PELAVER: 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.
PELAVER
Largest movements
- Tangible fixed assets -€369,890
down €369,890 (-85.4%), from €433,372 to €63,482
of which Land and buildings: -€365,651
- Receivables after one year +€363,104
new in 2025: €363,104
- Current investments -€151,541
down €151,541 (-67.5%), from €224,643 to €73,102
- Receivables within one year -€56,164
down €56,164 (-41.1%), from €136,779 to €80,615
of which Other amounts receivable: -€55,385
- Cash -€50,327
down €50,327 (-19.6%), from €257,117 to €206,790
mainly Receivables after one year (-€363,104) and Debts after one year (-€265,038)
- Debts after one year -€265,038
down €265,038 (-100%), from €265,038 to €0
- Provisions -€84,402
down €84,402 (-100%), from €84,402 to €0
- Reserves +€59,201
up €59,201 (+11.0%), from €539,505 to €598,705
of which Distributable reserves: +€59,201
- Other debts +€54,418
up €54,418 (+32.4%), from €168,000 to €222,418
- Current portion of long-term debt -€23,158
down €23,158 (-100%), from €23,158 to €0
- Provisions -€113,314
down €113,314, from €28,912 to -€84,402
- Financial income +€105,181
up €105,181 (+49.3%), from €213,328 to €318,508
- Gross operating margin -€42,220
down €42,220 (-119%), from -€35,437 to -€77,658
- Depreciation -€21,224
down €21,224 (-79.0%), from €26,869 to €5,644
- Taxes +€15,665
up €15,665 (+121%), from €12,918 to €28,583
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 | €1,136,851 | €871,540 | -€265,310 | -23.3% |
| Fixed assets | 21/28 | €515,209 | €136,782 | -€378,427 | -73.5% |
| Tangible fixed assets | 22/27 | €433,372 | €63,482 | -€369,890 | -85.4% |
| Land and buildings | 22 | €426,371 | €60,720 | -€365,651 | -85.8% |
| Plant, machinery and equipment | 23 | €1,829 | €1,302 | -€526 | -28.8% |
| Furniture and vehicles | 24 | €5,173 | €1,460 | -€3,713 | -71.8% |
| Financial fixed assets | 28 | €81,837 | €73,300 | -€8,537 | -10.4% |
| Current assets | 29/58 | €621,642 | €734,759 | +€113,117 | +18.2% |
| Amounts receivable after more than one year | 29 | - | €363,104 | +€363,104 | |
| Other amounts receivable | 291 | - | €363,104 | +€363,104 | |
| Amounts receivable within one year | 40/41 | €136,779 | €80,615 | -€56,164 | -41.1% |
| Trade receivables | 40 | €9,774 | €8,995 | -€779 | -8.0% |
| Other amounts receivable | 41 | €127,005 | €71,620 | -€55,385 | -43.6% |
| Current investments | 50/53 | €224,643 | €73,102 | -€151,541 | -67.5% |
| Cash at bank and in hand | 54/58 | €257,117 | €206,790 | -€50,327 | -19.6% |
| Deferred charges and accrued income | 490/1 | €3,104 | €11,149 | +€8,045 | +259% |
| Total equity and liabilities | 10/49 | €1,136,851 | €871,540 | -€265,310 | -23.3% |
| Equity | 10/15 | €558,105 | €617,305 | +€59,201 | +10.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €539,505 | €598,705 | +€59,201 | +11.0% |
| Tax-exempt reserves | 132 | €63,150 | €63,150 | = | 0.0% |
| Distributable reserves | 133 | €476,355 | €535,555 | +€59,201 | +12.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €84,402 | €0 | -€84,402 | -100% |
| Provisions for liabilities and charges | 160/5 | €84,402 | €0 | -€84,402 | -100% |
| Other liabilities and charges | 164/5 | €84,402 | €0 | -€84,402 | -100% |
| Amounts payable | 17/49 | €494,344 | €254,235 | -€240,109 | -48.6% |
| Amounts payable after more than one year | 17 | €265,038 | €0 | -€265,038 | -100% |
| Financial debts | 170/4 | €265,038 | €0 | -€265,038 | -100% |
| Amounts payable within one year | 42/48 | €229,306 | €254,235 | +€24,929 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €23,158 | €0 | -€23,158 | -100% |
| Trade debts | 44 | €9,479 | €4,467 | -€5,012 | -52.9% |
| Suppliers | 440/4 | €9,479 | €4,467 | -€5,012 | -52.9% |
| Taxes, remuneration and social security | 45 | €28,669 | €27,351 | -€1,319 | -4.6% |
| Taxes | 450/3 | €28,669 | €27,351 | -€1,319 | -4.6% |
| Other amounts payable | 47/48 | €168,000 | €222,418 | +€54,418 | +32.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,869 | €5,644 | -€21,224 | -79.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €28,912 | -€84,402 | -€113,314 | |
| Other operating charges | 640/8 | €3,117 | €2,281 | -€836 | -26.8% |
| Gross operating margin | 9900 | -€35,437 | -€77,658 | -€42,220 | -119% |
| Operating profit (loss) | 9901 | -€94,335 | -€1,181 | +€93,154 | +98.7% |
| Financial income | 75/76B | €213,328 | €318,508 | +€105,181 | +49.3% |
| Recurring financial income | 75 | €213,328 | €318,508 | +€105,181 | +49.3% |
| Financial charges | 65/66B | €7,707 | €7,127 | -€581 | -7.5% |
| Recurring financial charges | 65 | €7,707 | €7,127 | -€581 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €111,286 | €310,201 | +€198,915 | +179% |
| Income taxes | 67/77 | €12,918 | €28,583 | +€15,665 | +121% |
| Profit (loss) for the period | 9904 | €98,368 | €281,618 | +€183,250 | +186% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €98,368 | €281,618 | +€183,250 | +186% |
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 24 October 2026 via checked.be.