Dr. Pascal 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. Pascal Peeters
Largest movements
- Cash +€77,815
up €77,815 (+41.2%), from €189,074 to €266,889
mainly Net result for the year (+€145,160) and Other debts (+€70,525)
- Tangible fixed assets -€10,367
down €10,367 (-34.2%), from €30,309 to €19,942
- Other debts +€70,525
up €70,525 (+980%), from €7,199 to €77,724
- Reserves -€13,988
down €13,988 (-2.6%), from €534,204 to €520,216
- Tax, wage and social debts +€12,287
up €12,287 (+97.2%), from €12,648 to €24,935
- Gross operating margin +€34,080
up €34,080 (+18.0%), from €189,566 to €223,646
- Taxes +€9,677
up €9,677 (+18.2%), from €53,088 to €62,764
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 | €575,247 | €643,461 | +€68,214 | +11.9% |
| Fixed assets | 21/28 | €30,359 | €19,992 | -€10,367 | -34.1% |
| Tangible fixed assets | 22/27 | €30,309 | €19,942 | -€10,367 | -34.2% |
| Furniture and vehicles | 24 | €30,309 | €19,942 | -€10,367 | -34.2% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €544,889 | €623,469 | +€78,581 | +14.4% |
| Amounts receivable within one year | 40/41 | €1,088 | €1,153 | +€65 | +6.0% |
| Other amounts receivable | 41 | €1,088 | €1,153 | +€65 | +6.0% |
| Current investments | 50/53 | €251,964 | €253,397 | +€1,433 | +0.6% |
| Cash at bank and in hand | 54/58 | €189,074 | €266,889 | +€77,815 | +41.2% |
| Deferred charges and accrued income | 490/1 | €102,763 | €102,030 | -€733 | -0.7% |
| Total equity and liabilities | 10/49 | €575,247 | €643,461 | +€68,214 | +11.9% |
| Equity | 10/15 | €552,804 | €538,816 | -€13,988 | -2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €534,204 | €520,216 | -€13,988 | -2.6% |
| Distributable reserves | 133 | €534,204 | €520,216 | -€13,988 | -2.6% |
| Amounts payable | 17/49 | €22,443 | €104,645 | +€82,202 | +366% |
| Amounts payable within one year | 42/48 | €21,871 | €103,096 | +€81,225 | +371% |
| Trade debts | 44 | €2,025 | €437 | -€1,588 | -78.4% |
| Suppliers | 440/4 | €2,025 | €437 | -€1,588 | -78.4% |
| Taxes, remuneration and social security | 45 | €12,648 | €24,935 | +€12,287 | +97.2% |
| Taxes | 450/3 | €12,648 | €24,935 | +€12,287 | +97.2% |
| Other amounts payable | 47/48 | €7,199 | €77,724 | +€70,525 | +980% |
| Accrued charges and deferred income | 492/3 | €572 | €1,549 | +€977 | +171% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,415 | €16,271 | +€856 | +5.6% |
| Other operating charges | 640/8 | €856 | €750 | -€106 | -12.4% |
| Gross operating margin | 9900 | €189,566 | €223,646 | +€34,080 | +18.0% |
| Operating profit (loss) | 9901 | €173,295 | €206,625 | +€33,330 | +19.2% |
| Financial income | 75/76B | €3,539 | €3,022 | -€517 | -14.6% |
| Recurring financial income | 75 | €3,539 | €3,022 | -€517 | -14.6% |
| Financial charges | 65/66B | €846 | €1,723 | +€877 | +104% |
| Recurring financial charges | 65 | €846 | €1,723 | +€877 | +104% |
| Profit (loss) for the period before taxes | 9903 | €175,988 | €207,924 | +€31,936 | +18.1% |
| Income taxes | 67/77 | €53,088 | €62,764 | +€9,677 | +18.2% |
| Profit (loss) for the period | 9904 | €122,900 | €145,160 | +€22,259 | +18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €122,900 | €145,160 | +€22,259 | +18.1% |
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 14 October 2026 via checked.be.