PELS: 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.
PELS
Largest movements
- Current investments +€40,000
up €40,000 (+28.6%), from €140,000 to €180,000
- Cash -€28,846
down €28,846 (-55.1%), from €52,332 to €23,486
mainly Current investments (-€40,000) and Debts after one year (-€34,262)
- Tangible fixed assets -€28,778
down €28,778 (-11.1%), from €258,222 to €229,444
of which Land and buildings: -€17,019
- Receivables within one year +€6,104
up €6,104 (+1,288%), from €474 to €6,577
of which Other amounts receivable: +€6,221
- Debts after one year -€34,262
down €34,262 (-20.7%), from €165,673 to €131,411
- Reserves +€14,226
up €14,226 (+6.3%), from €226,316 to €240,541
of which Distributable reserves: +€14,226
- Trade debts +€4,711
up €4,711 (+545%), from €864 to €5,576
- Gross operating margin -€25,960
down €25,960 (-31.5%), from €82,521 to €56,561
- Taxes -€6,794
down €6,794 (-49.6%), from €13,693 to €6,899
- Financial charges -€1,088
down €1,088 (-17.1%), from €6,364 to €5,276
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 | €455,278 | €442,878 | -€12,400 | -2.7% |
| Fixed assets | 21/28 | €258,272 | €229,494 | -€28,778 | -11.1% |
| Tangible fixed assets | 22/27 | €258,222 | €229,444 | -€28,778 | -11.1% |
| Land and buildings | 22 | €217,200 | €200,181 | -€17,019 | -7.8% |
| Furniture and vehicles | 24 | €38,622 | €26,862 | -€11,759 | -30.4% |
| Other tangible fixed assets | 26 | €2,400 | €2,400 | = | 0.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €197,006 | €213,384 | +€16,378 | +8.3% |
| Amounts receivable within one year | 40/41 | €474 | €6,577 | +€6,104 | +1,288% |
| Trade receivables | 40 | €118 | - | -€118 | |
| Other amounts receivable | 41 | €356 | €6,577 | +€6,221 | +1,747% |
| Current investments | 50/53 | €140,000 | €180,000 | +€40,000 | +28.6% |
| Cash at bank and in hand | 54/58 | €52,332 | €23,486 | -€28,846 | -55.1% |
| Deferred charges and accrued income | 490/1 | €4,200 | €3,321 | -€880 | -20.9% |
| Total equity and liabilities | 10/49 | €455,278 | €442,878 | -€12,400 | -2.7% |
| Equity | 10/15 | €244,916 | €259,141 | +€14,226 | +5.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €226,316 | €240,541 | +€14,226 | +6.3% |
| Tax-exempt reserves | 132 | €11,220 | €11,220 | = | 0.0% |
| Distributable reserves | 133 | €215,096 | €229,322 | +€14,226 | +6.6% |
| Amounts payable | 17/49 | €210,362 | €183,736 | -€26,626 | -12.7% |
| Amounts payable after more than one year | 17 | €165,673 | €131,411 | -€34,262 | -20.7% |
| Financial debts | 170/4 | €165,673 | €131,411 | -€34,262 | -20.7% |
| Amounts payable within one year | 42/48 | €40,479 | €47,105 | +€6,627 | +16.4% |
| Current portion of amounts payable after more than one year | 42 | €33,237 | €34,262 | +€1,025 | +3.1% |
| Trade debts | 44 | €864 | €5,576 | +€4,711 | +545% |
| Suppliers | 440/4 | €864 | €5,576 | +€4,711 | +545% |
| Taxes, remuneration and social security | 45 | €2,633 | €263 | -€2,370 | -90.0% |
| Taxes | 450/3 | €2,633 | €263 | -€2,370 | -90.0% |
| Other amounts payable | 47/48 | €3,745 | €7,005 | +€3,260 | +87.0% |
| Accrued charges and deferred income | 492/3 | €4,211 | €5,220 | +€1,009 | +24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,643 | €32,682 | +€39 | +0.1% |
| Other operating charges | 640/8 | €729 | €1,341 | +€612 | +83.9% |
| Gross operating margin | 9900 | €82,521 | €56,561 | -€25,960 | -31.5% |
| Operating profit (loss) | 9901 | €49,149 | €22,538 | -€26,610 | -54.1% |
| Financial income | 75/76B | €4,552 | €3,863 | -€689 | -15.1% |
| Recurring financial income | 75 | €4,552 | €3,863 | -€689 | -15.1% |
| Financial charges | 65/66B | €6,364 | €5,276 | -€1,088 | -17.1% |
| Recurring financial charges | 65 | €6,364 | €5,276 | -€1,088 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | €47,337 | €21,125 | -€26,212 | -55.4% |
| Income taxes | 67/77 | €13,693 | €6,899 | -€6,794 | -49.6% |
| Profit (loss) for the period | 9904 | €33,644 | €14,226 | -€19,418 | -57.7% |
| Profit (loss) for the period to be appropriated | 9905 | €33,644 | €14,226 | -€19,418 | -57.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.