e-peas: 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.
e-peas
Largest movements
- Receivables within one year -€4.0m
down €4.0m (-84.9%), from €4.7m to €709,144
of which Other amounts receivable: -€2.4m
- Cash -€1.4m
down €1.4m (-36.3%), from €3.8m to €2.4m
mainly Net result for the year (-€6.4m) and Investment in fixed assets (net) (-€3.1m)
- Stocks and contracts -€192,750
down €192,750 (-14.9%), from €1.3m to €1.1m
- Profit (loss) carried forward -€6.4m
down €6.4m (-36.4%), from -€17.5m to -€23.9m
- Trade debts -€1.9m
down €1.9m (-67.1%), from €2.9m to €948,903
- Contributions +€1.8m
up €1.8m (+6.4%), from €27.9m to €29.7m
of which Capital: +€1.8m
- Other debts +€954,370
new in 2025: €954,370
- Debts after one year -€464,755
down €464,755 (-42.3%), from €1.1m to €634,449
of which Other amounts payable: -€402,255
- Gross operating margin -€1.5m
down €1.5m, from €829,420 to -€669,232
- Staff costs +€562,175
up €562,175 (+19.8%), from €2.8m to €3.4m
- Depreciation +€487,608
up €487,608 (+18.7%), from €2.6m to €3.1m
- Financial income +€227,013
up €227,013 (+22.6%), from €1.0m to €1.2m
of which Non-recurring financial income: +€118,007
- Taxes -€74,856
down €74,856, from €6,165 to -€68,690
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 | €17,435,212 | €11,733,559 | -€5.7m | -32.7% |
| Fixed assets | 21/28 | €7,158,262 | €7,153,492 | -€4,771 | -0.1% |
| Intangible fixed assets | 21 | €6,608,951 | €6,684,339 | +€75,388 | +1.1% |
| Tangible fixed assets | 22/27 | €435,986 | €285,121 | -€150,865 | -34.6% |
| Plant, machinery and equipment | 23 | €121,085 | €36,737 | -€84,348 | -69.7% |
| Furniture and vehicles | 24 | €276,654 | €220,116 | -€56,539 | -20.4% |
| Other tangible fixed assets | 26 | €38,247 | €28,268 | -€9,978 | -26.1% |
| Financial fixed assets | 28 | €113,326 | €184,032 | +€70,706 | +62.4% |
| Current assets | 29/58 | €10,276,950 | €4,580,067 | -€5.7m | -55.4% |
| Stocks and contracts in progress | 3 | €1,291,234 | €1,098,484 | -€192,750 | -14.9% |
| Stocks | 30/36 | €1,291,234 | €1,098,484 | -€192,750 | -14.9% |
| Amounts receivable within one year | 40/41 | €4,700,812 | €709,144 | -€4.0m | -84.9% |
| Trade receivables | 40 | €2,081,896 | €496,501 | -€1.6m | -76.2% |
| Other amounts receivable | 41 | €2,618,916 | €212,643 | -€2.4m | -91.9% |
| Cash at bank and in hand | 54/58 | €3,832,687 | €2,440,451 | -€1.4m | -36.3% |
| Deferred charges and accrued income | 490/1 | €452,218 | €331,988 | -€120,229 | -26.6% |
| Total equity and liabilities | 10/49 | €17,435,212 | €11,733,559 | -€5.7m | -32.7% |
| Equity | 10/15 | €13,098,327 | €8,185,833 | -€4.9m | -37.5% |
| Contributions | 10/11 | €27,933,439 | €29,708,456 | +€1.8m | +6.4% |
| Capital | 10 | €11,402,437 | €13,177,455 | +€1.8m | +15.6% |
| Issued capital | 100 | €13,177,455 | €13,177,455 | = | 0.0% |
| Uncalled capital | 101 | €1,775,018 | €0 | -€1.8m | -100% |
| Contributions outside capital | 11 | €16,531,001 | €16,531,001 | = | 0.0% |
| Share premium | 1100/10 | €16,531,001 | €16,531,001 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,502,543 | -€23,870,234 | -€6.4m | -36.4% |
| Investment grants | 15 | €2,667,431 | €2,347,611 | -€319,820 | -12.0% |
| Amounts payable | 17/49 | €4,336,885 | €3,547,726 | -€789,160 | -18.2% |
| Amounts payable after more than one year | 17 | €1,099,204 | €634,449 | -€464,755 | -42.3% |
| Financial debts | 170/4 | €125,000 | €62,500 | -€62,500 | -50.0% |
| Other amounts payable | 178/9 | €974,204 | €571,949 | -€402,255 | -41.3% |
| Amounts payable within one year | 42/48 | €3,230,113 | €2,904,823 | -€325,290 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €78,125 | €189,864 | +€111,739 | +143% |
| Financial debts | 43 | €0 | €463,581 | +€463,581 | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | - | €463,581 | +€463,581 | |
| Trade debts | 44 | €2,880,518 | €948,903 | -€1.9m | -67.1% |
| Suppliers | 440/4 | €2,880,518 | €948,903 | -€1.9m | -67.1% |
| Taxes, remuneration and social security | 45 | €271,470 | €348,105 | +€76,635 | +28.2% |
| Taxes | 450/3 | €7,020 | €21,327 | +€14,307 | +204% |
| Remuneration and social security | 454/9 | €264,450 | €326,778 | +€62,328 | +23.6% |
| Other amounts payable | 47/48 | - | €954,370 | +€954,370 | |
| Accrued charges and deferred income | 492/3 | €7,568 | €8,454 | +€886 | +11.7% |
| Remuneration, social security and pensions | 62 | €2,832,134 | €3,394,309 | +€562,175 | +19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,605,806 | €3,093,414 | +€487,608 | +18.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,677 | +€2,677 | |
| Other operating charges | 640/8 | €31,035 | €15,643 | -€15,392 | -49.6% |
| Non-recurring operating charges | 66A | €531,133 | €235,018 | -€296,115 | -55.8% |
| Gross operating margin | 9900 | €829,420 | -€669,232 | -€1.5m | |
| Operating profit (loss) | 9901 | -€5,170,688 | -€7,410,293 | -€2.2m | -43.3% |
| Financial income | 75/76B | €1,003,602 | €1,230,614 | +€227,013 | +22.6% |
| Recurring financial income | 75 | €1,003,602 | €1,112,608 | +€109,006 | +10.9% |
| Non-recurring financial income | 76B | - | €118,007 | +€118,007 | |
| Financial charges | 65/66B | €211,424 | €256,702 | +€45,279 | +21.4% |
| Recurring financial charges | 65 | €211,424 | €256,702 | +€45,279 | +21.4% |
| Profit (loss) for the period before taxes | 9903 | -€4,378,511 | -€6,436,382 | -€2.1m | -47.0% |
| Income taxes | 67/77 | €6,165 | -€68,690 | -€74,856 | |
| Profit (loss) for the period | 9904 | -€4,384,676 | -€6,367,691 | -€2.0m | -45.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,384,676 | -€6,367,691 | -€2.0m | -45.2% |
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 15 October 2026 via checked.be.