FILIP 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.
FILIP PEETERS
Largest movements
- Cash +€191,208
up €191,208 (+65.6%), from €291,363 to €482,571
mainly Net result for the year (+€148,579) and Investment in fixed assets (net) (+€60,005)
- Financial fixed assets -€60,005
no longer reported in 2025 (was €60,005)
- Tangible fixed assets -€9,403
down €9,403 (-7.6%), from €124,398 to €114,995
of which Land and buildings: -€5,898
- Reserves +€86,900
up €86,900 (+21.5%), from €404,674 to €491,575
- Tax, wage and social debts +€40,714
up €40,714 (+516%), from €7,888 to €48,601
- Debts after one year -€7,441
down €7,441 (-11.0%), from €67,894 to €60,454
- Financial income +€87,082
new in 2025: €87,082
of which Financial income: +€87,082
- Taxes +€32,826
up €32,826 (+99.8%), from €32,888 to €65,714
- Gross operating margin +€11,926
up €11,926 (+9.4%), from €126,794 to €138,720
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 | €495,618 | €617,155 | +€121,537 | +24.5% |
| Fixed assets | 21/28 | €184,403 | €114,995 | -€69,408 | -37.6% |
| Tangible fixed assets | 22/27 | €124,398 | €114,995 | -€9,403 | -7.6% |
| Land and buildings | 22 | €118,337 | €112,439 | -€5,898 | -5.0% |
| Furniture and vehicles | 24 | €6,061 | €2,556 | -€3,505 | -57.8% |
| Financial fixed assets | 28 | €60,005 | - | -€60,005 | |
| Current assets | 29/58 | €311,215 | €502,160 | +€190,945 | +61.4% |
| Cash at bank and in hand | 54/58 | €291,363 | €482,571 | +€191,208 | +65.6% |
| Deferred charges and accrued income | 490/1 | €19,852 | €19,589 | -€263 | -1.3% |
| Total equity and liabilities | 10/49 | €495,618 | €617,155 | +€121,537 | +24.5% |
| Equity | 10/15 | €404,674 | €491,575 | +€86,900 | +21.5% |
| Reserves | 13 | €404,674 | €491,575 | +€86,900 | +21.5% |
| Distributable reserves | 133 | €404,674 | €491,575 | +€86,900 | +21.5% |
| Amounts payable | 17/49 | €90,943 | €125,580 | +€34,637 | +38.1% |
| Amounts payable after more than one year | 17 | €67,894 | €60,454 | -€7,441 | -11.0% |
| Financial debts | 170/4 | €67,894 | €60,454 | -€7,441 | -11.0% |
| Amounts payable within one year | 42/48 | €23,049 | €65,126 | +€42,077 | +183% |
| Current portion of amounts payable after more than one year | 42 | €7,361 | €7,441 | +€80 | +1.1% |
| Trade debts | 44 | - | €901 | +€901 | |
| Suppliers | 440/4 | - | €901 | +€901 | |
| Taxes, remuneration and social security | 45 | €7,888 | €48,601 | +€40,714 | +516% |
| Taxes | 450/3 | €7,888 | €48,601 | +€40,714 | +516% |
| Other amounts payable | 47/48 | €7,800 | €8,184 | +€384 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,280 | €9,403 | +€123 | +1.3% |
| Other operating charges | 640/8 | €1,201 | €1,163 | -€38 | -3.2% |
| Gross operating margin | 9900 | €126,794 | €138,720 | +€11,926 | +9.4% |
| Operating profit (loss) | 9901 | €116,313 | €128,154 | +€11,841 | +10.2% |
| Financial income | 75/76B | - | €87,082 | +€87,082 | |
| Recurring financial income | 75 | - | €87,082 | +€87,082 | |
| Non-recurring financial income | 76B | - | €87,082 | +€87,082 | |
| Financial charges | 65/66B | €1,196 | €943 | -€253 | -21.2% |
| Recurring financial charges | 65 | €1,196 | €943 | -€253 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | €115,116 | €214,292 | +€99,176 | +86.2% |
| Income taxes | 67/77 | €32,888 | €65,714 | +€32,826 | +99.8% |
| Profit (loss) for the period | 9904 | €82,229 | €148,579 | +€66,350 | +80.7% |
| Profit (loss) for the period to be appropriated | 9905 | €82,229 | €148,579 | +€66,350 | +80.7% |
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.