Dr. Birgit Peenen: 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. Birgit Peenen
Largest movements
- Intangible fixed assets -€36,400
down €36,400 (-30.8%), from €118,300 to €81,900
- Tangible fixed assets +€27,715
up €27,715 (+18.5%), from €149,433 to €177,147
of which Furniture and vehicles: +€42,587
- Cash +€16,886
up €16,886 (+8.0%), from €212,116 to €229,002
mainly Net result for the year (+€65,995) and Depreciation (+€59,597)
- Reserves +€26,987
up €26,987 (+8.0%), from €338,514 to €365,501
of which Distributable reserves: +€26,987
- Debts after one year -€20,783
down €20,783 (-41.0%), from €50,680 to €29,897
- Tax, wage and social debts +€6,709
up €6,709 (+59.4%), from €11,286 to €17,995
of which Remuneration and social security: +€6,709
- Staff costs +€28,441
up €28,441 (+64.1%), from €44,343 to €72,784
- Gross operating margin +€21,163
up €21,163 (+10.1%), from €209,505 to €230,667
- Depreciation +€5,195
up €5,195 (+9.5%), from €54,402 to €59,597
- Taxes -€4,312
down €4,312 (-14.0%), from €30,856 to €26,543
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 | €493,380 | €505,585 | +€12,205 | +2.5% |
| Fixed assets | 21/28 | €267,733 | €259,047 | -€8,686 | -3.2% |
| Intangible fixed assets | 21 | €118,300 | €81,900 | -€36,400 | -30.8% |
| Tangible fixed assets | 22/27 | €149,433 | €177,147 | +€27,715 | +18.5% |
| Land and buildings | 22 | €145,616 | €129,705 | -€15,911 | -10.9% |
| Plant, machinery and equipment | 23 | €891 | €1,930 | +€1,039 | +117% |
| Furniture and vehicles | 24 | €2,926 | €45,512 | +€42,587 | +1,456% |
| Current assets | 29/58 | €225,647 | €246,537 | +€20,890 | +9.3% |
| Amounts receivable within one year | 40/41 | - | €3,657 | +€3,657 | |
| Trade receivables | 40 | - | €200 | +€200 | |
| Other amounts receivable | 41 | - | €3,457 | +€3,457 | |
| Cash at bank and in hand | 54/58 | €212,116 | €229,002 | +€16,886 | +8.0% |
| Deferred charges and accrued income | 490/1 | €13,531 | €13,879 | +€348 | +2.6% |
| Total equity and liabilities | 10/49 | €493,380 | €505,585 | +€12,205 | +2.5% |
| Equity | 10/15 | €358,514 | €385,501 | +€26,987 | +7.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €338,514 | €365,501 | +€26,987 | +8.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €336,514 | €363,501 | +€26,987 | +8.0% |
| Amounts payable | 17/49 | €134,866 | €120,083 | -€14,783 | -11.0% |
| Amounts payable after more than one year | 17 | €50,680 | €29,897 | -€20,783 | -41.0% |
| Financial debts | 170/4 | €50,680 | €29,897 | -€20,783 | -41.0% |
| Amounts payable within one year | 42/48 | €81,598 | €88,797 | +€7,199 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €26,354 | €27,170 | +€816 | +3.1% |
| Trade debts | 44 | €7,529 | €10,643 | +€3,113 | +41.3% |
| Suppliers | 440/4 | €7,529 | €10,643 | +€3,113 | +41.3% |
| Taxes, remuneration and social security | 45 | €11,286 | €17,995 | +€6,709 | +59.4% |
| Taxes | 450/3 | €5,856 | €5,856 | = | 0.0% |
| Remuneration and social security | 454/9 | €5,430 | €12,140 | +€6,709 | +124% |
| Other amounts payable | 47/48 | €36,429 | €32,989 | -€3,440 | -9.4% |
| Accrued charges and deferred income | 492/3 | €2,588 | €1,389 | -€1,199 | -46.3% |
| Remuneration, social security and pensions | 62 | €44,343 | €72,784 | +€28,441 | +64.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,402 | €59,597 | +€5,195 | +9.5% |
| Other operating charges | 640/8 | €1,096 | €1,127 | +€31 | +2.8% |
| Gross operating margin | 9900 | €209,505 | €230,667 | +€21,163 | +10.1% |
| Operating profit (loss) | 9901 | €109,664 | €97,160 | -€12,504 | -11.4% |
| Financial income | 75/76B | €2,334 | €652 | -€1,682 | -72.1% |
| Recurring financial income | 75 | €2,334 | €652 | -€1,682 | -72.1% |
| Financial charges | 65/66B | €5,115 | €5,273 | +€158 | +3.1% |
| Recurring financial charges | 65 | €5,115 | €5,273 | +€158 | +3.1% |
| Profit (loss) for the period before taxes | 9903 | €106,884 | €92,538 | -€14,345 | -13.4% |
| Income taxes | 67/77 | €30,856 | €26,543 | -€4,312 | -14.0% |
| Profit (loss) for the period | 9904 | €76,028 | €65,995 | -€10,033 | -13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €76,028 | €65,995 | -€10,033 | -13.2% |
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 17 October 2026 via checked.be.