PEPER: 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.
PEPER
Largest movements
- Tangible fixed assets -€40,386
down €40,386 (-16.8%), from €239,891 to €199,506
of which Land and buildings: -€31,292
- Cash -€20,763
down €20,763 (-25.8%), from €80,403 to €59,639
mainly Debts after one year (-€33,477) and Contributions, distributions and other (-€15,551)
- Receivables after one year -€10,586
down €10,586 (-100.0%), from €10,586 to €0
- Debts after one year -€33,477
down €33,477 (-25.6%), from €130,972 to €97,495
- Reserves -€20,734
down €20,734 (-14.7%), from €141,488 to €120,754
of which Tax-exempt reserves: -€20,734
- Provisions -€5,183
down €5,183 (-28.1%), from €18,454 to €13,270
- Current portion of long-term debt -€4,824
down €4,824 (-12.6%), from €38,300 to €33,476
- Gross operating margin -€23,705
down €23,705 (-44.9%), from €52,801 to €29,096
- Other operating charges -€11,491
down €11,491 (-76.5%), from €15,018 to €3,528
- Write-downs -€4,969
down €4,969 (-100.0%), from €4,969 to €0
- Staff costs -€2,529
down €2,529 (-100.0%), from €2,529 to €0
- Financial charges -€1,322
down €1,322 (-16.9%), from €7,840 to €6,518
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 | €347,090 | €279,388 | -€67,702 | -19.5% |
| Fixed assets | 21/28 | €240,701 | €200,316 | -€40,386 | -16.8% |
| Tangible fixed assets | 22/27 | €239,891 | €199,506 | -€40,386 | -16.8% |
| Land and buildings | 22 | €194,435 | €163,143 | -€31,292 | -16.1% |
| Plant, machinery and equipment | 23 | €20,678 | €24,721 | +€4,043 | +19.6% |
| Furniture and vehicles | 24 | €24,779 | €11,642 | -€13,137 | -53.0% |
| Financial fixed assets | 28 | €810 | €810 | = | 0.0% |
| Current assets | 29/58 | €106,389 | €79,073 | -€27,317 | -25.7% |
| Amounts receivable after more than one year | 29 | €10,586 | €0 | -€10,586 | -100.0% |
| Other amounts receivable | 291 | €10,586 | €0 | -€10,586 | -100.0% |
| Stocks and contracts in progress | 3 | €6,333 | €8,918 | +€2,585 | +40.8% |
| Stocks | 30/36 | €6,333 | €8,918 | +€2,585 | +40.8% |
| Amounts receivable within one year | 40/41 | €9,068 | €10,515 | +€1,447 | +16.0% |
| Trade receivables | 40 | €8,913 | €10,343 | +€1,431 | +16.1% |
| Other amounts receivable | 41 | €155 | €172 | +€17 | +10.8% |
| Cash at bank and in hand | 54/58 | €80,403 | €59,639 | -€20,763 | -25.8% |
| Total equity and liabilities | 10/49 | €347,090 | €279,388 | -€67,702 | -19.5% |
| Equity | 10/15 | €154,282 | €132,574 | -€21,708 | -14.1% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €141,488 | €120,754 | -€20,734 | -14.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €73,814 | €53,081 | -€20,734 | -28.1% |
| Distributable reserves | 133 | €65,813 | €65,813 | = | 0.0% |
| Profit (loss) carried forward | 14 | €795 | -€180 | -€975 | |
| Provisions and deferred taxes | 16 | €18,454 | €13,270 | -€5,183 | -28.1% |
| Deferred taxes | 168 | €18,454 | €13,270 | -€5,183 | -28.1% |
| Amounts payable | 17/49 | €174,355 | €133,544 | -€40,811 | -23.4% |
| Amounts payable after more than one year | 17 | €130,972 | €97,495 | -€33,477 | -25.6% |
| Financial debts | 170/4 | €130,972 | €97,495 | -€33,477 | -25.6% |
| Amounts payable within one year | 42/48 | €43,382 | €36,049 | -€7,334 | -16.9% |
| Current portion of amounts payable after more than one year | 42 | €38,300 | €33,476 | -€4,824 | -12.6% |
| Trade debts | 44 | €4,449 | €1,271 | -€3,178 | -71.4% |
| Suppliers | 440/4 | €4,449 | €1,271 | -€3,178 | -71.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €633 | €1,301 | +€668 | +105.5% |
| Taxes | 450/3 | €633 | €1,301 | +€668 | +105.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €2,529 | €0 | -€2,529 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,317 | €47,339 | +€1,023 | +2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,969 | €0 | -€4,969 | -100.0% |
| Other operating charges | 640/8 | €15,018 | €3,528 | -€11,491 | -76.5% |
| Gross operating margin | 9900 | €52,801 | €29,096 | -€23,705 | -44.9% |
| Operating profit (loss) | 9901 | -€16,032 | -€21,771 | -€5,739 | -35.8% |
| Financial income | 75/76B | €1,342 | €1,758 | +€416 | +31.0% |
| Recurring financial income | 75 | €1,342 | €1,758 | +€416 | +31.0% |
| Financial charges | 65/66B | €7,840 | €6,518 | -€1,322 | -16.9% |
| Recurring financial charges | 65 | €7,840 | €6,518 | -€1,322 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | -€22,530 | -€26,531 | -€4,000 | -17.8% |
| Transfer from deferred taxes | 780 | €5,169 | €20,734 | +€15,565 | +301.1% |
| Income taxes | 67/77 | €339 | €361 | +€22 | +6.4% |
| Profit (loss) for the period | 9904 | -€17,701 | -€6,158 | +€11,543 | +65.2% |
| Transfer from tax-exempt reserves | 789 | €20,675 | €5,183 | -€15,491 | -74.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,974 | -€975 | -€3,949 |
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 11 October 2026 via checked.be.