PEBAKO: 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.
PEBAKO
Largest movements
- Receivables within one year +€30,008
up €30,008 (+8.5%), from €354,704 to €384,712
of which Other amounts receivable: +€27,588
- Reserves +€23,132
up €23,132 (+2.3%), from €1.0m to €1.0m
of which Distributable reserves: +€23,132
- Gross operating margin -€278,175
down €278,175 (-90.2%), from €308,443 to €30,268
- Taxes -€90,592
down €90,592 (-88.3%), from €102,544 to €11,951
- Financial income +€13,501
up €13,501 (+758.0%), from €1,781 to €15,283
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,522,201 | €1,559,743 | +€37,542 | +2.5% |
| Fixed assets | 21/28 | €1,160,460 | €1,159,753 | -€707 | -0.1% |
| Tangible fixed assets | 22/27 | €2,121 | €1,414 | -€707 | -33.3% |
| Plant, machinery and equipment | 23 | €2,121 | €1,414 | -€707 | -33.3% |
| Financial fixed assets | 28 | €1,158,339 | €1,158,339 | = | 0.0% |
| Current assets | 29/58 | €361,742 | €399,991 | +€38,249 | +10.6% |
| Amounts receivable within one year | 40/41 | €354,704 | €384,712 | +€30,008 | +8.5% |
| Trade receivables | 40 | €6,050 | €8,470 | +€2,420 | +40.0% |
| Other amounts receivable | 41 | €348,654 | €376,242 | +€27,588 | +7.9% |
| Current investments | 50/53 | €7,038 | - | -€7,038 | |
| Deferred charges and accrued income | 490/1 | - | €15,279 | +€15,279 | |
| Total equity and liabilities | 10/49 | €1,522,201 | €1,559,743 | +€37,542 | +2.5% |
| Equity | 10/15 | €1,319,834 | €1,342,966 | +€23,132 | +1.8% |
| Contributions | 10/11 | €297,472 | €297,472 | = | 0.0% |
| Capital | 10 | €297,472 | €297,472 | = | 0.0% |
| Issued capital | 100 | €297,472 | €297,472 | = | 0.0% |
| Reserves | 13 | €1,022,362 | €1,045,494 | +€23,132 | +2.3% |
| Non-distributable reserves | 130/1 | €29,747 | €29,747 | = | 0.0% |
| Legal reserve | 130 | €29,747 | €29,747 | = | 0.0% |
| Distributable reserves | 133 | €992,614 | €1,015,747 | +€23,132 | +2.3% |
| Amounts payable | 17/49 | €202,368 | €216,777 | +€14,410 | +7.1% |
| Amounts payable within one year | 42/48 | €196,580 | €211,614 | +€15,034 | +7.6% |
| Financial debts | 43 | - | €490 | +€490 | |
| Credit institutions | 430/8 | - | €490 | +€490 | |
| Trade debts | 44 | €1,164 | €2,860 | +€1,696 | +145.7% |
| Suppliers | 440/4 | €1,164 | €2,860 | +€1,696 | +145.7% |
| Taxes, remuneration and social security | 45 | €108,227 | €116,004 | +€7,777 | +7.2% |
| Taxes | 450/3 | €107,708 | €116,004 | +€8,296 | +7.7% |
| Remuneration and social security | 454/9 | €519 | - | -€519 | |
| Other amounts payable | 47/48 | €87,189 | €92,261 | +€5,072 | +5.8% |
| Accrued charges and deferred income | 492/3 | €5,788 | €5,163 | -€625 | -10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €707 | €707 | = | 0.0% |
| Other operating charges | 640/8 | €1,946 | €1,749 | -€197 | -10.1% |
| Gross operating margin | 9900 | €308,443 | €30,268 | -€278,175 | -90.2% |
| Operating profit (loss) | 9901 | €305,790 | €27,812 | -€277,978 | -90.9% |
| Financial income | 75/76B | €1,781 | €15,283 | +€13,501 | +758.0% |
| Recurring financial income | 75 | €1,781 | €15,283 | +€13,501 | +758.0% |
| Financial charges | 65/66B | €5,495 | €8,011 | +€2,516 | +45.8% |
| Recurring financial charges | 65 | €5,495 | €8,011 | +€2,516 | +45.8% |
| Profit (loss) for the period before taxes | 9903 | €302,076 | €35,084 | -€266,993 | -88.4% |
| Income taxes | 67/77 | €102,544 | €11,951 | -€90,592 | -88.3% |
| Profit (loss) for the period | 9904 | €199,533 | €23,132 | -€176,400 | -88.4% |
| Profit (loss) for the period to be appropriated | 9905 | €199,533 | €23,132 | -€176,400 | -88.4% |
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 5 October 2026 via checked.be.