PEPILUX: 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.
PEPILUX
Largest movements
- Stocks and contracts -€62,704
down €62,704 (-15.1%), from €416,115 to €353,410
- Cash +€38,796
up €38,796 (+39.4%), from €98,423 to €137,220
mainly Stocks and contracts (+€62,704) and Depreciation (+€46,261)
- Receivables within one year -€27,321
down €27,321 (-65.5%), from €41,736 to €14,415
of which Trade receivables: -€27,407
- Tangible fixed assets -€17,691
down €17,691 (-2.7%), from €646,383 to €628,691
of which Furniture and vehicles: -€9,043
- Trade debts -€37,951
down €37,951 (-60.4%), from €62,853 to €24,902
- Current portion of long-term debt -€22,987
down €22,987 (-63.4%), from €36,252 to €13,265
- Debts after one year -€13,265
down €13,265 (-36.9%), from €35,965 to €22,700
- Gross operating margin -€11,844
down €11,844 (-7.6%), from €156,332 to €144,488
- Write-downs -€10,628
down €10,628, from €7,884 to -€2,744
- Staff costs -€9,453
down €9,453 (-9.7%), from €97,206 to €87,753
- Depreciation +€4,523
up €4,523 (+10.8%), from €41,738 to €46,261
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 | €1,210,460 | €1,139,949 | -€70,512 | -5.8% |
| Fixed assets | 21/28 | €647,476 | €629,784 | -€17,691 | -2.7% |
| Tangible fixed assets | 22/27 | €646,383 | €628,691 | -€17,691 | -2.7% |
| Land and buildings | 22 | €621,805 | €613,597 | -€8,208 | -1.3% |
| Plant, machinery and equipment | 23 | €879 | €440 | -€440 | -50.0% |
| Furniture and vehicles | 24 | €23,698 | €14,655 | -€9,043 | -38.2% |
| Financial fixed assets | 28 | €1,093 | €1,093 | = | 0.0% |
| Current assets | 29/58 | €562,985 | €510,164 | -€52,820 | -9.4% |
| Stocks and contracts in progress | 3 | €416,115 | €353,410 | -€62,704 | -15.1% |
| Stocks | 30/36 | €416,115 | €353,410 | -€62,704 | -15.1% |
| Amounts receivable within one year | 40/41 | €41,736 | €14,415 | -€27,321 | -65.5% |
| Trade receivables | 40 | €37,777 | €10,370 | -€27,407 | -72.6% |
| Other amounts receivable | 41 | €3,959 | €4,045 | +€86 | +2.2% |
| Cash at bank and in hand | 54/58 | €98,423 | €137,220 | +€38,796 | +39.4% |
| Deferred charges and accrued income | 490/1 | €6,710 | €5,119 | -€1,591 | -23.7% |
| Total equity and liabilities | 10/49 | €1,210,460 | €1,139,949 | -€70,512 | -5.8% |
| Equity | 10/15 | €161,915 | €164,141 | +€2,226 | +1.4% |
| Contributions | 10/11 | €19,338 | €19,338 | = | 0.0% |
| Reserves | 13 | €111,117 | €116,203 | +€5,086 | +4.6% |
| Distributable reserves | 133 | €111,117 | €116,203 | +€5,086 | +4.6% |
| Investment grants | 15 | €31,460 | €28,600 | -€2,860 | -9.1% |
| Amounts payable | 17/49 | €1,048,546 | €975,808 | -€72,738 | -6.9% |
| Amounts payable after more than one year | 17 | €35,965 | €22,700 | -€13,265 | -36.9% |
| Financial debts | 170/4 | €35,965 | €22,700 | -€13,265 | -36.9% |
| Amounts payable within one year | 42/48 | €1,009,845 | €952,100 | -€57,745 | -5.7% |
| Current portion of amounts payable after more than one year | 42 | €36,252 | €13,265 | -€22,987 | -63.4% |
| Trade debts | 44 | €62,853 | €24,902 | -€37,951 | -60.4% |
| Suppliers | 440/4 | €62,853 | €24,902 | -€37,951 | -60.4% |
| Taxes, remuneration and social security | 45 | €8,528 | €8,124 | -€404 | -4.7% |
| Taxes | 450/3 | €3,250 | €298 | -€2,952 | -90.8% |
| Remuneration and social security | 454/9 | €5,277 | €7,825 | +€2,548 | +48.3% |
| Other amounts payable | 47/48 | €902,213 | €905,810 | +€3,598 | +0.4% |
| Accrued charges and deferred income | 492/3 | €2,735 | €1,007 | -€1,728 | -63.2% |
| Remuneration, social security and pensions | 62 | €97,206 | €87,753 | -€9,453 | -9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,738 | €46,261 | +€4,523 | +10.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,884 | -€2,744 | -€10,628 | |
| Other operating charges | 640/8 | €8,009 | €8,492 | +€483 | +6.0% |
| Gross operating margin | 9900 | €156,332 | €144,488 | -€11,844 | -7.6% |
| Operating profit (loss) | 9901 | €1,494 | €4,726 | +€3,231 | +216% |
| Financial income | 75/76B | €2,865 | €2,887 | +€22 | +0.8% |
| Recurring financial income | 75 | €2,865 | €2,887 | +€22 | +0.8% |
| Financial charges | 65/66B | €2,634 | €2,527 | -€107 | -4.1% |
| Recurring financial charges | 65 | €2,634 | €2,527 | -€107 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €1,726 | €5,086 | +€3,360 | +195% |
| Profit (loss) for the period | 9904 | €1,726 | €5,086 | +€3,360 | +195% |
| Profit (loss) for the period to be appropriated | 9905 | €1,726 | €5,086 | +€3,360 | +195% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.