DR. P. PEENE: 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. P. PEENE
Largest movements
- Receivables within one year +€159,899
up €159,899 (+57.9%), from €276,337 to €436,236
of which Other amounts receivable: +€146,964
- Current investments +€141,058
up €141,058 (+22.2%), from €634,200 to €775,258
- Cash +€113,489
up €113,489 (+40.1%), from €282,687 to €396,176
mainly Net result for the year (+€382,894) and Other debts (+€111,729)
- Tangible fixed assets -€29,502
down €29,502 (-27.2%), from €108,507 to €79,005
of which Furniture and vehicles: -€17,015
- Reserves +€265,285
up €265,285 (+20.5%), from €1.3m to €1.6m
- Other debts +€111,729
new in 2025: €111,729
- Gross operating margin +€75,307
up €75,307 (+15.2%), from €496,104 to €571,411
- Taxes +€31,629
up €31,629 (+20.8%), from €152,357 to €183,986
- Financial income +€12,633
up €12,633 (+58.7%), from €21,521 to €34,154
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 | €1,324,882 | €1,710,038 | +€385,156 | +29.1% |
| Fixed assets | 21/28 | €108,507 | €79,005 | -€29,502 | -27.2% |
| Tangible fixed assets | 22/27 | €108,507 | €79,005 | -€29,502 | -27.2% |
| Land and buildings | 22 | €61,681 | €51,394 | -€10,287 | -16.7% |
| Plant, machinery and equipment | 23 | €7,886 | €5,686 | -€2,200 | -27.9% |
| Furniture and vehicles | 24 | €38,940 | €21,924 | -€17,015 | -43.7% |
| Current assets | 29/58 | €1,216,375 | €1,631,033 | +€414,658 | +34.1% |
| Amounts receivable within one year | 40/41 | €276,337 | €436,236 | +€159,899 | +57.9% |
| Trade receivables | 40 | €166,345 | €179,281 | +€12,936 | +7.8% |
| Other amounts receivable | 41 | €109,992 | €256,956 | +€146,964 | +134% |
| Current investments | 50/53 | €634,200 | €775,258 | +€141,058 | +22.2% |
| Cash at bank and in hand | 54/58 | €282,687 | €396,176 | +€113,489 | +40.1% |
| Deferred charges and accrued income | 490/1 | €23,152 | €23,363 | +€211 | +0.9% |
| Total equity and liabilities | 10/49 | €1,324,882 | €1,710,038 | +€385,156 | +29.1% |
| Equity | 10/15 | €1,314,493 | €1,579,778 | +€265,285 | +20.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,295,893 | €1,561,178 | +€265,285 | +20.5% |
| Distributable reserves | 133 | €1,295,893 | €1,561,178 | +€265,285 | +20.5% |
| Amounts payable | 17/49 | €10,389 | €130,259 | +€119,871 | +1,154% |
| Amounts payable within one year | 42/48 | €10,389 | €130,259 | +€119,871 | +1,154% |
| Trade debts | 44 | €1,420 | €650 | -€770 | -54.2% |
| Suppliers | 440/4 | €1,420 | €650 | -€770 | -54.2% |
| Taxes, remuneration and social security | 45 | €8,968 | €17,880 | +€8,912 | +99.4% |
| Taxes | 450/3 | €8,968 | €17,880 | +€8,912 | +99.4% |
| Other amounts payable | 47/48 | - | €111,729 | +€111,729 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,906 | €35,531 | +€3,625 | +11.4% |
| Other operating charges | 640/8 | €1,845 | €1,817 | -€28 | -1.5% |
| Gross operating margin | 9900 | €496,104 | €571,411 | +€75,307 | +15.2% |
| Operating profit (loss) | 9901 | €462,353 | €534,063 | +€71,710 | +15.5% |
| Financial income | 75/76B | €21,521 | €34,154 | +€12,633 | +58.7% |
| Recurring financial income | 75 | €21,521 | €34,154 | +€12,633 | +58.7% |
| Financial charges | 65/66B | €126 | €1,337 | +€1,211 | +961% |
| Recurring financial charges | 65 | €126 | €1,337 | +€1,211 | +961% |
| Profit (loss) for the period before taxes | 9903 | €483,748 | €566,880 | +€83,132 | +17.2% |
| Income taxes | 67/77 | €152,357 | €183,986 | +€31,629 | +20.8% |
| Profit (loss) for the period | 9904 | €331,391 | €382,894 | +€51,503 | +15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €331,391 | €382,894 | +€51,503 | +15.5% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.