Dr. Jo 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. Jo Peeters
Largest movements
- Current investments +€200,440
new in 2025: €200,440
- Cash -€69,181
down €69,181 (-54.3%), from €127,366 to €58,185
mainly Current investments (-€200,440) and Receivables within one year (-€18,909)
- Receivables within one year +€18,909
up €18,909 (+174%), from €10,889 to €29,798
of which Trade receivables: +€14,229
- Tangible fixed assets -€11,068
down €11,068 (-31.1%), from €35,563 to €24,495
of which Furniture and vehicles: -€8,463
- Intangible fixed assets -€5,000
down €5,000 (-25.0%), from €20,000 to €15,000
- Reserves +€106,331
up €106,331 (+111%), from €96,036 to €202,367
- Tax, wage and social debts +€28,077
up €28,077 (+383%), from €7,334 to €35,411
of which Taxes: +€26,532
- Accrued charges and deferred income +€5,664
new in 2025: €5,664
- Gross operating margin +€36,680
up €36,680 (+21.2%), from €172,866 to €209,547
- Staff costs +€13,076
up €13,076 (+119%), from €11,029 to €24,105
- Financial charges +€6,937
new in 2025: €6,937
- Taxes +€5,466
up €5,466 (+11.9%), from €46,067 to €51,532
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 | €194,780 | €330,725 | +€135,945 | +69.8% |
| Fixed assets | 21/28 | €55,563 | €39,495 | -€16,068 | -28.9% |
| Intangible fixed assets | 21 | €20,000 | €15,000 | -€5,000 | -25.0% |
| Tangible fixed assets | 22/27 | €35,563 | €24,495 | -€11,068 | -31.1% |
| Plant, machinery and equipment | 23 | €1,426 | €2,563 | +€1,138 | +79.8% |
| Furniture and vehicles | 24 | €19,170 | €10,707 | -€8,463 | -44.1% |
| Other tangible fixed assets | 26 | €14,967 | €11,225 | -€3,742 | -25.0% |
| Current assets | 29/58 | €139,217 | €291,230 | +€152,013 | +109% |
| Amounts receivable within one year | 40/41 | €10,889 | €29,798 | +€18,909 | +174% |
| Trade receivables | 40 | €10,889 | €25,117 | +€14,229 | +131% |
| Other amounts receivable | 41 | - | €4,680 | +€4,680 | |
| Current investments | 50/53 | - | €200,440 | +€200,440 | |
| Cash at bank and in hand | 54/58 | €127,366 | €58,185 | -€69,181 | -54.3% |
| Deferred charges and accrued income | 490/1 | €962 | €2,807 | +€1,845 | +192% |
| Total equity and liabilities | 10/49 | €194,780 | €330,725 | +€135,945 | +69.8% |
| Equity | 10/15 | €99,036 | €205,367 | +€106,331 | +107% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €96,036 | €202,367 | +€106,331 | +111% |
| Distributable reserves | 133 | €96,036 | €202,367 | +€106,331 | +111% |
| Amounts payable | 17/49 | €95,744 | €125,358 | +€29,614 | +30.9% |
| Amounts payable after more than one year | 17 | €80,000 | €80,000 | = | 0.0% |
| Financial debts | 170/4 | €80,000 | €80,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €15,744 | €39,694 | +€23,950 | +152% |
| Trade debts | 44 | €5,393 | €4,284 | -€1,109 | -20.6% |
| Suppliers | 440/4 | €5,393 | €4,284 | -€1,109 | -20.6% |
| Taxes, remuneration and social security | 45 | €7,334 | €35,411 | +€28,077 | +383% |
| Taxes | 450/3 | €6,067 | €32,599 | +€26,532 | +437% |
| Remuneration and social security | 454/9 | €1,267 | €2,812 | +€1,545 | +122% |
| Other amounts payable | 47/48 | €3,018 | - | -€3,018 | |
| Accrued charges and deferred income | 492/3 | - | €5,664 | +€5,664 | |
| Remuneration, social security and pensions | 62 | €11,029 | €24,105 | +€13,076 | +119% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,114 | €19,060 | +€946 | +5.2% |
| Other operating charges | 640/8 | €1,621 | €1,724 | +€103 | +6.3% |
| Gross operating margin | 9900 | €172,866 | €209,547 | +€36,680 | +21.2% |
| Operating profit (loss) | 9901 | €142,102 | €164,658 | +€22,556 | +15.9% |
| Financial income | 75/76B | - | €142 | +€142 | |
| Recurring financial income | 75 | - | €142 | +€142 | |
| Financial charges | 65/66B | - | €6,937 | +€6,937 | |
| Recurring financial charges | 65 | - | €6,937 | +€6,937 | |
| Profit (loss) for the period before taxes | 9903 | €142,102 | €157,864 | +€15,761 | +11.1% |
| Income taxes | 67/77 | €46,067 | €51,532 | +€5,466 | +11.9% |
| Profit (loss) for the period | 9904 | €96,036 | €106,331 | +€10,295 | +10.7% |
| Profit (loss) for the period to be appropriated | 9905 | €96,036 | €106,331 | +€10,295 | +10.7% |
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 19 October 2026 via checked.be.