Pebble wave: 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.
Pebble wave
Largest movements
- Receivables within one year +€3.7m
up €3.7m (+1,058%), from €353,299 to €4.1m
of which Other amounts receivable: +€3.7m
- Financial fixed assets -€3.3m
down €3.3m (-40.3%), from €8.2m to €4.9m
- Cash -€371,563
down €371,563 (-81.0%), from €458,708 to €87,145
mainly Receivables within one year (-€3.7m) and Contributions, distributions and other (-€3.3m)
- Deferred charges and accrued income +€137,576
up €137,576 (+125%), from €109,947 to €247,523
- Revaluation surpluses -€3.3m
down €3.3m (-100%), from €3.3m to €0
- Profit (loss) carried forward +€2.8m
up €2.8m, from -€1.8m to €1.0m
- Accrued charges and deferred income +€357,727
up €357,727 (+44.6%), from €802,085 to €1.2m
- Debts after one year +€350,000
up €350,000 (+14.0%), from €2.5m to €2.9m
- Financial income +€3.4m
up €3.4m (+1,786%), from €189,485 to €3.6m
of which Non-recurring financial income: +€3.3m
- Gross operating margin +€83,451
up €83,451 (+14.2%), from -€587,721 to -€504,270
- Financial charges -€14,150
down €14,150 (-5.0%), from €280,255 to €266,105
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 | €9,137,956 | €9,333,206 | +€195,250 | +2.1% |
| Fixed assets | 21/28 | €8,216,002 | €4,908,283 | -€3.3m | -40.3% |
| Tangible fixed assets | 22/27 | - | €2,163 | +€2,163 | |
| Furniture and vehicles | 24 | - | €2,163 | +€2,163 | |
| Financial fixed assets | 28 | €8,216,002 | €4,906,120 | -€3.3m | -40.3% |
| Current assets | 29/58 | €921,953 | €4,424,923 | +€3.5m | +380% |
| Amounts receivable within one year | 40/41 | €353,299 | €4,090,256 | +€3.7m | +1,058% |
| Trade receivables | 40 | €37,786 | €77,411 | +€39,625 | +105% |
| Other amounts receivable | 41 | €315,513 | €4,012,845 | +€3.7m | +1,172% |
| Cash at bank and in hand | 54/58 | €458,708 | €87,145 | -€371,563 | -81.0% |
| Deferred charges and accrued income | 490/1 | €109,947 | €247,523 | +€137,576 | +125% |
| Total equity and liabilities | 10/49 | €9,137,956 | €9,333,206 | +€195,250 | +2.1% |
| Equity | 10/15 | €2,543,208 | €2,094,270 | -€448,937 | -17.7% |
| Contributions | 10/11 | €1,085,300 | €1,085,300 | = | 0.0% |
| Revaluation surpluses | 12 | €3,250,000 | €0 | -€3.3m | -100% |
| Profit (loss) carried forward | 14 | -€1,792,092 | €1,008,970 | +€2.8m | |
| Amounts payable | 17/49 | €6,594,748 | €7,238,936 | +€644,188 | +9.8% |
| Amounts payable after more than one year | 17 | €2,500,000 | €2,850,000 | +€350,000 | +14.0% |
| Financial debts | 170/4 | €2,500,000 | €2,850,000 | +€350,000 | +14.0% |
| Amounts payable within one year | 42/48 | €3,292,663 | €3,229,123 | -€63,540 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €5,227 | €0 | -€5,227 | -100% |
| Trade debts | 44 | €65,895 | €7,094 | -€58,801 | -89.2% |
| Suppliers | 440/4 | €65,895 | €7,094 | -€58,801 | -89.2% |
| Taxes, remuneration and social security | 45 | €74 | €133 | +€59 | +79.4% |
| Taxes | 450/3 | €74 | €133 | +€59 | +79.4% |
| Other amounts payable | 47/48 | €3,221,467 | €3,221,897 | +€430 | 0.0% |
| Accrued charges and deferred income | 492/3 | €802,085 | €1,159,812 | +€357,727 | +44.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €92 | +€92 | |
| Other operating charges | 640/8 | €1,037 | €3,017 | +€1,980 | +191% |
| Non-recurring operating charges | 66A | €6,562 | €0 | -€6,562 | -100% |
| Gross operating margin | 9900 | -€587,721 | -€504,270 | +€83,451 | +14.2% |
| Operating profit (loss) | 9901 | -€595,320 | -€507,379 | +€87,942 | +14.8% |
| Financial income | 75/76B | €189,485 | €3,574,546 | +€3.4m | +1,786% |
| Recurring financial income | 75 | €189,485 | €324,546 | +€135,061 | +71.3% |
| Non-recurring financial income | 76B | - | €3,250,000 | +€3.3m | |
| Financial charges | 65/66B | €280,255 | €266,105 | -€14,150 | -5.0% |
| Recurring financial charges | 65 | €280,255 | €266,105 | -€14,150 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | -€686,090 | €2,801,063 | +€3.5m | |
| Profit (loss) for the period | 9904 | -€686,090 | €2,801,063 | +€3.5m | |
| Profit (loss) for the period to be appropriated | 9905 | -€686,090 | €2,801,063 | +€3.5m |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.