PEETERS MURIEL: 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.
PEETERS MURIEL
Largest movements
- Receivables within one year -€157,944
down €157,944 (-75.5%), from €209,319 to €51,376
of which Trade receivables: -€90,251
- Cash -€55,918
down €55,918 (-43.8%), from €127,728 to €71,811
mainly Debts after one year (-€344,461) and Other debts (-€3,750)
- Debts after one year -€344,461
down €344,461 (-15.5%), from €2.2m to €1.9m
of which Financial debts: -€191,789
- Profit (loss) carried forward +€89,416
no longer reported in 2025 (was -€89,416)
- Gross operating margin -€7,768
down €7,768 (-2.6%), from €298,797 to €291,029
- Financial charges +€4,859
up €4,859 (+11.1%), from €43,885 to €48,744
- Depreciation +€4,291
up €4,291 (+88.7%), from €4,840 to €9,131
- Taxes +€3,734
up €3,734 (+7.6%), from €49,187 to €52,922
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 | €4,310,573 | €4,087,605 | -€222,968 | -5.2% |
| Fixed assets | 21/28 | €3,972,691 | €3,963,560 | -€9,131 | -0.2% |
| Tangible fixed assets | 22/27 | €40,813 | €31,683 | -€9,131 | -22.4% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €40,813 | €31,683 | -€9,131 | -22.4% |
| Financial fixed assets | 28 | €3,931,877 | €3,931,877 | = | 0.0% |
| Current assets | 29/58 | €337,882 | €124,045 | -€213,837 | -63.3% |
| Amounts receivable within one year | 40/41 | €209,319 | €51,376 | -€157,944 | -75.5% |
| Trade receivables | 40 | €98,479 | €8,228 | -€90,251 | -91.6% |
| Other amounts receivable | 41 | €110,841 | €43,148 | -€67,693 | -61.1% |
| Cash at bank and in hand | 54/58 | €127,728 | €71,811 | -€55,918 | -43.8% |
| Deferred charges and accrued income | 490/1 | €835 | €859 | +€24 | +2.9% |
| Total equity and liabilities | 10/49 | €4,310,573 | €4,087,605 | -€222,968 | -5.2% |
| Equity | 10/15 | €1,831,680 | €1,953,981 | +€122,301 | +6.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,901,096 | €1,933,981 | +€32,885 | +1.7% |
| Distributable reserves | 133 | €1,901,096 | €1,933,981 | +€32,885 | +1.7% |
| Profit (loss) carried forward | 14 | -€89,416 | - | +€89,416 | |
| Amounts payable | 17/49 | €2,478,893 | €2,133,625 | -€345,269 | -13.9% |
| Amounts payable after more than one year | 17 | €2,227,075 | €1,882,614 | -€344,461 | -15.5% |
| Financial debts | 170/4 | €1,377,075 | €1,185,286 | -€191,789 | -13.9% |
| Other amounts payable | 178/9 | €850,000 | €697,329 | -€152,671 | -18.0% |
| Amounts payable within one year | 42/48 | €250,851 | €249,493 | -€1,358 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €226,675 | €232,038 | +€5,364 | +2.4% |
| Trade debts | 44 | €3,776 | €1,732 | -€2,044 | -54.1% |
| Suppliers | 440/4 | €3,776 | €1,732 | -€2,044 | -54.1% |
| Taxes, remuneration and social security | 45 | €16,651 | €15,723 | -€928 | -5.6% |
| Taxes | 450/3 | €5,187 | €3,914 | -€1,274 | -24.6% |
| Remuneration and social security | 454/9 | €11,464 | €11,809 | +€346 | +3.0% |
| Other amounts payable | 47/48 | €3,750 | - | -€3,750 | |
| Accrued charges and deferred income | 492/3 | €968 | €1,517 | +€550 | +56.8% |
| Remuneration, social security and pensions | 62 | €55,251 | €56,973 | +€1,722 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,840 | €9,131 | +€4,291 | +88.7% |
| Other operating charges | 640/8 | €1,219 | €1,302 | +€83 | +6.8% |
| Gross operating margin | 9900 | €298,797 | €291,029 | -€7,768 | -2.6% |
| Operating profit (loss) | 9901 | €237,487 | €223,623 | -€13,864 | -5.8% |
| Financial income | 75/76B | €94 | €343 | +€250 | +266% |
| Recurring financial income | 75 | €94 | €343 | +€250 | +266% |
| Financial charges | 65/66B | €43,885 | €48,744 | +€4,859 | +11.1% |
| Recurring financial charges | 65 | €43,885 | €48,744 | +€4,859 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €193,696 | €175,223 | -€18,473 | -9.5% |
| Income taxes | 67/77 | €49,187 | €52,922 | +€3,734 | +7.6% |
| Profit (loss) for the period | 9904 | €144,509 | €122,301 | -€22,208 | -15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €144,509 | €122,301 | -€22,208 | -15.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.