Bart M.J. 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.
Bart M.J. Peeters
Largest movements
- Current investments -€100,000
down €100,000 (-50.0%), from €199,999 to €99,999
- Cash +€26,977
up €26,977 (+90.8%), from €29,697 to €56,675
mainly Current investments (+€100,000) and Trade debts (+€41,328)
- Receivables within one year +€19,013
up €19,013 (+27.5%), from €69,048 to €88,062
of which Other amounts receivable: +€34,694
- Tangible fixed assets -€16,645
down €16,645 (-10.2%), from €162,704 to €146,059
of which Land and buildings: -€9,876
- Reserves -€70,370
down €70,370 (-14.5%), from €486,909 to €416,539
of which Distributable reserves: -€70,370
- Trade debts +€41,328
up €41,328 (+1,054%), from €3,923 to €45,251
- Tax, wage and social debts -€38,369
down €38,369 (-85.4%), from €44,905 to €6,537
of which Taxes: -€41,869
- Gross operating margin -€174,302
down €174,302 (-83.6%), from €208,459 to €34,157
- Taxes -€62,998
down €62,998 (-90.6%), from €69,572 to €6,574
- Other operating charges +€25,015
up €25,015 (+2,134%), from €1,172 to €26,187
- Depreciation -€2,693
down €2,693 (-12.2%), from €22,137 to €19,444
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 | €543,104 | €474,527 | -€68,577 | -12.6% |
| Fixed assets | 21/28 | €162,704 | €146,059 | -€16,645 | -10.2% |
| Tangible fixed assets | 22/27 | €162,704 | €146,059 | -€16,645 | -10.2% |
| Land and buildings | 22 | €113,388 | €103,512 | -€9,876 | -8.7% |
| Furniture and vehicles | 24 | €49,316 | €42,547 | -€6,769 | -13.7% |
| Current assets | 29/58 | €380,399 | €328,467 | -€51,932 | -13.7% |
| Amounts receivable after more than one year | 29 | €79,000 | €80,714 | +€1,715 | +2.2% |
| Other amounts receivable | 291 | €79,000 | €80,714 | +€1,715 | +2.2% |
| Amounts receivable within one year | 40/41 | €69,048 | €88,062 | +€19,013 | +27.5% |
| Trade receivables | 40 | €63,623 | €47,943 | -€15,681 | -24.6% |
| Other amounts receivable | 41 | €5,425 | €40,119 | +€34,694 | +640% |
| Current investments | 50/53 | €199,999 | €99,999 | -€100,000 | -50.0% |
| Cash at bank and in hand | 54/58 | €29,697 | €56,675 | +€26,977 | +90.8% |
| Deferred charges and accrued income | 490/1 | €2,654 | €3,017 | +€363 | +13.7% |
| Total equity and liabilities | 10/49 | €543,104 | €474,527 | -€68,577 | -12.6% |
| Equity | 10/15 | €493,109 | €422,739 | -€70,370 | -14.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €486,909 | €416,539 | -€70,370 | -14.5% |
| Tax-exempt reserves | 132 | €20,473 | €20,473 | = | 0.0% |
| Distributable reserves | 133 | €466,436 | €396,066 | -€70,370 | -15.1% |
| Amounts payable | 17/49 | €49,994 | €51,787 | +€1,793 | +3.6% |
| Amounts payable within one year | 42/48 | €49,994 | €51,787 | +€1,793 | +3.6% |
| Trade debts | 44 | €3,923 | €45,251 | +€41,328 | +1,054% |
| Suppliers | 440/4 | €3,923 | €45,251 | +€41,328 | +1,054% |
| Taxes, remuneration and social security | 45 | €44,905 | €6,537 | -€38,369 | -85.4% |
| Taxes | 450/3 | €44,905 | €3,037 | -€41,869 | -93.2% |
| Remuneration and social security | 454/9 | - | €3,500 | +€3,500 | |
| Other amounts payable | 47/48 | €1,166 | - | -€1,166 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,137 | €19,444 | -€2,693 | -12.2% |
| Other operating charges | 640/8 | €1,172 | €26,187 | +€25,015 | +2,134% |
| Gross operating margin | 9900 | €208,459 | €34,157 | -€174,302 | -83.6% |
| Operating profit (loss) | 9901 | €185,150 | -€11,473 | -€196,623 | |
| Financial income | 75/76B | €5,046 | €6,667 | +€1,621 | +32.1% |
| Recurring financial income | 75 | €5,046 | €6,667 | +€1,621 | +32.1% |
| Financial charges | 65/66B | €351 | €390 | +€39 | +11.2% |
| Recurring financial charges | 65 | €351 | €390 | +€39 | +11.2% |
| Profit (loss) for the period before taxes | 9903 | €189,845 | -€5,196 | -€195,041 | |
| Income taxes | 67/77 | €69,572 | €6,574 | -€62,998 | -90.6% |
| Profit (loss) for the period | 9904 | €120,273 | -€11,771 | -€132,043 | |
| Profit (loss) for the period to be appropriated | 9905 | €120,273 | -€11,771 | -€132,043 |
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 23 October 2026 via checked.be.