Originally Posted by
HillRider
The OP's picture shows a sealed cartridge bottom bracket, most likely a Shimano, so it not serviceable. It's either usable or has to be replaced.
I was under the impression that the photo the OP attached was of the potential replacement, not the bottom bracket he removed. Back in the late 80s, if I remember correctly most bikes still came with conventional, unsealed bottom brackets. I would not have expected an 88 Peugeot to have come with a cartridge bottom bracket from the factory.