PEEL: 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.
PEEL
Largest movements
- Tangible fixed assets -€45,697
down €45,697 (-15.0%), from €305,069 to €259,371
of which Plant, machinery and equipment: -€37,605
- Receivables within one year +€28,606
up €28,606 (+74.1%), from €38,629 to €67,235
of which Trade receivables: +€26,299
- Cash +€7,397
up €7,397 (+3,690%), from €200 to €7,598
mainly Depreciation (+€65,694) and Net result for the year (+€35,669)
- Stocks and contracts +€5,106
up €5,106 (+49.6%), from €10,298 to €15,403
- Reserves +€35,669
up €35,669 (+78.8%), from €45,289 to €80,957
- Debts after one year -€35,577
down €35,577 (-18.7%), from €190,290 to €154,713
- Current portion of long-term debt -€34,075
down €34,075 (-41.9%), from €81,258 to €47,183
- Trade debts +€26,765
up €26,765 (+171%), from €15,610 to €42,376
- Gross operating margin +€78,265
up €78,265 (+63.1%), from €124,126 to €202,391
- Staff costs +€40,554
up €40,554 (+110%), from €36,790 to €77,344
- Depreciation -€6,390
down €6,390 (-8.9%), from €72,084 to €65,694
- Financial charges +€5,248
up €5,248 (+45.2%), from €11,611 to €16,859
- Taxes +€4,628
new in 2025: €4,628
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.
Derived cash bridge
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 | €354,195 | €349,607 | -€4,588 | -1.3% |
| Fixed assets | 21/28 | €305,069 | €259,371 | -€45,697 | -15.0% |
| Tangible fixed assets | 22/27 | €305,069 | €259,371 | -€45,697 | -15.0% |
| Plant, machinery and equipment | 23 | €55,216 | €17,612 | -€37,605 | -68.1% |
| Furniture and vehicles | 24 | €82,156 | €55,865 | -€26,291 | -32.0% |
| Leasing and similar rights | 25 | €167,696 | €185,895 | +€18,199 | +10.9% |
| Current assets | 29/58 | €49,127 | €90,236 | +€41,109 | +83.7% |
| Stocks and contracts in progress | 3 | €10,298 | €15,403 | +€5,106 | +49.6% |
| Contracts in progress | 37 | €10,298 | €15,403 | +€5,106 | +49.6% |
| Amounts receivable within one year | 40/41 | €38,629 | €67,235 | +€28,606 | +74.1% |
| Trade receivables | 40 | €34,508 | €60,807 | +€26,299 | +76.2% |
| Other amounts receivable | 41 | €4,121 | €6,428 | +€2,307 | +56.0% |
| Cash at bank and in hand | 54/58 | €200 | €7,598 | +€7,397 | +3,690% |
| Total equity and liabilities | 10/49 | €354,195 | €349,607 | -€4,588 | -1.3% |
| Equity | 10/15 | €49,289 | €84,957 | +€35,669 | +72.4% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €45,289 | €80,957 | +€35,669 | +78.8% |
| Distributable reserves | 133 | €45,289 | €80,957 | +€35,669 | +78.8% |
| Amounts payable | 17/49 | €304,907 | €264,650 | -€40,257 | -13.2% |
| Amounts payable after more than one year | 17 | €190,290 | €154,713 | -€35,577 | -18.7% |
| Financial debts | 170/4 | €190,290 | €154,713 | -€35,577 | -18.7% |
| Amounts payable within one year | 42/48 | €114,617 | €109,937 | -€4,680 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €81,258 | €47,183 | -€34,075 | -41.9% |
| Trade debts | 44 | €15,610 | €42,376 | +€26,765 | +171% |
| Suppliers | 440/4 | €15,610 | €42,376 | +€26,765 | +171% |
| Advances received on contracts in progress | 46 | €9,896 | €9,896 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €4,728 | €6,637 | +€1,909 | +40.4% |
| Taxes | 450/3 | €2,772 | €4,628 | +€1,855 | +66.9% |
| Remuneration and social security | 454/9 | €1,956 | €2,009 | +€53 | +2.7% |
| Other amounts payable | 47/48 | €3,124 | €3,844 | +€721 | +23.1% |
| Non-recurring operating income | 76A | €25,171 | €75,000 | +€49,829 | +198% |
| Remuneration, social security and pensions | 62 | €36,790 | €77,344 | +€40,554 | +110% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,084 | €65,694 | -€6,390 | -8.9% |
| Other operating charges | 640/8 | €609 | €1,052 | +€444 | +72.9% |
| Non-recurring operating charges | 66A | - | €1,186 | +€1,186 | |
| Gross operating margin | 9900 | €124,126 | €202,391 | +€78,265 | +63.1% |
| Operating profit (loss) | 9901 | €14,644 | €57,116 | +€42,472 | +290% |
| Financial income | 75/76B | - | €40 | +€40 | |
| Recurring financial income | 75 | - | €40 | +€40 | |
| Financial charges | 65/66B | €11,611 | €16,859 | +€5,248 | +45.2% |
| Recurring financial charges | 65 | €11,611 | €16,859 | +€5,248 | +45.2% |
| Profit (loss) for the period before taxes | 9903 | €3,033 | €40,297 | +€37,264 | +1,229% |
| Income taxes | 67/77 | - | €4,628 | +€4,628 | |
| Profit (loss) for the period | 9904 | €3,033 | €35,669 | +€32,636 | +1,076% |
| Profit (loss) for the period to be appropriated | 9905 | €3,033 | €35,669 | +€32,636 | +1,076% |
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 19 October 2026 via checked.be.