PEHESTAT: 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.
PEHESTAT
Largest movements
- Receivables within one year +€228,117
up €228,117 (+47.5%), from €480,741 to €708,858
of which Trade receivables: +€291,335
- Intangible fixed assets +€60,278
up €60,278 (+8.3%), from €730,092 to €790,370
- Tangible fixed assets -€21,965
down €21,965 (-44.9%), from €48,974 to €27,009
of which Plant, machinery and equipment: -€12,154
- Debts after one year +€164,663
up €164,663 (+968.2%), from €17,007 to €181,670
- Trade debts +€109,089
up €109,089 (+121.9%), from €89,474 to €198,563
- Investment grants -€72,038
down €72,038 (-13.7%), from €527,440 to €455,402
- Profit (loss) carried forward +€45,245
up €45,245 (+15.5%), from -€292,710 to -€247,465
- Tax, wage and social debts -€33,280
down €33,280 (-66.1%), from €50,372 to €17,092
of which Taxes: -€28,160
- Gross operating margin +€109,634
up €109,634 (+72.7%), from €150,789 to €260,423
- Depreciation +€49,612
up €49,612 (+23.2%), from €214,301 to €263,914
- Financial income +€23,151
up €23,151 (+47.3%), from €48,900 to €72,052
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 | €1,306,325 | €1,568,398 | +€262,074 | +20.1% |
| Fixed assets | 21/28 | €779,066 | €817,379 | +€38,313 | +4.9% |
| Intangible fixed assets | 21 | €730,092 | €790,370 | +€60,278 | +8.3% |
| Tangible fixed assets | 22/27 | €48,974 | €27,009 | -€21,965 | -44.9% |
| Plant, machinery and equipment | 23 | €23,492 | €11,339 | -€12,154 | -51.7% |
| Furniture and vehicles | 24 | €4,236 | €0 | -€4,236 | -100.0% |
| Leasing and similar rights | 25 | €21,245 | €15,670 | -€5,575 | -26.2% |
| Current assets | 29/58 | €527,259 | €751,019 | +€223,761 | +42.4% |
| Amounts receivable within one year | 40/41 | €480,741 | €708,858 | +€228,117 | +47.5% |
| Trade receivables | 40 | €178,522 | €469,857 | +€291,335 | +163.2% |
| Other amounts receivable | 41 | €302,219 | €239,001 | -€63,218 | -20.9% |
| Cash at bank and in hand | 54/58 | €37,026 | €33,186 | -€3,840 | -10.4% |
| Deferred charges and accrued income | 490/1 | €9,492 | €8,976 | -€516 | -5.4% |
| Total equity and liabilities | 10/49 | €1,306,325 | €1,568,398 | +€262,074 | +20.1% |
| Equity | 10/15 | €256,730 | €229,937 | -€26,793 | -10.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€292,710 | -€247,465 | +€45,245 | +15.5% |
| Investment grants | 15 | €527,440 | €455,402 | -€72,038 | -13.7% |
| Amounts payable | 17/49 | €1,049,594 | €1,338,461 | +€288,867 | +27.5% |
| Amounts payable after more than one year | 17 | €17,007 | €181,670 | +€164,663 | +968.2% |
| Financial debts | 170/4 | €17,007 | €181,670 | +€164,663 | +968.2% |
| Amounts payable within one year | 42/48 | €1,032,588 | €1,138,639 | +€106,051 | +10.3% |
| Current portion of amounts payable after more than one year | 42 | €5,342 | €5,584 | +€243 | +4.5% |
| Trade debts | 44 | €89,474 | €198,563 | +€109,089 | +121.9% |
| Suppliers | 440/4 | €89,474 | €198,563 | +€109,089 | +121.9% |
| Taxes, remuneration and social security | 45 | €50,372 | €17,092 | -€33,280 | -66.1% |
| Taxes | 450/3 | €28,240 | €80 | -€28,160 | -99.7% |
| Remuneration and social security | 454/9 | €22,132 | €17,012 | -€5,120 | -23.1% |
| Other amounts payable | 47/48 | €887,400 | €917,400 | +€30,000 | +3.4% |
| Accrued charges and deferred income | 492/3 | €0 | €18,152 | +€18,152 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €214,301 | €263,914 | +€49,612 | +23.2% |
| Other operating charges | 640/8 | €2,185 | €1,967 | -€218 | -10.0% |
| Gross operating margin | 9900 | €150,789 | €260,423 | +€109,634 | +72.7% |
| Operating profit (loss) | 9901 | -€65,697 | -€5,457 | +€60,239 | +91.7% |
| Financial income | 75/76B | €48,900 | €72,052 | +€23,151 | +47.3% |
| Recurring financial income | 75 | €48,900 | €72,052 | +€23,151 | +47.3% |
| Financial charges | 65/66B | €19,336 | €20,920 | +€1,584 | +8.2% |
| Recurring financial charges | 65 | €19,336 | €20,920 | +€1,584 | +8.2% |
| Profit (loss) for the period before taxes | 9903 | -€36,132 | €45,675 | +€81,807 | |
| Income taxes | 67/77 | €441 | €430 | -€11 | -2.6% |
| Profit (loss) for the period | 9904 | -€36,573 | €45,245 | +€81,818 | |
| Profit (loss) for the period to be appropriated | 9905 | -€36,573 | €45,245 | +€81,818 |
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 11 October 2026 via checked.be.