PEPIJN: 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.
PEPIJN
Largest movements
- Receivables within one year +€78,259
up €78,259 (+14.4%), from €545,124 to €623,383
of which Other amounts receivable: +€75,246
- Tangible fixed assets -€7,333
down €7,333 (-37.3%), from €19,665 to €12,332
of which Other tangible fixed assets: -€6,066
- Profit (loss) carried forward +€85,051
up €85,051 (+20.1%), from -€422,363 to -€337,312
- Other debts -€10,000
down €10,000 (-1.2%), from €800,046 to €790,046
- Write-downs -€75,819
new in 2025: -€75,819
- Gross operating margin +€8,149
up €8,149 (+88.8%), from €9,181 to €17,330
- Other operating charges -€303
down €303 (-39.4%), from €769 to €465
- Financial charges +€182
up €182 (+155.4%), from €117 to €299
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 | €582,509 | €656,663 | +€74,153 | +12.7% |
| Fixed assets | 21/28 | €22,165 | €14,832 | -€7,333 | -33.1% |
| Tangible fixed assets | 22/27 | €19,665 | €12,332 | -€7,333 | -37.3% |
| Plant, machinery and equipment | 23 | €6,159 | €4,892 | -€1,267 | -20.6% |
| Other tangible fixed assets | 26 | €13,506 | €7,440 | -€6,066 | -44.9% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €560,345 | €641,831 | +€81,486 | +14.5% |
| Amounts receivable within one year | 40/41 | €545,124 | €623,383 | +€78,259 | +14.4% |
| Trade receivables | 40 | €37,333 | €40,345 | +€3,013 | +8.1% |
| Other amounts receivable | 41 | €507,792 | €583,038 | +€75,246 | +14.8% |
| Cash at bank and in hand | 54/58 | €15,220 | €18,448 | +€3,228 | +21.2% |
| Total equity and liabilities | 10/49 | €582,509 | €656,663 | +€74,153 | +12.7% |
| Equity | 10/15 | -€401,903 | -€316,852 | +€85,051 | +21.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€422,363 | -€337,312 | +€85,051 | +20.1% |
| Amounts payable | 17/49 | €984,413 | €973,515 | -€10,898 | -1.1% |
| Amounts payable within one year | 42/48 | €980,973 | €971,465 | -€9,508 | -1.0% |
| Trade debts | 44 | €29,429 | €30,095 | +€666 | +2.3% |
| Suppliers | 440/4 | €29,429 | €30,095 | +€666 | +2.3% |
| Taxes, remuneration and social security | 45 | €151,498 | €151,324 | -€174 | -0.1% |
| Taxes | 450/3 | €151,498 | €151,324 | -€174 | -0.1% |
| Other amounts payable | 47/48 | €800,046 | €790,046 | -€10,000 | -1.2% |
| Accrued charges and deferred income | 492/3 | €3,440 | €2,050 | -€1,390 | -40.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,333 | €7,333 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€75,819 | -€75,819 | |
| Other operating charges | 640/8 | €769 | €465 | -€303 | -39.4% |
| Gross operating margin | 9900 | €9,181 | €17,330 | +€8,149 | +88.8% |
| Operating profit (loss) | 9901 | €1,079 | €85,351 | +€84,271 | +7807.0% |
| Financial income | 75/76B | €13 | - | -€13 | |
| Recurring financial income | 75 | €13 | - | -€13 | |
| Financial charges | 65/66B | €117 | €299 | +€182 | +155.4% |
| Recurring financial charges | 65 | €117 | €299 | +€182 | +155.4% |
| Profit (loss) for the period before taxes | 9903 | €975 | €85,051 | +€84,076 | +8621.2% |
| Profit (loss) for the period | 9904 | €975 | €85,051 | +€84,076 | +8621.2% |
| Profit (loss) for the period to be appropriated | 9905 | €975 | €85,051 | +€84,076 | +8621.2% |
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 10 October 2026 via checked.be.