PEP'S: 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.
PEP'S
Largest movements
- Cash +€21,976
up €21,976 (+9.7%), from €227,443 to €249,419
mainly Debts within one year (+€20,743) and Depreciation (+€11,198)
- Tangible fixed assets -€11,198
down €11,198 (-5.7%), from €196,042 to €184,844
of which Land and buildings: -€9,417
- Receivables within one year +€7,349
up €7,349 (+12.1%), from €60,681 to €68,030
- Debts within one year +€20,743
up €20,743 (+13.7%), from €151,273 to €172,016
of which Tax, wage and social debts: +€17,375
- Accrued charges and deferred income +€8,626
up €8,626 (+12.7%), from €67,798 to €76,424
- Debts after one year -€8,097
down €8,097 (-5.4%), from €150,734 to €142,637
- Staff costs +€75,192
up €75,192 (+14.4%), from €522,458 to €597,650
- Gross operating margin +€74,333
up €74,333 (+13.8%), from €539,618 to €613,951
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 | €489,434 | €507,888 | +€18,454 | +3.8% |
| Fixed assets | 21/28 | €196,042 | €184,844 | -€11,198 | -5.7% |
| Tangible fixed assets | 22/27 | €196,042 | €184,844 | -€11,198 | -5.7% |
| Land and buildings | 22 | €188,917 | €179,500 | -€9,417 | -5.0% |
| Plant, machinery and equipment | 23 | €7,125 | €5,344 | -€1,781 | -25.0% |
| Current assets | 29/58 | €293,392 | €323,044 | +€29,652 | +10.1% |
| Amounts receivable within one year | 40/41 | €60,681 | €68,030 | +€7,349 | +12.1% |
| Other amounts receivable | 41 | €60,681 | €68,030 | +€7,349 | +12.1% |
| Cash at bank and in hand | 54/58 | €227,443 | €249,419 | +€21,976 | +9.7% |
| Deferred charges and accrued income | 490/1 | €5,268 | €5,595 | +€327 | +6.2% |
| Total equity and liabilities | 10/49 | €489,434 | €507,888 | +€18,454 | +3.8% |
| Equity | 10/15 | €119,629 | €116,811 | -€2,818 | -2.4% |
| Contributions | 10/11 | €1,773 | €1,773 | = | 0.0% |
| Capital | 10 | €1,773 | €1,773 | = | 0.0% |
| Profit (loss) carried forward | 14 | €112,129 | €110,743 | -€1,386 | -1.2% |
| Investment grants | 15 | €5,727 | €4,295 | -€1,432 | -25.0% |
| Amounts payable | 17/49 | €369,805 | €391,077 | +€21,272 | +5.8% |
| Amounts payable after more than one year | 17 | €150,734 | €142,637 | -€8,097 | -5.4% |
| Financial debts | 170/4 | €150,734 | €142,637 | -€8,097 | -5.4% |
| Amounts payable within one year | 42/48 | €151,273 | €172,016 | +€20,743 | +13.7% |
| Current portion of amounts payable after more than one year | 42 | €7,766 | €8,097 | +€331 | +4.3% |
| Trade debts | 44 | €1,632 | €4,740 | +€3,108 | +190% |
| Suppliers | 440/4 | €1,632 | €4,740 | +€3,108 | +190% |
| Taxes, remuneration and social security | 45 | €85,858 | €103,233 | +€17,375 | +20.2% |
| Taxes | 450/3 | €13,372 | €16,109 | +€2,737 | +20.5% |
| Remuneration and social security | 454/9 | €72,486 | €87,124 | +€14,638 | +20.2% |
| Accrued charges and deferred income | 492/3 | €67,798 | €76,424 | +€8,626 | +12.7% |
| Remuneration, social security and pensions | 62 | €522,458 | €597,650 | +€75,192 | +14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,510 | €11,198 | -€1,312 | -10.5% |
| Other operating charges | 640/8 | €4 | €124 | +€120 | +3,000% |
| Non-recurring operating charges | 66A | - | €1 | +€1 | |
| Gross operating margin | 9900 | €539,618 | €613,951 | +€74,333 | +13.8% |
| Operating profit (loss) | 9901 | €4,646 | €4,978 | +€332 | +7.1% |
| Financial income | 75/76B | €327 | €473 | +€146 | +44.6% |
| Recurring financial income | 75 | €327 | €473 | +€146 | +44.6% |
| Financial charges | 65/66B | €5,390 | €6,837 | +€1,447 | +26.8% |
| Recurring financial charges | 65 | €5,390 | €6,837 | +€1,447 | +26.8% |
| Profit (loss) for the period before taxes | 9903 | -€417 | -€1,386 | -€969 | -232% |
| Profit (loss) for the period | 9904 | -€417 | -€1,386 | -€969 | -232% |
| Profit (loss) for the period to be appropriated | 9905 | -€417 | -€1,386 | -€969 | -232% |
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 21 October 2026 via checked.be.