Astrid Peeters: 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.
Astrid Peeters
Largest movements
- Cash +€229,090
up €229,090 (+302%), from €75,873 to €304,962
mainly Net result for the year (+€173,587) and Other debts (+€141,919)
- Current investments -€140,000
down €140,000 (-73.0%), from €191,685 to €51,685
- Tangible fixed assets +€32,458
up €32,458 (+21.7%), from €149,800 to €182,259
of which Land and buildings: +€32,586
- Receivables within one year +€10,107
up €10,107 (+264%), from €3,826 to €13,933
of which Other amounts receivable: +€9,722
- Other debts +€141,919
up €141,919 (+121%), from €117,386 to €259,306
- Tax, wage and social debts -€8,508
down €8,508 (-68.7%), from €12,389 to €3,881
of which Remuneration and social security: -€6,664
- Gross operating margin +€97,596
up €97,596 (+62.3%), from €156,735 to €254,331
- Taxes +€20,341
up €20,341 (+62.6%), from €32,505 to €52,846
- Depreciation +€11,866
up €11,866 (+189%), from €6,291 to €18,158
- Financial charges +€2,599
up €2,599 (+47.0%), from €5,529 to €8,127
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 | €423,110 | €554,672 | +€131,563 | +31.1% |
| Fixed assets | 21/28 | €149,800 | €182,259 | +€32,458 | +21.7% |
| Tangible fixed assets | 22/27 | €149,800 | €182,259 | +€32,458 | +21.7% |
| Land and buildings | 22 | €142,546 | €175,132 | +€32,586 | +22.9% |
| Plant, machinery and equipment | 23 | €1,641 | €917 | -€724 | -44.1% |
| Furniture and vehicles | 24 | €801 | €2,011 | +€1,210 | +151% |
| Other tangible fixed assets | 26 | €4,813 | €4,200 | -€613 | -12.7% |
| Current assets | 29/58 | €273,309 | €372,414 | +€99,104 | +36.3% |
| Amounts receivable within one year | 40/41 | €3,826 | €13,933 | +€10,107 | +264% |
| Trade receivables | 40 | €620 | €1,005 | +€385 | +62.2% |
| Other amounts receivable | 41 | €3,207 | €12,928 | +€9,722 | +303% |
| Current investments | 50/53 | €191,685 | €51,685 | -€140,000 | -73.0% |
| Cash at bank and in hand | 54/58 | €75,873 | €304,962 | +€229,090 | +302% |
| Deferred charges and accrued income | 490/1 | €1,926 | €1,833 | -€93 | -4.8% |
| Total equity and liabilities | 10/49 | €423,110 | €554,672 | +€131,563 | +31.1% |
| Equity | 10/15 | €156,465 | €156,465 | = | 0.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €141,465 | €141,465 | = | 0.0% |
| Distributable reserves | 133 | €141,465 | €141,465 | = | 0.0% |
| Amounts payable | 17/49 | €266,645 | €398,207 | +€131,563 | +49.3% |
| Amounts payable after more than one year | 17 | €125,108 | €120,309 | -€4,798 | -3.8% |
| Financial debts | 170/4 | €125,108 | €120,309 | -€4,798 | -3.8% |
| Amounts payable within one year | 42/48 | €141,537 | €277,898 | +€136,361 | +96.3% |
| Current portion of amounts payable after more than one year | 42 | €4,635 | €4,798 | +€163 | +3.5% |
| Trade debts | 44 | €7,127 | €9,913 | +€2,786 | +39.1% |
| Suppliers | 440/4 | €7,127 | €9,913 | +€2,786 | +39.1% |
| Taxes, remuneration and social security | 45 | €12,389 | €3,881 | -€8,508 | -68.7% |
| Taxes | 450/3 | €5,724 | €3,881 | -€1,843 | -32.2% |
| Remuneration and social security | 454/9 | €6,664 | - | -€6,664 | |
| Other amounts payable | 47/48 | €117,386 | €259,306 | +€141,919 | +121% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,291 | €18,158 | +€11,866 | +189% |
| Other operating charges | 640/8 | €2,084 | €4,219 | +€2,135 | +102% |
| Gross operating margin | 9900 | €156,735 | €254,331 | +€97,596 | +62.3% |
| Operating profit (loss) | 9901 | €148,359 | €231,954 | +€83,595 | +56.3% |
| Financial income | 75/76B | €2,399 | €2,606 | +€207 | +8.6% |
| Recurring financial income | 75 | €2,399 | €2,606 | +€207 | +8.6% |
| Financial charges | 65/66B | €5,529 | €8,127 | +€2,599 | +47.0% |
| Recurring financial charges | 65 | €5,529 | €8,127 | +€2,599 | +47.0% |
| Profit (loss) for the period before taxes | 9903 | €145,229 | €226,433 | +€81,204 | +55.9% |
| Income taxes | 67/77 | €32,505 | €52,846 | +€20,341 | +62.6% |
| Profit (loss) for the period | 9904 | €112,724 | €173,587 | +€60,863 | +54.0% |
| Profit (loss) for the period to be appropriated | 9905 | €112,724 | €173,587 | +€60,863 | +54.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.