PeDeS: 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.
PeDeS
Largest movements
- Current investments -€305,431
no longer reported in 2025 (was €305,431)
- Tangible fixed assets -€283,760
down €283,760 (-12.3%), from €2.3m to €2.0m
of which Land and buildings: -€267,155
- Cash +€36,703
up €36,703 (+13.9%), from €264,504 to €301,207
mainly Net result for the year (+€679,969) and Current investments (+€305,431)
- Profit (loss) carried forward +€679,969
up €679,969 (+217.2%), from €313,007 to €992,976
- Debts after one year -€572,398
no longer reported in 2025 (was €572,398)
- Reserves -€315,000
down €315,000 (-25.6%), from €1.2m to €915,140
of which Distributable reserves: -€315,000
- Other debts -€197,037
down €197,037 (-66.7%), from €295,361 to €98,324
- Provisions -€127,482
down €127,482 (-91.6%), from €139,246 to €11,764
of which Provisions for liabilities and charges: -€127,482
- Gross operating margin +€466,079
up €466,079 (+76.1%), from €612,190 to €1.1m
- Taxes +€232,636
up €232,636 (+387.7%), from €60,000 to €292,636
- Provisions -€155,628
down €155,628, from €28,146 to -€127,482
- Financial income +€137,432
up €137,432 (+54972720.0%), from €0 to €137,432
- Other operating charges +€54,242
up €54,242 (+553.9%), from €9,794 to €64,035
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 | €2,889,304 | €2,361,195 | -€528,109 | -18.3% |
| Fixed assets | 21/28 | €2,314,762 | €2,031,002 | -€283,760 | -12.3% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €2,301,775 | €2,018,015 | -€283,760 | -12.3% |
| Land and buildings | 22 | €2,229,843 | €1,962,688 | -€267,155 | -12.0% |
| Plant, machinery and equipment | 23 | €3,137 | €2,356 | -€781 | -24.9% |
| Furniture and vehicles | 24 | €68,795 | €52,971 | -€15,824 | -23.0% |
| Financial fixed assets | 28 | €12,987 | €12,987 | = | 0.0% |
| Current assets | 29/58 | €574,541 | €330,193 | -€244,349 | -42.5% |
| Amounts receivable within one year | 40/41 | €280 | €24,659 | +€24,379 | +8705.2% |
| Trade receivables | 40 | €210 | €24,500 | +€24,290 | +11583.4% |
| Other amounts receivable | 41 | €70 | €159 | +€89 | +126.0% |
| Current investments | 50/53 | €305,431 | - | -€305,431 | |
| Cash at bank and in hand | 54/58 | €264,504 | €301,207 | +€36,703 | +13.9% |
| Deferred charges and accrued income | 490/1 | €4,326 | €4,326 | = | 0.0% |
| Total equity and liabilities | 10/49 | €2,889,304 | €2,361,195 | -€528,109 | -18.3% |
| Equity | 10/15 | €1,711,690 | €2,076,659 | +€364,969 | +21.3% |
| Contributions | 10/11 | €168,544 | €168,544 | = | 0.0% |
| Reserves | 13 | €1,230,140 | €915,140 | -€315,000 | -25.6% |
| Tax-exempt reserves | 132 | €40,577 | €40,577 | = | 0.0% |
| Distributable reserves | 133 | €1,189,563 | €874,563 | -€315,000 | -26.5% |
| Profit (loss) carried forward | 14 | €313,007 | €992,976 | +€679,969 | +217.2% |
| Provisions and deferred taxes | 16 | €139,246 | €11,764 | -€127,482 | -91.6% |
| Provisions for liabilities and charges | 160/5 | €127,482 | - | -€127,482 | |
| Other liabilities and charges | 164/5 | €127,482 | - | -€127,482 | |
| Deferred taxes | 168 | €11,764 | €11,764 | = | 0.0% |
| Amounts payable | 17/49 | €1,038,368 | €272,771 | -€765,596 | -73.7% |
| Amounts payable after more than one year | 17 | €572,398 | - | -€572,398 | |
| Financial debts | 170/4 | €572,398 | - | -€572,398 | |
| Amounts payable within one year | 42/48 | €465,970 | €272,771 | -€193,198 | -41.5% |
| Current portion of amounts payable after more than one year | 42 | €103,440 | €40,939 | -€62,501 | -60.4% |
| Trade debts | 44 | €3,486 | €70,904 | +€67,418 | +1933.9% |
| Suppliers | 440/4 | €3,486 | €70,904 | +€67,418 | +1933.9% |
| Taxes, remuneration and social security | 45 | €63,682 | €62,603 | -€1,079 | -1.7% |
| Taxes | 450/3 | €22,115 | €30,755 | +€8,640 | +39.1% |
| Remuneration and social security | 454/9 | €41,567 | €31,848 | -€9,719 | -23.4% |
| Other amounts payable | 47/48 | €295,361 | €98,324 | -€197,037 | -66.7% |
| Remuneration, social security and pensions | 62 | €99,527 | €78,030 | -€21,497 | -21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,815 | €115,387 | +€572 | +0.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €28,146 | -€127,482 | -€155,628 | |
| Other operating charges | 640/8 | €9,794 | €64,035 | +€54,242 | +553.9% |
| Gross operating margin | 9900 | €612,190 | €1,078,269 | +€466,079 | +76.1% |
| Operating profit (loss) | 9901 | €359,909 | €948,299 | +€588,390 | +163.5% |
| Financial income | 75/76B | €0 | €137,432 | +€137,432 | +54972720.0% |
| Recurring financial income | 75 | €0 | €137,432 | +€137,432 | +54972720.0% |
| Financial charges | 65/66B | €125,770 | €113,126 | -€12,643 | -10.1% |
| Recurring financial charges | 65 | €125,770 | €113,126 | -€12,643 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €234,139 | €972,605 | +€738,465 | +315.4% |
| Income taxes | 67/77 | €60,000 | €292,636 | +€232,636 | +387.7% |
| Profit (loss) for the period | 9904 | €174,139 | €679,969 | +€505,830 | +290.5% |
| Profit (loss) for the period to be appropriated | 9905 | €174,139 | €679,969 | +€505,830 | +290.5% |
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 29 September 2026 via checked.be.