PEPPERS: 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.
PEPPERS
Largest movements
- Cash -€37,811
down €37,811 (-57.4%), from €65,859 to €28,048
mainly Other debts (-€23,736) and Accrued charges and deferred income (-€14,155)
- Stocks and contracts -€2,894
down €2,894 (-12.0%), from €24,096 to €21,202
- Receivables within one year -€1,949
down €1,949 (-5.6%), from €34,875 to €32,926
of which Trade receivables: -€1,949
- Other debts -€23,736
down €23,736 (-50.2%), from €47,327 to €23,591
- Accrued charges and deferred income -€14,155
down €14,155 (-59.8%), from €23,665 to €9,510
- Contributions +€12,400
up €12,400 (+100.0%), from €12,400 to €24,800
- Profit (loss) carried forward -€7,079
down €7,079 (-20.1%), from €35,156 to €28,077
- Trade debts -€5,634
down €5,634 (-79.3%), from €7,104 to €1,471
- Gross operating margin -€28,256
down €28,256 (-41.7%), from €67,723 to €39,467
- Taxes +€8,580
up €8,580 (+171.6%), from €5,000 to €13,580
- Staff costs +€4,108
up €4,108 (+17.1%), from €23,986 to €28,094
- Financial charges -€3,690
down €3,690 (-66.3%), from €5,562 to €1,872
- Other operating charges +€1,646
up €1,646 (+195.4%), from €842 to €2,488
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 | €135,185 | €92,661 | -€42,524 | -31.5% |
| Fixed assets | 21/28 | €4,280 | €4,410 | +€130 | +3.0% |
| Tangible fixed assets | 22/27 | €2,580 | €2,210 | -€370 | -14.3% |
| Land and buildings | 22 | €2,580 | €2,210 | -€370 | -14.3% |
| Financial fixed assets | 28 | €1,700 | €2,200 | +€500 | +29.4% |
| Current assets | 29/58 | €130,905 | €88,251 | -€42,654 | -32.6% |
| Stocks and contracts in progress | 3 | €24,096 | €21,202 | -€2,894 | -12.0% |
| Stocks | 30/36 | €24,096 | €21,202 | -€2,894 | -12.0% |
| Amounts receivable within one year | 40/41 | €34,875 | €32,926 | -€1,949 | -5.6% |
| Trade receivables | 40 | €33,378 | €31,429 | -€1,949 | -5.8% |
| Other amounts receivable | 41 | €1,497 | €1,497 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €65,859 | €28,048 | -€37,811 | -57.4% |
| Deferred charges and accrued income | 490/1 | €6,076 | €6,076 | = | 0.0% |
| Total equity and liabilities | 10/49 | €135,185 | €92,661 | -€42,524 | -31.5% |
| Equity | 10/15 | €47,626 | €52,947 | +€5,321 | +11.2% |
| Contributions | 10/11 | €12,400 | €24,800 | +€12,400 | +100.0% |
| Reserves | 13 | €69 | €69 | = | 0.0% |
| Non-distributable reserves | 130/1 | €69 | €69 | = | 0.0% |
| Reserves not available under the articles | 1311 | €69 | €69 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,156 | €28,077 | -€7,079 | -20.1% |
| Amounts payable | 17/49 | €87,559 | €39,714 | -€47,845 | -54.6% |
| Amounts payable within one year | 42/48 | €63,894 | €30,204 | -€33,690 | -52.7% |
| Trade debts | 44 | €7,104 | €1,471 | -€5,634 | -79.3% |
| Suppliers | 440/4 | €7,104 | €1,471 | -€5,634 | -79.3% |
| Taxes, remuneration and social security | 45 | €9,463 | €5,143 | -€4,320 | -45.7% |
| Taxes | 450/3 | €9,463 | €144 | -€9,319 | -98.5% |
| Remuneration and social security | 454/9 | €0 | €4,999 | +€4,999 | |
| Other amounts payable | 47/48 | €47,327 | €23,591 | -€23,736 | -50.2% |
| Accrued charges and deferred income | 492/3 | €23,665 | €9,510 | -€14,155 | -59.8% |
| Remuneration, social security and pensions | 62 | €23,986 | €28,094 | +€4,108 | +17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €899 | €370 | -€529 | -58.9% |
| Other operating charges | 640/8 | €842 | €2,488 | +€1,646 | +195.4% |
| Non-recurring operating charges | 66A | - | €205 | +€205 | |
| Gross operating margin | 9900 | €67,723 | €39,467 | -€28,256 | -41.7% |
| Operating profit (loss) | 9901 | €41,995 | €8,311 | -€33,685 | -80.2% |
| Financial income | 75/76B | €2 | €63 | +€61 | +3586.0% |
| Recurring financial income | 75 | €2 | €63 | +€61 | +3586.0% |
| Financial charges | 65/66B | €5,562 | €1,872 | -€3,690 | -66.3% |
| Recurring financial charges | 65 | €5,562 | €1,872 | -€3,690 | -66.3% |
| Profit (loss) for the period before taxes | 9903 | €36,435 | €6,501 | -€29,934 | -82.2% |
| Income taxes | 67/77 | €5,000 | €13,580 | +€8,580 | +171.6% |
| Profit (loss) for the period | 9904 | €31,435 | -€7,079 | -€38,513 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,435 | -€7,079 | -€38,513 |
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 4 October 2026 via checked.be.