PEDRO BOLLAERT: 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.
PEDRO BOLLAERT
Largest movements
- Cash +€60,707
up €60,707 (+175.2%), from €34,658 to €95,365
mainly Net result for the year (+€84,099) and Depreciation (+€8,610)
- Tangible fixed assets -€8,610
down €8,610 (-22.4%), from €38,497 to €29,887
- Receivables within one year -€6,661
down €6,661 (-8.2%), from €80,914 to €74,253
of which Trade receivables: -€73,394
- Reserves +€84,099
up €84,099 (+76.6%), from €109,832 to €193,930
- Other debts -€28,719
down €28,719 (-100.0%), from €28,719 to €0
- Tax, wage and social debts -€8,293
down €8,293 (-96.7%), from €8,576 to €283
- Gross operating margin -€31,376
down €31,376 (-21.6%), from €145,493 to €114,117
- Taxes -€8,309
down €8,309 (-27.4%), from €30,326 to €22,017
- Depreciation +€4,057
up €4,057 (+89.1%), from €4,553 to €8,610
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 | €154,069 | €200,753 | +€46,684 | +30.3% |
| Fixed assets | 21/28 | €38,497 | €29,887 | -€8,610 | -22.4% |
| Tangible fixed assets | 22/27 | €38,497 | €29,887 | -€8,610 | -22.4% |
| Furniture and vehicles | 24 | €38,497 | €29,887 | -€8,610 | -22.4% |
| Current assets | 29/58 | €115,572 | €170,866 | +€55,294 | +47.8% |
| Amounts receivable within one year | 40/41 | €80,914 | €74,253 | -€6,661 | -8.2% |
| Trade receivables | 40 | €80,914 | €7,520 | -€73,394 | -90.7% |
| Other amounts receivable | 41 | - | €66,733 | +€66,733 | |
| Cash at bank and in hand | 54/58 | €34,658 | €95,365 | +€60,707 | +175.2% |
| Deferred charges and accrued income | 490/1 | - | €1,249 | +€1,249 | |
| Total equity and liabilities | 10/49 | €154,069 | €200,753 | +€46,684 | +30.3% |
| Equity | 10/15 | €114,832 | €198,930 | +€84,099 | +73.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €109,832 | €193,930 | +€84,099 | +76.6% |
| Distributable reserves | 133 | €109,832 | €193,930 | +€84,099 | +76.6% |
| Amounts payable | 17/49 | €39,238 | €1,823 | -€37,415 | -95.4% |
| Amounts payable within one year | 42/48 | €38,988 | €1,823 | -€37,165 | -95.3% |
| Trade debts | 44 | €1,693 | €1,540 | -€153 | -9.0% |
| Suppliers | 440/4 | €1,693 | €1,540 | -€153 | -9.0% |
| Taxes, remuneration and social security | 45 | €8,576 | €283 | -€8,293 | -96.7% |
| Taxes | 450/3 | €8,576 | €283 | -€8,293 | -96.7% |
| Other amounts payable | 47/48 | €28,719 | €0 | -€28,719 | -100.0% |
| Accrued charges and deferred income | 492/3 | €250 | €0 | -€250 | -100.0% |
| Remuneration, social security and pensions | 62 | €64 | €0 | -€64 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,553 | €8,610 | +€4,057 | +89.1% |
| Other operating charges | 640/8 | €699 | €600 | -€99 | -14.1% |
| Gross operating margin | 9900 | €145,493 | €114,117 | -€31,376 | -21.6% |
| Operating profit (loss) | 9901 | €140,177 | €104,907 | -€35,270 | -25.2% |
| Financial income | 75/76B | - | €1,249 | +€1,249 | |
| Recurring financial income | 75 | - | €1,249 | +€1,249 | |
| Financial charges | 65/66B | €20 | €40 | +€20 | +100.0% |
| Recurring financial charges | 65 | €20 | €40 | +€20 | +100.0% |
| Profit (loss) for the period before taxes | 9903 | €140,157 | €106,116 | -€34,042 | -24.3% |
| Income taxes | 67/77 | €30,326 | €22,017 | -€8,309 | -27.4% |
| Profit (loss) for the period | 9904 | €109,832 | €84,099 | -€25,733 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €109,832 | €84,099 | -€25,733 | -23.4% |
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.