ENGINEERING PIETER CAERELS: 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.
ENGINEERING PIETER CAERELS
Largest movements
- Receivables within one year -€28,624
down €28,624 (-50.3%), from €56,924 to €28,300
of which Trade receivables: -€28,624
- Cash -€4,457
down €4,457 (-2.3%), from €196,896 to €192,439
mainly Contributions, distributions and other (-€101,284) and Tax, wage and social debts (-€17,759)
- Tax, wage and social debts -€17,759
down €17,759 (-45.0%), from €39,507 to €21,748
of which Taxes: -€14,478
- Other debts -€12,573
down €12,573 (-11.0%), from €114,000 to €101,427
- Gross operating margin -€18,578
down €18,578 (-12.3%), from €150,464 to €131,886
- Taxes -€4,927
down €4,927 (-14.0%), from €35,300 to €30,373
- Financial income -€2,105
down €2,105 (-43.7%), from €4,813 to €2,708
- Depreciation -€1,512
down €1,512 (-100%), from €1,512 to €0
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 | €406,073 | €375,603 | -€30,470 | -7.5% |
| Fixed assets | 21/28 | €1,470 | €363 | -€1,107 | -75.3% |
| Tangible fixed assets | 22/27 | €1,107 | €0 | -€1,107 | -100% |
| Furniture and vehicles | 24 | €1,107 | €0 | -€1,107 | -100% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €404,603 | €375,240 | -€29,364 | -7.3% |
| Amounts receivable within one year | 40/41 | €56,924 | €28,300 | -€28,624 | -50.3% |
| Trade receivables | 40 | €49,073 | €20,449 | -€28,624 | -58.3% |
| Other amounts receivable | 41 | €7,851 | €7,851 | = | 0.0% |
| Current investments | 50/53 | €150,000 | €150,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €196,896 | €192,439 | -€4,457 | -2.3% |
| Deferred charges and accrued income | 490/1 | €784 | €4,501 | +€3,717 | +474% |
| Total equity and liabilities | 10/49 | €406,073 | €375,603 | -€30,470 | -7.5% |
| Equity | 10/15 | €251,192 | €251,192 | = | 0.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €226,192 | €226,192 | = | 0.0% |
| Distributable reserves | 133 | €226,192 | €226,192 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €154,881 | €124,410 | -€30,470 | -19.7% |
| Amounts payable within one year | 42/48 | €154,881 | €124,410 | -€30,470 | -19.7% |
| Trade debts | 44 | €1,373 | €1,234 | -€139 | -10.1% |
| Suppliers | 440/4 | €1,373 | €1,234 | -€139 | -10.1% |
| Taxes, remuneration and social security | 45 | €39,507 | €21,748 | -€17,759 | -45.0% |
| Taxes | 450/3 | €36,226 | €21,748 | -€14,478 | -40.0% |
| Remuneration and social security | 454/9 | €3,281 | €0 | -€3,281 | -100% |
| Other amounts payable | 47/48 | €114,000 | €101,427 | -€12,573 | -11.0% |
| Remuneration, social security and pensions | 62 | €136 | €0 | -€136 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,512 | €0 | -€1,512 | -100% |
| Other operating charges | 640/8 | €1,768 | €1,674 | -€94 | -5.3% |
| Gross operating margin | 9900 | €150,464 | €131,886 | -€18,578 | -12.3% |
| Operating profit (loss) | 9901 | €147,048 | €130,213 | -€16,835 | -11.4% |
| Financial income | 75/76B | €4,813 | €2,708 | -€2,105 | -43.7% |
| Recurring financial income | 75 | €4,813 | €2,708 | -€2,105 | -43.7% |
| Financial charges | 65/66B | €1,633 | €1,264 | -€369 | -22.6% |
| Recurring financial charges | 65 | €1,633 | €1,264 | -€369 | -22.6% |
| Profit (loss) for the period before taxes | 9903 | €150,228 | €131,656 | -€18,571 | -12.4% |
| Income taxes | 67/77 | €35,300 | €30,373 | -€4,927 | -14.0% |
| Profit (loss) for the period | 9904 | €114,928 | €101,284 | -€13,645 | -11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €114,928 | €101,284 | -€13,645 | -11.9% |
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 25 October 2026 via checked.be.