PEBRA: 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.
PEBRA
Largest movements
- Tangible fixed assets +€72,150
up €72,150 (+80.5%), from €89,625 to €161,775
of which Plant, machinery and equipment: +€79,119
- Deferred charges and accrued income -€52,203
down €52,203 (-95.1%), from €54,916 to €2,714
- Current investments +€50,870
up €50,870 (+19.1%), from €266,102 to €316,972
- Cash +€27,130
up €27,130 (+10.7%), from €253,404 to €280,534
mainly Net result for the year (+€100,349) and Depreciation (+€62,583)
- Reserves +€69,016
up €69,016 (+15.9%), from €433,276 to €502,292
- Debts after one year +€57,961
up €57,961 (+117.5%), from €49,346 to €107,307
- Current portion of long-term debt +€15,247
up €15,247 (+31.6%), from €48,246 to €63,493
- Tax, wage and social debts -€14,367
down €14,367 (-20.9%), from €68,891 to €54,524
of which Remuneration and social security: -€11,724
- Trade debts -€12,823
down €12,823 (-26.3%), from €48,723 to €35,900
- Gross operating margin -€71,616
down €71,616 (-16.8%), from €426,323 to €354,707
- Taxes -€27,908
down €27,908 (-38.4%), from €72,661 to €44,753
- Depreciation +€19,836
up €19,836 (+46.4%), from €42,748 to €62,583
- Staff costs -€14,103
down €14,103 (-8.9%), from €157,888 to €143,785
- Provisions +€10,028
no longer reported in 2025 (was -€10,028)
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 | €675,970 | €780,777 | +€104,807 | +15.5% |
| Fixed assets | 21/28 | €89,625 | €161,775 | +€72,150 | +80.5% |
| Tangible fixed assets | 22/27 | €89,625 | €161,775 | +€72,150 | +80.5% |
| Plant, machinery and equipment | 23 | €75,833 | €154,952 | +€79,119 | +104.3% |
| Furniture and vehicles | 24 | €7,010 | €1,586 | -€5,424 | -77.4% |
| Other tangible fixed assets | 26 | €6,782 | €5,237 | -€1,545 | -22.8% |
| Current assets | 29/58 | €586,345 | €619,002 | +€32,657 | +5.6% |
| Amounts receivable within one year | 40/41 | €11,924 | €18,783 | +€6,859 | +57.5% |
| Other amounts receivable | 41 | €11,924 | €18,783 | +€6,859 | +57.5% |
| Current investments | 50/53 | €266,102 | €316,972 | +€50,870 | +19.1% |
| Cash at bank and in hand | 54/58 | €253,404 | €280,534 | +€27,130 | +10.7% |
| Deferred charges and accrued income | 490/1 | €54,916 | €2,714 | -€52,203 | -95.1% |
| Total equity and liabilities | 10/49 | €675,970 | €780,777 | +€104,807 | +15.5% |
| Equity | 10/15 | €439,483 | €508,500 | +€69,016 | +15.7% |
| Contributions | 10/11 | €6,207 | €6,207 | = | 0.0% |
| Reserves | 13 | €433,276 | €502,292 | +€69,016 | +15.9% |
| Distributable reserves | 133 | €433,276 | €502,292 | +€69,016 | +15.9% |
| Amounts payable | 17/49 | €236,487 | €272,277 | +€35,791 | +15.1% |
| Amounts payable after more than one year | 17 | €49,346 | €107,307 | +€57,961 | +117.5% |
| Financial debts | 170/4 | €49,346 | €107,307 | +€57,961 | +117.5% |
| Amounts payable within one year | 42/48 | €166,443 | €154,500 | -€11,943 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €48,246 | €63,493 | +€15,247 | +31.6% |
| Trade debts | 44 | €48,723 | €35,900 | -€12,823 | -26.3% |
| Suppliers | 440/4 | €48,723 | €35,900 | -€12,823 | -26.3% |
| Taxes, remuneration and social security | 45 | €68,891 | €54,524 | -€14,367 | -20.9% |
| Taxes | 450/3 | €38,701 | €36,057 | -€2,643 | -6.8% |
| Remuneration and social security | 454/9 | €30,191 | €18,467 | -€11,724 | -38.8% |
| Other amounts payable | 47/48 | €583 | €583 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €20,698 | €10,471 | -€10,227 | -49.4% |
| Non-recurring operating income | 76A | €9 | €1,060 | +€1,051 | +11682.1% |
| Remuneration, social security and pensions | 62 | €157,888 | €143,785 | -€14,103 | -8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,748 | €62,583 | +€19,836 | +46.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€10,028 | - | +€10,028 | |
| Other operating charges | 640/8 | €2,190 | €1,423 | -€766 | -35.0% |
| Non-recurring operating charges | 66A | €485 | €454 | -€31 | -6.4% |
| Gross operating margin | 9900 | €426,323 | €354,707 | -€71,616 | -16.8% |
| Operating profit (loss) | 9901 | €233,040 | €146,462 | -€86,578 | -37.2% |
| Financial income | 75/76B | €5,600 | €4,982 | -€618 | -11.0% |
| Recurring financial income | 75 | €5,600 | €4,982 | -€618 | -11.0% |
| Financial charges | 65/66B | €4,794 | €6,342 | +€1,547 | +32.3% |
| Recurring financial charges | 65 | €4,794 | €6,342 | +€1,547 | +32.3% |
| Profit (loss) for the period before taxes | 9903 | €233,846 | €145,102 | -€88,744 | -37.9% |
| Income taxes | 67/77 | €72,661 | €44,753 | -€27,908 | -38.4% |
| Profit (loss) for the period | 9904 | €161,185 | €100,349 | -€60,835 | -37.7% |
| Profit (loss) for the period to be appropriated | 9905 | €161,185 | €100,349 | -€60,835 | -37.7% |
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 4 October 2026 via checked.be.