PEPR: 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.
PEPR
Largest movements
- Cash +€37,114
up €37,114 (+71.3%), from €52,063 to €89,178
mainly Stocks and contracts (+€35,568) and Net result for the year (+€17,083)
- Stocks and contracts -€35,568
no longer reported in 2025 (was €35,568)
- Tangible fixed assets -€19,988
down €19,988 (-46.3%), from €43,181 to €23,193
of which Leasing and similar rights: -€29,653
- Receivables within one year -€4,908
down €4,908 (-22.9%), from €21,431 to €16,523
of which Trade receivables: -€2,678
- Debts after one year -€18,637
no longer reported in 2025 (was €18,637)
- Reserves +€17,083
up €17,083 (+20.1%), from €85,009 to €102,093
- Tax, wage and social debts -€11,681
down €11,681 (-52.7%), from €22,173 to €10,493
- Current portion of long-term debt -€11,076
no longer reported in 2025 (was €11,076)
- Trade debts +€7,105
up €7,105 (+134.9%), from €5,267 to €12,372
- Gross operating margin -€20,905
down €20,905 (-34.3%), from €60,864 to €39,958
- Taxes -€2,316
down €2,316 (-26.0%), from €8,904 to €6,588
- Financial charges -€1,942
down €1,942 (-50.4%), from €3,851 to €1,910
of which Financial charges: -€2,795
- Depreciation +€1,912
up €1,912 (+15.5%), from €12,334 to €14,246
- Other operating charges -€1,028
down €1,028 (-83.7%), from €1,228 to €200
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 | €153,589 | €130,536 | -€23,053 | -15.0% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €43,181 | €23,193 | -€19,988 | -46.3% |
| Tangible fixed assets | 22/27 | €43,181 | €23,193 | -€19,988 | -46.3% |
| Land and buildings | 22 | €9,801 | €20,654 | +€10,853 | +110.7% |
| Furniture and vehicles | 24 | €3,727 | €2,539 | -€1,188 | -31.9% |
| Leasing and similar rights | 25 | €29,653 | - | -€29,653 | |
| Current assets | 29/58 | €110,408 | €107,343 | -€3,065 | -2.8% |
| Stocks and contracts in progress | 3 | €35,568 | - | -€35,568 | |
| Stocks | 30/36 | €35,568 | - | -€35,568 | |
| Amounts receivable within one year | 40/41 | €21,431 | €16,523 | -€4,908 | -22.9% |
| Trade receivables | 40 | €17,569 | €14,891 | -€2,678 | -15.2% |
| Other amounts receivable | 41 | €3,862 | €1,633 | -€2,230 | -57.7% |
| Cash at bank and in hand | 54/58 | €52,063 | €89,178 | +€37,114 | +71.3% |
| Deferred charges and accrued income | 490/1 | €1,345 | €1,642 | +€297 | +22.1% |
| Total equity and liabilities | 10/49 | €153,589 | €130,536 | -€23,053 | -15.0% |
| Equity | 10/15 | €87,009 | €104,093 | +€17,083 | +19.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €85,009 | €102,093 | +€17,083 | +20.1% |
| Distributable reserves | 133 | €85,009 | €102,093 | +€17,083 | +20.1% |
| Amounts payable | 17/49 | €66,580 | €26,443 | -€40,136 | -60.3% |
| Amounts payable after more than one year | 17 | €18,637 | - | -€18,637 | |
| Financial debts | 170/4 | €18,637 | - | -€18,637 | |
| Amounts payable within one year | 42/48 | €46,255 | €26,379 | -€19,875 | -43.0% |
| Current portion of amounts payable after more than one year | 42 | €11,076 | - | -€11,076 | |
| Trade debts | 44 | €5,267 | €12,372 | +€7,105 | +134.9% |
| Suppliers | 440/4 | €5,267 | €12,372 | +€7,105 | +134.9% |
| Taxes, remuneration and social security | 45 | €22,173 | €10,493 | -€11,681 | -52.7% |
| Taxes | 450/3 | €22,173 | €10,493 | -€11,681 | -52.7% |
| Other amounts payable | 47/48 | €7,737 | €3,515 | -€4,223 | -54.6% |
| Accrued charges and deferred income | 492/3 | €1,688 | €64 | -€1,624 | -96.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,334 | €14,246 | +€1,912 | +15.5% |
| Other operating charges | 640/8 | €1,228 | €200 | -€1,028 | -83.7% |
| Gross operating margin | 9900 | €60,864 | €39,958 | -€20,905 | -34.3% |
| Operating profit (loss) | 9901 | €47,302 | €25,512 | -€21,790 | -46.1% |
| Financial income | 75/76B | - | €69 | +€69 | |
| Recurring financial income | 75 | - | €69 | +€69 | |
| Financial charges | 65/66B | €3,851 | €1,910 | -€1,942 | -50.4% |
| Recurring financial charges | 65 | €3,851 | €1,056 | -€2,795 | -72.6% |
| Non-recurring financial charges | 66B | - | €853 | +€853 | |
| Profit (loss) for the period before taxes | 9903 | €43,451 | €23,672 | -€19,779 | -45.5% |
| Income taxes | 67/77 | €8,904 | €6,588 | -€2,316 | -26.0% |
| Profit (loss) for the period | 9904 | €34,546 | €17,083 | -€17,463 | -50.5% |
| Profit (loss) for the period to be appropriated | 9905 | €34,546 | €17,083 | -€17,463 | -50.5% |
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 6 October 2026 via checked.be.