +55.6% |
| Profit (loss) for the period | 9904 | €70,917 | €107,613 | +€36,696 | +51.7% |
| Profit (loss) for the period to be appropriated | 9905 | €70,917 | €107,613 | +€36,696 | +51.7% |
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 29 October 2026 via checked.be.