Pejo: 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.
Pejo
Largest movements
- Tangible fixed assets +€28,288
up €28,288 (+26.7%), from €106,090 to €134,377
of which Furniture and vehicles: +€47,071
- Receivables within one year +€8,132
up €8,132 (+420.1%), from €1,936 to €10,068
of which Trade receivables: +€7,232
- Cash -€6,417
down €6,417 (-7.2%), from €89,164 to €82,746
mainly Investment in fixed assets (net) (-€61,352) and Other debts (-€43,649)
- Stocks and contracts -€3,862
no longer reported in 2025 (was €3,862)
- Other debts -€43,649
down €43,649 (-98.3%), from €44,382 to €733
- Debts after one year +€28,561
up €28,561 (+637.7%), from €4,479 to €33,040
- Reserves +€26,003
up €26,003 (+31.2%), from €83,352 to €109,355
- Current portion of long-term debt +€12,910
up €12,910 (+195.4%), from €6,607 to €19,517
- Trade debts +€4,011
new in 2025: €4,011
- Gross operating margin +€32,972
up €32,972 (+75.2%), from €43,868 to €76,840
- Staff costs -€10,324
down €10,324 (-78.6%), from €13,141 to €2,817
- Depreciation +€8,637
up €8,637 (+35.4%), from €24,428 to €33,064
- Taxes +€7,721
up €7,721 (+3942.3%), from €196 to €7,917
- Financial charges +€930
up €930 (+32.5%), from €2,857 to €3,787
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 | €204,366 | €230,466 | +€26,100 | +12.8% |
| Fixed assets | 21/28 | €108,890 | €137,177 | +€28,288 | +26.0% |
| Tangible fixed assets | 22/27 | €106,090 | €134,377 | +€28,288 | +26.7% |
| Plant, machinery and equipment | 23 | €16,690 | €11,938 | -€4,752 | -28.5% |
| Furniture and vehicles | 24 | - | €47,071 | +€47,071 | |
| Other tangible fixed assets | 26 | €89,399 | €75,369 | -€14,031 | -15.7% |
| Financial fixed assets | 28 | €2,800 | €2,800 | = | 0.0% |
| Current assets | 29/58 | €95,476 | €93,289 | -€2,187 | -2.3% |
| Stocks and contracts in progress | 3 | €3,862 | - | -€3,862 | |
| Stocks | 30/36 | €3,862 | - | -€3,862 | |
| Amounts receivable within one year | 40/41 | €1,936 | €10,068 | +€8,132 | +420.1% |
| Trade receivables | 40 | €553 | €7,785 | +€7,232 | +1307.7% |
| Other amounts receivable | 41 | €1,383 | €2,283 | +€900 | +65.1% |
| Cash at bank and in hand | 54/58 | €89,164 | €82,746 | -€6,417 | -7.2% |
| Deferred charges and accrued income | 490/1 | €515 | €475 | -€40 | -7.8% |
| Total equity and liabilities | 10/49 | €204,366 | €230,466 | +€26,100 | +12.8% |
| Equity | 10/15 | €138,855 | €164,858 | +€26,003 | +18.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €83,352 | €109,355 | +€26,003 | +31.2% |
| Distributable reserves | 133 | €83,352 | €109,355 | +€26,003 | +31.2% |
| Profit (loss) carried forward | 14 | €36,903 | €36,903 | = | 0.0% |
| Amounts payable | 17/49 | €65,512 | €65,608 | +€97 | +0.1% |
| Amounts payable after more than one year | 17 | €4,479 | €33,040 | +€28,561 | +637.7% |
| Financial debts | 170/4 | €4,479 | €33,040 | +€28,561 | +637.7% |
| Amounts payable within one year | 42/48 | €61,032 | €31,368 | -€29,664 | -48.6% |
| Current portion of amounts payable after more than one year | 42 | €6,607 | €19,517 | +€12,910 | +195.4% |
| Trade debts | 44 | - | €4,011 | +€4,011 | |
| Suppliers | 440/4 | - | €4,011 | +€4,011 | |
| Taxes, remuneration and social security | 45 | €10,043 | €7,108 | -€2,935 | -29.2% |
| Taxes | 450/3 | €4,678 | €2,600 | -€2,078 | -44.4% |
| Remuneration and social security | 454/9 | €5,365 | €4,508 | -€857 | -16.0% |
| Other amounts payable | 47/48 | €44,382 | €733 | -€43,649 | -98.3% |
| Accrued charges and deferred income | 492/3 | - | €1,200 | +€1,200 | |
| Non-recurring operating income | 76A | - | €250 | +€250 | |
| Remuneration, social security and pensions | 62 | €13,141 | €2,817 | -€10,324 | -78.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,428 | €33,064 | +€8,637 | +35.4% |
| Other operating charges | 640/8 | €2,757 | €3,252 | +€495 | +18.0% |
| Gross operating margin | 9900 | €43,868 | €76,840 | +€32,972 | +75.2% |
| Operating profit (loss) | 9901 | €3,542 | €37,707 | +€34,165 | +964.5% |
| Financial income | 75/76B | €2 | €0 | -€2 | -94.0% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -94.0% |
| Financial charges | 65/66B | €2,857 | €3,787 | +€930 | +32.5% |
| Recurring financial charges | 65 | €2,857 | €3,787 | +€930 | +32.5% |
| Profit (loss) for the period before taxes | 9903 | €687 | €33,920 | +€33,233 | +4838.8% |
| Income taxes | 67/77 | €196 | €7,917 | +€7,721 | +3942.3% |
| Profit (loss) for the period | 9904 | €491 | €26,003 | +€25,512 | +5196.4% |
| Profit (loss) for the period to be appropriated | 9905 | €491 | €26,003 | +€25,512 | +5196.4% |
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 8 October 2026 via checked.be.