PEDERO: 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.
PEDERO
Largest movements
- Current investments -€250,000
down €250,000 (-100%), from €250,000 to €0
- Cash +€159,588
up €159,588 (+79.2%), from €201,554 to €361,142
mainly Current investments (+€250,000) and Depreciation (+€181,338)
- Tangible fixed assets -€65,061
down €65,061 (-1.8%), from €3.7m to €3.6m
of which Land and buildings: -€63,572
- Receivables within one year +€47,980
up €47,980 (+42.8%), from €111,978 to €159,958
of which Trade receivables: +€37,546
- Debts after one year -€120,457
down €120,457 (-5.6%), from €2.2m to €2.0m
- Financial income -€112,438
down €112,438 (-96.7%), from €116,223 to €3,785
of which Non-recurring financial income: -€110,632
- Gross operating margin -€58,789
down €58,789 (-15.1%), from €389,915 to €331,126
- Taxes -€26,016
down €26,016 (-84.7%), from €30,711 to €4,695
- Financial charges +€17,264
up €17,264 (+29.3%), from €58,850 to €76,113
- Depreciation +€4,310
up €4,310 (+2.4%), from €177,028 to €181,338
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,629,546 | €4,519,646 | -€109,901 | -2.4% |
| Fixed assets | 21/28 | €4,059,956 | €3,994,894 | -€65,061 | -1.6% |
| Tangible fixed assets | 22/27 | €3,656,854 | €3,591,793 | -€65,061 | -1.8% |
| Land and buildings | 22 | €3,654,100 | €3,590,528 | -€63,572 | -1.7% |
| Plant, machinery and equipment | 23 | €2,339 | €1,265 | -€1,074 | -45.9% |
| Furniture and vehicles | 24 | €416 | €0 | -€416 | -100% |
| Financial fixed assets | 28 | €403,101 | €403,101 | = | 0.0% |
| Current assets | 29/58 | €569,591 | €524,751 | -€44,839 | -7.9% |
| Amounts receivable within one year | 40/41 | €111,978 | €159,958 | +€47,980 | +42.8% |
| Trade receivables | 40 | €111,928 | €149,474 | +€37,546 | +33.5% |
| Other amounts receivable | 41 | €50 | €10,484 | +€10,434 | +20,868% |
| Current investments | 50/53 | €250,000 | €0 | -€250,000 | -100% |
| Cash at bank and in hand | 54/58 | €201,554 | €361,142 | +€159,588 | +79.2% |
| Deferred charges and accrued income | 490/1 | €6,058 | €3,652 | -€2,407 | -39.7% |
| Total equity and liabilities | 10/49 | €4,629,546 | €4,519,646 | -€109,901 | -2.4% |
| Equity | 10/15 | €1,968,034 | €1,956,428 | -€11,606 | -0.6% |
| Contributions | 10/11 | €850,000 | €850,000 | = | 0.0% |
| Reserves | 13 | €1,118,034 | €1,106,428 | -€11,606 | -1.0% |
| Distributable reserves | 133 | €1,118,034 | €1,106,428 | -€11,606 | -1.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,661,513 | €2,563,218 | -€98,295 | -3.7% |
| Amounts payable after more than one year | 17 | €2,158,406 | €2,037,949 | -€120,457 | -5.6% |
| Financial debts | 170/4 | €2,158,406 | €2,037,949 | -€120,457 | -5.6% |
| Amounts payable within one year | 42/48 | €503,107 | €525,269 | +€22,162 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €117,367 | €120,457 | +€3,090 | +2.6% |
| Trade debts | 44 | €29,537 | €66,680 | +€37,143 | +126% |
| Suppliers | 440/4 | €29,537 | €66,680 | +€37,143 | +126% |
| Taxes, remuneration and social security | 45 | €59,227 | €27,054 | -€32,173 | -54.3% |
| Taxes | 450/3 | €51,517 | €13,487 | -€38,030 | -73.8% |
| Remuneration and social security | 454/9 | €7,710 | €13,567 | +€5,857 | +76.0% |
| Other amounts payable | 47/48 | €296,976 | €311,078 | +€14,102 | +4.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €2,250 | +€2,250 | |
| Remuneration, social security and pensions | 62 | €65,226 | €69,360 | +€4,134 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €177,028 | €181,338 | +€4,310 | +2.4% |
| Other operating charges | 640/8 | €14,364 | €15,011 | +€647 | +4.5% |
| Gross operating margin | 9900 | €389,915 | €331,126 | -€58,789 | -15.1% |
| Operating profit (loss) | 9901 | €133,298 | €65,418 | -€67,880 | -50.9% |
| Financial income | 75/76B | €116,223 | €3,785 | -€112,438 | -96.7% |
| Recurring financial income | 75 | €5,591 | €3,785 | -€1,806 | -32.3% |
| Non-recurring financial income | 76B | €110,632 | €0 | -€110,632 | -100% |
| Financial charges | 65/66B | €58,850 | €76,113 | +€17,264 | +29.3% |
| Recurring financial charges | 65 | €58,850 | €76,113 | +€17,264 | +29.3% |
| Profit (loss) for the period before taxes | 9903 | €190,672 | -€6,910 | -€197,582 | |
| Income taxes | 67/77 | €30,711 | €4,695 | -€26,016 | -84.7% |
| Profit (loss) for the period | 9904 | €159,961 | -€11,606 | -€171,566 | |
| Profit (loss) for the period to be appropriated | 9905 | €159,961 | -€11,606 | -€171,566 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.