Peeters Bart: 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.
Peeters Bart
Largest movements
- Tangible fixed assets -€626,471
down €626,471 (-20.2%), from €3.1m to €2.5m
of which Plant, machinery and equipment: -€628,925
- Receivables within one year +€600,439
up €600,439 (+48.2%), from €1.2m to €1.8m
of which Trade receivables: +€713,432
- Cash +€322,244
up €322,244 (+149.2%), from €215,977 to €538,221
mainly Depreciation (+€1.0m) and Net result for the year (+€276,959)
- Reserves -€411,888
down €411,888 (-7.2%), from €5.8m to €5.3m
of which Distributable reserves: -€411,888
- Profit (loss) carried forward +€276,959
up €276,959 (+69.7%), from €397,075 to €674,033
- Debts after one year +€171,217
up €171,217 (+55.2%), from €310,435 to €481,652
- Trade debts +€99,701
up €99,701 (+24.6%), from €405,048 to €504,749
- Current portion of long-term debt +€84,151
up €84,151 (+116.0%), from €72,537 to €156,688
- Staff costs +€158,237
up €158,237 (+14.6%), from €1.1m to €1.2m
- Depreciation +€144,451
up €144,451 (+16.3%), from €885,986 to €1.0m
- Financial income -€116,890
down €116,890 (-14.6%), from €800,430 to €683,541
of which Financial income: -€475,792
- Gross operating margin +€94,050
up €94,050 (+5.0%), from €1.9m to €2.0m
- Financial charges +€72,626
up €72,626, from -€42,414 to €30,212
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 | €7,635,710 | €7,904,461 | +€268,752 | +3.5% |
| Fixed assets | 21/28 | €3,105,795 | €2,479,264 | -€626,531 | -20.2% |
| Tangible fixed assets | 22/27 | €3,103,682 | €2,477,212 | -€626,471 | -20.2% |
| Land and buildings | 22 | €3,082 | €37,669 | +€34,587 | +1122.2% |
| Plant, machinery and equipment | 23 | €2,981,128 | €2,352,203 | -€628,925 | -21.1% |
| Furniture and vehicles | 24 | €119,472 | €87,340 | -€32,132 | -26.9% |
| Financial fixed assets | 28 | €2,113 | €2,053 | -€60 | -2.8% |
| Current assets | 29/58 | €4,529,915 | €5,425,197 | +€895,282 | +19.8% |
| Stocks and contracts in progress | 3 | €3,469 | €3,469 | = | 0.0% |
| Stocks | 30/36 | €3,469 | €3,469 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,246,027 | €1,846,466 | +€600,439 | +48.2% |
| Trade receivables | 40 | €979,350 | €1,692,783 | +€713,432 | +72.8% |
| Other amounts receivable | 41 | €266,677 | €153,683 | -€112,994 | -42.4% |
| Current investments | 50/53 | €3,000,000 | €3,000,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €215,977 | €538,221 | +€322,244 | +149.2% |
| Deferred charges and accrued income | 490/1 | €64,442 | €37,041 | -€27,401 | -42.5% |
| Total equity and liabilities | 10/49 | €7,635,710 | €7,904,461 | +€268,752 | +3.5% |
| Equity | 10/15 | €6,168,339 | €6,033,409 | -€134,930 | -2.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,752,664 | €5,340,776 | -€411,888 | -7.2% |
| Tax-exempt reserves | 132 | €2,897,685 | €2,897,685 | = | 0.0% |
| Distributable reserves | 133 | €2,854,979 | €2,443,091 | -€411,888 | -14.4% |
| Profit (loss) carried forward | 14 | €397,075 | €674,033 | +€276,959 | +69.7% |
| Amounts payable | 17/49 | €1,467,371 | €1,871,052 | +€403,681 | +27.5% |
| Amounts payable after more than one year | 17 | €310,435 | €481,652 | +€171,217 | +55.2% |
| Financial debts | 170/4 | €310,435 | €481,652 | +€171,217 | +55.2% |
| Amounts payable within one year | 42/48 | €1,156,936 | €1,389,400 | +€232,464 | +20.1% |
| Current portion of amounts payable after more than one year | 42 | €72,537 | €156,688 | +€84,151 | +116.0% |
| Financial debts | 43 | €0 | €15 | +€15 | |
| Credit institutions | 430/8 | €0 | €15 | +€15 | |
| Trade debts | 44 | €405,048 | €504,749 | +€99,701 | +24.6% |
| Suppliers | 440/4 | €405,048 | €504,749 | +€99,701 | +24.6% |
| Taxes, remuneration and social security | 45 | €132,546 | €104,742 | -€27,803 | -21.0% |
| Taxes | 450/3 | €10,070 | €52,917 | +€42,847 | +425.5% |
| Remuneration and social security | 454/9 | €122,476 | €51,825 | -€70,651 | -57.7% |
| Other amounts payable | 47/48 | €546,805 | €623,206 | +€76,401 | +14.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,083,415 | €1,241,652 | +€158,237 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €885,986 | €1,030,437 | +€144,451 | +16.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,685 | €6,578 | +€11,263 | |
| Other operating charges | 640/8 | €25,637 | €20,027 | -€5,611 | -21.9% |
| Gross operating margin | 9900 | €1,881,192 | €1,975,242 | +€94,050 | +5.0% |
| Operating profit (loss) | 9901 | -€109,161 | -€323,452 | -€214,291 | -196.3% |
| Financial income | 75/76B | €800,430 | €683,541 | -€116,890 | -14.6% |
| Recurring financial income | 75 | €477,829 | €2,037 | -€475,792 | -99.6% |
| Non-recurring financial income | 76B | €322,602 | €681,504 | +€358,902 | +111.3% |
| Financial charges | 65/66B | -€42,414 | €30,212 | +€72,626 | |
| Recurring financial charges | 65 | -€42,414 | €30,212 | +€72,626 | |
| Profit (loss) for the period before taxes | 9903 | €733,683 | €329,877 | -€403,806 | -55.0% |
| Income taxes | 67/77 | €404 | €52,919 | +€52,514 | +12990.9% |
| Profit (loss) for the period | 9904 | €733,279 | €276,959 | -€456,320 | -62.2% |
| Transfer to tax-exempt reserves | 689 | €292,285 | €0 | -€292,285 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €440,994 | €276,959 | -€164,035 | -37.2% |
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 6 October 2026 via checked.be.