GREGORY PIETERS: what changed
GREGORY PIETERS
Largest movements
- Cash +€28,863
up €28,863 (+26.4%), from €109,467 to €138,330
mainly Net result for the year (+€43,988) and Depreciation (+€9,715)
- Receivables within one year +€9,186
up €9,186 (+511%), from €1,798 to €10,984
of which Trade receivables: +€5,626
- Tangible fixed assets +€5,500
up €5,500 (+75.8%), from €7,254 to €12,754
of which Furniture and vehicles: +€4,358
- Profit (loss) carried forward +€43,988
up €43,988 (+54.5%), from €80,767 to €124,755
- Gross operating margin -€15,800
down €15,800 (-18.0%), from €87,935 to €72,135
- Taxes -€5,683
down €5,683 (-27.2%), from €20,870 to €15,187
- Depreciation +€3,980
up €3,980 (+69.4%), from €5,734 to €9,715
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €120,248 | €163,671 | +€43,423 | +36.1% |
| Fixed assets | 21/28 | €7,653 | €13,026 | +€5,374 | +70.2% |
| Intangible fixed assets | 21 | €398 | €272 | -€126 | -31.6% |
| Tangible fixed assets | 22/27 | €7,254 | €12,754 | +€5,500 | +75.8% |
| Plant, machinery and equipment | 23 | €0 | €213 | +€213 | |
| Furniture and vehicles | 24 | €6,804 | €11,163 | +€4,358 | +64.0% |
| Other tangible fixed assets | 26 | €450 | €1,379 | +€929 | +207% |
| Current assets | 29/58 | €112,595 | €150,645 | +€38,049 | +33.8% |
| Amounts receivable within one year | 40/41 | €1,798 | €10,984 | +€9,186 | +511% |
| Trade receivables | 40 | €545 | €6,171 | +€5,626 | +1,033% |
| Other amounts receivable | 41 | €1,254 | €4,813 | +€3,559 | +284% |
| Cash at bank and in hand | 54/58 | €109,467 | €138,330 | +€28,863 | +26.4% |
| Deferred charges and accrued income | 490/1 | €1,330 | €1,331 | +€1 | 0.0% |
| Total equity and liabilities | 10/49 | €120,248 | €163,671 | +€43,423 | +36.1% |
| Equity | 10/15 | €99,367 | €143,355 | +€43,988 | +44.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €80,767 | €124,755 | +€43,988 | +54.5% |
| Amounts payable | 17/49 | €20,881 | €20,316 | -€565 | -2.7% |
| Amounts payable within one year | 42/48 | €20,881 | €20,316 | -€565 | -2.7% |
| Trade debts | 44 | €1,348 | €1,277 | -€71 | -5.3% |
| Suppliers | 440/4 | €1,348 | €1,277 | -€71 | -5.3% |
| Taxes, remuneration and social security | 45 | €6,939 | €6,566 | -€373 | -5.4% |
| Taxes | 450/3 | €6,939 | €6,566 | -€373 | -5.4% |
| Other amounts payable | 47/48 | €12,595 | €12,474 | -€121 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,734 | €9,715 | +€3,980 | +69.4% |
| Other operating charges | 640/8 | €2,803 | €3,094 | +€291 | +10.4% |
| Gross operating margin | 9900 | €87,935 | €72,135 | -€15,800 | -18.0% |
| Operating profit (loss) | 9901 | €79,398 | €59,326 | -€20,072 | -25.3% |
| Financial charges | 65/66B | €139 | €151 | +€12 | +8.6% |
| Recurring financial charges | 65 | €139 | €151 | +€12 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | €79,259 | €59,175 | -€20,084 | -25.3% |
| Income taxes | 67/77 | €20,870 | €15,187 | -€5,683 | -27.2% |
| Profit (loss) for the period | 9904 | €58,389 | €43,988 | -€14,400 | -24.7% |
| Profit (loss) for the period to be appropriated | 9905 | €58,389 | €43,988 | -€14,400 | -24.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.