PEPPERFLOW: 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.
PEPPERFLOW
Largest movements
- Receivables within one year +€369,359
up €369,359 (+73.0%), from €506,019 to €875,378
of which Other amounts receivable: +€307,472
- Cash -€18,771
down €18,771 (-15.8%), from €119,057 to €100,286
mainly Receivables within one year (-€369,359)
- Deferred charges and accrued income -€12,398
down €12,398 (-82.2%), from €15,090 to €2,692
- Profit (loss) carried forward +€180,022
up €180,022, from -€175,113 to €4,909
- Accrued charges and deferred income +€123,301
up €123,301 (+22.5%), from €546,962 to €670,263
- Trade debts +€31,159
up €31,159 (+26.0%), from €119,986 to €151,145
- Gross operating margin +€87,462
up €87,462 (+19.1%), from €458,682 to €546,143
- Taxes +€25,640
up €25,640 (+2,676%), from €958 to €26,598
- Staff costs +€12,072
up €12,072 (+3.6%), from €334,698 to €346,770
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 | €648,763 | €986,151 | +€337,387 | +52.0% |
| Fixed assets | 21/28 | €8,597 | €7,794 | -€803 | -9.3% |
| Tangible fixed assets | 22/27 | €2,547 | €1,744 | -€803 | -31.5% |
| Furniture and vehicles | 24 | €2,547 | €1,744 | -€803 | -31.5% |
| Financial fixed assets | 28 | €6,050 | €6,050 | = | 0.0% |
| Current assets | 29/58 | €640,166 | €978,356 | +€338,190 | +52.8% |
| Amounts receivable within one year | 40/41 | €506,019 | €875,378 | +€369,359 | +73.0% |
| Trade receivables | 40 | €341,448 | €403,334 | +€61,886 | +18.1% |
| Other amounts receivable | 41 | €164,571 | €472,043 | +€307,472 | +187% |
| Cash at bank and in hand | 54/58 | €119,057 | €100,286 | -€18,771 | -15.8% |
| Deferred charges and accrued income | 490/1 | €15,090 | €2,692 | -€12,398 | -82.2% |
| Total equity and liabilities | 10/49 | €648,763 | €986,151 | +€337,387 | +52.0% |
| Equity | 10/15 | -€155,113 | €24,909 | +€180,022 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€175,113 | €4,909 | +€180,022 | |
| Amounts payable | 17/49 | €803,876 | €961,241 | +€157,365 | +19.6% |
| Amounts payable within one year | 42/48 | €256,915 | €290,979 | +€34,064 | +13.3% |
| Trade debts | 44 | €119,986 | €151,145 | +€31,159 | +26.0% |
| Suppliers | 440/4 | €119,986 | €151,145 | +€31,159 | +26.0% |
| Taxes, remuneration and social security | 45 | €136,929 | €139,834 | +€2,905 | +2.1% |
| Taxes | 450/3 | €93,415 | €108,129 | +€14,714 | +15.8% |
| Remuneration and social security | 454/9 | €43,514 | €31,705 | -€11,809 | -27.1% |
| Accrued charges and deferred income | 492/3 | €546,962 | €670,263 | +€123,301 | +22.5% |
| Remuneration, social security and pensions | 62 | €334,698 | €346,770 | +€12,072 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €794 | €803 | +€8 | +1.1% |
| Other operating charges | 640/8 | €575 | €622 | +€48 | +8.3% |
| Gross operating margin | 9900 | €458,682 | €546,143 | +€87,462 | +19.1% |
| Operating profit (loss) | 9901 | €122,614 | €197,948 | +€75,334 | +61.4% |
| Financial income | 75/76B | €5,751 | €9,453 | +€3,702 | +64.4% |
| Recurring financial income | 75 | €5,751 | €9,453 | +€3,702 | +64.4% |
| Financial charges | 65/66B | €2,197 | €781 | -€1,416 | -64.5% |
| Recurring financial charges | 65 | €2,197 | €781 | -€1,416 | -64.5% |
| Profit (loss) for the period before taxes | 9903 | €126,168 | €206,620 | +€80,453 | +63.8% |
| Income taxes | 67/77 | €958 | €26,598 | +€25,640 | +2,676% |
| Profit (loss) for the period | 9904 | €125,210 | €180,022 | +€54,812 | +43.8% |
| Profit (loss) for the period to be appropriated | 9905 | €125,210 | €180,022 | +€54,812 | +43.8% |
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 22 October 2026 via checked.be.