BOLD&PEPPER: 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.
BOLD&PEPPER
Largest movements
- Cash -€46,692
down €46,692 (-11.9%), from €392,810 to €346,118
mainly Contributions, distributions and other (-€60,000) and Other debts (-€50,000)
- Stocks and contracts -€18,509
down €18,509 (-19.3%), from €95,884 to €77,375
- Receivables within one year +€11,384
up €11,384 (+3.8%), from €303,325 to €314,709
of which Trade receivables: +€7,428
- Tangible fixed assets -€9,385
down €9,385 (-19.7%), from €47,753 to €38,368
of which Other tangible fixed assets: -€5,279
- Other debts -€50,000
down €50,000 (-45.5%), from €110,000 to €60,000
- Reserves -€9,402
down €9,402 (-91.4%), from €10,291 to €889
- Gross operating margin -€134,069
down €134,069 (-18.8%), from €714,333 to €580,265
- Staff costs -€90,681
down €90,681 (-16.0%), from €566,099 to €475,418
- Taxes -€12,539
down €12,539 (-37.3%), from €33,580 to €21,040
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 | €892,822 | €826,857 | -€65,966 | -7.4% |
| Fixed assets | 21/28 | €87,532 | €74,146 | -€13,386 | -15.3% |
| Intangible fixed assets | 21 | €39,779 | €35,778 | -€4,001 | -10.1% |
| Tangible fixed assets | 22/27 | €47,753 | €38,368 | -€9,385 | -19.7% |
| Plant, machinery and equipment | 23 | €373 | €123 | -€250 | -66.9% |
| Furniture and vehicles | 24 | €17,168 | €13,311 | -€3,857 | -22.5% |
| Other tangible fixed assets | 26 | €30,212 | €24,933 | -€5,279 | -17.5% |
| Current assets | 29/58 | €805,290 | €752,711 | -€52,579 | -6.5% |
| Stocks and contracts in progress | 3 | €95,884 | €77,375 | -€18,509 | -19.3% |
| Contracts in progress | 37 | €95,884 | €77,375 | -€18,509 | -19.3% |
| Amounts receivable within one year | 40/41 | €303,325 | €314,709 | +€11,384 | +3.8% |
| Trade receivables | 40 | €303,325 | €310,753 | +€7,428 | +2.4% |
| Other amounts receivable | 41 | €0 | €3,956 | +€3,956 | |
| Cash at bank and in hand | 54/58 | €392,810 | €346,118 | -€46,692 | -11.9% |
| Deferred charges and accrued income | 490/1 | €13,271 | €14,510 | +€1,239 | +9.3% |
| Total equity and liabilities | 10/49 | €892,822 | €826,857 | -€65,966 | -7.4% |
| Equity | 10/15 | €425,291 | €415,889 | -€9,402 | -2.2% |
| Contributions | 10/11 | €415,000 | €415,000 | = | 0.0% |
| Reserves | 13 | €10,291 | €889 | -€9,402 | -91.4% |
| Distributable reserves | 133 | €10,291 | €889 | -€9,402 | -91.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €467,532 | €410,968 | -€56,564 | -12.1% |
| Amounts payable within one year | 42/48 | €467,532 | €410,962 | -€56,570 | -12.1% |
| Financial debts | 43 | €6,761 | €8,410 | +€1,648 | +24.4% |
| Credit institutions | 430/8 | €6,761 | €8,410 | +€1,648 | +24.4% |
| Trade debts | 44 | €239,533 | €237,421 | -€2,112 | -0.9% |
| Suppliers | 440/4 | €239,533 | €237,421 | -€2,112 | -0.9% |
| Taxes, remuneration and social security | 45 | €111,237 | €105,131 | -€6,106 | -5.5% |
| Taxes | 450/3 | €28,892 | €28,145 | -€747 | -2.6% |
| Remuneration and social security | 454/9 | €82,345 | €76,987 | -€5,359 | -6.5% |
| Other amounts payable | 47/48 | €110,000 | €60,000 | -€50,000 | -45.5% |
| Accrued charges and deferred income | 492/3 | - | €6 | +€6 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €566,099 | €475,418 | -€90,681 | -16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,513 | €25,057 | +€5,544 | +28.4% |
| Other operating charges | 640/8 | €5,726 | €5,892 | +€166 | +2.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €714,333 | €580,265 | -€134,069 | -18.8% |
| Operating profit (loss) | 9901 | €122,995 | €73,897 | -€49,098 | -39.9% |
| Financial income | 75/76B | €122 | €16 | -€106 | -86.8% |
| Recurring financial income | 75 | €122 | €16 | -€106 | -86.8% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €2,418 | €2,275 | -€144 | -5.9% |
| Recurring financial charges | 65 | €2,418 | €2,275 | -€144 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €120,698 | €71,638 | -€49,060 | -40.6% |
| Income taxes | 67/77 | €33,580 | €21,040 | -€12,539 | -37.3% |
| Profit (loss) for the period | 9904 | €87,119 | €50,598 | -€36,520 | -41.9% |
| Profit (loss) for the period to be appropriated | 9905 | €87,119 | €50,598 | -€36,520 | -41.9% |
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.