PEPAS LEUVEN: 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.
PEPAS LEUVEN
Largest movements
- Tangible fixed assets -€14,177
down €14,177 (-12.0%), from €117,718 to €103,541
of which Other tangible fixed assets: -€9,194
- Receivables within one year +€9,565
up €9,565 (+80.8%), from €11,840 to €21,406
of which Trade receivables: +€6,932
- Formation expenses -€3,207
down €3,207 (-25.0%), from €12,817 to €9,611
- Debts after one year -€16,247
down €16,247 (-12.5%), from €129,537 to €113,290
of which Financial debts: -€11,961
- Profit (loss) carried forward +€12,256
up €12,256 (+37.6%), from -€32,568 to -€20,312
- Tax, wage and social debts -€7,980
down €7,980 (-49.6%), from €16,087 to €8,107
of which Remuneration and social security: -€8,892
- Short-term financial debts +€4,739
up €4,739 (+90.0%), from €5,269 to €10,008
- Staff costs -€24,434
down €24,434 (-56.1%), from €43,548 to €19,114
- Gross operating margin +€11,828
up €11,828 (+27.8%), from €42,488 to €54,316
- Depreciation -€3,599
down €3,599 (-17.2%), from €20,983 to €17,384
- Financial charges -€2,343
down €2,343 (-35.7%), from €6,555 to €4,212
- Other operating charges -€1,320
down €1,320 (-30.0%), from €4,407 to €3,087
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 | €151,627 | €145,235 | -€6,392 | -4.2% |
| Formation expenses | 20 | €12,817 | €9,611 | -€3,207 | -25.0% |
| Fixed assets | 21/28 | €117,718 | €103,541 | -€14,177 | -12.0% |
| Tangible fixed assets | 22/27 | €117,718 | €103,541 | -€14,177 | -12.0% |
| Plant, machinery and equipment | 23 | €38,389 | €34,065 | -€4,323 | -11.3% |
| Furniture and vehicles | 24 | €2,657 | €1,997 | -€660 | -24.8% |
| Other tangible fixed assets | 26 | €76,673 | €67,479 | -€9,194 | -12.0% |
| Current assets | 29/58 | €21,091 | €32,083 | +€10,992 | +52.1% |
| Stocks and contracts in progress | 3 | €8,274 | €8,206 | -€68 | -0.8% |
| Stocks | 30/36 | €8,274 | €8,206 | -€68 | -0.8% |
| Amounts receivable within one year | 40/41 | €11,840 | €21,406 | +€9,565 | +80.8% |
| Trade receivables | 40 | €10,712 | €17,644 | +€6,932 | +64.7% |
| Other amounts receivable | 41 | €1,129 | €3,761 | +€2,633 | +233% |
| Cash at bank and in hand | 54/58 | €134 | €610 | +€476 | +356% |
| Deferred charges and accrued income | 490/1 | €842 | €1,862 | +€1,019 | +121% |
| Total equity and liabilities | 10/49 | €151,627 | €145,235 | -€6,392 | -4.2% |
| Equity | 10/15 | -€23,568 | -€11,312 | +€12,256 | +52.0% |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,568 | -€20,312 | +€12,256 | +37.6% |
| Amounts payable | 17/49 | €175,195 | €156,547 | -€18,648 | -10.6% |
| Amounts payable after more than one year | 17 | €129,537 | €113,290 | -€16,247 | -12.5% |
| Financial debts | 170/4 | €71,928 | €59,966 | -€11,961 | -16.6% |
| Other amounts payable | 178/9 | €57,609 | €53,324 | -€4,285 | -7.4% |
| Amounts payable within one year | 42/48 | €45,658 | €43,256 | -€2,402 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €11,494 | €11,961 | +€467 | +4.1% |
| Financial debts | 43 | €5,269 | €10,008 | +€4,739 | +90.0% |
| Credit institutions | 430/8 | €5,269 | €10,008 | +€4,739 | +90.0% |
| Trade debts | 44 | €9,921 | €11,344 | +€1,424 | +14.3% |
| Suppliers | 440/4 | €9,921 | €11,344 | +€1,424 | +14.3% |
| Advances received on contracts in progress | 46 | €2,866 | €1,836 | -€1,030 | -35.9% |
| Taxes, remuneration and social security | 45 | €16,087 | €8,107 | -€7,980 | -49.6% |
| Taxes | 450/3 | €4,671 | €5,583 | +€912 | +19.5% |
| Remuneration and social security | 454/9 | €11,416 | €2,524 | -€8,892 | -77.9% |
| Other amounts payable | 47/48 | €22 | €0 | -€22 | -100% |
| Remuneration, social security and pensions | 62 | €43,548 | €19,114 | -€24,434 | -56.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,983 | €17,384 | -€3,599 | -17.2% |
| Other operating charges | 640/8 | €4,407 | €3,087 | -€1,320 | -30.0% |
| Gross operating margin | 9900 | €42,488 | €54,316 | +€11,828 | +27.8% |
| Operating profit (loss) | 9901 | -€26,450 | €14,731 | +€41,181 | |
| Financial income | 75/76B | €436 | €1,737 | +€1,301 | +298% |
| Recurring financial income | 75 | €436 | €1,737 | +€1,301 | +298% |
| Financial charges | 65/66B | €6,555 | €4,212 | -€2,343 | -35.7% |
| Recurring financial charges | 65 | €6,555 | €4,212 | -€2,343 | -35.7% |
| Profit (loss) for the period before taxes | 9903 | -€32,568 | €12,256 | +€44,825 | |
| Profit (loss) for the period | 9904 | -€32,568 | €12,256 | +€44,825 | |
| Profit (loss) for the period to be appropriated | 9905 | -€32,568 | €12,256 | +€44,825 |
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.