PELU: 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.
PELU
Largest movements
- Financial fixed assets +€56,781
new in 2025: €56,781
- Cash -€18,258
down €18,258 (-63.5%), from €28,736 to €10,478
mainly Investment in fixed assets (net) (-€60,724) and Tax, wage and social debts (-€15,812)
- Receivables within one year -€8,781
down €8,781 (-70.4%), from €12,466 to €3,686
of which Trade receivables: -€6,945
- Tangible fixed assets +€3,143
up €3,143 (+312.8%), from €1,005 to €4,148
of which Plant, machinery and equipment: +€2,380
- Stocks and contracts -€1,346
down €1,346 (-36.2%), from €3,720 to €2,375
- Debts after one year +€29,407
new in 2025: €29,407
- Tax, wage and social debts -€15,812
down €15,812 (-50.5%), from €31,298 to €15,486
of which Remuneration and social security: -€14,438
- Profit (loss) carried forward +€8,259
no longer reported in 2025 (was -€8,259)
- Trade debts +€5,560
up €5,560 (+182.5%), from €3,047 to €8,607
- Current portion of long-term debt +€3,424
up €3,424 (+115.5%), from €2,966 to €6,390
- Staff costs -€13,538
down €13,538 (-14.9%), from €90,712 to €77,174
- Gross operating margin -€6,156
down €6,156 (-6.1%), from €100,343 to €94,188
- Other operating charges -€5,627
down €5,627 (-85.2%), from €6,607 to €981
- Taxes +€3,887
new in 2025: €3,887
- Financial income +€1,167
new in 2025: €1,167
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 | €46,349 | €77,502 | +€31,154 | +67.2% |
| Fixed assets | 21/28 | €1,005 | €60,929 | +€59,924 | +5963.2% |
| Tangible fixed assets | 22/27 | €1,005 | €4,148 | +€3,143 | +312.8% |
| Plant, machinery and equipment | 23 | €0 | €2,380 | +€2,380 | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €1,005 | €1,768 | +€763 | +76.0% |
| Financial fixed assets | 28 | - | €56,781 | +€56,781 | |
| Current assets | 29/58 | €45,344 | €16,574 | -€28,770 | -63.4% |
| Stocks and contracts in progress | 3 | €3,720 | €2,375 | -€1,346 | -36.2% |
| Stocks | 30/36 | €3,720 | €2,375 | -€1,346 | -36.2% |
| Amounts receivable within one year | 40/41 | €12,466 | €3,686 | -€8,781 | -70.4% |
| Trade receivables | 40 | €6,945 | - | -€6,945 | |
| Other amounts receivable | 41 | €5,522 | €3,686 | -€1,836 | -33.2% |
| Cash at bank and in hand | 54/58 | €28,736 | €10,478 | -€18,258 | -63.5% |
| Deferred charges and accrued income | 490/1 | €421 | €35 | -€386 | -91.6% |
| Total equity and liabilities | 10/49 | €46,349 | €77,502 | +€31,154 | +67.2% |
| Equity | 10/15 | €1,841 | €12,898 | +€11,056 | +600.4% |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Reserves | 13 | €1,100 | €3,898 | +€2,798 | +254.3% |
| Distributable reserves | 133 | €1,100 | €3,898 | +€2,798 | +254.3% |
| Profit (loss) carried forward | 14 | -€8,259 | - | +€8,259 | |
| Amounts payable | 17/49 | €44,507 | €64,605 | +€20,097 | +45.2% |
| Amounts payable after more than one year | 17 | - | €29,407 | +€29,407 | |
| Financial debts | 170/4 | - | €29,407 | +€29,407 | |
| Amounts payable within one year | 42/48 | €44,507 | €35,124 | -€9,383 | -21.1% |
| Current portion of amounts payable after more than one year | 42 | €2,966 | €6,390 | +€3,424 | +115.5% |
| Trade debts | 44 | €3,047 | €8,607 | +€5,560 | +182.5% |
| Suppliers | 440/4 | €3,047 | €8,607 | +€5,560 | +182.5% |
| Taxes, remuneration and social security | 45 | €31,298 | €15,486 | -€15,812 | -50.5% |
| Taxes | 450/3 | €10,055 | €8,681 | -€1,374 | -13.7% |
| Remuneration and social security | 454/9 | €21,243 | €6,805 | -€14,438 | -68.0% |
| Other amounts payable | 47/48 | €7,196 | €4,641 | -€2,556 | -35.5% |
| Accrued charges and deferred income | 492/3 | - | €73 | +€73 | |
| Remuneration, social security and pensions | 62 | €90,712 | €77,174 | -€13,538 | -14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €545 | €800 | +€255 | +46.8% |
| Other operating charges | 640/8 | €6,607 | €981 | -€5,627 | -85.2% |
| Gross operating margin | 9900 | €100,343 | €94,188 | -€6,156 | -6.1% |
| Operating profit (loss) | 9901 | €2,479 | €15,233 | +€12,754 | +514.5% |
| Financial income | 75/76B | - | €1,167 | +€1,167 | |
| Recurring financial income | 75 | - | €1,167 | +€1,167 | |
| Financial charges | 65/66B | €1,407 | €1,456 | +€49 | +3.5% |
| Recurring financial charges | 65 | €1,407 | €1,456 | +€49 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €1,072 | €14,943 | +€13,872 | +1294.6% |
| Income taxes | 67/77 | - | €3,887 | +€3,887 | |
| Profit (loss) for the period | 9904 | €1,072 | €11,056 | +€9,985 | +931.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,072 | €11,056 | +€9,985 | +931.9% |
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 4 October 2026 via checked.be.