LE PEPIN: 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.
LE PEPIN
Largest movements
- Tangible fixed assets -€34,113
down €34,113 (-21.4%), from €159,459 to €125,346
of which Plant, machinery and equipment: -€25,632
- Cash -€3,814
down €3,814 (-11.8%), from €32,378 to €28,564
mainly Net result for the year (-€34,977) and Debts after one year (-€8,119)
- Profit (loss) carried forward -€34,977
down €34,977 (-76.3%), from -€45,816 to -€80,793
- Debts after one year -€8,119
down €8,119 (-51.8%), from €15,674 to €7,555
- Trade debts +€7,742
up €7,742 (+22.1%), from €35,009 to €42,751
- Current portion of long-term debt -€4,169
down €4,169 (-21.2%), from €19,645 to €15,475
- Gross operating margin -€30,531
down €30,531 (-13.1%), from €233,642 to €203,111
- Purchases and services -€16,481
down €16,481 (-3.9%), from €426,875 to €410,394
- Staff costs -€16,183
down €16,183 (-7.7%), from €210,449 to €194,267
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 | €209,255 | €169,974 | -€39,281 | -18.8% |
| Fixed assets | 21/28 | €159,717 | €125,604 | -€34,113 | -21.4% |
| Tangible fixed assets | 22/27 | €159,459 | €125,346 | -€34,113 | -21.4% |
| Plant, machinery and equipment | 23 | €106,600 | €80,968 | -€25,632 | -24.0% |
| Furniture and vehicles | 24 | €10,344 | €12,495 | +€2,151 | +20.8% |
| Leasing and similar rights | 25 | €42,514 | €31,883 | -€10,632 | -25.0% |
| Financial fixed assets | 28 | €258 | €258 | = | 0.0% |
| Current assets | 29/58 | €49,538 | €44,370 | -€5,168 | -10.4% |
| Stocks and contracts in progress | 3 | €10,450 | €9,068 | -€1,382 | -13.2% |
| Stocks | 30/36 | €10,450 | €9,068 | -€1,382 | -13.2% |
| Amounts receivable within one year | 40/41 | €5,495 | €4,605 | -€890 | -16.2% |
| Trade receivables | 40 | €1,495 | €605 | -€890 | -59.5% |
| Other amounts receivable | 41 | €4,000 | €4,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €32,378 | €28,564 | -€3,814 | -11.8% |
| Deferred charges and accrued income | 490/1 | €1,215 | €2,133 | +€918 | +75.5% |
| Total equity and liabilities | 10/49 | €209,255 | €169,974 | -€39,281 | -18.8% |
| Equity | 10/15 | €39,115 | €4,138 | -€34,977 | -89.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €66,331 | €66,331 | = | 0.0% |
| Distributable reserves | 133 | €66,331 | €66,331 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€45,816 | -€80,793 | -€34,977 | -76.3% |
| Amounts payable | 17/49 | €170,140 | €165,836 | -€4,304 | -2.5% |
| Amounts payable after more than one year | 17 | €15,674 | €7,555 | -€8,119 | -51.8% |
| Financial debts | 170/4 | €15,674 | €7,555 | -€8,119 | -51.8% |
| Amounts payable within one year | 42/48 | €154,466 | €158,281 | +€3,814 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €19,645 | €15,475 | -€4,169 | -21.2% |
| Trade debts | 44 | €35,009 | €42,751 | +€7,742 | +22.1% |
| Suppliers | 440/4 | €35,009 | €42,751 | +€7,742 | +22.1% |
| Taxes, remuneration and social security | 45 | €12,106 | €13,796 | +€1,690 | +14.0% |
| Taxes | 450/3 | €3,593 | €4,218 | +€626 | +17.4% |
| Remuneration and social security | 454/9 | €8,514 | €9,578 | +€1,064 | +12.5% |
| Other amounts payable | 47/48 | €87,706 | €86,258 | -€1,447 | -1.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €426,875 | €410,394 | -€16,481 | -3.9% |
| Remuneration, social security and pensions | 62 | €210,449 | €194,267 | -€16,183 | -7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,585 | €39,829 | -€756 | -1.9% |
| Other operating charges | 640/8 | €159 | €282 | +€123 | +76.9% |
| Gross operating margin | 9900 | €233,642 | €203,111 | -€30,531 | -13.1% |
| Operating profit (loss) | 9901 | -€17,552 | -€31,267 | -€13,715 | -78.1% |
| Financial income | 75/76B | €3 | €16 | +€13 | +441.5% |
| Recurring financial income | 75 | €3 | €16 | +€13 | +441.5% |
| Financial charges | 65/66B | €3,839 | €3,726 | -€113 | -2.9% |
| Recurring financial charges | 65 | €3,839 | €3,726 | -€113 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | -€21,387 | -€34,977 | -€13,589 | -63.5% |
| Profit (loss) for the period | 9904 | -€21,387 | -€34,977 | -€13,589 | -63.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,387 | -€34,977 | -€13,589 | -63.5% |
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 10 October 2026 via checked.be.