De Pieterman: what changed
Two fiscal 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.
De Pieterman
Largest movements
- Current investments -€350,000
no longer reported in 2025 (was €350,000)
- Receivables within one year -€79,921
down €79,921 (-38.0%), from €210,399 to €130,478
of which Other amounts receivable: -€77,239
- Cash -€63,857
down €63,857 (-34.1%), from €187,529 to €123,672
mainly Contributions, distributions and other (-€590,000) and Investment in fixed assets (net) (-€81,393)
- Tangible fixed assets +€62,039
up €62,039 (+41.5%), from €149,581 to €211,620
of which Land and buildings: +€63,072
- Profit (loss) carried forward -€424,852
no longer reported in 2025 (was €424,852)
- Debts after one year -€13,067
down €13,067 (-7.5%), from €174,959 to €161,893
- Tax, wage and social debts +€12,726
up €12,726 (+123.6%), from €10,294 to €23,020
of which Remuneration and social security: +€8,174
- Trade debts -€10,212
down €10,212 (-7.4%), from €137,606 to €127,394
- Gross operating margin +€28,025
up €28,025 (+12.3%), from €227,158 to €255,183
- Financial income +€18,436
up €18,436 (+147.9%), from €12,469 to €30,906
- Taxes +€12,647
up €12,647 (+49.8%), from €25,409 to €38,057
- Staff costs +€6,509
up €6,509 (+13.3%), from €48,814 to €55,323
- Depreciation +€2,648
up €2,648 (+15.9%), from €16,705 to €19,354
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 | €900,970 | €469,989 | -€430,981 | -47.8% |
| Fixed assets | 21/28 | €149,581 | €211,620 | +€62,039 | +41.5% |
| Tangible fixed assets | 22/27 | €149,581 | €211,620 | +€62,039 | +41.5% |
| Land and buildings | 22 | - | €63,072 | +€63,072 | |
| Plant, machinery and equipment | 23 | €134,346 | €136,914 | +€2,568 | +1.9% |
| Furniture and vehicles | 24 | €15,235 | €11,633 | -€3,602 | -23.6% |
| Current assets | 29/58 | €751,389 | €258,369 | -€493,020 | -65.6% |
| Stocks and contracts in progress | 3 | €3,462 | €4,219 | +€758 | +21.9% |
| Stocks | 30/36 | €3,462 | €4,219 | +€758 | +21.9% |
| Amounts receivable within one year | 40/41 | €210,399 | €130,478 | -€79,921 | -38.0% |
| Trade receivables | 40 | €3,756 | €1,074 | -€2,682 | -71.4% |
| Other amounts receivable | 41 | €206,642 | €129,404 | -€77,239 | -37.4% |
| Current investments | 50/53 | €350,000 | - | -€350,000 | |
| Cash at bank and in hand | 54/58 | €187,529 | €123,672 | -€63,857 | -34.1% |
| Total equity and liabilities | 10/49 | €900,970 | €469,989 | -€430,981 | -47.8% |
| Equity | 10/15 | €504,852 | €83,956 | -€420,896 | -83.4% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | - | €3,956 | +€3,956 | |
| Distributable reserves | 133 | - | €3,956 | +€3,956 | |
| Profit (loss) carried forward | 14 | €424,852 | - | -€424,852 | |
| Amounts payable | 17/49 | €396,118 | €386,033 | -€10,085 | -2.5% |
| Amounts payable after more than one year | 17 | €174,959 | €161,893 | -€13,067 | -7.5% |
| Financial debts | 170/4 | €174,959 | €161,893 | -€13,067 | -7.5% |
| Amounts payable within one year | 42/48 | €213,159 | €224,140 | +€10,982 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €12,904 | €13,067 | +€163 | +1.3% |
| Trade debts | 44 | €137,606 | €127,394 | -€10,212 | -7.4% |
| Suppliers | 440/4 | €137,606 | €127,394 | -€10,212 | -7.4% |
| Advances received on contracts in progress | 46 | €660 | €660 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €10,294 | €23,020 | +€12,726 | +123.6% |
| Taxes | 450/3 | €7,755 | €12,307 | +€4,552 | +58.7% |
| Remuneration and social security | 454/9 | €2,539 | €10,713 | +€8,174 | +322.0% |
| Other amounts payable | 47/48 | €51,695 | €60,000 | +€8,305 | +16.1% |
| Accrued charges and deferred income | 492/3 | €8,000 | - | -€8,000 | |
| Remuneration, social security and pensions | 62 | €48,814 | €55,323 | +€6,509 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,705 | €19,354 | +€2,648 | +15.9% |
| Other operating charges | 640/8 | €547 | €524 | -€23 | -4.1% |
| Gross operating margin | 9900 | €227,158 | €255,183 | +€28,025 | +12.3% |
| Operating profit (loss) | 9901 | €161,091 | €179,981 | +€18,891 | +11.7% |
| Financial income | 75/76B | €12,469 | €30,906 | +€18,436 | +147.9% |
| Recurring financial income | 75 | €12,469 | €30,906 | +€18,436 | +147.9% |
| Financial charges | 65/66B | €4,431 | €3,727 | -€705 | -15.9% |
| Recurring financial charges | 65 | €4,431 | €3,727 | -€705 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €169,129 | €207,161 | +€38,032 | +22.5% |
| Income taxes | 67/77 | €25,409 | €38,057 | +€12,647 | +49.8% |
| Profit (loss) for the period | 9904 | €143,720 | €169,104 | +€25,384 | +17.7% |
| Profit (loss) for the period to be appropriated | 9905 | €143,720 | €169,104 | +€25,384 | +17.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.