Pelican Gate: 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.
Pelican Gate
Largest movements
- Tangible fixed assets -€11,591
down €11,591 (-2.7%), from €423,417 to €411,826
- Cash +€6,942
up €6,942 (+59.6%), from €11,639 to €18,581
mainly Depreciation (+€11,591) and Accrued charges and deferred income (+€11,586)
- Accrued charges and deferred income +€11,586
up €11,586 (+677.7%), from €1,710 to €13,295
- Debts after one year -€10,987
down €10,987 (-2.5%), from €434,343 to €423,355
of which Financial debts: -€12,587
- Profit (loss) carried forward -€6,934
down €6,934 (-10.7%), from -€64,687 to -€71,621
- Depreciation -€50,727
down €50,727 (-81.4%), from €62,318 to €11,591
- Gross operating margin +€20,706
up €20,706 (+444.2%), from €4,662 to €25,367
- Financial charges +€16,201
up €16,201 (+529.4%), from €3,060 to €19,261
- Other operating charges +€1,258
up €1,258 (+655.7%), from €192 to €1,450
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 | €436,106 | €431,312 | -€4,794 | -1.1% |
| Fixed assets | 21/28 | €423,417 | €411,826 | -€11,591 | -2.7% |
| Tangible fixed assets | 22/27 | €423,417 | €411,826 | -€11,591 | -2.7% |
| Land and buildings | 22 | €423,417 | €411,826 | -€11,591 | -2.7% |
| Current assets | 29/58 | €12,690 | €19,486 | +€6,796 | +53.6% |
| Cash at bank and in hand | 54/58 | €11,639 | €18,581 | +€6,942 | +59.6% |
| Deferred charges and accrued income | 490/1 | €1,051 | €905 | -€146 | -13.9% |
| Total equity and liabilities | 10/49 | €436,106 | €431,312 | -€4,794 | -1.1% |
| Equity | 10/15 | -€54,687 | -€61,621 | -€6,934 | -12.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€64,687 | -€71,621 | -€6,934 | -10.7% |
| Amounts payable | 17/49 | €490,793 | €492,933 | +€2,140 | +0.4% |
| Amounts payable after more than one year | 17 | €434,343 | €423,355 | -€10,987 | -2.5% |
| Financial debts | 170/4 | €332,843 | €320,255 | -€12,587 | -3.8% |
| Other amounts payable | 178/9 | €101,500 | €103,100 | +€1,600 | +1.6% |
| Amounts payable within one year | 42/48 | €54,741 | €56,282 | +€1,541 | +2.8% |
| Current portion of amounts payable after more than one year | 42 | €12,158 | €12,587 | +€430 | +3.5% |
| Trade debts | 44 | €45 | €1,157 | +€1,112 | +2470.4% |
| Suppliers | 440/4 | €45 | €1,157 | +€1,112 | +2470.4% |
| Other amounts payable | 47/48 | €42,538 | €42,538 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,710 | €13,295 | +€11,586 | +677.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,318 | €11,591 | -€50,727 | -81.4% |
| Other operating charges | 640/8 | €192 | €1,450 | +€1,258 | +655.7% |
| Gross operating margin | 9900 | €4,662 | €25,367 | +€20,706 | +444.2% |
| Operating profit (loss) | 9901 | -€57,848 | €12,326 | +€70,174 | |
| Financial charges | 65/66B | €3,060 | €19,261 | +€16,201 | +529.4% |
| Recurring financial charges | 65 | €3,060 | €19,261 | +€16,201 | +529.4% |
| Profit (loss) for the period before taxes | 9903 | -€60,908 | -€6,934 | +€53,973 | +88.6% |
| Profit (loss) for the period | 9904 | -€60,908 | -€6,934 | +€53,973 | +88.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€60,908 | -€6,934 | +€53,973 | +88.6% |
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.