DR. ERIK PEETERS: what changed
DR. ERIK PEETERS
Largest movements
- Cash -€117,987
down €117,987 (-80.4%), from €146,752 to €28,765
mainly Contributions, distributions and other (-€56,000) and Receivables within one year (-€36,353)
- Receivables within one year +€36,353
up €36,353 (+150%), from €24,246 to €60,598
of which Trade receivables: +€31,000
- Current investments +€29,999
up €29,999 (+9.3%), from €323,116 to €353,115
- Reserves -€49,884
down €49,884 (-9.6%), from €518,488 to €468,604
- Financial income -€78,139
down €78,139 (-92.7%), from €84,288 to €6,149
- Depreciation -€7,014
down €7,014 (-47.7%), from €14,696 to €7,682
- Gross operating margin +€5,854
up €5,854 (+113%), from €5,195 to €11,048
- Taxes -€4,925
down €4,925 (-74.1%), from €6,650 to €1,725
- Other operating charges +€234
up €234 (+17.5%), from €1,335 to €1,569
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €521,814 | €470,286 | -€51,527 | -9.9% |
| Fixed assets | 21/28 | €18,880 | €19,154 | +€274 | +1.5% |
| Tangible fixed assets | 22/27 | €11,444 | €11,718 | +€274 | +2.4% |
| Plant, machinery and equipment | 23 | €7,734 | €6,393 | -€1,341 | -17.3% |
| Furniture and vehicles | 24 | €3,710 | €2,374 | -€1,336 | -36.0% |
| Other tangible fixed assets | 26 | - | €2,950 | +€2,950 | |
| Financial fixed assets | 28 | €7,437 | €7,437 | = | 0.0% |
| Current assets | 29/58 | €502,933 | €451,132 | -€51,801 | -10.3% |
| Amounts receivable after more than one year | 29 | €3,000 | €3,000 | = | 0.0% |
| Other amounts receivable | 291 | €3,000 | €3,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €24,246 | €60,598 | +€36,353 | +150% |
| Trade receivables | 40 | €2,759 | €33,759 | +€31,000 | +1,123% |
| Other amounts receivable | 41 | €21,486 | €26,839 | +€5,353 | +24.9% |
| Current investments | 50/53 | €323,116 | €353,115 | +€29,999 | +9.3% |
| Cash at bank and in hand | 54/58 | €146,752 | €28,765 | -€117,987 | -80.4% |
| Deferred charges and accrued income | 490/1 | €5,820 | €5,653 | -€166 | -2.9% |
| Total equity and liabilities | 10/49 | €521,814 | €470,286 | -€51,527 | -9.9% |
| Equity | 10/15 | €518,488 | €468,604 | -€49,884 | -9.6% |
| Reserves | 13 | €518,488 | €468,604 | -€49,884 | -9.6% |
| Distributable reserves | 133 | €518,488 | €468,604 | -€49,884 | -9.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €3,326 | €1,683 | -€1,643 | -49.4% |
| Amounts payable within one year | 42/48 | €3,326 | €1,683 | -€1,643 | -49.4% |
| Trade debts | 44 | €1,096 | €33 | -€1,063 | -97.0% |
| Suppliers | 440/4 | €1,096 | €33 | -€1,063 | -97.0% |
| Taxes, remuneration and social security | 45 | €1,650 | €1,650 | = | 0.0% |
| Taxes | 450/3 | €1,650 | €1,650 | = | 0.0% |
| Other amounts payable | 47/48 | €580 | €0 | -€580 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,696 | €7,682 | -€7,014 | -47.7% |
| Other operating charges | 640/8 | €1,335 | €1,569 | +€234 | +17.5% |
| Gross operating margin | 9900 | €5,195 | €11,048 | +€5,854 | +113% |
| Operating profit (loss) | 9901 | -€10,837 | €1,797 | +€12,634 | |
| Financial income | 75/76B | €84,288 | €6,149 | -€78,139 | -92.7% |
| Recurring financial income | 75 | €84,288 | €6,149 | -€78,139 | -92.7% |
| Financial charges | 65/66B | €162 | €105 | -€57 | -35.1% |
| Recurring financial charges | 65 | €162 | €105 | -€57 | -35.1% |
| Profit (loss) for the period before taxes | 9903 | €73,290 | €7,841 | -€65,449 | -89.3% |
| Income taxes | 67/77 | €6,650 | €1,725 | -€4,925 | -74.1% |
| Profit (loss) for the period | 9904 | €66,640 | €6,116 | -€60,524 | -90.8% |
| Profit (loss) for the period to be appropriated | 9905 | €66,640 | €6,116 | -€60,524 | -90.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.