PELSER: 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.
PELSER
Largest movements
- Receivables within one year -€19,037
down €19,037 (-44.4%), from €42,905 to €23,868
of which Trade receivables: -€25,261
- Stocks and contracts +€16,646
up €16,646 (+16.0%), from €104,253 to €120,900
- Deferred charges and accrued income -€5,036
down €5,036 (-34.5%), from €14,591 to €9,555
- Cash +€3,881
up €3,881 (+20.4%), from €18,983 to €22,864
mainly Trade debts (+€28,743) and Receivables within one year (+€19,037)
- Trade debts +€28,743
up €28,743 (+51.1%), from €56,216 to €84,959
- Short-term financial debts -€23,951
down €23,951 (-53.6%), from €44,674 to €20,723
- Advances received -€14,493
down €14,493 (-71.5%), from €20,260 to €5,767
- Debts after one year -€11,832
down €11,832 (-77.5%), from €15,261 to €3,429
- Tax, wage and social debts +€10,402
up €10,402 (+86.9%), from €11,976 to €22,378
of which Taxes: +€10,465
- Gross operating margin -€45,191
down €45,191 (-68.6%), from €65,907 to €20,716
- Financial charges -€4,338
down €4,338 (-51.0%), from €8,499 to €4,161
- Other operating charges -€4,257
down €4,257 (-63.3%), from €6,724 to €2,467
- Taxes -€2,195
down €2,195 (-29.7%), from €7,394 to €5,199
- Depreciation +€714
up €714 (+17.3%), from €4,129 to €4,843
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 | €200,803 | €196,104 | -€4,699 | -2.3% |
| Fixed assets | 21/28 | €20,070 | €18,917 | -€1,154 | -5.7% |
| Tangible fixed assets | 22/27 | €13,950 | €12,797 | -€1,154 | -8.3% |
| Plant, machinery and equipment | 23 | €9,619 | €8,640 | -€979 | -10.2% |
| Furniture and vehicles | 24 | €4,331 | €4,157 | -€174 | -4.0% |
| Financial fixed assets | 28 | €6,120 | €6,120 | = | 0.0% |
| Current assets | 29/58 | €180,732 | €177,187 | -€3,545 | -2.0% |
| Stocks and contracts in progress | 3 | €104,253 | €120,900 | +€16,646 | +16.0% |
| Stocks | 30/36 | €104,253 | €120,900 | +€16,646 | +16.0% |
| Amounts receivable within one year | 40/41 | €42,905 | €23,868 | -€19,037 | -44.4% |
| Trade receivables | 40 | €41,665 | €16,405 | -€25,261 | -60.6% |
| Other amounts receivable | 41 | €1,239 | €7,463 | +€6,224 | +502% |
| Cash at bank and in hand | 54/58 | €18,983 | €22,864 | +€3,881 | +20.4% |
| Deferred charges and accrued income | 490/1 | €14,591 | €9,555 | -€5,036 | -34.5% |
| Total equity and liabilities | 10/49 | €200,803 | €196,104 | -€4,699 | -2.3% |
| Equity | 10/15 | €36,568 | €41,017 | +€4,449 | +12.2% |
| Contributions | 10/11 | €10,500 | €10,500 | = | 0.0% |
| Reserves | 13 | €28,332 | €30,517 | +€2,185 | +7.7% |
| Distributable reserves | 133 | €28,332 | €30,517 | +€2,185 | +7.7% |
| Profit (loss) carried forward | 14 | -€2,265 | - | +€2,265 | |
| Amounts payable | 17/49 | €164,235 | €155,087 | -€9,148 | -5.6% |
| Amounts payable after more than one year | 17 | €15,261 | €3,429 | -€11,832 | -77.5% |
| Financial debts | 170/4 | €15,261 | €3,429 | -€11,832 | -77.5% |
| Amounts payable within one year | 42/48 | €148,974 | €151,658 | +€2,684 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €11,338 | €11,832 | +€495 | +4.4% |
| Financial debts | 43 | €44,674 | €20,723 | -€23,951 | -53.6% |
| Credit institutions | 430/8 | €44,674 | €20,723 | -€23,951 | -53.6% |
| Trade debts | 44 | €56,216 | €84,959 | +€28,743 | +51.1% |
| Suppliers | 440/4 | €56,216 | €84,959 | +€28,743 | +51.1% |
| Advances received on contracts in progress | 46 | €20,260 | €5,767 | -€14,493 | -71.5% |
| Taxes, remuneration and social security | 45 | €11,976 | €22,378 | +€10,402 | +86.9% |
| Taxes | 450/3 | €11,914 | €22,378 | +€10,465 | +87.8% |
| Remuneration and social security | 454/9 | €63 | - | -€63 | |
| Other amounts payable | 47/48 | €4,510 | €5,999 | +€1,488 | +33.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,129 | €4,843 | +€714 | +17.3% |
| Other operating charges | 640/8 | €6,724 | €2,467 | -€4,257 | -63.3% |
| Gross operating margin | 9900 | €65,907 | €20,716 | -€45,191 | -68.6% |
| Operating profit (loss) | 9901 | €55,055 | €13,406 | -€41,648 | -75.6% |
| Financial income | 75/76B | €55 | €403 | +€347 | +626% |
| Recurring financial income | 75 | €55 | €403 | +€347 | +626% |
| Financial charges | 65/66B | €8,499 | €4,161 | -€4,338 | -51.0% |
| Recurring financial charges | 65 | €8,499 | €4,161 | -€4,338 | -51.0% |
| Profit (loss) for the period before taxes | 9903 | €46,612 | €9,648 | -€36,963 | -79.3% |
| Income taxes | 67/77 | €7,394 | €5,199 | -€2,195 | -29.7% |
| Profit (loss) for the period | 9904 | €39,217 | €4,449 | -€34,768 | -88.7% |
| Profit (loss) for the period to be appropriated | 9905 | €39,217 | €4,449 | -€34,768 | -88.7% |
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 15 October 2026 via checked.be.