Ludwig Peeters: what changed
Ludwig Peeters
Largest movements
- Current investments +€150,000
new in 2025: €150,000
- Receivables within one year -€42,684
down €42,684 (-89.5%), from €47,707 to €5,023
of which Other amounts receivable: -€31,743
- Cash -€36,039
down €36,039 (-31.3%), from €115,227 to €79,188
mainly Current investments (-€150,000) and Contributions, distributions and other (-€116,386)
- Tangible fixed assets -€23,495
down €23,495 (-40.5%), from €57,979 to €34,484
of which Furniture and vehicles: -€14,370
- Other debts +€117,024
up €117,024, from €0 to €117,024
- Reserves -€82,362
down €82,362 (-41.1%), from €200,615 to €118,252
- Tax, wage and social debts +€14,181
up €14,181, from €0 to €14,181
- Gross operating margin -€38,133
down €38,133 (-33.5%), from €113,742 to €75,609
- Other operating charges -€14,325
down €14,325 (-87.5%), from €16,368 to €2,043
- Depreciation -€13,697
down €13,697 (-36.8%), from €37,192 to €23,495
- Financial income -€8,104
down €8,104 (-88.0%), from €9,210 to €1,106
- Taxes -€5,748
down €5,748 (-25.3%), from €22,696 to €16,948
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 | €220,913 | €268,694 | +€47,782 | +21.6% |
| Fixed assets | 21/28 | €57,979 | €34,484 | -€23,495 | -40.5% |
| Tangible fixed assets | 22/27 | €57,979 | €34,484 | -€23,495 | -40.5% |
| Land and buildings | 22 | €27,376 | €18,250 | -€9,125 | -33.3% |
| Furniture and vehicles | 24 | €30,603 | €16,233 | -€14,370 | -47.0% |
| Current assets | 29/58 | €162,934 | €234,211 | +€71,277 | +43.7% |
| Amounts receivable within one year | 40/41 | €47,707 | €5,023 | -€42,684 | -89.5% |
| Trade receivables | 40 | €15,113 | €4,172 | -€10,941 | -72.4% |
| Other amounts receivable | 41 | €32,594 | €851 | -€31,743 | -97.4% |
| Current investments | 50/53 | - | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €115,227 | €79,188 | -€36,039 | -31.3% |
| Total equity and liabilities | 10/49 | €220,913 | €268,694 | +€47,782 | +21.6% |
| Equity | 10/15 | €219,215 | €136,852 | -€82,362 | -37.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €200,615 | €118,252 | -€82,362 | -41.1% |
| Distributable reserves | 133 | €200,615 | €118,252 | -€82,362 | -41.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,698 | €131,842 | +€130,144 | +7,665% |
| Amounts payable within one year | 42/48 | €13 | €131,442 | +€131,429 | +1,010,994% |
| Trade debts | 44 | €13 | €209 | +€196 | +1,511% |
| Suppliers | 440/4 | €13 | €209 | +€196 | +1,511% |
| Advances received on contracts in progress | 46 | - | €28 | +€28 | |
| Taxes, remuneration and social security | 45 | €0 | €14,181 | +€14,181 | |
| Taxes | 450/3 | €0 | €14,181 | +€14,181 | |
| Other amounts payable | 47/48 | €0 | €117,024 | +€117,024 | |
| Accrued charges and deferred income | 492/3 | €1,685 | €400 | -€1,285 | -76.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,192 | €23,495 | -€13,697 | -36.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €16,368 | €2,043 | -€14,325 | -87.5% |
| Gross operating margin | 9900 | €113,742 | €75,609 | -€38,133 | -33.5% |
| Operating profit (loss) | 9901 | €60,182 | €50,071 | -€10,111 | -16.8% |
| Financial income | 75/76B | €9,210 | €1,106 | -€8,104 | -88.0% |
| Recurring financial income | 75 | €9,210 | €1,106 | -€8,104 | -88.0% |
| Financial charges | 65/66B | €466 | €206 | -€260 | -55.8% |
| Recurring financial charges | 65 | €466 | €206 | -€260 | -55.8% |
| Profit (loss) for the period before taxes | 9903 | €68,926 | €50,971 | -€17,955 | -26.0% |
| Income taxes | 67/77 | €22,696 | €16,948 | -€5,748 | -25.3% |
| Profit (loss) for the period | 9904 | €46,230 | €34,024 | -€12,207 | -26.4% |
| Profit (loss) for the period to be appropriated | 9905 | €46,230 | €34,024 | -€12,207 | -26.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.