PelSel: 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.
PelSel
Largest movements
- Intangible fixed assets -€25,314
down €25,314 (-20.1%), from €125,650 to €100,336
- Receivables within one year -€13,391
down €13,391 (-50.0%), from €26,782 to €13,391
- Cash +€3,516
up €3,516 (+82.3%), from €4,273 to €7,789
mainly Net result for the year (+€31,186) and Depreciation (+€28,773)
- Tangible fixed assets -€3,460
down €3,460 (-38.7%), from €8,937 to €5,477
- Deferred charges and accrued income -€2,244
down €2,244 (-53.2%), from €4,216 to €1,972
- Trade debts -€33,854
down €33,854 (-47.6%), from €71,130 to €37,276
- Profit (loss) carried forward +€31,186
up €31,186 (+25.5%), from -€122,232 to -€91,046
- Other debts -€26,595
down €26,595 (-48.7%), from €54,646 to €28,052
- Debts after one year -€18,236
down €18,236 (-46.3%), from €39,402 to €21,166
- Tax, wage and social debts +€6,183
up €6,183 (+46.1%), from €13,420 to €19,603
of which Remuneration and social security: +€6,375
- Gross operating margin +€52,933
up €52,933 (+40.5%), from €130,757 to €183,690
- Staff costs -€25,435
down €25,435 (-18.1%), from €140,821 to €115,386
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 | €174,179 | €133,286 | -€40,893 | -23.5% |
| Fixed assets | 21/28 | €134,895 | €106,121 | -€28,773 | -21.3% |
| Intangible fixed assets | 21 | €125,650 | €100,336 | -€25,314 | -20.1% |
| Tangible fixed assets | 22/27 | €8,937 | €5,477 | -€3,460 | -38.7% |
| Furniture and vehicles | 24 | €8,937 | €5,477 | -€3,460 | -38.7% |
| Financial fixed assets | 28 | €308 | €308 | = | 0.0% |
| Current assets | 29/58 | €39,284 | €27,165 | -€12,119 | -30.9% |
| Stocks and contracts in progress | 3 | €4,013 | €4,013 | = | 0.0% |
| Stocks | 30/36 | €4,013 | €4,013 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €26,782 | €13,391 | -€13,391 | -50.0% |
| Other amounts receivable | 41 | €26,782 | €13,391 | -€13,391 | -50.0% |
| Cash at bank and in hand | 54/58 | €4,273 | €7,789 | +€3,516 | +82.3% |
| Deferred charges and accrued income | 490/1 | €4,216 | €1,972 | -€2,244 | -53.2% |
| Total equity and liabilities | 10/49 | €174,179 | €133,286 | -€40,893 | -23.5% |
| Equity | 10/15 | -€22,232 | €8,954 | +€31,186 | |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€122,232 | -€91,046 | +€31,186 | +25.5% |
| Amounts payable | 17/49 | €196,411 | €124,332 | -€72,078 | -36.7% |
| Amounts payable after more than one year | 17 | €39,402 | €21,166 | -€18,236 | -46.3% |
| Financial debts | 170/4 | €39,402 | €21,166 | -€18,236 | -46.3% |
| Amounts payable within one year | 42/48 | €157,009 | €103,166 | -€53,843 | -34.3% |
| Current portion of amounts payable after more than one year | 42 | €12,687 | €13,236 | +€548 | +4.3% |
| Financial debts | 43 | €5,125 | €5,000 | -€125 | -2.4% |
| Credit institutions | 430/8 | €5,125 | €5,000 | -€125 | -2.4% |
| Trade debts | 44 | €71,130 | €37,276 | -€33,854 | -47.6% |
| Suppliers | 440/4 | €71,130 | €37,276 | -€33,854 | -47.6% |
| Taxes, remuneration and social security | 45 | €13,420 | €19,603 | +€6,183 | +46.1% |
| Taxes | 450/3 | €1,248 | €1,056 | -€192 | -15.4% |
| Remuneration and social security | 454/9 | €12,172 | €18,547 | +€6,375 | +52.4% |
| Other amounts payable | 47/48 | €54,646 | €28,052 | -€26,595 | -48.7% |
| Non-recurring operating income | 76A | €127 | - | -€127 | |
| Remuneration, social security and pensions | 62 | €140,821 | €115,386 | -€25,435 | -18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,937 | €28,773 | +€837 | +3.0% |
| Other operating charges | 640/8 | €1,044 | €1,437 | +€393 | +37.6% |
| Gross operating margin | 9900 | €130,757 | €183,690 | +€52,933 | +40.5% |
| Operating profit (loss) | 9901 | -€39,045 | €38,093 | +€77,138 | |
| Financial income | 75/76B | €653 | €10 | -€643 | -98.5% |
| Recurring financial income | 75 | €653 | €10 | -€643 | -98.5% |
| Financial charges | 65/66B | €6,422 | €6,436 | +€14 | +0.2% |
| Recurring financial charges | 65 | €6,422 | €6,436 | +€14 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | -€44,815 | €31,667 | +€76,481 | |
| Income taxes | 67/77 | €488 | €481 | -€7 | -1.4% |
| Profit (loss) for the period | 9904 | -€45,302 | €31,186 | +€76,488 | |
| Profit (loss) for the period to be appropriated | 9905 | -€45,302 | €31,186 | +€76,488 |
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 3 October 2026 via checked.be.