PEKOVAR: 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.
PEKOVAR
Largest movements
- Cash +€336,661
up €336,661 (+166.3%), from €202,471 to €539,133
mainly Net result for the year (+€142,282) and Current investments (+€127,916)
- Current investments -€127,916
down €127,916 (-53.7%), from €238,304 to €110,388
- Receivables within one year -€50,388
down €50,388 (-41.8%), from €120,617 to €70,228
of which Trade receivables: -€50,388
- Tangible fixed assets -€40,767
down €40,767 (-26.9%), from €151,737 to €110,970
of which Land and buildings: -€52,216
- Receivables after one year -€25,051
down €25,051 (-100.0%), from €25,051 to €0
- Reserves +€142,282
up €142,282 (+47.7%), from €298,218 to €440,500
- Debts after one year -€47,625
down €47,625 (-31.2%), from €152,625 to €105,000
- Other debts +€18,457
up €18,457 (+12.4%), from €149,118 to €167,575
- Gross operating margin -€41,932
down €41,932 (-13.0%), from €322,887 to €280,956
- Taxes +€40,314
up €40,314 (+155.1%), from €25,991 to €66,305
- Financial income +€11,379
up €11,379 (+922.2%), from €1,234 to €12,613
- Financial charges -€9,991
down €9,991 (-54.5%), from €18,324 to €8,333
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 | €1,210,278 | €1,313,761 | +€103,483 | +8.6% |
| Fixed assets | 21/28 | €172,237 | €152,626 | -€19,612 | -11.4% |
| Intangible fixed assets | 21 | €548 | €516 | -€32 | -5.8% |
| Tangible fixed assets | 22/27 | €151,737 | €110,970 | -€40,767 | -26.9% |
| Land and buildings | 22 | €105,823 | €53,606 | -€52,216 | -49.3% |
| Plant, machinery and equipment | 23 | €33,688 | €48,673 | +€14,985 | +44.5% |
| Furniture and vehicles | 24 | €12,227 | €8,691 | -€3,536 | -28.9% |
| Financial fixed assets | 28 | €19,953 | €41,140 | +€21,187 | +106.2% |
| Current assets | 29/58 | €1,038,040 | €1,161,135 | +€123,095 | +11.9% |
| Amounts receivable after more than one year | 29 | €25,051 | €0 | -€25,051 | -100.0% |
| Other amounts receivable | 291 | €25,051 | €0 | -€25,051 | -100.0% |
| Stocks and contracts in progress | 3 | €439,830 | €429,195 | -€10,635 | -2.4% |
| Stocks | 30/36 | €439,830 | €429,195 | -€10,635 | -2.4% |
| Amounts receivable within one year | 40/41 | €120,617 | €70,228 | -€50,388 | -41.8% |
| Trade receivables | 40 | €106,608 | €56,220 | -€50,388 | -47.3% |
| Other amounts receivable | 41 | €14,009 | €14,009 | = | 0.0% |
| Current investments | 50/53 | €238,304 | €110,388 | -€127,916 | -53.7% |
| Cash at bank and in hand | 54/58 | €202,471 | €539,133 | +€336,661 | +166.3% |
| Deferred charges and accrued income | 490/1 | €11,767 | €12,191 | +€423 | +3.6% |
| Total equity and liabilities | 10/49 | €1,210,278 | €1,313,761 | +€103,483 | +8.6% |
| Equity | 10/15 | €554,418 | €696,700 | +€142,282 | +25.7% |
| Contributions | 10/11 | €256,200 | €256,200 | = | 0.0% |
| Reserves | 13 | €298,218 | €440,500 | +€142,282 | +47.7% |
| Distributable reserves | 133 | €298,218 | €440,500 | +€142,282 | +47.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €655,860 | €617,060 | -€38,799 | -5.9% |
| Amounts payable after more than one year | 17 | €152,625 | €105,000 | -€47,625 | -31.2% |
| Financial debts | 170/4 | €152,625 | €105,000 | -€47,625 | -31.2% |
| Amounts payable within one year | 42/48 | €219,542 | €234,483 | +€14,941 | +6.8% |
| Current portion of amounts payable after more than one year | 42 | €49,500 | €47,625 | -€1,875 | -3.8% |
| Trade debts | 44 | €14,039 | €1,829 | -€12,209 | -87.0% |
| Suppliers | 440/4 | €14,039 | €1,829 | -€12,209 | -87.0% |
| Taxes, remuneration and social security | 45 | €6,886 | €17,454 | +€10,568 | +153.5% |
| Taxes | 450/3 | €6,886 | €17,454 | +€10,568 | +153.5% |
| Other amounts payable | 47/48 | €149,118 | €167,575 | +€18,457 | +12.4% |
| Accrued charges and deferred income | 492/3 | €283,693 | €277,578 | -€6,115 | -2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,913 | €65,549 | +€637 | +1.0% |
| Other operating charges | 640/8 | €11,904 | €11,098 | -€806 | -6.8% |
| Gross operating margin | 9900 | €322,887 | €280,956 | -€41,932 | -13.0% |
| Operating profit (loss) | 9901 | €246,071 | €204,308 | -€41,763 | -17.0% |
| Financial income | 75/76B | €1,234 | €12,613 | +€11,379 | +922.2% |
| Recurring financial income | 75 | €1,234 | €12,613 | +€11,379 | +922.2% |
| Financial charges | 65/66B | €18,324 | €8,333 | -€9,991 | -54.5% |
| Recurring financial charges | 65 | €18,324 | €8,333 | -€9,991 | -54.5% |
| Profit (loss) for the period before taxes | 9903 | €228,981 | €208,588 | -€20,393 | -8.9% |
| Income taxes | 67/77 | €25,991 | €66,305 | +€40,314 | +155.1% |
| Profit (loss) for the period | 9904 | €202,990 | €142,282 | -€60,707 | -29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €202,990 | €142,282 | -€60,707 | -29.9% |
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 9 October 2026 via checked.be.