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
- Cash +€76,760
up €76,760 (+57.7%), from €133,081 to €209,841
mainly Net result for the year (+€85,495) and Depreciation (+€11,776)
- Tangible fixed assets -€11,776
down €11,776 (-23.6%), from €49,830 to €38,053
- Reserves +€85,495
up €85,495 (+64.2%), from €133,218 to €218,713
- Tax, wage and social debts -€19,418
down €19,418 (-42.5%), from €45,671 to €26,253
- Gross operating margin -€62,356
down €62,356 (-33.8%), from €184,347 to €121,991
- Taxes -€19,369
down €19,369 (-44.0%), from €44,018 to €24,649
- Depreciation +€4,744
up €4,744 (+67.5%), from €7,032 to €11,776
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 | €182,911 | €247,966 | +€65,055 | +35.6% |
| Fixed assets | 21/28 | €49,830 | €38,053 | -€11,776 | -23.6% |
| Tangible fixed assets | 22/27 | €49,830 | €38,053 | -€11,776 | -23.6% |
| Furniture and vehicles | 24 | €49,830 | €38,053 | -€11,776 | -23.6% |
| Current assets | 29/58 | €133,081 | €209,913 | +€76,832 | +57.7% |
| Amounts receivable within one year | 40/41 | - | €72 | +€72 | |
| Other amounts receivable | 41 | - | €72 | +€72 | |
| Cash at bank and in hand | 54/58 | €133,081 | €209,841 | +€76,760 | +57.7% |
| Total equity and liabilities | 10/49 | €182,911 | €247,966 | +€65,055 | +35.6% |
| Equity | 10/15 | €136,218 | €221,713 | +€85,495 | +62.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €133,218 | €218,713 | +€85,495 | +64.2% |
| Distributable reserves | 133 | €133,218 | €218,713 | +€85,495 | +64.2% |
| Amounts payable | 17/49 | €46,693 | €26,253 | -€20,440 | -43.8% |
| Amounts payable within one year | 42/48 | €46,693 | €26,253 | -€20,440 | -43.8% |
| Taxes, remuneration and social security | 45 | €45,671 | €26,253 | -€19,418 | -42.5% |
| Taxes | 450/3 | €45,671 | €26,253 | -€19,418 | -42.5% |
| Other amounts payable | 47/48 | €1,022 | - | -€1,022 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,032 | €11,776 | +€4,744 | +67.5% |
| Other operating charges | 640/8 | €53 | - | -€53 | |
| Gross operating margin | 9900 | €184,347 | €121,991 | -€62,356 | -33.8% |
| Operating profit (loss) | 9901 | €177,261 | €110,214 | -€67,047 | -37.8% |
| Financial charges | 65/66B | €25 | €71 | +€46 | +182.9% |
| Recurring financial charges | 65 | €25 | €71 | +€46 | +182.9% |
| Profit (loss) for the period before taxes | 9903 | €177,236 | €110,144 | -€67,092 | -37.9% |
| Income taxes | 67/77 | €44,018 | €24,649 | -€19,369 | -44.0% |
| Profit (loss) for the period | 9904 | €133,218 | €85,495 | -€47,723 | -35.8% |
| Profit (loss) for the period to be appropriated | 9905 | €133,218 | €85,495 | -€47,723 | -35.8% |
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 12 October 2026 via checked.be.