PELL-MATH: 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.
PELL-MATH
Largest movements
- Cash +€16,930
up €16,930 (+8.4%), from €200,958 to €217,888
mainly Net result for the year (+€14,651) and Tax, wage and social debts (+€6,273)
- Receivables within one year +€4,283
up €4,283 (+12.8%), from €33,478 to €37,761
of which Trade receivables: +€5,909
- Profit (loss) carried forward +€14,166
no longer reported in 2025 (was -€14,166)
- Tax, wage and social debts +€6,273
up €6,273 (+101.1%), from €6,203 to €12,475
- Other operating charges +€10,479
up €10,479 (+171.5%), from €6,111 to €16,589
- Gross operating margin +€7,516
up €7,516 (+26.7%), from €28,148 to €35,664
- Taxes +€4,894
up €4,894 (+581.2%), from €842 to €5,736
- Financial income +€1,805
up €1,805 (+319.8%), from €564 to €2,369
- Depreciation -€1,364
down €1,364 (-75.5%), from €1,808 to €444
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 | €234,994 | €255,945 | +€20,951 | +8.9% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €509 | €66 | -€444 | -87.1% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €509 | €66 | -€444 | -87.1% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | €509 | €66 | -€444 | -87.1% |
| Current assets | 29/58 | €234,485 | €255,879 | +€21,394 | +9.1% |
| Amounts receivable within one year | 40/41 | €33,478 | €37,761 | +€4,283 | +12.8% |
| Trade receivables | 40 | €22,245 | €28,154 | +€5,909 | +26.6% |
| Other amounts receivable | 41 | €11,233 | €9,607 | -€1,625 | -14.5% |
| Current investments | 50/53 | €50 | €50 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €200,958 | €217,888 | +€16,930 | +8.4% |
| Deferred charges and accrued income | 490/1 | - | €182 | +€182 | |
| Total equity and liabilities | 10/49 | €234,994 | €255,945 | +€20,951 | +8.9% |
| Equity | 10/15 | €228,091 | €242,742 | +€14,651 | +6.4% |
| Contributions | 10/11 | €218,600 | €218,600 | = | 0.0% |
| Reserves | 13 | €23,657 | €24,142 | +€485 | +2.1% |
| Non-distributable reserves | 130/1 | €21,860 | €21,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €21,860 | €21,860 | = | 0.0% |
| Distributable reserves | 133 | €1,797 | €2,282 | +€485 | +27.0% |
| Profit (loss) carried forward | 14 | -€14,166 | - | +€14,166 | |
| Amounts payable | 17/49 | €6,903 | €13,203 | +€6,299 | +91.3% |
| Amounts payable within one year | 42/48 | €6,903 | €13,203 | +€6,299 | +91.3% |
| Trade debts | 44 | €700 | €727 | +€27 | +3.8% |
| Suppliers | 440/4 | €700 | €727 | +€27 | +3.8% |
| Taxes, remuneration and social security | 45 | €6,203 | €12,475 | +€6,273 | +101.1% |
| Taxes | 450/3 | €6,203 | €12,475 | +€6,273 | +101.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,808 | €444 | -€1,364 | -75.5% |
| Other operating charges | 640/8 | €6,111 | €16,589 | +€10,479 | +171.5% |
| Gross operating margin | 9900 | €28,148 | €35,664 | +€7,516 | +26.7% |
| Operating profit (loss) | 9901 | €20,229 | €18,631 | -€1,598 | -7.9% |
| Financial income | 75/76B | €564 | €2,369 | +€1,805 | +319.8% |
| Recurring financial income | 75 | €564 | €2,369 | +€1,805 | +319.8% |
| Financial charges | 65/66B | €985 | €612 | -€373 | -37.9% |
| Recurring financial charges | 65 | €985 | €612 | -€373 | -37.9% |
| Profit (loss) for the period before taxes | 9903 | €19,808 | €20,387 | +€579 | +2.9% |
| Income taxes | 67/77 | €842 | €5,736 | +€4,894 | +581.2% |
| Profit (loss) for the period | 9904 | €18,966 | €14,651 | -€4,315 | -22.7% |
| Profit (loss) for the period to be appropriated | 9905 | €18,966 | €14,651 | -€4,315 | -22.7% |
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 9 October 2026 via checked.be.