Dr. Peter Ceulemans: what changed
Two fiscal 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. Peter Ceulemans
Largest movements
- Receivables after one year +€87,154
up €87,154 (+871.5%), from €10,000 to €97,154
- Tangible fixed assets -€78,291
down €78,291 (-11.6%), from €677,246 to €598,955
of which Land and buildings: -€62,027
- Receivables within one year -€49,278
down €49,278 (-23.4%), from €210,870 to €161,591
of which Other amounts receivable: -€46,061
- Current investments -€32,952
down €32,952 (-31.0%), from €106,239 to €73,287
- Deferred charges and accrued income +€13,048
up €13,048 (+184.1%), from €7,088 to €20,136
- Debts after one year -€117,319
down €117,319 (-20.0%), from €587,109 to €469,790
- Reserves +€93,701
up €93,701 (+42.0%), from €223,079 to €316,780
- Other debts -€74,478
no longer reported in 2025 (was €74,478)
- Tax, wage and social debts +€36,351
up €36,351 (+196.8%), from €18,474 to €54,824
of which Taxes: +€24,397
- Gross operating margin +€159,514
up €159,514 (+46.6%), from €341,960 to €501,474
- Taxes +€67,493
up €67,493 (+604.1%), from €11,173 to €78,667
- Staff costs +€50,638
up €50,638 (+56.6%), from €89,429 to €140,066
- Depreciation -€36,656
down €36,656 (-25.1%), from €145,857 to €109,201
- Financial income +€17,941
up €17,941 (+245.4%), from €7,310 to €25,251
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.
Cash bridge derived
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 | €1,051,167 | €987,162 | -€64,005 | -6.1% |
| Fixed assets | 21/28 | €680,685 | €601,229 | -€79,455 | -11.7% |
| Intangible fixed assets | 21 | €3,439 | €2,274 | -€1,165 | -33.9% |
| Tangible fixed assets | 22/27 | €677,246 | €598,955 | -€78,291 | -11.6% |
| Land and buildings | 22 | €534,841 | €472,815 | -€62,027 | -11.6% |
| Plant, machinery and equipment | 23 | €129,418 | €118,795 | -€10,623 | -8.2% |
| Furniture and vehicles | 24 | €12,986 | €1,134 | -€11,852 | -91.3% |
| Other tangible fixed assets | 26 | - | €6,212 | +€6,212 | |
| Current assets | 29/58 | €370,483 | €385,933 | +€15,450 | +4.2% |
| Amounts receivable after more than one year | 29 | €10,000 | €97,154 | +€87,154 | +871.5% |
| Other amounts receivable | 291 | €10,000 | €97,154 | +€87,154 | +871.5% |
| Amounts receivable within one year | 40/41 | €210,870 | €161,591 | -€49,278 | -23.4% |
| Trade receivables | 40 | €3,218 | - | -€3,218 | |
| Other amounts receivable | 41 | €207,652 | €161,591 | -€46,061 | -22.2% |
| Current investments | 50/53 | €106,239 | €73,287 | -€32,952 | -31.0% |
| Cash at bank and in hand | 54/58 | €36,285 | €33,765 | -€2,521 | -6.9% |
| Deferred charges and accrued income | 490/1 | €7,088 | €20,136 | +€13,048 | +184.1% |
| Total equity and liabilities | 10/49 | €1,051,167 | €987,162 | -€64,005 | -6.1% |
| Equity | 10/15 | €241,679 | €335,380 | +€93,701 | +38.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €223,079 | €316,780 | +€93,701 | +42.0% |
| Distributable reserves | 133 | €223,079 | €316,780 | +€93,701 | +42.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €809,488 | €651,782 | -€157,706 | -19.5% |
| Amounts payable after more than one year | 17 | €587,109 | €469,790 | -€117,319 | -20.0% |
| Financial debts | 170/4 | €587,109 | €469,790 | -€117,319 | -20.0% |
| Amounts payable within one year | 42/48 | €222,379 | €181,992 | -€40,387 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | €100,977 | €95,291 | -€5,686 | -5.6% |
| Financial debts | 43 | €12,585 | €13,614 | +€1,029 | +8.2% |
| Credit institutions | 430/8 | €12,585 | €13,614 | +€1,029 | +8.2% |
| Trade debts | 44 | €15,865 | €18,262 | +€2,398 | +15.1% |
| Suppliers | 440/4 | €15,865 | €18,262 | +€2,398 | +15.1% |
| Taxes, remuneration and social security | 45 | €18,474 | €54,824 | +€36,351 | +196.8% |
| Taxes | 450/3 | €7,514 | €31,911 | +€24,397 | +324.7% |
| Remuneration and social security | 454/9 | €10,959 | €22,914 | +€11,954 | +109.1% |
| Other amounts payable | 47/48 | €74,478 | - | -€74,478 | |
| Remuneration, social security and pensions | 62 | €89,429 | €140,066 | +€50,638 | +56.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €145,857 | €109,201 | -€36,656 | -25.1% |
| Other operating charges | 640/8 | €9,830 | €8,010 | -€1,820 | -18.5% |
| Non-recurring operating charges | 66A | €50,427 | - | -€50,427 | |
| Gross operating margin | 9900 | €341,960 | €501,474 | +€159,514 | +46.6% |
| Operating profit (loss) | 9901 | €46,418 | €244,197 | +€197,779 | +426.1% |
| Financial income | 75/76B | €7,310 | €25,251 | +€17,941 | +245.4% |
| Recurring financial income | 75 | €7,310 | €25,251 | +€17,941 | +245.4% |
| Financial charges | 65/66B | €22,097 | €20,283 | -€1,813 | -8.2% |
| Recurring financial charges | 65 | €22,097 | €20,283 | -€1,813 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | €31,632 | €249,165 | +€217,533 | +687.7% |
| Income taxes | 67/77 | €11,173 | €78,667 | +€67,493 | +604.1% |
| Profit (loss) for the period | 9904 | €20,458 | €170,498 | +€150,040 | +733.4% |
| Profit (loss) for the period to be appropriated | 9905 | €20,458 | €170,498 | +€150,040 | +733.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.