PECASSE: 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.
PECASSE
Largest movements
- Cash +€71,845
up €71,845 (+16.8%), from €428,749 to €500,595
mainly Net result for the year (+€83,745) and Depreciation (+€83,600)
- Tangible fixed assets -€46,538
down €46,538 (-10.2%), from €454,126 to €407,589
of which Land and buildings: -€39,206
- Stocks and contracts +€35,636
up €35,636 (+2.6%), from €1.4m to €1.4m
- Reserves +€83,745
up €83,745 (+4.1%), from €2.1m to €2.1m
of which Distributable reserves: +€83,745
- Other debts -€44,000
no longer reported in 2025 (was €44,000)
- Staff costs +€25,356
up €25,356 (+3.7%), from €693,728 to €719,084
- Gross operating margin +€23,411
up €23,411 (+2.8%), from €841,281 to €864,692
- Depreciation -€12,241
down €12,241 (-12.8%), from €95,840 to €83,600
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 | €2,301,405 | €2,363,455 | +€62,050 | +2.7% |
| Fixed assets | 21/28 | €455,193 | €411,148 | -€44,045 | -9.7% |
| Intangible fixed assets | 21 | €1,067 | €3,560 | +€2,493 | +233.6% |
| Tangible fixed assets | 22/27 | €454,126 | €407,589 | -€46,538 | -10.2% |
| Land and buildings | 22 | €308,148 | €268,942 | -€39,206 | -12.7% |
| Plant, machinery and equipment | 23 | €102,567 | €111,578 | +€9,011 | +8.8% |
| Furniture and vehicles | 24 | €43,411 | €27,069 | -€16,342 | -37.6% |
| Current assets | 29/58 | €1,846,212 | €1,952,307 | +€106,095 | +5.7% |
| Stocks and contracts in progress | 3 | €1,374,834 | €1,410,470 | +€35,636 | +2.6% |
| Stocks | 30/36 | €1,374,834 | €1,410,470 | +€35,636 | +2.6% |
| Amounts receivable within one year | 40/41 | €42,629 | €41,243 | -€1,386 | -3.3% |
| Trade receivables | 40 | €1,771 | €1,594 | -€177 | -10.0% |
| Other amounts receivable | 41 | €40,858 | €39,649 | -€1,209 | -3.0% |
| Cash at bank and in hand | 54/58 | €428,749 | €500,595 | +€71,845 | +16.8% |
| Total equity and liabilities | 10/49 | €2,301,405 | €2,363,455 | +€62,050 | +2.7% |
| Equity | 10/15 | €2,127,703 | €2,211,448 | +€83,745 | +3.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,065,703 | €2,149,448 | +€83,745 | +4.1% |
| Non-distributable reserves | 130/1 | €8,251 | €8,251 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,051 | €2,051 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €2,038,701 | €2,122,447 | +€83,745 | +4.1% |
| Amounts payable | 17/49 | €173,702 | €152,007 | -€21,695 | -12.5% |
| Amounts payable within one year | 42/48 | €173,702 | €152,007 | -€21,695 | -12.5% |
| Trade debts | 44 | €3,677 | €2,365 | -€1,312 | -35.7% |
| Suppliers | 440/4 | €3,677 | €2,365 | -€1,312 | -35.7% |
| Taxes, remuneration and social security | 45 | €126,025 | €149,642 | +€23,617 | +18.7% |
| Taxes | 450/3 | €31,992 | €35,675 | +€3,683 | +11.5% |
| Remuneration and social security | 454/9 | €94,033 | €113,967 | +€19,934 | +21.2% |
| Other amounts payable | 47/48 | €44,000 | - | -€44,000 | |
| Non-recurring operating income | 76A | €1,805 | €2,273 | +€469 | +26.0% |
| Remuneration, social security and pensions | 62 | €693,728 | €719,084 | +€25,356 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,840 | €83,600 | -€12,241 | -12.8% |
| Other operating charges | 640/8 | €22,809 | €23,164 | +€356 | +1.6% |
| Gross operating margin | 9900 | €841,281 | €864,692 | +€23,411 | +2.8% |
| Operating profit (loss) | 9901 | €28,905 | €38,845 | +€9,940 | +34.4% |
| Financial income | 75/76B | €84,783 | €83,128 | -€1,655 | -2.0% |
| Recurring financial income | 75 | €84,783 | €83,128 | -€1,655 | -2.0% |
| Financial charges | 65/66B | €6,801 | €6,746 | -€55 | -0.8% |
| Recurring financial charges | 65 | €6,801 | €6,746 | -€55 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €106,887 | €115,227 | +€8,340 | +7.8% |
| Income taxes | 67/77 | €28,855 | €31,482 | +€2,627 | +9.1% |
| Profit (loss) for the period | 9904 | €78,032 | €83,745 | +€5,714 | +7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €78,032 | €83,745 | +€5,714 | +7.3% |
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.