PELICAN POINT: 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.
PELICAN POINT
Largest movements
- Current investments -€407,458
down €407,458 (-32.8%), from €1.2m to €834,772
- Receivables within one year +€264,374
up €264,374 (+254%), from €104,044 to €368,418
of which Trade receivables: +€174,590
- Cash +€146,246
up €146,246 (+32.5%), from €449,977 to €596,224
mainly Other debts (+€423,451) and Current investments (+€407,458)
- Financial fixed assets +€102,599
up €102,599 (+42.8%), from €239,587 to €342,187
- Tangible fixed assets -€27,511
down €27,511 (-20.5%), from €134,203 to €106,692
of which Furniture and vehicles: -€22,156
- Other debts +€423,451
up €423,451 (+61.6%), from €687,080 to €1.1m
- Profit (loss) carried forward -€345,048
down €345,048 (-22.5%), from €1.5m to €1.2m
- Gross operating margin -€1.1m
down €1.1m (-68.6%), from €1.6m to €497,076
- Taxes -€266,962
down €266,962 (-69.0%), from €386,957 to €119,995
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 | €2,278,911 | €2,350,760 | +€71,850 | +3.2% |
| Fixed assets | 21/28 | €373,790 | €448,879 | +€75,088 | +20.1% |
| Tangible fixed assets | 22/27 | €134,203 | €106,692 | -€27,511 | -20.5% |
| Land and buildings | 22 | €6,148 | €4,648 | -€1,500 | -24.4% |
| Plant, machinery and equipment | 23 | €29,515 | €25,660 | -€3,855 | -13.1% |
| Furniture and vehicles | 24 | €98,540 | €76,384 | -€22,156 | -22.5% |
| Financial fixed assets | 28 | €239,587 | €342,187 | +€102,599 | +42.8% |
| Current assets | 29/58 | €1,905,120 | €1,901,882 | -€3,239 | -0.2% |
| Amounts receivable after more than one year | 29 | €83,872 | €83,418 | -€455 | -0.5% |
| Trade receivables | 290 | €83,872 | €83,418 | -€455 | -0.5% |
| Amounts receivable within one year | 40/41 | €104,044 | €368,418 | +€264,374 | +254% |
| Trade receivables | 40 | €42,350 | €216,940 | +€174,590 | +412% |
| Other amounts receivable | 41 | €61,694 | €151,478 | +€89,784 | +146% |
| Current investments | 50/53 | €1,242,230 | €834,772 | -€407,458 | -32.8% |
| Cash at bank and in hand | 54/58 | €449,977 | €596,224 | +€146,246 | +32.5% |
| Deferred charges and accrued income | 490/1 | €24,996 | €19,050 | -€5,946 | -23.8% |
| Total equity and liabilities | 10/49 | €2,278,911 | €2,350,760 | +€71,850 | +3.2% |
| Equity | 10/15 | €1,554,093 | €1,209,045 | -€345,048 | -22.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,533,633 | €1,188,585 | -€345,048 | -22.5% |
| Amounts payable | 17/49 | €724,818 | €1,141,716 | +€416,898 | +57.5% |
| Amounts payable within one year | 42/48 | €710,121 | €1,124,901 | +€414,780 | +58.4% |
| Trade debts | 44 | €3,502 | €9,919 | +€6,417 | +183% |
| Suppliers | 440/4 | €3,502 | €9,919 | +€6,417 | +183% |
| Taxes, remuneration and social security | 45 | €19,539 | €4,451 | -€15,087 | -77.2% |
| Taxes | 450/3 | €19,539 | €4,451 | -€15,087 | -77.2% |
| Other amounts payable | 47/48 | €687,080 | €1,110,531 | +€423,451 | +61.6% |
| Accrued charges and deferred income | 492/3 | €14,697 | €16,815 | +€2,118 | +14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,785 | €28,611 | +€12,826 | +81.3% |
| Other operating charges | 640/8 | €20,202 | €13,738 | -€6,463 | -32.0% |
| Gross operating margin | 9900 | €1,583,066 | €497,076 | -€1.1m | -68.6% |
| Operating profit (loss) | 9901 | €1,547,080 | €454,727 | -€1.1m | -70.6% |
| Financial income | 75/76B | €16,423 | €20,499 | +€4,076 | +24.8% |
| Recurring financial income | 75 | €16,423 | €20,499 | +€4,076 | +24.8% |
| Financial charges | 65/66B | €783 | €279 | -€505 | -64.4% |
| Recurring financial charges | 65 | €783 | €279 | -€505 | -64.4% |
| Profit (loss) for the period before taxes | 9903 | €1,562,719 | €474,947 | -€1.1m | -69.6% |
| Income taxes | 67/77 | €386,957 | €119,995 | -€266,962 | -69.0% |
| Profit (loss) for the period | 9904 | €1,175,762 | €354,952 | -€820,810 | -69.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,175,762 | €354,952 | -€820,810 | -69.8% |
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 18 October 2026 via checked.be.