PE GROUP: what changed
Two fiscal 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 GROUP
Largest movements
- Receivables within one year +€9.9m
up €9.9m (+143.0%), from €6.9m to €16.8m
of which Other amounts receivable: +€9.9m
- Financial fixed assets -€4.0m
down €4.0m (-13.3%), from €29.7m to €25.7m
- Cash -€676,081
down €676,081 (-24.2%), from €2.8m to €2.1m
mainly Receivables within one year (-€9.9m) and Stocks and contracts (-€166,250)
- Current portion of long-term debt +€2.9m
up €2.9m (+114.5%), from €2.5m to €5.3m
- Reserves +€2.3m
up €2.3m (+8.1%), from €28.2m to €30.5m
of which Distributable reserves: +€2.3m
- Financial income -€2.8m
down €2.8m (-47.9%), from €5.9m to €3.1m
- Financial charges -€1.5m
down €1.5m (-76.1%), from €2.0m to €469,489
of which Non-recurring financial charges: -€1.2m
- Gross operating margin +€153,559
up €153,559 (+52.2%), from -€294,345 to -€140,785
- Taxes -€58,876
down €58,876 (-26.3%), from €223,686 to €164,810
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 | €39,435,809 | €44,833,937 | +€5.4m | +13.7% |
| Fixed assets | 21/28 | €29,710,052 | €25,724,496 | -€4.0m | -13.4% |
| Intangible fixed assets | 21 | €2,515 | €1,348 | -€1,167 | -46.4% |
| Tangible fixed assets | 22/27 | €34,550 | €9,064 | -€25,486 | -73.8% |
| Plant, machinery and equipment | 23 | €3,261 | €2,852 | -€409 | -12.5% |
| Furniture and vehicles | 24 | €31,288 | €6,212 | -€25,076 | -80.1% |
| Financial fixed assets | 28 | €29,672,987 | €25,714,084 | -€4.0m | -13.3% |
| Current assets | 29/58 | €9,725,757 | €19,109,441 | +€9.4m | +96.5% |
| Stocks and contracts in progress | 3 | - | €166,250 | +€166,250 | |
| Stocks | 30/36 | - | €166,250 | +€166,250 | |
| Amounts receivable within one year | 40/41 | €6,918,199 | €16,810,872 | +€9.9m | +143.0% |
| Trade receivables | 40 | €33,025 | €51,300 | +€18,275 | +55.3% |
| Other amounts receivable | 41 | €6,885,174 | €16,759,572 | +€9.9m | +143.4% |
| Cash at bank and in hand | 54/58 | €2,797,556 | €2,121,475 | -€676,081 | -24.2% |
| Deferred charges and accrued income | 490/1 | €10,002 | €10,845 | +€843 | +8.4% |
| Total equity and liabilities | 10/49 | €39,435,809 | €44,833,937 | +€5.4m | +13.7% |
| Equity | 10/15 | €34,204,349 | €36,478,075 | +€2.3m | +6.6% |
| Contributions | 10/11 | €5,964,078 | €5,964,078 | = | 0.0% |
| Capital | 10 | €5,964,078 | €5,964,078 | = | 0.0% |
| Issued capital | 100 | €5,964,078 | €5,964,078 | = | 0.0% |
| Reserves | 13 | €28,240,271 | €30,513,997 | +€2.3m | +8.1% |
| Non-distributable reserves | 130/1 | €596,408 | €596,408 | = | 0.0% |
| Legal reserve | 130 | €596,408 | €596,408 | = | 0.0% |
| Distributable reserves | 133 | €27,643,864 | €29,917,590 | +€2.3m | +8.2% |
| Amounts payable | 17/49 | €5,231,460 | €8,355,862 | +€3.1m | +59.7% |
| Amounts payable within one year | 42/48 | €5,231,456 | €8,355,862 | +€3.1m | +59.7% |
| Current portion of amounts payable after more than one year | 42 | €2,489,168 | €5,339,168 | +€2.9m | +114.5% |
| Trade debts | 44 | €3,949 | €13,307 | +€9,358 | +236.9% |
| Suppliers | 440/4 | €3,949 | €13,307 | +€9,358 | +236.9% |
| Taxes, remuneration and social security | 45 | €168,686 | €283,497 | +€114,810 | +68.1% |
| Taxes | 450/3 | €168,686 | €283,497 | +€114,810 | +68.1% |
| Other amounts payable | 47/48 | €2,569,652 | €2,719,890 | +€150,238 | +5.8% |
| Accrued charges and deferred income | 492/3 | €4 | - | -€4 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,979 | €28,251 | +€272 | +1.0% |
| Other operating charges | 640/8 | €2,442 | €1,749 | -€693 | -28.4% |
| Gross operating margin | 9900 | -€294,345 | -€140,785 | +€153,559 | +52.2% |
| Operating profit (loss) | 9901 | -€324,766 | -€170,786 | +€153,980 | +47.4% |
| Financial income | 75/76B | €5,906,497 | €3,078,811 | -€2.8m | -47.9% |
| Recurring financial income | 75 | €5,906,497 | €3,078,811 | -€2.8m | -47.9% |
| Financial charges | 65/66B | €1,963,482 | €469,489 | -€1.5m | -76.1% |
| Recurring financial charges | 65 | €485,387 | €194,564 | -€290,823 | -59.9% |
| Non-recurring financial charges | 66B | €1,478,095 | €274,925 | -€1.2m | -81.4% |
| Profit (loss) for the period before taxes | 9903 | €3,618,248 | €2,438,536 | -€1.2m | -32.6% |
| Income taxes | 67/77 | €223,686 | €164,810 | -€58,876 | -26.3% |
| Profit (loss) for the period | 9904 | €3,394,562 | €2,273,726 | -€1.1m | -33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,394,562 | €2,273,726 | -€1.1m | -33.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.