Davy Peetermans: 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.
Davy Peetermans
Largest movements
- Stocks and contracts -€14,800
down €14,800 (-89.2%), from €16,600 to €1,800
- Tangible fixed assets -€6,332
down €6,332 (-5.0%), from €127,522 to €121,190
of which Land and buildings: -€5,115
- Receivables within one year -€4,624
down €4,624 (-11.8%), from €39,232 to €34,608
of which Trade receivables: -€5,951
- Cash +€3,220
up €3,220 (+24.9%), from €12,917 to €16,137
mainly Stocks and contracts (+€14,800) and Net result for the year (+€11,107)
- Advances received -€10,975
no longer reported in 2025 (was €10,975)
- Trade debts -€10,391
down €10,391 (-36.8%), from €28,249 to €17,857
- Reserves +€9,507
up €9,507 (+15.8%), from €60,237 to €69,744
- Debts after one year -€7,965
down €7,965 (-9.8%), from €81,399 to €73,434
- Current portion of long-term debt -€2,855
down €2,855 (-39.4%), from €7,250 to €4,394
- Depreciation -€3,061
down €3,061 (-25.7%), from €11,890 to €8,829
- Other operating charges +€1,264
up €1,264 (+144.0%), from €878 to €2,142
- Taxes +€1,194
up €1,194 (+37.6%), from €3,172 to €4,365
- Gross operating margin +€978
up €978 (+3.2%), from €30,623 to €31,601
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.
Cash bridge derived
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 | €197,601 | €174,468 | -€23,133 | -11.7% |
| Fixed assets | 21/28 | €127,522 | €121,190 | -€6,332 | -5.0% |
| Tangible fixed assets | 22/27 | €127,522 | €121,190 | -€6,332 | -5.0% |
| Land and buildings | 22 | €118,576 | €113,461 | -€5,115 | -4.3% |
| Plant, machinery and equipment | 23 | €3,696 | €6,917 | +€3,221 | +87.2% |
| Furniture and vehicles | 24 | €759 | €813 | +€53 | +7.0% |
| Leasing and similar rights | 25 | €4,491 | - | -€4,491 | |
| Current assets | 29/58 | €70,079 | €53,278 | -€16,801 | -24.0% |
| Stocks and contracts in progress | 3 | €16,600 | €1,800 | -€14,800 | -89.2% |
| Stocks | 30/36 | €16,600 | €1,800 | -€14,800 | -89.2% |
| Amounts receivable within one year | 40/41 | €39,232 | €34,608 | -€4,624 | -11.8% |
| Trade receivables | 40 | €35,067 | €29,116 | -€5,951 | -17.0% |
| Other amounts receivable | 41 | €4,165 | €5,492 | +€1,327 | +31.9% |
| Cash at bank and in hand | 54/58 | €12,917 | €16,137 | +€3,220 | +24.9% |
| Deferred charges and accrued income | 490/1 | €1,330 | €733 | -€597 | -44.9% |
| Total equity and liabilities | 10/49 | €197,601 | €174,468 | -€23,133 | -11.7% |
| Equity | 10/15 | €66,737 | €76,244 | +€9,507 | +14.2% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €60,237 | €69,744 | +€9,507 | +15.8% |
| Distributable reserves | 133 | €60,237 | €69,744 | +€9,507 | +15.8% |
| Amounts payable | 17/49 | €130,864 | €98,225 | -€32,640 | -24.9% |
| Amounts payable after more than one year | 17 | €81,399 | €73,434 | -€7,965 | -9.8% |
| Financial debts | 170/4 | €81,399 | €73,434 | -€7,965 | -9.8% |
| Amounts payable within one year | 42/48 | €49,465 | €24,790 | -€24,674 | -49.9% |
| Current portion of amounts payable after more than one year | 42 | €7,250 | €4,394 | -€2,855 | -39.4% |
| Trade debts | 44 | €28,249 | €17,857 | -€10,391 | -36.8% |
| Suppliers | 440/4 | €28,249 | €17,857 | -€10,391 | -36.8% |
| Advances received on contracts in progress | 46 | €10,975 | - | -€10,975 | |
| Taxes, remuneration and social security | 45 | - | €939 | +€939 | |
| Taxes | 450/3 | - | €939 | +€939 | |
| Other amounts payable | 47/48 | €2,991 | €1,600 | -€1,391 | -46.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,890 | €8,829 | -€3,061 | -25.7% |
| Other operating charges | 640/8 | €878 | €2,142 | +€1,264 | +144.0% |
| Gross operating margin | 9900 | €30,623 | €31,601 | +€978 | +3.2% |
| Operating profit (loss) | 9901 | €17,855 | €20,630 | +€2,775 | +15.5% |
| Financial income | 75/76B | €0 | €3 | +€3 | +10333.3% |
| Recurring financial income | 75 | €0 | €3 | +€3 | +10333.3% |
| Financial charges | 65/66B | €5,392 | €5,160 | -€232 | -4.3% |
| Recurring financial charges | 65 | €5,392 | €5,160 | -€232 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €12,462 | €15,472 | +€3,010 | +24.2% |
| Income taxes | 67/77 | €3,172 | €4,365 | +€1,194 | +37.6% |
| Profit (loss) for the period | 9904 | €9,291 | €11,107 | +€1,816 | +19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €9,291 | €11,107 | +€1,816 | +19.5% |
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 9 October 2026 via checked.be.