Dr. Dirk 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. Dirk Peeters
Largest movements
- Receivables within one year -€25,192
down €25,192 (-24.3%), from €103,880 to €78,688
- Cash +€24,464
up €24,464 (+39.1%), from €62,607 to €87,071
mainly Net result for the year (+€49,831) and Depreciation (+€26,862)
- Tangible fixed assets -€14,236
down €14,236 (-7.8%), from €181,935 to €167,699
of which Land and buildings: -€13,815
- Debts after one year -€22,897
down €22,897 (-14.2%), from €160,984 to €138,087
- Reserves +€15,740
up €15,740 (+7.9%), from €198,954 to €214,694
- Trade debts -€5,651
down €5,651 (-44.1%), from €12,809 to €7,158
- Gross operating margin +€12,222
up €12,222 (+8.1%), from €150,710 to €162,931
- Staff costs +€3,349
up €3,349 (+6.1%), from €54,650 to €57,999
- Financial income -€2,121
down €2,121 (-32.4%), from €6,539 to €4,418
- Taxes +€1,677
up €1,677 (+9.6%), from €17,523 to €19,200
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 | €431,920 | €420,286 | -€11,634 | -2.7% |
| Fixed assets | 21/28 | €181,935 | €167,699 | -€14,236 | -7.8% |
| Tangible fixed assets | 22/27 | €181,935 | €167,699 | -€14,236 | -7.8% |
| Land and buildings | 22 | €175,063 | €161,249 | -€13,815 | -7.9% |
| Furniture and vehicles | 24 | €6,871 | €6,450 | -€421 | -6.1% |
| Current assets | 29/58 | €249,986 | €252,587 | +€2,602 | +1.0% |
| Amounts receivable after more than one year | 29 | €16,933 | €16,158 | -€774 | -4.6% |
| Other amounts receivable | 291 | €16,933 | €16,158 | -€774 | -4.6% |
| Amounts receivable within one year | 40/41 | €103,880 | €78,688 | -€25,192 | -24.3% |
| Other amounts receivable | 41 | €103,880 | €78,688 | -€25,192 | -24.3% |
| Cash at bank and in hand | 54/58 | €62,607 | €87,071 | +€24,464 | +39.1% |
| Deferred charges and accrued income | 490/1 | €66,565 | €70,670 | +€4,105 | +6.2% |
| Total equity and liabilities | 10/49 | €431,920 | €420,286 | -€11,634 | -2.7% |
| Equity | 10/15 | €221,151 | €236,891 | +€15,740 | +7.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €198,954 | €214,694 | +€15,740 | +7.9% |
| Distributable reserves | 133 | €198,954 | €214,694 | +€15,740 | +7.9% |
| Profit (loss) carried forward | 14 | €9,797 | €9,797 | = | 0.0% |
| Amounts payable | 17/49 | €210,769 | €183,395 | -€27,374 | -13.0% |
| Amounts payable after more than one year | 17 | €160,984 | €138,087 | -€22,897 | -14.2% |
| Financial debts | 170/4 | €160,984 | €138,087 | -€22,897 | -14.2% |
| Amounts payable within one year | 42/48 | €49,785 | €45,308 | -€4,477 | -9.0% |
| Current portion of amounts payable after more than one year | 42 | €22,037 | €22,897 | +€860 | +3.9% |
| Trade debts | 44 | €12,809 | €7,158 | -€5,651 | -44.1% |
| Suppliers | 440/4 | €12,809 | €7,158 | -€5,651 | -44.1% |
| Taxes, remuneration and social security | 45 | €11,939 | €15,252 | +€3,313 | +27.8% |
| Taxes | 450/3 | €4,435 | €4,983 | +€548 | +12.3% |
| Remuneration and social security | 454/9 | €7,503 | €10,269 | +€2,766 | +36.9% |
| Other amounts payable | 47/48 | €3,000 | €0 | -€3,000 | -100% |
| Remuneration, social security and pensions | 62 | €54,650 | €57,999 | +€3,349 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,515 | €26,862 | +€347 | +1.3% |
| Other operating charges | 640/8 | €4,455 | €4,534 | +€79 | +1.8% |
| Gross operating margin | 9900 | €150,710 | €162,931 | +€12,222 | +8.1% |
| Operating profit (loss) | 9901 | €65,090 | €73,537 | +€8,447 | +13.0% |
| Financial income | 75/76B | €6,539 | €4,418 | -€2,121 | -32.4% |
| Recurring financial income | 75 | €6,539 | €4,418 | -€2,121 | -32.4% |
| Financial charges | 65/66B | €9,751 | €8,924 | -€827 | -8.5% |
| Recurring financial charges | 65 | €9,751 | €8,924 | -€827 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €61,878 | €69,031 | +€7,153 | +11.6% |
| Income taxes | 67/77 | €17,523 | €19,200 | +€1,677 | +9.6% |
| Profit (loss) for the period | 9904 | €44,355 | €49,831 | +€5,476 | +12.3% |
| Profit (loss) for the period to be appropriated | 9905 | €44,355 | €49,831 | +€5,476 | +12.3% |
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.