Dr. Ann Peeraer: 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.
Dr. Ann Peeraer
Largest movements
- Current investments +€151,467
new in 2025: €151,467
- Cash -€146,864
down €146,864 (-73.5%), from €199,891 to €53,027
mainly Current investments (-€151,467) and Investment in fixed assets (net) (-€111,324)
- Tangible fixed assets +€61,784
up €61,784 (+14.8%), from €418,636 to €480,420
of which Other tangible fixed assets: +€93,920
- Receivables within one year +€22,210
up €22,210 (+21.5%), from €103,308 to €125,518
of which Trade receivables: +€20,753
- Reserves +€102,295
new in 2025: €102,295
- Debts after one year -€92,035
down €92,035 (-14.5%), from €633,657 to €541,622
- Profit (loss) carried forward +€76,719
no longer reported in 2025 (was -€76,719)
- Depreciation -€86,328
down €86,328 (-63.5%), from €135,869 to €49,541
- Gross operating margin +€64,557
up €64,557 (+22.9%), from €281,786 to €346,343
- Taxes +€53,403
up €53,403 (+38,276%), from €140 to €53,543
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 | €723,270 | €816,667 | +€93,397 | +12.9% |
| Fixed assets | 21/28 | €419,671 | €481,455 | +€61,784 | +14.7% |
| Tangible fixed assets | 22/27 | €418,636 | €480,420 | +€61,784 | +14.8% |
| Land and buildings | 22 | €327,598 | €305,273 | -€22,324 | -6.8% |
| Plant, machinery and equipment | 23 | €902 | €4,427 | +€3,525 | +391% |
| Furniture and vehicles | 24 | €79,386 | €66,050 | -€13,337 | -16.8% |
| Other tangible fixed assets | 26 | €10,750 | €104,670 | +€93,920 | +874% |
| Financial fixed assets | 28 | €1,035 | €1,035 | = | 0.0% |
| Current assets | 29/58 | €303,599 | €335,212 | +€31,613 | +10.4% |
| Amounts receivable within one year | 40/41 | €103,308 | €125,518 | +€22,210 | +21.5% |
| Trade receivables | 40 | €99,000 | €119,753 | +€20,753 | +21.0% |
| Other amounts receivable | 41 | €4,308 | €5,765 | +€1,457 | +33.8% |
| Current investments | 50/53 | - | €151,467 | +€151,467 | |
| Cash at bank and in hand | 54/58 | €199,891 | €53,027 | -€146,864 | -73.5% |
| Deferred charges and accrued income | 490/1 | €400 | €5,200 | +€4,800 | +1,200% |
| Total equity and liabilities | 10/49 | €723,270 | €816,667 | +€93,397 | +12.9% |
| Equity | 10/15 | -€58,119 | €120,895 | +€179,014 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €102,295 | +€102,295 | |
| Distributable reserves | 133 | - | €102,295 | +€102,295 | |
| Profit (loss) carried forward | 14 | -€76,719 | - | +€76,719 | |
| Amounts payable | 17/49 | €781,389 | €695,772 | -€85,617 | -11.0% |
| Amounts payable after more than one year | 17 | €633,657 | €541,622 | -€92,035 | -14.5% |
| Financial debts | 170/4 | €633,657 | €541,622 | -€92,035 | -14.5% |
| Amounts payable within one year | 42/48 | €147,732 | €154,150 | +€6,418 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €90,404 | €92,035 | +€1,631 | +1.8% |
| Trade debts | 44 | €6,381 | €5,754 | -€627 | -9.8% |
| Suppliers | 440/4 | €6,381 | €5,754 | -€627 | -9.8% |
| Taxes, remuneration and social security | 45 | €271 | €140 | -€132 | -48.5% |
| Taxes | 450/3 | €271 | €140 | -€132 | -48.5% |
| Other amounts payable | 47/48 | €50,676 | €56,221 | +€5,546 | +10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,869 | €49,541 | -€86,328 | -63.5% |
| Other operating charges | 640/8 | €4,671 | €3,061 | -€1,610 | -34.5% |
| Gross operating margin | 9900 | €281,786 | €346,343 | +€64,557 | +22.9% |
| Operating profit (loss) | 9901 | €141,246 | €293,741 | +€152,495 | +108% |
| Financial income | 75/76B | - | €1,469 | +€1,469 | |
| Recurring financial income | 75 | - | €1,469 | +€1,469 | |
| Financial charges | 65/66B | €14,485 | €12,653 | -€1,832 | -12.6% |
| Recurring financial charges | 65 | €14,485 | €12,653 | -€1,832 | -12.6% |
| Profit (loss) for the period before taxes | 9903 | €126,761 | €282,557 | +€155,796 | +123% |
| Income taxes | 67/77 | €140 | €53,543 | +€53,403 | +38,276% |
| Profit (loss) for the period | 9904 | €126,621 | €229,014 | +€102,393 | +80.9% |
| Profit (loss) for the period to be appropriated | 9905 | €126,621 | €229,014 | +€102,393 | +80.9% |
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 26 October 2026 via checked.be.