PE: 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.
PE
Largest movements
- Receivables within one year -€22,850
down €22,850 (-53.6%), from €42,623 to €19,773
of which Trade receivables: -€33,171
- Cash -€17,800
down €17,800 (-3.4%), from €523,386 to €505,586
mainly Contributions, distributions and other (-€39,388) and Tax, wage and social debts (-€17,359)
- Tangible fixed assets +€6,062
up €6,062 (+28.1%), from €21,569 to €27,631
- Reserves -€19,062
down €19,062 (-3.5%), from €550,304 to €531,242
- Tax, wage and social debts -€17,359
down €17,359 (-97.6%), from €17,793 to €434
- Gross operating margin -€146,287
down €146,287 (-77.4%), from €188,948 to €42,660
- Taxes -€45,044
down €45,044 (-81.2%), from €55,468 to €10,424
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 | €592,962 | €553,642 | -€39,320 | -6.6% |
| Fixed assets | 21/28 | €22,069 | €28,131 | +€6,062 | +27.5% |
| Tangible fixed assets | 22/27 | €21,569 | €27,631 | +€6,062 | +28.1% |
| Land and buildings | 22 | €15,948 | €17,600 | +€1,652 | +10.4% |
| Plant, machinery and equipment | 23 | - | €2,157 | +€2,157 | |
| Furniture and vehicles | 24 | €5,621 | €7,071 | +€1,450 | +25.8% |
| Other tangible fixed assets | 26 | - | €803 | +€803 | |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €570,893 | €525,511 | -€45,382 | -7.9% |
| Amounts receivable within one year | 40/41 | €42,623 | €19,773 | -€22,850 | -53.6% |
| Trade receivables | 40 | €33,948 | €777 | -€33,171 | -97.7% |
| Other amounts receivable | 41 | €8,675 | €18,996 | +€10,321 | +119% |
| Cash at bank and in hand | 54/58 | €523,386 | €505,586 | -€17,800 | -3.4% |
| Deferred charges and accrued income | 490/1 | €4,884 | €152 | -€4,732 | -96.9% |
| Total equity and liabilities | 10/49 | €592,962 | €553,642 | -€39,320 | -6.6% |
| Equity | 10/15 | €568,904 | €549,842 | -€19,062 | -3.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €550,304 | €531,242 | -€19,062 | -3.5% |
| Distributable reserves | 133 | €550,304 | €531,242 | -€19,062 | -3.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €24,058 | €3,801 | -€20,258 | -84.2% |
| Amounts payable within one year | 42/48 | €24,058 | €3,801 | -€20,258 | -84.2% |
| Trade debts | 44 | €6,266 | €3,367 | -€2,899 | -46.3% |
| Suppliers | 440/4 | €6,266 | €3,367 | -€2,899 | -46.3% |
| Taxes, remuneration and social security | 45 | €17,793 | €434 | -€17,359 | -97.6% |
| Taxes | 450/3 | €17,793 | €434 | -€17,359 | -97.6% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €8,103 | +€8,103 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,752 | €11,249 | -€503 | -4.3% |
| Other operating charges | 640/8 | €1,266 | €1,177 | -€89 | -7.0% |
| Gross operating margin | 9900 | €188,948 | €42,660 | -€146,287 | -77.4% |
| Operating profit (loss) | 9901 | €175,929 | €30,235 | -€145,695 | -82.8% |
| Financial income | 75/76B | €1,714 | €895 | -€820 | -47.8% |
| Recurring financial income | 75 | €1,714 | €895 | -€820 | -47.8% |
| Financial charges | 65/66B | €285 | €379 | +€94 | +32.8% |
| Recurring financial charges | 65 | €285 | €379 | +€94 | +32.8% |
| Profit (loss) for the period before taxes | 9903 | €177,358 | €30,750 | -€146,608 | -82.7% |
| Income taxes | 67/77 | €55,468 | €10,424 | -€45,044 | -81.2% |
| Profit (loss) for the period | 9904 | €121,890 | €20,326 | -€101,564 | -83.3% |
| Profit (loss) for the period to be appropriated | 9905 | €121,890 | €20,326 | -€101,564 | -83.3% |
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.