PEPITE-CAVE: 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.
PEPITE-CAVE
Largest movements
- Receivables within one year -€53,635
down €53,635 (-57.2%), from €93,698 to €40,063
of which Trade receivables: -€53,635
- Stocks and contracts +€9,634
up €9,634 (+7.0%), from €138,550 to €148,184
- Cash +€9,593
up €9,593 (+67.7%), from €14,165 to €23,758
mainly Receivables within one year (+€53,635) and Other debts (+€11,452)
- Tangible fixed assets -€7,698
down €7,698 (-42.4%), from €18,173 to €10,474
of which Plant, machinery and equipment: -€7,173
- Trade debts -€44,604
down €44,604 (-31.0%), from €143,689 to €99,085
- Other debts +€11,452
up €11,452 (+25.6%), from €44,654 to €56,107
- Profit (loss) carried forward -€4,128
down €4,128 (-8.2%), from €50,290 to €46,162
- Current portion of long-term debt -€4,000
no longer reported in 2025 (was €4,000)
- Staff costs -€10,279
down €10,279 (-98.8%), from €10,402 to €122
- Other operating charges -€5,364
down €5,364 (-64.2%), from €8,355 to €2,990
- Financial charges +€2,380
up €2,380 (+227.6%), from €1,046 to €3,426
- Gross operating margin +€539
up €539 (+4.9%), from €11,102 to €11,641
- Depreciation -€443
down €443 (-5.4%), from €8,142 to €7,698
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 | €266,671 | €223,790 | -€42,880 | -16.1% |
| Fixed assets | 21/28 | €18,173 | €10,474 | -€7,698 | -42.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €18,173 | €10,474 | -€7,698 | -42.4% |
| Plant, machinery and equipment | 23 | €16,787 | €9,614 | -€7,173 | -42.7% |
| Furniture and vehicles | 24 | €1,386 | €860 | -€525 | -37.9% |
| Current assets | 29/58 | €248,498 | €213,316 | -€35,182 | -14.2% |
| Stocks and contracts in progress | 3 | €138,550 | €148,184 | +€9,634 | +7.0% |
| Stocks | 30/36 | €138,550 | €148,184 | +€9,634 | +7.0% |
| Amounts receivable within one year | 40/41 | €93,698 | €40,063 | -€53,635 | -57.2% |
| Trade receivables | 40 | €88,382 | €34,747 | -€53,635 | -60.7% |
| Other amounts receivable | 41 | €5,316 | €5,316 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €14,165 | €23,758 | +€9,593 | +67.7% |
| Deferred charges and accrued income | 490/1 | €2,085 | €1,311 | -€774 | -37.1% |
| Total equity and liabilities | 10/49 | €266,671 | €223,790 | -€42,880 | -16.1% |
| Equity | 10/15 | €64,550 | €60,422 | -€4,128 | -6.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 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 | €50,290 | €46,162 | -€4,128 | -8.2% |
| Amounts payable | 17/49 | €202,121 | €163,368 | -€38,753 | -19.2% |
| Amounts payable within one year | 42/48 | €202,121 | €163,368 | -€38,753 | -19.2% |
| Current portion of amounts payable after more than one year | 42 | €4,000 | - | -€4,000 | |
| Trade debts | 44 | €143,689 | €99,085 | -€44,604 | -31.0% |
| Suppliers | 440/4 | €143,689 | €99,085 | -€44,604 | -31.0% |
| Taxes, remuneration and social security | 45 | €9,777 | €8,176 | -€1,601 | -16.4% |
| Taxes | 450/3 | €7,522 | €7,176 | -€346 | -4.6% |
| Remuneration and social security | 454/9 | €2,255 | €1,000 | -€1,255 | -55.7% |
| Other amounts payable | 47/48 | €44,654 | €56,107 | +€11,452 | +25.6% |
| Remuneration, social security and pensions | 62 | €10,402 | €122 | -€10,279 | -98.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,142 | €7,698 | -€443 | -5.4% |
| Other operating charges | 640/8 | €8,355 | €2,990 | -€5,364 | -64.2% |
| Non-recurring operating charges | 66A | €654 | €1,303 | +€649 | +99.2% |
| Gross operating margin | 9900 | €11,102 | €11,641 | +€539 | +4.9% |
| Operating profit (loss) | 9901 | -€16,450 | -€473 | +€15,977 | +97.1% |
| Financial income | 75/76B | €198 | €17 | -€181 | -91.6% |
| Recurring financial income | 75 | €198 | €17 | -€181 | -91.6% |
| Financial charges | 65/66B | €1,046 | €3,426 | +€2,380 | +227.6% |
| Recurring financial charges | 65 | €1,046 | €3,426 | +€2,380 | +227.6% |
| Profit (loss) for the period before taxes | 9903 | -€17,298 | -€3,883 | +€13,416 | +77.6% |
| Income taxes | 67/77 | €235 | €245 | +€10 | +4.3% |
| Profit (loss) for the period | 9904 | -€17,533 | -€4,128 | +€13,405 | +76.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,533 | -€4,128 | +€13,405 | +76.5% |
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 8 October 2026 via checked.be.