Kasper Peters: 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.
Kasper Peters
Largest movements
- Cash +€432,622
up €432,622 (+84.5%), from €511,766 to €944,387
mainly Net result for the year (+€502,448) and Short-term financial debts (+€46,100)
- Receivables within one year +€43,944
up €43,944 (+3.8%), from €1.1m to €1.2m
of which Trade receivables: +€38,345
- Financial fixed assets -€25,000
down €25,000 (-100%), from €25,000 to €0
- Profit (loss) carried forward +€480,000
up €480,000, from €0 to €480,000
- Other debts -€94,621
down €94,621 (-13.9%), from €682,756 to €588,134
- Short-term financial debts +€46,100
up €46,100 (+8.8%), from €521,783 to €567,883
- Gross operating margin +€93,524
up €93,524 (+14.7%), from €638,302 to €731,825
- Financial charges +€29,672
up €29,672 (+68.7%), from €43,165 to €72,837
of which Non-recurring financial charges: +€25,000
- Taxes +€23,946
up €23,946 (+16.6%), from €144,344 to €168,291
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 | €1,857,556 | €2,300,520 | +€442,964 | +23.8% |
| Fixed assets | 21/28 | €71,359 | €32,269 | -€39,090 | -54.8% |
| Tangible fixed assets | 22/27 | €46,359 | €32,269 | -€14,090 | -30.4% |
| Furniture and vehicles | 24 | €43,633 | €31,460 | -€12,172 | -27.9% |
| Other tangible fixed assets | 26 | €2,727 | €809 | -€1,918 | -70.3% |
| Financial fixed assets | 28 | €25,000 | €0 | -€25,000 | -100% |
| Current assets | 29/58 | €1,786,197 | €2,268,251 | +€482,054 | +27.0% |
| Amounts receivable within one year | 40/41 | €1,146,834 | €1,190,778 | +€43,944 | +3.8% |
| Trade receivables | 40 | €336,434 | €374,778 | +€38,345 | +11.4% |
| Other amounts receivable | 41 | €810,401 | €816,000 | +€5,599 | +0.7% |
| Current investments | 50/53 | €112,247 | €121,055 | +€8,808 | +7.8% |
| Cash at bank and in hand | 54/58 | €511,766 | €944,387 | +€432,622 | +84.5% |
| Deferred charges and accrued income | 490/1 | €15,350 | €12,030 | -€3,319 | -21.6% |
| Total equity and liabilities | 10/49 | €1,857,556 | €2,300,520 | +€442,964 | +23.8% |
| Equity | 10/15 | €433,000 | €913,000 | +€480,000 | +111% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €403,000 | €403,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €400,000 | €400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €480,000 | +€480,000 | |
| Amounts payable | 17/49 | €1,424,556 | €1,387,520 | -€37,036 | -2.6% |
| Amounts payable within one year | 42/48 | €1,360,842 | €1,335,934 | -€24,908 | -1.8% |
| Financial debts | 43 | €521,783 | €567,883 | +€46,100 | +8.8% |
| Other loans | 439 | €521,783 | €567,883 | +€46,100 | +8.8% |
| Trade debts | 44 | €1,412 | €2,364 | +€953 | +67.5% |
| Suppliers | 440/4 | €1,412 | €2,364 | +€953 | +67.5% |
| Taxes, remuneration and social security | 45 | €154,891 | €177,551 | +€22,660 | +14.6% |
| Taxes | 450/3 | €154,891 | €177,551 | +€22,660 | +14.6% |
| Other amounts payable | 47/48 | €682,756 | €588,134 | -€94,621 | -13.9% |
| Accrued charges and deferred income | 492/3 | €63,714 | €51,587 | -€12,127 | -19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,762 | €20,751 | -€1,011 | -4.6% |
| Other operating charges | 640/8 | €1,693 | €1,770 | +€77 | +4.6% |
| Non-recurring operating charges | 66A | €39 | €0 | -€39 | -100% |
| Gross operating margin | 9900 | €638,302 | €731,825 | +€93,524 | +14.7% |
| Operating profit (loss) | 9901 | €614,808 | €709,304 | +€94,496 | +15.4% |
| Financial income | 75/76B | €30,582 | €34,272 | +€3,690 | +12.1% |
| Recurring financial income | 75 | €30,582 | €34,272 | +€3,690 | +12.1% |
| Financial charges | 65/66B | €43,165 | €72,837 | +€29,672 | +68.7% |
| Recurring financial charges | 65 | €43,165 | €47,837 | +€4,672 | +10.8% |
| Non-recurring financial charges | 66B | - | €25,000 | +€25,000 | |
| Profit (loss) for the period before taxes | 9903 | €602,225 | €670,739 | +€68,514 | +11.4% |
| Income taxes | 67/77 | €144,344 | €168,291 | +€23,946 | +16.6% |
| Profit (loss) for the period | 9904 | €457,880 | €502,448 | +€44,568 | +9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €457,880 | €502,448 | +€44,568 | +9.7% |
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 20 October 2026 via checked.be.