PICTURAE ONE: 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.
PICTURAE ONE
Largest movements
- Stocks and contracts -€262,217
down €262,217 (-39.0%), from €672,919 to €410,702
of which Stocks: -€262,217
- Cash +€230,789
up €230,789 (+192%), from €120,183 to €350,971
mainly Stocks and contracts (+€262,217) and Other debts (+€120,000)
- Other debts +€120,000
up €120,000, from €0 to €120,000
- Profit (loss) carried forward -€92,826
down €92,826 (-19.9%), from €466,240 to €373,415
- Trade debts -€52,026
down €52,026 (-58.2%), from €89,360 to €37,335
- Gross operating margin -€711,836
down €711,836 (-96.3%), from €738,954 to €27,118
- Taxes -€175,225
down €175,225, from €171,133 to -€4,092
- Financial charges -€53,341
down €53,341 (-98.0%), from €54,421 to €1,080
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 | €794,384 | €765,441 | -€28,943 | -3.6% |
| Current assets | 29/58 | €794,384 | €765,441 | -€28,943 | -3.6% |
| Stocks and contracts in progress | 3 | €672,919 | €410,702 | -€262,217 | -39.0% |
| Stocks | 30/36 | €672,919 | €410,702 | -€262,217 | -39.0% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €1,282 | €3,767 | +€2,485 | +194% |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €1,282 | €3,767 | +€2,485 | +194% |
| Cash at bank and in hand | 54/58 | €120,183 | €350,971 | +€230,789 | +192% |
| Total equity and liabilities | 10/49 | €794,384 | €765,441 | -€28,943 | -3.6% |
| Equity | 10/15 | €533,890 | €441,065 | -€92,826 | -17.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €466,240 | €373,415 | -€92,826 | -19.9% |
| Amounts payable | 17/49 | €260,493 | €324,376 | +€63,882 | +24.5% |
| Amounts payable within one year | 42/48 | €260,493 | €324,376 | +€63,882 | +24.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €89,360 | €37,335 | -€52,026 | -58.2% |
| Suppliers | 440/4 | €89,360 | €37,335 | -€52,026 | -58.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €171,133 | €167,041 | -€4,092 | -2.4% |
| Taxes | 450/3 | €171,133 | €167,041 | -€4,092 | -2.4% |
| Other amounts payable | 47/48 | €0 | €120,000 | +€120,000 | |
| Other operating charges | 640/8 | €0 | €2,956 | +€2,956 | +3,695,200% |
| Gross operating margin | 9900 | €738,954 | €27,118 | -€711,836 | -96.3% |
| Operating profit (loss) | 9901 | €738,954 | €24,162 | -€714,792 | -96.7% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €54,421 | €1,080 | -€53,341 | -98.0% |
| Recurring financial charges | 65 | €54,421 | €1,080 | -€53,341 | -98.0% |
| Profit (loss) for the period before taxes | 9903 | €684,534 | €23,082 | -€661,452 | -96.6% |
| Income taxes | 67/77 | €171,133 | -€4,092 | -€175,225 | |
| Profit (loss) for the period | 9904 | €513,401 | €27,174 | -€486,226 | -94.7% |
| Profit (loss) for the period to be appropriated | 9905 | €513,401 | €27,174 | -€486,226 | -94.7% |
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 25 October 2026 via checked.be.