PEHLIVAN GROUP: 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.
PEHLIVAN GROUP
Largest movements
- Receivables within one year +€19,087
up €19,087 (+116%), from €16,462 to €35,548
of which Trade receivables: +€19,087
- Financial fixed assets +€5,000
up €5,000 (+55.6%), from €9,000 to €14,000
- Cash -€496
down €496 (-97.3%), from €510 to €14
mainly Receivables within one year (-€19,087) and Other debts (-€5,115)
- Profit (loss) carried forward +€18,141
up €18,141, from -€2,093 to €16,048
- Tax, wage and social debts +€15,123
new in 2025: €15,123
of which Taxes: +€13,750
- Other debts -€5,115
down €5,115 (-26.5%), from €19,315 to €14,201
- Trade debts -€4,559
down €4,559 (-79.3%), from €5,750 to €1,191
- Gross operating margin +€26,287
up €26,287, from -€1,979 to €24,308
- Taxes +€4,209
new in 2025: €4,209
- Staff costs +€1,473
new in 2025: €1,473
- Other operating charges +€324
new in 2025: €324
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 | €25,972 | €49,562 | +€23,590 | +90.8% |
| Fixed assets | 21/28 | €9,000 | €14,000 | +€5,000 | +55.6% |
| Financial fixed assets | 28 | €9,000 | €14,000 | +€5,000 | +55.6% |
| Current assets | 29/58 | €16,972 | €35,562 | +€18,590 | +110% |
| Amounts receivable within one year | 40/41 | €16,462 | €35,548 | +€19,087 | +116% |
| Trade receivables | 40 | €13,462 | €32,548 | +€19,087 | +142% |
| Other amounts receivable | 41 | €3,000 | €3,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €510 | €14 | -€496 | -97.3% |
| Total equity and liabilities | 10/49 | €25,972 | €49,562 | +€23,590 | +90.8% |
| Equity | 10/15 | €907 | €19,048 | +€18,141 | +2,001% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,093 | €16,048 | +€18,141 | |
| Amounts payable | 17/49 | €25,065 | €30,514 | +€5,449 | +21.7% |
| Amounts payable within one year | 42/48 | €25,065 | €30,514 | +€5,449 | +21.7% |
| Trade debts | 44 | €5,750 | €1,191 | -€4,559 | -79.3% |
| Suppliers | 440/4 | €5,750 | €1,191 | -€4,559 | -79.3% |
| Taxes, remuneration and social security | 45 | - | €15,123 | +€15,123 | |
| Taxes | 450/3 | - | €13,750 | +€13,750 | |
| Remuneration and social security | 454/9 | - | €1,373 | +€1,373 | |
| Other amounts payable | 47/48 | €19,315 | €14,201 | -€5,115 | -26.5% |
| Remuneration, social security and pensions | 62 | - | €1,473 | +€1,473 | |
| Other operating charges | 640/8 | - | €324 | +€324 | |
| Gross operating margin | 9900 | -€1,979 | €24,308 | +€26,287 | |
| Operating profit (loss) | 9901 | -€1,979 | €22,511 | +€24,490 | |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €114 | €162 | +€48 | +41.7% |
| Recurring financial charges | 65 | €114 | €162 | +€48 | +41.7% |
| Profit (loss) for the period before taxes | 9903 | -€2,093 | €22,350 | +€24,443 | |
| Income taxes | 67/77 | - | €4,209 | +€4,209 | |
| Profit (loss) for the period | 9904 | -€2,093 | €18,141 | +€20,234 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,093 | €18,141 | +€20,234 |
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 16 October 2026 via checked.be.