PELEMAN: 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.
PELEMAN
Largest movements
- Receivables within one year -€215,799
down €215,799 (-33.8%), from €637,623 to €421,824
of which Trade receivables: -€221,613
- Tangible fixed assets -€29,664
down €29,664 (-2.3%), from €1.3m to €1.2m
of which Land and buildings: -€31,485
- Cash +€27,751
up €27,751 (+41.3%), from €67,177 to €94,928
mainly Receivables within one year (+€215,799) and Advances received (+€91,024)
- Trade debts -€275,496
down €275,496 (-62.6%), from €440,073 to €164,577
- Advances received +€91,024
new in 2025: €91,024
- Profit (loss) carried forward +€85,535
up €85,535 (+16.6%), from €515,032 to €600,567
- Debts after one year -€76,459
down €76,459 (-6.2%), from €1.2m to €1.2m
of which Financial debts: -€76,459
- Short-term financial debts -€75,000
no longer reported in 2025 (was €75,000)
- Depreciation -€98,611
down €98,611 (-56.3%), from €175,170 to €76,559
- Gross operating margin +€56,817
up €56,817 (+27.4%), from €207,005 to €263,822
- Financial charges +€38,068
up €38,068 (+468.7%), from €8,122 to €46,190
- Taxes +€30,667
up €30,667 (+1735.4%), from €1,767 to €32,434
- Other operating charges -€8,315
down €8,315 (-48.6%), from €17,103 to €8,788
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 | €2,542,562 | €2,309,935 | -€232,627 | -9.1% |
| Fixed assets | 21/28 | €1,270,949 | €1,237,235 | -€33,714 | -2.7% |
| Tangible fixed assets | 22/27 | €1,266,899 | €1,237,235 | -€29,664 | -2.3% |
| Land and buildings | 22 | €1,107,066 | €1,075,581 | -€31,485 | -2.8% |
| Plant, machinery and equipment | 23 | €128,466 | €138,133 | +€9,667 | +7.5% |
| Furniture and vehicles | 24 | €31,367 | €23,521 | -€7,846 | -25.0% |
| Financial fixed assets | 28 | €4,050 | - | -€4,050 | |
| Current assets | 29/58 | €1,271,613 | €1,072,700 | -€198,913 | -15.6% |
| Stocks and contracts in progress | 3 | €564,469 | €553,598 | -€10,871 | -1.9% |
| Stocks | 30/36 | €564,469 | €553,598 | -€10,871 | -1.9% |
| Amounts receivable within one year | 40/41 | €637,623 | €421,824 | -€215,799 | -33.8% |
| Trade receivables | 40 | €637,424 | €415,811 | -€221,613 | -34.8% |
| Other amounts receivable | 41 | €200 | €6,014 | +€5,814 | +2911.8% |
| Current investments | 50/53 | €2,343 | €2,349 | +€6 | +0.2% |
| Cash at bank and in hand | 54/58 | €67,177 | €94,928 | +€27,751 | +41.3% |
| Total equity and liabilities | 10/49 | €2,542,562 | €2,309,935 | -€232,627 | -9.1% |
| Equity | 10/15 | €693,135 | €778,670 | +€85,535 | +12.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €171,903 | €171,903 | = | 0.0% |
| Distributable reserves | 133 | €171,903 | €171,903 | = | 0.0% |
| Profit (loss) carried forward | 14 | €515,032 | €600,567 | +€85,535 | +16.6% |
| Amounts payable | 17/49 | €1,849,426 | €1,531,264 | -€318,162 | -17.2% |
| Amounts payable after more than one year | 17 | €1,242,130 | €1,165,672 | -€76,459 | -6.2% |
| Financial debts | 170/4 | €1,153,370 | €1,076,911 | -€76,459 | -6.6% |
| Other amounts payable | 178/9 | €88,761 | €88,761 | = | 0.0% |
| Amounts payable within one year | 42/48 | €607,296 | €365,593 | -€241,703 | -39.8% |
| Current portion of amounts payable after more than one year | 42 | €73,713 | €76,459 | +€2,746 | +3.7% |
| Financial debts | 43 | €75,000 | - | -€75,000 | |
| Credit institutions | 430/8 | €75,000 | - | -€75,000 | |
| Trade debts | 44 | €440,073 | €164,577 | -€275,496 | -62.6% |
| Suppliers | 440/4 | €440,073 | €164,577 | -€275,496 | -62.6% |
| Advances received on contracts in progress | 46 | - | €91,024 | +€91,024 | |
| Taxes, remuneration and social security | 45 | €5,913 | €32,432 | +€26,518 | +448.4% |
| Taxes | 450/3 | €5,913 | €32,432 | +€26,518 | +448.4% |
| Other amounts payable | 47/48 | €12,597 | €1,102 | -€11,495 | -91.3% |
| Non-recurring operating income | 76A | €9,875 | - | -€9,875 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175,170 | €76,559 | -€98,611 | -56.3% |
| Other operating charges | 640/8 | €17,103 | €8,788 | -€8,315 | -48.6% |
| Non-recurring operating charges | 66A | €4,292 | €18,744 | +€14,452 | +336.7% |
| Gross operating margin | 9900 | €207,005 | €263,822 | +€56,817 | +27.4% |
| Operating profit (loss) | 9901 | €10,440 | €159,730 | +€149,290 | +1430.0% |
| Financial income | 75/76B | €929 | €4,423 | +€3,494 | +375.9% |
| Recurring financial income | 75 | €929 | €4,423 | +€3,494 | +375.9% |
| Financial charges | 65/66B | €8,122 | €46,190 | +€38,068 | +468.7% |
| Recurring financial charges | 65 | €8,122 | €46,190 | +€38,068 | +468.7% |
| Profit (loss) for the period before taxes | 9903 | €3,247 | €117,963 | +€114,716 | +3533.0% |
| Income taxes | 67/77 | €1,767 | €32,434 | +€30,667 | +1735.4% |
| Profit (loss) for the period | 9904 | €1,480 | €85,530 | +€84,050 | +5679.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,480 | €85,530 | +€84,050 | +5679.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.