Hubert Pellegrin: 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.
Hubert Pellegrin
Largest movements
- Cash -€191,024
down €191,024 (-36.1%), from €529,007 to €337,982
mainly Contributions, distributions and other (-€500,000) and Current portion of long-term debt (-€2,462)
- Receivables within one year -€49,550
down €49,550 (-14.8%), from €334,887 to €285,336
of which Other amounts receivable: -€48,164
- Profit (loss) carried forward -€498,201
down €498,201 (-90.0%), from €553,635 to €55,434
- Other debts +€260,324
up €260,324 (+108.6%), from €239,676 to €500,000
- Gross operating margin -€450,659
down €450,659, from €450,171 to -€487
- Taxes -€100,065
down €100,065 (-99.4%), from €100,665 to €600
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 | €864,021 | €623,769 | -€240,251 | -27.8% |
| Current assets | 29/58 | €864,021 | €623,769 | -€240,251 | -27.8% |
| Amounts receivable within one year | 40/41 | €334,887 | €285,336 | -€49,550 | -14.8% |
| Trade receivables | 40 | €6,993 | €5,607 | -€1,387 | -19.8% |
| Other amounts receivable | 41 | €327,893 | €279,729 | -€48,164 | -14.7% |
| Cash at bank and in hand | 54/58 | €529,007 | €337,982 | -€191,024 | -36.1% |
| Deferred charges and accrued income | 490/1 | €127 | €451 | +€323 | +254.2% |
| Total equity and liabilities | 10/49 | €864,021 | €623,769 | -€240,251 | -27.8% |
| Equity | 10/15 | €621,835 | €123,634 | -€498,201 | -80.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €553,635 | €55,434 | -€498,201 | -90.0% |
| Amounts payable | 17/49 | €242,185 | €500,135 | +€257,950 | +106.5% |
| Amounts payable within one year | 42/48 | €242,138 | €500,000 | +€257,862 | +106.5% |
| Current portion of amounts payable after more than one year | 42 | €2,462 | - | -€2,462 | |
| Other amounts payable | 47/48 | €239,676 | €500,000 | +€260,324 | +108.6% |
| Accrued charges and deferred income | 492/3 | €48 | €135 | +€88 | +183.7% |
| Remuneration, social security and pensions | 62 | €216 | - | -€216 | |
| Gross operating margin | 9900 | €450,171 | -€487 | -€450,659 | |
| Operating profit (loss) | 9901 | €449,955 | -€487 | -€450,442 | |
| Financial income | 75/76B | €4,074 | €3,402 | -€672 | -16.5% |
| Recurring financial income | 75 | €4,074 | €3,402 | -€672 | -16.5% |
| Financial charges | 65/66B | €1,369 | €516 | -€853 | -62.3% |
| Recurring financial charges | 65 | €1,369 | €516 | -€853 | -62.3% |
| Profit (loss) for the period before taxes | 9903 | €452,660 | €2,399 | -€450,262 | -99.5% |
| Income taxes | 67/77 | €100,665 | €600 | -€100,065 | -99.4% |
| Profit (loss) for the period | 9904 | €351,995 | €1,799 | -€350,196 | -99.5% |
| Profit (loss) for the period to be appropriated | 9905 | €351,995 | €1,799 | -€350,196 | -99.5% |
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 12 October 2026 via checked.be.