Dr. W. 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. W. Peeters
Largest movements
- Current investments +€679,276
up €679,276 (+16.0%), from €4.2m to €4.9m
- Cash -€319,756
down €319,756 (-46.9%), from €681,828 to €362,072
mainly Current investments (-€679,276) and Contributions, distributions and other (-€274,282)
- Deferred charges and accrued income -€85,612
down €85,612 (-46.5%), from €183,947 to €98,334
- Reserves +€544,308
up €544,308 (+11.4%), from €4.8m to €5.3m
- Tax, wage and social debts -€194,103
down €194,103 (-65.8%), from €295,008 to €100,904
of which Taxes: -€186,998
- Trade debts -€151,414
down €151,414 (-95.9%), from €157,916 to €6,502
- Gross operating margin -€658,441
down €658,441 (-33.7%), from €2.0m to €1.3m
- Taxes -€179,764
down €179,764 (-31.7%), from €567,360 to €387,595
- Staff costs -€35,516
down €35,516 (-27.0%), from €131,579 to €96,062
- Financial income +€33,281
up €33,281 (+50.6%), from €65,782 to €99,063
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 | €6,275,689 | €6,460,641 | +€184,952 | +2.9% |
| Fixed assets | 21/28 | €866,470 | €833,153 | -€33,317 | -3.8% |
| Tangible fixed assets | 22/27 | €866,470 | €833,153 | -€33,317 | -3.8% |
| Land and buildings | 22 | €858,051 | €827,175 | -€30,877 | -3.6% |
| Plant, machinery and equipment | 23 | €4,432 | €3,333 | -€1,099 | -24.8% |
| Furniture and vehicles | 24 | €3,986 | €2,645 | -€1,341 | -33.6% |
| Current assets | 29/58 | €5,409,219 | €5,627,488 | +€218,269 | +4.0% |
| Amounts receivable within one year | 40/41 | €310,025 | €254,387 | -€55,638 | -17.9% |
| Trade receivables | 40 | €275,666 | €125,651 | -€150,015 | -54.4% |
| Other amounts receivable | 41 | €34,359 | €128,736 | +€94,377 | +275% |
| Current investments | 50/53 | €4,233,419 | €4,912,695 | +€679,276 | +16.0% |
| Cash at bank and in hand | 54/58 | €681,828 | €362,072 | -€319,756 | -46.9% |
| Deferred charges and accrued income | 490/1 | €183,947 | €98,334 | -€85,612 | -46.5% |
| Total equity and liabilities | 10/49 | €6,275,689 | €6,460,641 | +€184,952 | +2.9% |
| Equity | 10/15 | €4,804,349 | €5,348,657 | +€544,308 | +11.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,785,749 | €5,330,057 | +€544,308 | +11.4% |
| Distributable reserves | 133 | €4,785,749 | €5,330,057 | +€544,308 | +11.4% |
| Amounts payable | 17/49 | €1,471,340 | €1,111,984 | -€359,356 | -24.4% |
| Amounts payable after more than one year | 17 | €949,569 | €888,156 | -€61,414 | -6.5% |
| Financial debts | 170/4 | €949,569 | €888,156 | -€61,414 | -6.5% |
| Amounts payable within one year | 42/48 | €521,771 | €223,829 | -€297,942 | -57.1% |
| Current portion of amounts payable after more than one year | 42 | €60,354 | €61,414 | +€1,059 | +1.8% |
| Trade debts | 44 | €157,916 | €6,502 | -€151,414 | -95.9% |
| Suppliers | 440/4 | €157,916 | €6,502 | -€151,414 | -95.9% |
| Taxes, remuneration and social security | 45 | €295,008 | €100,904 | -€194,103 | -65.8% |
| Taxes | 450/3 | €287,902 | €100,904 | -€186,998 | -65.0% |
| Remuneration and social security | 454/9 | €7,105 | - | -€7,105 | |
| Other amounts payable | 47/48 | €8,493 | €55,008 | +€46,515 | +548% |
| Remuneration, social security and pensions | 62 | €131,579 | €96,062 | -€35,516 | -27.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,963 | €34,815 | -€1,148 | -3.2% |
| Other operating charges | 640/8 | €29,445 | €31,194 | +€1,749 | +5.9% |
| Gross operating margin | 9900 | €1,954,847 | €1,296,405 | -€658,441 | -33.7% |
| Operating profit (loss) | 9901 | €1,757,860 | €1,134,334 | -€623,526 | -35.5% |
| Financial income | 75/76B | €65,782 | €99,063 | +€33,281 | +50.6% |
| Recurring financial income | 75 | €65,782 | €99,063 | +€33,281 | +50.6% |
| Financial charges | 65/66B | €28,292 | €27,212 | -€1,080 | -3.8% |
| Recurring financial charges | 65 | €28,292 | €27,212 | -€1,080 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €1,795,350 | €1,206,185 | -€589,165 | -32.8% |
| Income taxes | 67/77 | €567,360 | €387,595 | -€179,764 | -31.7% |
| Profit (loss) for the period | 9904 | €1,227,990 | €818,589 | -€409,401 | -33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,227,990 | €818,589 | -€409,401 | -33.3% |
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 29 October 2026 via checked.be.