PEPE MANAGEMENT: 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.
PEPE MANAGEMENT
Largest movements
- Receivables within one year -€39,025
down €39,025 (-88.1%), from €44,301 to €5,276
of which Trade receivables: -€22,458
- Stocks and contracts -€21,212
down €21,212 (-33.7%), from €62,945 to €41,733
- Tangible fixed assets -€5,176
down €5,176 (-8.7%), from €59,257 to €54,082
of which Other tangible fixed assets: -€4,630
- Profit (loss) carried forward -€40,628
down €40,628 (-25.3%), from -€160,790 to -€201,418
- Other debts -€35,318
down €35,318 (-11.8%), from €298,700 to €263,382
- Tax, wage and social debts +€7,772
new in 2025: €7,772
- Trade debts +€4,331
new in 2025: €4,331
- Gross operating margin +€49,206
up €49,206 (+81.9%), from -€60,072 to -€10,866
- Write-downs +€8,091
up €8,091 (+84.2%), from €9,607 to €17,699
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 | €170,741 | €106,897 | -€63,844 | -37.4% |
| Fixed assets | 21/28 | €59,757 | €54,582 | -€5,176 | -8.7% |
| Tangible fixed assets | 22/27 | €59,257 | €54,082 | -€5,176 | -8.7% |
| Plant, machinery and equipment | 23 | €7,137 | €4,417 | -€2,721 | -38.1% |
| Furniture and vehicles | 24 | €21,416 | €23,591 | +€2,175 | +10.2% |
| Other tangible fixed assets | 26 | €30,703 | €26,074 | -€4,630 | -15.1% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €110,984 | €52,315 | -€58,669 | -52.9% |
| Stocks and contracts in progress | 3 | €62,945 | €41,733 | -€21,212 | -33.7% |
| Stocks | 30/36 | €62,945 | €41,733 | -€21,212 | -33.7% |
| Amounts receivable within one year | 40/41 | €44,301 | €5,276 | -€39,025 | -88.1% |
| Trade receivables | 40 | €27,734 | €5,276 | -€22,458 | -81.0% |
| Other amounts receivable | 41 | €16,567 | - | -€16,567 | |
| Cash at bank and in hand | 54/58 | €3,371 | €4,418 | +€1,047 | +31.1% |
| Deferred charges and accrued income | 490/1 | €368 | €889 | +€521 | +142% |
| Total equity and liabilities | 10/49 | €170,741 | €106,897 | -€63,844 | -37.4% |
| Equity | 10/15 | -€127,959 | -€168,587 | -€40,628 | -31.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €26,631 | €26,631 | = | 0.0% |
| Distributable reserves | 133 | €26,631 | €26,631 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€160,790 | -€201,418 | -€40,628 | -25.3% |
| Amounts payable | 17/49 | €298,700 | €275,484 | -€23,216 | -7.8% |
| Amounts payable within one year | 42/48 | €298,700 | €275,484 | -€23,216 | -7.8% |
| Trade debts | 44 | - | €4,331 | +€4,331 | |
| Suppliers | 440/4 | - | €4,331 | +€4,331 | |
| Taxes, remuneration and social security | 45 | - | €7,772 | +€7,772 | |
| Taxes | 450/3 | - | €7,772 | +€7,772 | |
| Other amounts payable | 47/48 | €298,700 | €263,382 | -€35,318 | -11.8% |
| Non-recurring operating income | 76A | - | €1,629 | +€1,629 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,428 | €10,796 | +€367 | +3.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,607 | €17,699 | +€8,091 | +84.2% |
| Other operating charges | 640/8 | €757 | €400 | -€357 | -47.2% |
| Gross operating margin | 9900 | -€60,072 | -€10,866 | +€49,206 | +81.9% |
| Operating profit (loss) | 9901 | -€80,865 | -€39,760 | +€41,104 | +50.8% |
| Financial income | 75/76B | €115 | €1 | -€115 | -99.5% |
| Recurring financial income | 75 | €115 | €1 | -€115 | -99.5% |
| Financial charges | 65/66B | €1,054 | €869 | -€186 | -17.6% |
| Recurring financial charges | 65 | €1,054 | €869 | -€186 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | -€81,804 | -€40,628 | +€41,175 | +50.3% |
| Income taxes | 67/77 | -€0 | €0 | +€0 | |
| Profit (loss) for the period | 9904 | -€81,804 | -€40,628 | +€41,175 | +50.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€81,804 | -€40,628 | +€41,175 | +50.3% |
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 1 November 2026 via checked.be.