PEPPER ONE: 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.
PEPPER ONE
Largest movements
- Receivables within one year -€75,201
down €75,201 (-40.3%), from €186,806 to €111,605
of which Other amounts receivable: -€60,084
- Cash +€22,399
up €22,399 (+21.4%), from €104,782 to €127,182
mainly Receivables within one year (+€75,201) and Net result for the year (+€47,708)
- Intangible fixed assets -€8,465
down €8,465 (-92.7%), from €9,130 to €665
- Trade debts -€71,517
down €71,517 (-75.3%), from €94,969 to €23,453
- Other debts -€26,624
down €26,624 (-53.0%), from €50,200 to €23,576
- Profit (loss) carried forward +€25,208
up €25,208 (+104%), from €24,157 to €49,365
- Debts after one year +€7,141
up €7,141 (+110%), from €6,476 to €13,617
- Current portion of long-term debt +€4,349
up €4,349 (+71.3%), from €6,096 to €10,445
- Gross operating margin -€8,589
down €8,589 (-9.0%), from €95,809 to €87,220
- Other operating charges +€6,159
up €6,159 (+755%), from €815 to €6,974
- Taxes +€4,085
up €4,085 (+48.0%), from €8,501 to €12,586
- Financial charges +€1,273
up €1,273 (+60.1%), from €2,118 to €3,390
- Depreciation -€1,219
down €1,219 (-7.0%), from €17,479 to €16,260
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 | €324,976 | €265,684 | -€59,292 | -18.2% |
| Fixed assets | 21/28 | €32,898 | €26,389 | -€6,509 | -19.8% |
| Intangible fixed assets | 21 | €9,130 | €665 | -€8,465 | -92.7% |
| Tangible fixed assets | 22/27 | €23,768 | €25,724 | +€1,956 | +8.2% |
| Furniture and vehicles | 24 | €20,968 | €22,924 | +€1,956 | +9.3% |
| Other tangible fixed assets | 26 | €2,800 | €2,800 | = | 0.0% |
| Current assets | 29/58 | €292,078 | €239,295 | -€52,783 | -18.1% |
| Amounts receivable within one year | 40/41 | €186,806 | €111,605 | -€75,201 | -40.3% |
| Trade receivables | 40 | €119,706 | €104,589 | -€15,117 | -12.6% |
| Other amounts receivable | 41 | €67,100 | €7,016 | -€60,084 | -89.5% |
| Cash at bank and in hand | 54/58 | €104,782 | €127,182 | +€22,399 | +21.4% |
| Deferred charges and accrued income | 490/1 | €490 | €509 | +€19 | +3.9% |
| Total equity and liabilities | 10/49 | €324,976 | €265,684 | -€59,292 | -18.2% |
| Equity | 10/15 | €92,907 | €118,115 | +€25,208 | +27.1% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €6,250 | €6,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,157 | €49,365 | +€25,208 | +104% |
| Amounts payable | 17/49 | €232,069 | €147,569 | -€84,500 | -36.4% |
| Amounts payable after more than one year | 17 | €6,476 | €13,617 | +€7,141 | +110% |
| Financial debts | 170/4 | €6,476 | €13,617 | +€7,141 | +110% |
| Amounts payable within one year | 42/48 | €180,629 | €85,337 | -€95,292 | -52.8% |
| Current portion of amounts payable after more than one year | 42 | €6,096 | €10,445 | +€4,349 | +71.3% |
| Financial debts | 43 | €2,604 | €5,306 | +€2,702 | +104% |
| Credit institutions | 430/8 | €2,604 | €5,306 | +€2,702 | +104% |
| Trade debts | 44 | €94,969 | €23,453 | -€71,517 | -75.3% |
| Suppliers | 440/4 | €94,969 | €23,453 | -€71,517 | -75.3% |
| Taxes, remuneration and social security | 45 | €26,759 | €22,557 | -€4,202 | -15.7% |
| Taxes | 450/3 | €26,759 | €22,557 | -€4,202 | -15.7% |
| Other amounts payable | 47/48 | €50,200 | €23,576 | -€26,624 | -53.0% |
| Accrued charges and deferred income | 492/3 | €44,963 | €48,615 | +€3,652 | +8.1% |
| Remuneration, social security and pensions | 62 | - | €307 | +€307 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,479 | €16,260 | -€1,219 | -7.0% |
| Other operating charges | 640/8 | €815 | €6,974 | +€6,159 | +755% |
| Gross operating margin | 9900 | €95,809 | €87,220 | -€8,589 | -9.0% |
| Operating profit (loss) | 9901 | €77,514 | €63,679 | -€13,835 | -17.8% |
| Financial income | 75/76B | €304 | €6 | -€298 | -98.2% |
| Recurring financial income | 75 | €304 | €6 | -€298 | -98.2% |
| Financial charges | 65/66B | €2,118 | €3,390 | +€1,273 | +60.1% |
| Recurring financial charges | 65 | €2,118 | €3,390 | +€1,273 | +60.1% |
| Profit (loss) for the period before taxes | 9903 | €75,700 | €60,294 | -€15,406 | -20.4% |
| Income taxes | 67/77 | €8,501 | €12,586 | +€4,085 | +48.0% |
| Profit (loss) for the period | 9904 | €67,199 | €47,708 | -€19,491 | -29.0% |
| Profit (loss) for the period to be appropriated | 9905 | €67,199 | €47,708 | -€19,491 | -29.0% |
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 16 October 2026 via checked.be.