FOUR PEES: 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.
FOUR PEES
Largest movements
- Intangible fixed assets -€246,369
down €246,369 (-46.4%), from €531,048 to €284,680
- Receivables within one year -€130,643
down €130,643 (-20.3%), from €643,817 to €513,173
of which Trade receivables: -€164,145
- Cash +€83,851
up €83,851 (+220.0%), from €38,109 to €121,961
mainly Contributions, distributions and other (+€450,005) and Depreciation (+€255,717)
- Contributions +€450,000
up €450,000 (+706.1%), from €63,735 to €513,735
- Short-term financial debts -€274,892
down €274,892 (-91.6%), from €300,000 to €25,108
- Profit (loss) carried forward -€241,188
down €241,188 (-74.0%), from -€325,717 to -€566,905
- Trade debts -€119,599
down €119,599 (-14.8%), from €809,708 to €690,109
- Debts after one year -€59,612
down €59,612 (-22.0%), from €271,466 to €211,854
- Gross operating margin +€313,935
up €313,935 (+84.1%), from €373,285 to €687,220
- Staff costs -€163,430
down €163,430 (-22.8%), from €717,271 to €553,841
- Financial charges +€149,036
up €149,036 (+442.3%), from €33,699 to €182,734
- Financial income +€85,246
up €85,246 (+605.0%), from €14,089 to €99,336
- Depreciation +€36,708
up €36,708 (+16.8%), from €219,008 to €255,717
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 | €1,291,078 | €988,498 | -€302,580 | -23.4% |
| Fixed assets | 21/28 | €575,927 | €325,586 | -€250,341 | -43.5% |
| Intangible fixed assets | 21 | €531,048 | €284,680 | -€246,369 | -46.4% |
| Tangible fixed assets | 22/27 | €10,379 | €6,406 | -€3,973 | -38.3% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €10,379 | €6,406 | -€3,973 | -38.3% |
| Financial fixed assets | 28 | €34,500 | €34,500 | = | 0.0% |
| Current assets | 29/58 | €715,151 | €662,913 | -€52,238 | -7.3% |
| Amounts receivable within one year | 40/41 | €643,817 | €513,173 | -€130,643 | -20.3% |
| Trade receivables | 40 | €574,189 | €410,044 | -€164,145 | -28.6% |
| Other amounts receivable | 41 | €69,628 | €103,129 | +€33,502 | +48.1% |
| Cash at bank and in hand | 54/58 | €38,109 | €121,961 | +€83,851 | +220.0% |
| Deferred charges and accrued income | 490/1 | €33,225 | €27,778 | -€5,446 | -16.4% |
| Total equity and liabilities | 10/49 | €1,291,078 | €988,498 | -€302,580 | -23.4% |
| Equity | 10/15 | -€255,608 | -€46,797 | +€208,812 | +81.7% |
| Contributions | 10/11 | €63,735 | €513,735 | +€450,000 | +706.1% |
| Capital | 10 | €63,735 | €513,735 | +€450,000 | +706.1% |
| Issued capital | 100 | €63,735 | €513,735 | +€450,000 | +706.1% |
| Reserves | 13 | €6,373 | €6,373 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,373 | €6,373 | = | 0.0% |
| Legal reserve | 130 | €6,373 | €6,373 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€325,717 | -€566,905 | -€241,188 | -74.0% |
| Amounts payable | 17/49 | €1,546,686 | €1,035,295 | -€511,391 | -33.1% |
| Amounts payable after more than one year | 17 | €271,466 | €211,854 | -€59,612 | -22.0% |
| Financial debts | 170/4 | €271,466 | €211,854 | -€59,612 | -22.0% |
| Amounts payable within one year | 42/48 | €1,221,526 | €823,441 | -€398,085 | -32.6% |
| Current portion of amounts payable after more than one year | 42 | €62,034 | €59,612 | -€2,422 | -3.9% |
| Financial debts | 43 | €300,000 | €25,108 | -€274,892 | -91.6% |
| Credit institutions | 430/8 | €300,000 | €25,108 | -€274,892 | -91.6% |
| Trade debts | 44 | €809,708 | €690,109 | -€119,599 | -14.8% |
| Suppliers | 440/4 | €809,708 | €690,109 | -€119,599 | -14.8% |
| Advances received on contracts in progress | 46 | €1,137 | €0 | -€1,137 | -100.0% |
| Taxes, remuneration and social security | 45 | €48,646 | €19,058 | -€29,588 | -60.8% |
| Taxes | 450/3 | €778 | €350 | -€428 | -55.0% |
| Remuneration and social security | 454/9 | €47,868 | €18,708 | -€29,160 | -60.9% |
| Other amounts payable | 47/48 | - | €29,554 | +€29,554 | |
| Accrued charges and deferred income | 492/3 | €53,695 | €0 | -€53,695 | -100.0% |
| Remuneration, social security and pensions | 62 | €717,271 | €553,841 | -€163,430 | -22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €219,008 | €255,717 | +€36,708 | +16.8% |
| Other operating charges | 640/8 | €1,108 | €35,107 | +€33,999 | +3068.5% |
| Gross operating margin | 9900 | €373,285 | €687,220 | +€313,935 | +84.1% |
| Operating profit (loss) | 9901 | -€564,102 | -€157,445 | +€406,657 | +72.1% |
| Financial income | 75/76B | €14,089 | €99,336 | +€85,246 | +605.0% |
| Recurring financial income | 75 | €14,089 | €99,336 | +€85,246 | +605.0% |
| Financial charges | 65/66B | €33,699 | €182,734 | +€149,036 | +442.3% |
| Recurring financial charges | 65 | €33,699 | €182,734 | +€149,036 | +442.3% |
| Profit (loss) for the period before taxes | 9903 | -€583,712 | -€240,843 | +€342,868 | +58.7% |
| Income taxes | 67/77 | -€11,378 | €350 | +€11,728 | |
| Profit (loss) for the period | 9904 | -€572,333 | -€241,194 | +€331,140 | +57.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€572,333 | -€241,194 | +€331,140 | +57.9% |
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 11 October 2026 via checked.be.