PEPINS: 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.
PEPINS
Largest movements
- Stocks and contracts -€17,978
down €17,978 (-14.4%), from €124,793 to €106,815
- Receivables within one year +€16,079
up €16,079 (+62.2%), from €25,862 to €41,942
- Short-term financial debts +€10,012
up €10,012 (+379%), from €2,639 to €12,651
- Other debts -€9,179
down €9,179 (-88.8%), from €10,334 to €1,155
- Reserves +€4,756
up €4,756 (+5.8%), from €82,651 to €87,407
- Tax, wage and social debts -€4,378
down €4,378 (-11.2%), from €39,027 to €34,648
of which Taxes: -€4,379
- Trade debts -€3,110
down €3,110 (-28.3%), from €11,005 to €7,895
- Gross operating margin -€21,716
down €21,716 (-55.8%), from €38,917 to €17,202
- Taxes -€5,651
down €5,651 (-63.2%), from €8,947 to €3,296
- Other operating charges -€411
no longer reported in 2025 (was €411)
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €150,655 | €148,757 | -€1,898 | -1.3% |
| Current assets | 29/58 | €150,655 | €148,757 | -€1,898 | -1.3% |
| Stocks and contracts in progress | 3 | €124,793 | €106,815 | -€17,978 | -14.4% |
| Stocks | 30/36 | €124,793 | €106,815 | -€17,978 | -14.4% |
| Amounts receivable within one year | 40/41 | €25,862 | €41,942 | +€16,079 | +62.2% |
| Trade receivables | 40 | €25,862 | €41,942 | +€16,079 | +62.2% |
| Total equity and liabilities | 10/49 | €150,655 | €148,757 | -€1,898 | -1.3% |
| Equity | 10/15 | €87,651 | €92,407 | +€4,756 | +5.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | €5,000 | = | 0.0% |
| Issued capital | 100 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €82,651 | €87,407 | +€4,756 | +5.8% |
| Distributable reserves | 133 | €82,651 | €87,407 | +€4,756 | +5.8% |
| Amounts payable | 17/49 | €63,004 | €56,350 | -€6,655 | -10.6% |
| Amounts payable within one year | 42/48 | €63,004 | €56,350 | -€6,655 | -10.6% |
| Financial debts | 43 | €2,639 | €12,651 | +€10,012 | +379% |
| Credit institutions | 430/8 | €2,639 | €12,651 | +€10,012 | +379% |
| Trade debts | 44 | €11,005 | €7,895 | -€3,110 | -28.3% |
| Suppliers | 440/4 | €11,005 | €7,895 | -€3,110 | -28.3% |
| Taxes, remuneration and social security | 45 | €39,027 | €34,648 | -€4,378 | -11.2% |
| Taxes | 450/3 | €39,027 | €34,648 | -€4,379 | -11.2% |
| Remuneration and social security | 454/9 | - | €0 | +€0 | |
| Other amounts payable | 47/48 | €10,334 | €1,155 | -€9,179 | -88.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139 | - | -€139 | |
| Other operating charges | 640/8 | €411 | - | -€411 | |
| Non-recurring operating charges | 66A | €12,945 | €7,715 | -€5,230 | -40.4% |
| Gross operating margin | 9900 | €38,917 | €17,202 | -€21,716 | -55.8% |
| Operating profit (loss) | 9901 | €25,422 | €9,486 | -€15,936 | -62.7% |
| Financial charges | 65/66B | €1,275 | €1,434 | +€159 | +12.5% |
| Recurring financial charges | 65 | €1,275 | €1,434 | +€159 | +12.5% |
| Profit (loss) for the period before taxes | 9903 | €24,148 | €8,052 | -€16,095 | -66.7% |
| Income taxes | 67/77 | €8,947 | €3,296 | -€5,651 | -63.2% |
| Profit (loss) for the period | 9904 | €15,201 | €4,756 | -€10,445 | -68.7% |
| Profit (loss) for the period to be appropriated | 9905 | €15,201 | €4,756 | -€10,445 | -68.7% |
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 18 October 2026 via checked.be.