Caroline 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.
Caroline Peeters
Largest movements
- Current investments +€175,001
new in 2025: €175,001
- Cash -€108,170
down €108,170 (-56.1%), from €192,816 to €84,646
mainly Current investments (-€175,001) and Investment in fixed assets (net) (-€18,649)
- Tangible fixed assets -€14,752
down €14,752 (-12.7%), from €116,611 to €101,860
of which Plant, machinery and equipment: -€9,010
- Stocks and contracts +€12,218
up €12,218 (+21.0%), from €58,178 to €70,396
- Reserves +€57,130
up €57,130 (+22.2%), from €257,324 to €314,455
- Current portion of long-term debt -€15,231
no longer reported in 2025 (was €15,231)
- Trade debts +€9,535
up €9,535 (+167%), from €5,710 to €15,245
- Tax, wage and social debts +€9,284
up €9,284 (+81.2%), from €11,439 to €20,723
of which Taxes: +€6,694
- Other debts +€6,574
up €6,574 (+10.3%), from €64,134 to €70,709
- Gross operating margin +€21,493
up €21,493 (+18.2%), from €118,272 to €139,765
- Taxes +€3,280
up €3,280 (+28.8%), from €11,375 to €14,656
- Depreciation +€3,077
up €3,077 (+10.7%), from €28,723 to €31,801
- Staff costs +€2,572
up €2,572 (+7.9%), from €32,395 to €34,967
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 | €375,472 | €441,495 | +€66,023 | +17.6% |
| Fixed assets | 21/28 | €116,612 | €103,461 | -€13,152 | -11.3% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €116,611 | €101,860 | -€14,752 | -12.7% |
| Plant, machinery and equipment | 23 | €47,244 | €38,235 | -€9,010 | -19.1% |
| Furniture and vehicles | 24 | €4,094 | €5,038 | +€944 | +23.1% |
| Other tangible fixed assets | 26 | €65,273 | €58,587 | -€6,686 | -10.2% |
| Financial fixed assets | 28 | - | €1,600 | +€1,600 | |
| Current assets | 29/58 | €258,860 | €338,034 | +€79,175 | +30.6% |
| Stocks and contracts in progress | 3 | €58,178 | €70,396 | +€12,218 | +21.0% |
| Stocks | 30/36 | €58,178 | €70,396 | +€12,218 | +21.0% |
| Amounts receivable within one year | 40/41 | €6,093 | €5,859 | -€234 | -3.8% |
| Trade receivables | 40 | €4,775 | €5,762 | +€987 | +20.7% |
| Other amounts receivable | 41 | €1,318 | €97 | -€1,221 | -92.6% |
| Current investments | 50/53 | - | €175,001 | +€175,001 | |
| Cash at bank and in hand | 54/58 | €192,816 | €84,646 | -€108,170 | -56.1% |
| Deferred charges and accrued income | 490/1 | €1,772 | €2,133 | +€360 | +20.3% |
| Total equity and liabilities | 10/49 | €375,472 | €441,495 | +€66,023 | +17.6% |
| Equity | 10/15 | €277,324 | €334,455 | +€57,130 | +20.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €257,324 | €314,455 | +€57,130 | +22.2% |
| Distributable reserves | 133 | €257,324 | €314,455 | +€57,130 | +22.2% |
| Amounts payable | 17/49 | €98,147 | €107,040 | +€8,893 | +9.1% |
| Amounts payable within one year | 42/48 | €98,147 | €107,040 | +€8,893 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €15,231 | - | -€15,231 | |
| Financial debts | 43 | €1,634 | €364 | -€1,270 | -77.7% |
| Credit institutions | 430/8 | €1,634 | €364 | -€1,270 | -77.7% |
| Trade debts | 44 | €5,710 | €15,245 | +€9,535 | +167% |
| Suppliers | 440/4 | €5,710 | €15,245 | +€9,535 | +167% |
| Taxes, remuneration and social security | 45 | €11,439 | €20,723 | +€9,284 | +81.2% |
| Taxes | 450/3 | €9,381 | €16,075 | +€6,694 | +71.4% |
| Remuneration and social security | 454/9 | €2,058 | €4,648 | +€2,590 | +126% |
| Other amounts payable | 47/48 | €64,134 | €70,709 | +€6,574 | +10.3% |
| Remuneration, social security and pensions | 62 | €32,395 | €34,967 | +€2,572 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,723 | €31,801 | +€3,077 | +10.7% |
| Other operating charges | 640/8 | €976 | €860 | -€116 | -11.9% |
| Gross operating margin | 9900 | €118,272 | €139,765 | +€21,493 | +18.2% |
| Operating profit (loss) | 9901 | €56,178 | €72,137 | +€15,959 | +28.4% |
| Financial income | 75/76B | €974 | €59 | -€916 | -94.0% |
| Recurring financial income | 75 | €974 | €59 | -€916 | -94.0% |
| Financial charges | 65/66B | €692 | €410 | -€282 | -40.8% |
| Recurring financial charges | 65 | €692 | €410 | -€282 | -40.8% |
| Profit (loss) for the period before taxes | 9903 | €56,460 | €71,786 | +€15,326 | +27.1% |
| Income taxes | 67/77 | €11,375 | €14,656 | +€3,280 | +28.8% |
| Profit (loss) for the period | 9904 | €45,085 | €57,130 | +€12,045 | +26.7% |
| Profit (loss) for the period to be appropriated | 9905 | €45,085 | €57,130 | +€12,045 | +26.7% |
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 1 November 2026 via checked.be.