Griet 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.
Griet Peeters
Largest movements
- Cash -€139,548
down €139,548 (-25.5%), from €548,062 to €408,514
mainly Other debts (-€99,849) and Net result for the year (-€48,659)
- Current investments -€26,519
down €26,519 (-6.2%), from €424,426 to €397,907
- Receivables within one year +€13,525
up €13,525 (+1,288%), from €1,050 to €14,575
of which Other amounts receivable: +€14,575
- Other debts -€99,849
no longer reported in 2025 (was €99,849)
- Reserves -€48,659
down €48,659 (-5.4%), from €896,658 to €847,999
of which Distributable reserves: -€48,659
- Gross operating margin -€1,701
down €1,701 (-4.5%), from -€37,607 to -€39,308
- Depreciation -€1,113
down €1,113 (-10.3%), from €10,815 to €9,702
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 | €1,133,162 | €970,972 | -€162,190 | -14.3% |
| Fixed assets | 21/28 | €158,344 | €148,642 | -€9,702 | -6.1% |
| Tangible fixed assets | 22/27 | €158,344 | €148,642 | -€9,702 | -6.1% |
| Land and buildings | 22 | €156,967 | €147,658 | -€9,309 | -5.9% |
| Plant, machinery and equipment | 23 | €1,377 | €984 | -€393 | -28.5% |
| Current assets | 29/58 | €974,818 | €822,330 | -€152,488 | -15.6% |
| Amounts receivable within one year | 40/41 | €1,050 | €14,575 | +€13,525 | +1,288% |
| Trade receivables | 40 | €1,050 | - | -€1,050 | |
| Other amounts receivable | 41 | - | €14,575 | +€14,575 | |
| Current investments | 50/53 | €424,426 | €397,907 | -€26,519 | -6.2% |
| Cash at bank and in hand | 54/58 | €548,062 | €408,514 | -€139,548 | -25.5% |
| Deferred charges and accrued income | 490/1 | €1,280 | €1,334 | +€54 | +4.2% |
| Total equity and liabilities | 10/49 | €1,133,162 | €970,972 | -€162,190 | -14.3% |
| Equity | 10/15 | €946,658 | €897,999 | -€48,659 | -5.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €896,658 | €847,999 | -€48,659 | -5.4% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €877,908 | €829,249 | -€48,659 | -5.5% |
| Amounts payable | 17/49 | €186,504 | €72,973 | -€113,531 | -60.9% |
| Amounts payable after more than one year | 17 | €68,402 | €58,019 | -€10,383 | -15.2% |
| Financial debts | 170/4 | €68,402 | €58,019 | -€10,383 | -15.2% |
| Amounts payable within one year | 42/48 | €118,102 | €14,954 | -€103,148 | -87.3% |
| Current portion of amounts payable after more than one year | 42 | €10,180 | €11,240 | +€1,060 | +10.4% |
| Trade debts | 44 | €3,398 | €3,250 | -€148 | -4.4% |
| Suppliers | 440/4 | €3,398 | €3,250 | -€148 | -4.4% |
| Taxes, remuneration and social security | 45 | €4,675 | €464 | -€4,211 | -90.1% |
| Taxes | 450/3 | €4,675 | €464 | -€4,211 | -90.1% |
| Other amounts payable | 47/48 | €99,849 | - | -€99,849 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,815 | €9,702 | -€1,113 | -10.3% |
| Other operating charges | 640/8 | €3,523 | €3,725 | +€202 | +5.7% |
| Gross operating margin | 9900 | -€37,607 | -€39,308 | -€1,701 | -4.5% |
| Operating profit (loss) | 9901 | -€51,945 | -€52,735 | -€790 | -1.5% |
| Financial income | 75/76B | €6,022 | €6,011 | -€11 | -0.2% |
| Recurring financial income | 75 | €6,022 | €6,011 | -€11 | -0.2% |
| Financial charges | 65/66B | €1,780 | €1,514 | -€266 | -14.9% |
| Recurring financial charges | 65 | €1,780 | €1,514 | -€266 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | -€47,703 | -€48,238 | -€535 | -1.1% |
| Income taxes | 67/77 | €409 | €421 | +€12 | +2.9% |
| Profit (loss) for the period | 9904 | -€48,112 | -€48,659 | -€547 | -1.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€48,112 | -€48,659 | -€547 | -1.1% |
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 28 October 2026 via checked.be.