PEJ: 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.
PEJ
Largest movements
- Tangible fixed assets -€30,332
down €30,332 (-5.4%), from €563,871 to €533,540
of which Land and buildings: -€20,360
- Receivables within one year -€22,653
down €22,653 (-76.7%), from €29,551 to €6,898
of which Other amounts receivable: -€25,455
- Cash -€11,664
down €11,664 (-31.9%), from €36,562 to €24,898
mainly Trade debts (-€49,448) and Debts after one year (-€21,274)
- Trade debts -€49,448
down €49,448 (-67.8%), from €72,883 to €23,436
- Debts after one year -€21,274
down €21,274 (-4.1%), from €515,571 to €494,298
- Profit (loss) carried forward +€9,604
up €9,604 (+26.4%), from -€36,356 to -€26,752
- Tax, wage and social debts -€7,508
down €7,508 (-78.7%), from €9,539 to €2,031
- Gross operating margin +€60,919
up €60,919 (+106%), from €57,444 to €118,364
- Staff costs +€38,253
up €38,253 (+599%), from €6,388 to €44,642
- Depreciation +€16,146
up €16,146 (+74.3%), from €21,742 to €37,888
- Other operating charges -€1,428
down €1,428 (-74.7%), from €1,911 to €484
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 | €650,870 | €586,687 | -€64,183 | -9.9% |
| Formation expenses | 20 | €2,104 | €1,372 | -€732 | -34.8% |
| Fixed assets | 21/28 | €573,324 | €541,993 | -€31,332 | -5.5% |
| Intangible fixed assets | 21 | €8,101 | €7,101 | -€1,000 | -12.3% |
| Tangible fixed assets | 22/27 | €563,871 | €533,540 | -€30,332 | -5.4% |
| Land and buildings | 22 | €500,808 | €480,448 | -€20,360 | -4.1% |
| Plant, machinery and equipment | 23 | €61,762 | €52,243 | -€9,520 | -15.4% |
| Furniture and vehicles | 24 | €1,301 | €850 | -€452 | -34.7% |
| Financial fixed assets | 28 | €1,352 | €1,352 | = | 0.0% |
| Current assets | 29/58 | €75,442 | €43,323 | -€32,119 | -42.6% |
| Stocks and contracts in progress | 3 | €9,329 | €11,527 | +€2,198 | +23.6% |
| Stocks | 30/36 | €9,329 | €11,527 | +€2,198 | +23.6% |
| Amounts receivable within one year | 40/41 | €29,551 | €6,898 | -€22,653 | -76.7% |
| Trade receivables | 40 | €3,475 | €6,278 | +€2,802 | +80.6% |
| Other amounts receivable | 41 | €26,076 | €620 | -€25,455 | -97.6% |
| Cash at bank and in hand | 54/58 | €36,562 | €24,898 | -€11,664 | -31.9% |
| Total equity and liabilities | 10/49 | €650,870 | €586,687 | -€64,183 | -9.9% |
| Equity | 10/15 | €8,644 | €18,248 | +€9,604 | +111% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,356 | -€26,752 | +€9,604 | +26.4% |
| Amounts payable | 17/49 | €642,226 | €568,439 | -€73,787 | -11.5% |
| Amounts payable after more than one year | 17 | €515,571 | €494,298 | -€21,274 | -4.1% |
| Financial debts | 170/4 | €515,571 | €494,298 | -€21,274 | -4.1% |
| Amounts payable within one year | 42/48 | €126,655 | €74,141 | -€52,514 | -41.5% |
| Current portion of amounts payable after more than one year | 42 | €20,149 | €20,590 | +€440 | +2.2% |
| Trade debts | 44 | €72,883 | €23,436 | -€49,448 | -67.8% |
| Suppliers | 440/4 | €72,883 | €23,436 | -€49,448 | -67.8% |
| Taxes, remuneration and social security | 45 | €9,539 | €2,031 | -€7,508 | -78.7% |
| Taxes | 450/3 | €9,539 | €2,031 | -€7,508 | -78.7% |
| Other amounts payable | 47/48 | €24,083 | €28,084 | +€4,001 | +16.6% |
| Remuneration, social security and pensions | 62 | €6,388 | €44,642 | +€38,253 | +599% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,742 | €37,888 | +€16,146 | +74.3% |
| Other operating charges | 640/8 | €1,911 | €484 | -€1,428 | -74.7% |
| Gross operating margin | 9900 | €57,444 | €118,364 | +€60,919 | +106% |
| Operating profit (loss) | 9901 | €27,402 | €35,350 | +€7,948 | +29.0% |
| Financial income | 75/76B | - | €252 | +€252 | |
| Recurring financial income | 75 | - | €252 | +€252 | |
| Financial charges | 65/66B | €25,753 | €25,997 | +€244 | +0.9% |
| Recurring financial charges | 65 | €25,753 | €25,997 | +€244 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €1,649 | €9,604 | +€7,955 | +482% |
| Profit (loss) for the period | 9904 | €1,649 | €9,604 | +€7,955 | +482% |
| Profit (loss) for the period to be appropriated | 9905 | €1,649 | €9,604 | +€7,955 | +482% |
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 20 October 2026 via checked.be.