PEC: 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.
PEC
Largest movements
- Receivables within one year -€52,151
down €52,151 (-15.8%), from €329,115 to €276,964
of which Trade receivables: -€51,090
- Deferred charges and accrued income +€15,046
up €15,046 (+282.4%), from €5,327 to €20,373
- Cash +€5,182
up €5,182 (+2348.1%), from €221 to €5,402
mainly Receivables within one year (+€52,151) and Depreciation (+€18,698)
- Trade debts -€27,296
down €27,296 (-15.2%), from €179,824 to €152,528
- Tax, wage and social debts +€13,986
up €13,986 (+33.1%), from €42,221 to €56,206
of which Taxes: +€7,267
- Reserves -€10,673
down €10,673 (-8.4%), from €127,676 to €117,003
- Current portion of long-term debt -€5,233
down €5,233 (-65.4%), from €8,006 to €2,773
- Staff costs +€111,104
up €111,104 (+114.2%), from €97,297 to €208,400
- Gross operating margin +€65,572
up €65,572 (+34.4%), from €190,425 to €255,997
- Depreciation +€12,887
up €12,887 (+221.8%), from €5,811 to €18,698
- Other operating charges +€10,774
up €10,774 (+175.6%), from €6,135 to €16,909
- Taxes -€5,190
down €5,190 (-20.6%), from €25,199 to €20,009
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 | €377,500 | €345,511 | -€31,989 | -8.5% |
| Fixed assets | 21/28 | €42,838 | €42,772 | -€66 | -0.2% |
| Tangible fixed assets | 22/27 | €42,563 | €42,497 | -€66 | -0.2% |
| Furniture and vehicles | 24 | €42,563 | €30,191 | -€12,371 | -29.1% |
| Other tangible fixed assets | 26 | - | €12,305 | +€12,305 | |
| Financial fixed assets | 28 | €275 | €275 | = | 0.0% |
| Current assets | 29/58 | €334,663 | €302,739 | -€31,923 | -9.5% |
| Amounts receivable within one year | 40/41 | €329,115 | €276,964 | -€52,151 | -15.8% |
| Trade receivables | 40 | €273,411 | €222,322 | -€51,090 | -18.7% |
| Other amounts receivable | 41 | €55,703 | €54,643 | -€1,061 | -1.9% |
| Cash at bank and in hand | 54/58 | €221 | €5,402 | +€5,182 | +2348.1% |
| Deferred charges and accrued income | 490/1 | €5,327 | €20,373 | +€15,046 | +282.4% |
| Total equity and liabilities | 10/49 | €377,500 | €345,511 | -€31,989 | -8.5% |
| Equity | 10/15 | €127,676 | €117,003 | -€10,673 | -8.4% |
| Reserves | 13 | €127,676 | €117,003 | -€10,673 | -8.4% |
| Distributable reserves | 133 | €127,676 | €117,003 | -€10,673 | -8.4% |
| Amounts payable | 17/49 | €249,824 | €228,508 | -€21,316 | -8.5% |
| Amounts payable after more than one year | 17 | €2,773 | - | -€2,773 | |
| Financial debts | 170/4 | €2,773 | - | -€2,773 | |
| Amounts payable within one year | 42/48 | €247,051 | €228,508 | -€18,543 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €8,006 | €2,773 | -€5,233 | -65.4% |
| Trade debts | 44 | €179,824 | €152,528 | -€27,296 | -15.2% |
| Suppliers | 440/4 | €179,824 | €152,528 | -€27,296 | -15.2% |
| Advances received on contracts in progress | 46 | €17,000 | €17,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €42,221 | €56,206 | +€13,986 | +33.1% |
| Taxes | 450/3 | €34,307 | €41,574 | +€7,267 | +21.2% |
| Remuneration and social security | 454/9 | €7,913 | €14,632 | +€6,719 | +84.9% |
| Remuneration, social security and pensions | 62 | €97,297 | €208,400 | +€111,104 | +114.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,811 | €18,698 | +€12,887 | +221.8% |
| Other operating charges | 640/8 | €6,135 | €16,909 | +€10,774 | +175.6% |
| Gross operating margin | 9900 | €190,425 | €255,997 | +€65,572 | +34.4% |
| Operating profit (loss) | 9901 | €81,182 | €11,990 | -€69,193 | -85.2% |
| Financial income | 75/76B | €3,428 | €2,934 | -€494 | -14.4% |
| Recurring financial income | 75 | €3,428 | €2,934 | -€494 | -14.4% |
| Financial charges | 65/66B | €2,281 | €5,588 | +€3,307 | +145.0% |
| Recurring financial charges | 65 | €2,281 | €5,588 | +€3,307 | +145.0% |
| Profit (loss) for the period before taxes | 9903 | €82,330 | €9,336 | -€72,993 | -88.7% |
| Income taxes | 67/77 | €25,199 | €20,009 | -€5,190 | -20.6% |
| Profit (loss) for the period | 9904 | €57,131 | -€10,673 | -€67,804 | |
| Profit (loss) for the period to be appropriated | 9905 | €57,131 | -€10,673 | -€67,804 |
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 9 October 2026 via checked.be.