Dr. Bram 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.
Dr. Bram Peeters
Largest movements
- Tangible fixed assets +€301,369
up €301,369 (+69.3%), from €435,081 to €736,450
of which Land and buildings: +€304,771
- Cash +€22,921
up €22,921 (+53.9%), from €42,544 to €65,465
mainly Debts after one year (+€269,038) and Depreciation (+€73,481)
- Deferred charges and accrued income +€9,424
up €9,424 (+129%), from €7,281 to €16,705
- Debts after one year +€269,038
up €269,038 (+83.3%), from €322,788 to €591,826
- Current portion of long-term debt +€19,570
up €19,570 (+68.4%), from €28,625 to €48,195
- Reserves +€19,250
up €19,250 (+13.5%), from €142,735 to €161,984
- Trade debts +€14,394
up €14,394 (+44.2%), from €32,597 to €46,991
- Tax, wage and social debts +€12,871
new in 2025: €12,871
- Depreciation +€42,368
up €42,368 (+136%), from €31,113 to €73,481
- Gross operating margin +€27,772
up €27,772 (+26.1%), from €106,218 to €133,990
- Financial charges +€6,439
up €6,439 (+87.3%), from €7,374 to €13,813
- Taxes -€3,691
down €3,691 (-25.5%), from €14,466 to €10,774
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 | €553,664 | €895,255 | +€341,591 | +61.7% |
| Fixed assets | 21/28 | €435,331 | €736,900 | +€301,569 | +69.3% |
| Tangible fixed assets | 22/27 | €435,081 | €736,450 | +€301,369 | +69.3% |
| Land and buildings | 22 | €421,516 | €726,286 | +€304,771 | +72.3% |
| Furniture and vehicles | 24 | €13,565 | €10,163 | -€3,402 | -25.1% |
| Financial fixed assets | 28 | €250 | €450 | +€200 | +80.0% |
| Current assets | 29/58 | €118,334 | €158,356 | +€40,022 | +33.8% |
| Amounts receivable within one year | 40/41 | €53,584 | €61,260 | +€7,677 | +14.3% |
| Trade receivables | 40 | €43,464 | €54,686 | +€11,222 | +25.8% |
| Other amounts receivable | 41 | €10,119 | €6,574 | -€3,546 | -35.0% |
| Current investments | 50/53 | €14,925 | €14,925 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €42,544 | €65,465 | +€22,921 | +53.9% |
| Deferred charges and accrued income | 490/1 | €7,281 | €16,705 | +€9,424 | +129% |
| Total equity and liabilities | 10/49 | €553,664 | €895,255 | +€341,591 | +61.7% |
| Equity | 10/15 | €161,335 | €180,584 | +€19,250 | +11.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €142,735 | €161,984 | +€19,250 | +13.5% |
| Distributable reserves | 133 | €142,735 | €161,984 | +€19,250 | +13.5% |
| Amounts payable | 17/49 | €392,330 | €714,671 | +€322,341 | +82.2% |
| Amounts payable after more than one year | 17 | €322,788 | €591,826 | +€269,038 | +83.3% |
| Financial debts | 170/4 | €322,788 | €591,826 | +€269,038 | +83.3% |
| Amounts payable within one year | 42/48 | €68,923 | €120,807 | +€51,883 | +75.3% |
| Current portion of amounts payable after more than one year | 42 | €28,625 | €48,195 | +€19,570 | +68.4% |
| Financial debts | 43 | €6,090 | - | -€6,090 | |
| Credit institutions | 430/8 | €6,090 | - | -€6,090 | |
| Trade debts | 44 | €32,597 | €46,991 | +€14,394 | +44.2% |
| Suppliers | 440/4 | €32,597 | €46,991 | +€14,394 | +44.2% |
| Taxes, remuneration and social security | 45 | - | €12,871 | +€12,871 | |
| Taxes | 450/3 | - | €12,871 | +€12,871 | |
| Other amounts payable | 47/48 | €1,611 | €12,750 | +€11,139 | +691% |
| Accrued charges and deferred income | 492/3 | €618 | €2,039 | +€1,421 | +230% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,113 | €73,481 | +€42,368 | +136% |
| Other operating charges | 640/8 | €2,604 | €2,184 | -€419 | -16.1% |
| Gross operating margin | 9900 | €106,218 | €133,990 | +€27,772 | +26.1% |
| Operating profit (loss) | 9901 | €72,501 | €58,325 | -€14,177 | -19.6% |
| Financial income | 75/76B | €968 | €512 | -€456 | -47.1% |
| Recurring financial income | 75 | €968 | €512 | -€456 | -47.1% |
| Financial charges | 65/66B | €7,374 | €13,813 | +€6,439 | +87.3% |
| Recurring financial charges | 65 | €7,374 | €13,813 | +€6,439 | +87.3% |
| Profit (loss) for the period before taxes | 9903 | €66,096 | €45,024 | -€21,072 | -31.9% |
| Income taxes | 67/77 | €14,466 | €10,774 | -€3,691 | -25.5% |
| Profit (loss) for the period | 9904 | €51,630 | €34,250 | -€17,380 | -33.7% |
| Profit (loss) for the period to be appropriated | 9905 | €51,630 | €34,250 | -€17,380 | -33.7% |
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 24 October 2026 via checked.be.