PEPIBRU: 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.
PEPIBRU
Largest movements
- Cash -€104,172
down €104,172 (-18.8%), from €555,218 to €451,046
mainly Deferred charges and accrued income (-€26,937) and Investment in fixed assets (net) (-€24,877)
- Deferred charges and accrued income +€26,937
up €26,937 (+241%), from €11,165 to €38,102
- Receivables within one year -€16,044
down €16,044 (-13.3%), from €120,468 to €104,423
of which Other amounts receivable: -€14,454
- Profit (loss) carried forward -€23,202
down €23,202 (-3.7%), from €628,596 to €605,394
- Tax, wage and social debts -€21,722
down €21,722 (-27.0%), from €80,330 to €58,608
of which Taxes: -€20,704
- Trade debts -€18,986
down €18,986 (-21.5%), from €88,123 to €69,138
- Debts after one year -€14,700
down €14,700 (-46.2%), from €31,795 to €17,095
- Other debts -€11,926
down €11,926 (-50.0%), from €23,852 to €11,926
- Gross operating margin +€682,175
new in 2025: €682,175
- Services and other goods -€493,103
no longer reported in 2025 (was €493,103)
- Turnover -€38,680
down €38,680 (-3.1%), from €1.2m to €1.2m
- Taxes -€31,955
down €31,955 (-77.5%), from €41,256 to €9,301
- Staff costs +€27,922
up €27,922 (+7.4%), from €375,024 to €402,947
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 | €1,005,103 | €906,373 | -€98,731 | -9.8% |
| Fixed assets | 21/28 | €318,252 | €312,802 | -€5,451 | -1.7% |
| Tangible fixed assets | 22/27 | €119,252 | €113,802 | -€5,451 | -4.6% |
| Plant, machinery and equipment | 23 | €33,396 | €43,742 | +€10,345 | +31.0% |
| Furniture and vehicles | 24 | €16,017 | €14,843 | -€1,174 | -7.3% |
| Other tangible fixed assets | 26 | €69,839 | €55,217 | -€14,622 | -20.9% |
| Financial fixed assets | 28 | €199,000 | €199,000 | = | 0.0% |
| Affiliated companies | 280/1 | €199,000 | - | -€199,000 | |
| Participating interests | 280 | €99,000 | - | -€99,000 | |
| Amounts receivable | 281 | €100,000 | - | -€100,000 | |
| Current assets | 29/58 | €686,851 | €593,571 | -€93,280 | -13.6% |
| Amounts receivable within one year | 40/41 | €120,468 | €104,423 | -€16,044 | -13.3% |
| Trade receivables | 40 | €95,669 | €94,079 | -€1,590 | -1.7% |
| Other amounts receivable | 41 | €24,798 | €10,344 | -€14,454 | -58.3% |
| Cash at bank and in hand | 54/58 | €555,218 | €451,046 | -€104,172 | -18.8% |
| Deferred charges and accrued income | 490/1 | €11,165 | €38,102 | +€26,937 | +241% |
| Total equity and liabilities | 10/49 | €1,005,103 | €906,373 | -€98,731 | -9.8% |
| Equity | 10/15 | €780,265 | €749,606 | -€30,659 | -3.9% |
| Contributions | 10/11 | €101,000 | €101,000 | = | 0.0% |
| Capital | 10 | €101,000 | €101,000 | = | 0.0% |
| Issued capital | 100 | €101,000 | €101,000 | = | 0.0% |
| Reserves | 13 | €10,100 | €10,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,100 | €10,100 | = | 0.0% |
| Legal reserve | 130 | €10,100 | €10,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €628,596 | €605,394 | -€23,202 | -3.7% |
| Investment grants | 15 | €40,569 | €33,112 | -€7,457 | -18.4% |
| Amounts payable | 17/49 | €224,838 | €156,767 | -€68,071 | -30.3% |
| Amounts payable after more than one year | 17 | €31,795 | €17,095 | -€14,700 | -46.2% |
| Other amounts payable | 178/9 | €31,795 | €17,095 | -€14,700 | -46.2% |
| Amounts payable within one year | 42/48 | €192,305 | €139,672 | -€52,633 | -27.4% |
| Trade debts | 44 | €88,123 | €69,138 | -€18,986 | -21.5% |
| Suppliers | 440/4 | €88,123 | €69,138 | -€18,986 | -21.5% |
| Taxes, remuneration and social security | 45 | €80,330 | €58,608 | -€21,722 | -27.0% |
| Taxes | 450/3 | €38,839 | €18,135 | -€20,704 | -53.3% |
| Remuneration and social security | 454/9 | €41,491 | €40,473 | -€1,018 | -2.5% |
| Other amounts payable | 47/48 | €23,852 | €11,926 | -€11,926 | -50.0% |
| Accrued charges and deferred income | 492/3 | €738 | - | -€738 | |
| Operating income | 70/76A | €1,255,427 | - | -€1.3m | |
| Turnover | 70 | €1,230,468 | €1,191,788 | -€38,680 | -3.1% |
| Other operating income | 74 | €24,959 | - | -€24,959 | |
| Operating charges | 60/66A | €1,165,764 | - | -€1.2m | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €528,888 | +€528,888 | |
| Services and other goods | 61 | €493,103 | - | -€493,103 | |
| Remuneration, social security and pensions | 62 | €375,024 | €402,947 | +€27,922 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,977 | €30,328 | +€1,351 | +4.7% |
| Other operating charges | 640/8 | €268,659 | €276,690 | +€8,031 | +3.0% |
| Gross operating margin | 9900 | - | €682,175 | +€682,175 | |
| Operating profit (loss) | 9901 | €89,663 | -€27,789 | -€117,453 | |
| Financial income | 75/76B | €20,773 | €15,835 | -€4,938 | -23.8% |
| Recurring financial income | 75 | €20,773 | €15,835 | -€4,938 | -23.8% |
| Income from financial fixed assets | 750 | €3,456 | - | -€3,456 | |
| Income from current assets | 751 | €10,657 | - | -€10,657 | |
| Other financial income | 752/9 | €6,660 | - | -€6,660 | |
| Financial charges | 65/66B | €2,256 | €1,948 | -€308 | -13.7% |
| Recurring financial charges | 65 | €2,256 | €1,948 | -€308 | -13.7% |
| Debt charges | 650 | €606 | - | -€606 | |
| Other financial charges | 652/9 | €1,651 | - | -€1,651 | |
| Profit (loss) for the period before taxes | 9903 | €108,180 | -€13,902 | -€122,082 | |
| Income taxes | 67/77 | €41,256 | €9,301 | -€31,955 | -77.5% |
| Taxes | 670/3 | €41,256 | - | -€41,256 | |
| Profit (loss) for the period | 9904 | €66,925 | -€23,202 | -€90,127 | |
| Profit (loss) for the period to be appropriated | 9905 | €66,925 | -€23,202 | -€90,127 |
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 14 October 2026 via checked.be.