PEPIJN: what changed
Two fiscal 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.
PEPIJN
Largest movements
- Cash +€148,694
up €148,694 (+1711.6%), from €8,688 to €157,382
mainly Debts after one year (+€305,000) and Depreciation (+€5,788)
- Tangible fixed assets +€32,156
up €32,156 (+3.9%), from €830,762 to €862,918
of which Assets under construction and advance payments: +€37,944
- Debts after one year +€305,000
new in 2025: €305,000
- Other debts -€125,278
down €125,278 (-97.4%), from €128,682 to €3,404
- Gross operating margin -€10,004
down €10,004 (-28.5%), from €35,117 to €25,113
- Financial charges +€6,826
up €6,826 (+184.2%), from €3,706 to €10,532
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 | €839,882 | €1,029,089 | +€189,207 | +22.5% |
| Fixed assets | 21/28 | €830,762 | €862,918 | +€32,156 | +3.9% |
| Tangible fixed assets | 22/27 | €830,762 | €862,918 | +€32,156 | +3.9% |
| Land and buildings | 22 | €829,594 | €824,474 | -€5,120 | -0.6% |
| Other tangible fixed assets | 26 | €1,168 | €501 | -€668 | -57.1% |
| Assets under construction and advance payments | 27 | - | €37,944 | +€37,944 | |
| Current assets | 29/58 | €9,120 | €166,171 | +€157,050 | +1722.0% |
| Amounts receivable within one year | 40/41 | - | €8,312 | +€8,312 | |
| Other amounts receivable | 41 | - | €8,312 | +€8,312 | |
| Cash at bank and in hand | 54/58 | €8,688 | €157,382 | +€148,694 | +1711.6% |
| Deferred charges and accrued income | 490/1 | €433 | €477 | +€44 | +10.2% |
| Total equity and liabilities | 10/49 | €839,882 | €1,029,089 | +€189,207 | +22.5% |
| Equity | 10/15 | €710,255 | €715,802 | +€5,547 | +0.8% |
| Contributions | 10/11 | €750,000 | €750,000 | = | 0.0% |
| Capital | 10 | €750,000 | €750,000 | = | 0.0% |
| Issued capital | 100 | €750,000 | €750,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,745 | -€34,198 | +€5,547 | +14.0% |
| Amounts payable | 17/49 | €129,627 | €313,287 | +€183,659 | +141.7% |
| Amounts payable after more than one year | 17 | - | €305,000 | +€305,000 | |
| Financial debts | 170/4 | - | €305,000 | +€305,000 | |
| Amounts payable within one year | 42/48 | €129,627 | €8,287 | -€121,341 | -93.6% |
| Trade debts | 44 | €946 | €3,424 | +€2,478 | +262.0% |
| Suppliers | 440/4 | €946 | €3,424 | +€2,478 | +262.0% |
| Taxes, remuneration and social security | 45 | - | €1,459 | +€1,459 | |
| Taxes | 450/3 | - | €1,459 | +€1,459 | |
| Other amounts payable | 47/48 | €128,682 | €3,404 | -€125,278 | -97.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,788 | €5,788 | = | 0.0% |
| Other operating charges | 640/8 | €3,323 | €3,246 | -€76 | -2.3% |
| Gross operating margin | 9900 | €35,117 | €25,113 | -€10,004 | -28.5% |
| Operating profit (loss) | 9901 | €26,007 | €16,079 | -€9,928 | -38.2% |
| Financial charges | 65/66B | €3,706 | €10,532 | +€6,826 | +184.2% |
| Recurring financial charges | 65 | €3,706 | €10,532 | +€6,826 | +184.2% |
| Profit (loss) for the period before taxes | 9903 | €22,301 | €5,547 | -€16,754 | -75.1% |
| Profit (loss) for the period | 9904 | €22,301 | €5,547 | -€16,754 | -75.1% |
| Profit (loss) for the period to be appropriated | 9905 | €22,301 | €5,547 | -€16,754 | -75.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.