PELKOR: 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.
PELKOR
Largest movements
- Financial fixed assets -€861,550
down €861,550 (-100.0%), from €861,550 to €0
- Tangible fixed assets +€791,775
up €791,775 (+127.3%), from €621,986 to €1.4m
of which Land and buildings: +€783,223
- Cash +€51,402
up €51,402 (+704.9%), from €7,292 to €58,694
mainly Net result for the year (+€83,484) and Provisions (+€41,551)
- Stocks and contracts +€33,913
new in 2025: €33,913
- Deferred charges and accrued income +€21,752
up €21,752 (+789.4%), from €2,755 to €24,507
- Reserves +€111,335
up €111,335 (+107.9%), from €103,212 to €214,547
of which Tax-exempt reserves: +€143,403
- Other debts -€71,240
down €71,240 (-92.8%), from €76,774 to €5,534
- Profit (loss) carried forward -€59,919
new in 2025: -€59,919
- Provisions +€41,551
new in 2025: €41,551
- Current portion of long-term debt +€26,415
new in 2025: €26,415
- Gross operating margin +€128,008
up €128,008 (+243.4%), from €52,589 to €180,597
- Depreciation +€31,886
up €31,886 (+761.7%), from €4,186 to €36,072
- Taxes +€31,041
up €31,041 (+558.4%), from €5,559 to €36,600
- Financial charges -€6,154
down €6,154 (-70.8%), from €8,691 to €2,537
- Other operating charges +€2,287
up €2,287 (+9.8%), from €23,439 to €25,726
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 | €1,494,583 | €1,544,777 | +€50,194 | +3.4% |
| Fixed assets | 21/28 | €1,483,536 | €1,413,761 | -€69,775 | -4.7% |
| Tangible fixed assets | 22/27 | €621,986 | €1,413,761 | +€791,775 | +127.3% |
| Land and buildings | 22 | €620,733 | €1,403,956 | +€783,223 | +126.2% |
| Plant, machinery and equipment | 23 | €1,253 | €577 | -€676 | -53.9% |
| Furniture and vehicles | 24 | - | €9,228 | +€9,228 | |
| Financial fixed assets | 28 | €861,550 | €0 | -€861,550 | -100.0% |
| Current assets | 29/58 | €11,047 | €131,017 | +€119,970 | +1086.0% |
| Stocks and contracts in progress | 3 | - | €33,913 | +€33,913 | |
| Stocks | 30/36 | - | €33,913 | +€33,913 | |
| Amounts receivable within one year | 40/41 | €1,000 | €13,903 | +€12,903 | +1290.1% |
| Trade receivables | 40 | - | €13,903 | +€13,903 | |
| Other amounts receivable | 41 | €1,000 | €0 | -€1,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €7,292 | €58,694 | +€51,402 | +704.9% |
| Deferred charges and accrued income | 490/1 | €2,755 | €24,507 | +€21,752 | +789.4% |
| Total equity and liabilities | 10/49 | €1,494,583 | €1,544,777 | +€50,194 | +3.4% |
| Equity | 10/15 | €1,314,080 | €1,365,497 | +€51,417 | +3.9% |
| Contributions | 10/11 | €844,869 | €844,869 | +€0 | 0.0% |
| Revaluation surpluses | 12 | €366,000 | €366,000 | = | 0.0% |
| Reserves | 13 | €103,212 | €214,547 | +€111,335 | +107.9% |
| Non-distributable reserves | 130/1 | €1,603 | €0 | -€1,603 | -100.0% |
| Reserves not available under the articles | 1311 | €1,603 | €0 | -€1,603 | -100.0% |
| Tax-exempt reserves | 132 | - | €143,403 | +€143,403 | |
| Distributable reserves | 133 | €101,608 | €71,144 | -€30,464 | -30.0% |
| Profit (loss) carried forward | 14 | - | -€59,919 | -€59,919 | |
| Provisions and deferred taxes | 16 | - | €41,551 | +€41,551 | |
| Deferred taxes | 168 | - | €41,551 | +€41,551 | |
| Amounts payable | 17/49 | €180,503 | €137,730 | -€42,773 | -23.7% |
| Amounts payable after more than one year | 17 | €92,562 | €76,253 | -€16,309 | -17.6% |
| Financial debts | 170/4 | €92,562 | €76,253 | -€16,309 | -17.6% |
| Amounts payable within one year | 42/48 | €87,941 | €60,108 | -€27,833 | -31.6% |
| Current portion of amounts payable after more than one year | 42 | - | €26,415 | +€26,415 | |
| Trade debts | 44 | €708 | €3,695 | +€2,987 | +421.6% |
| Suppliers | 440/4 | €708 | €3,695 | +€2,987 | +421.6% |
| Taxes, remuneration and social security | 45 | €10,459 | €24,464 | +€14,005 | +133.9% |
| Taxes | 450/3 | €10,459 | €24,464 | +€14,005 | +133.9% |
| Other amounts payable | 47/48 | €76,774 | €5,534 | -€71,240 | -92.8% |
| Accrued charges and deferred income | 492/3 | - | €1,369 | +€1,369 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,186 | €36,072 | +€31,886 | +761.7% |
| Other operating charges | 640/8 | €23,439 | €25,726 | +€2,287 | +9.8% |
| Gross operating margin | 9900 | €52,589 | €180,597 | +€128,008 | +243.4% |
| Operating profit (loss) | 9901 | €24,964 | €118,800 | +€93,836 | +375.9% |
| Financial income | 75/76B | - | €126 | +€126 | |
| Recurring financial income | 75 | - | €126 | +€126 | |
| Financial charges | 65/66B | €8,691 | €2,537 | -€6,154 | -70.8% |
| Recurring financial charges | 65 | €8,691 | €2,537 | -€6,154 | -70.8% |
| Profit (loss) for the period before taxes | 9903 | €16,273 | €116,389 | +€100,116 | +615.2% |
| Transfer from deferred taxes | 780 | - | €3,696 | +€3,696 | |
| Income taxes | 67/77 | €5,559 | €36,600 | +€31,041 | +558.4% |
| Profit (loss) for the period | 9904 | €10,715 | €83,484 | +€72,769 | +679.2% |
| Transfer from tax-exempt reserves | 789 | - | €11,087 | +€11,087 | |
| Transfer to tax-exempt reserves | 689 | - | €154,491 | +€154,491 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,715 | -€59,919 | -€70,634 |
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 5 October 2026 via checked.be.