PEPS COMMUNICATION: 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.
PEPS COMMUNICATION
Largest movements
- Cash +€122,611
up €122,611 (+99.6%), from €123,089 to €245,700
mainly Net result for the year (+€295,714) and Trade debts (+€82,899)
- Current investments +€100,000
new in 2025: €100,000
- Receivables within one year +€94,817
up €94,817 (+56.8%), from €166,789 to €261,606
of which Trade receivables: +€116,179
- Tangible fixed assets -€31,459
down €31,459 (-6.3%), from €499,369 to €467,910
- Reserves +€270,000
up €270,000 (+273.4%), from €98,750 to €368,750
of which Distributable reserves: +€270,000
- Debts after one year -€112,428
down €112,428 (-29.0%), from €387,425 to €274,997
of which Other amounts payable: -€100,000
- Trade debts +€82,899
up €82,899 (+154.8%), from €53,562 to €136,461
- Tax, wage and social debts +€41,965
up €41,965 (+146.3%), from €28,689 to €70,654
of which Taxes: +€36,520
- Gross operating margin +€254,807
up €254,807 (+83.1%), from €306,651 to €561,458
- Taxes +€88,245
up €88,245 (+195.9%), from €45,038 to €133,284
- Staff costs +€6,888
up €6,888 (+9.7%), from €71,207 to €78,095
- Other operating charges -€5,730
down €5,730 (-58.3%), from €9,828 to €4,098
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 | €793,930 | €1,080,029 | +€286,098 | +36.0% |
| Fixed assets | 21/28 | €499,695 | €468,236 | -€31,459 | -6.3% |
| Tangible fixed assets | 22/27 | €499,369 | €467,910 | -€31,459 | -6.3% |
| Land and buildings | 22 | €427,149 | €416,026 | -€11,123 | -2.6% |
| Plant, machinery and equipment | 23 | €3,754 | €1,928 | -€1,827 | -48.7% |
| Furniture and vehicles | 24 | €36,211 | €22,438 | -€13,773 | -38.0% |
| Leasing and similar rights | 25 | €3,484 | €2,204 | -€1,280 | -36.7% |
| Other tangible fixed assets | 26 | €28,770 | €25,314 | -€3,456 | -12.0% |
| Financial fixed assets | 28 | €325 | €325 | = | 0.0% |
| Current assets | 29/58 | €294,235 | €611,793 | +€317,557 | +107.9% |
| Amounts receivable within one year | 40/41 | €166,789 | €261,606 | +€94,817 | +56.8% |
| Trade receivables | 40 | €144,537 | €260,716 | +€116,179 | +80.4% |
| Other amounts receivable | 41 | €22,252 | €890 | -€21,362 | -96.0% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €123,089 | €245,700 | +€122,611 | +99.6% |
| Deferred charges and accrued income | 490/1 | €4,358 | €4,487 | +€129 | +3.0% |
| Total equity and liabilities | 10/49 | €793,930 | €1,080,029 | +€286,098 | +36.0% |
| Equity | 10/15 | €222,692 | €494,406 | +€271,714 | +122.0% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Outside capital | 11 | €20,460 | €20,460 | = | 0.0% |
| Other | 1109/19 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €98,750 | €368,750 | +€270,000 | +273.4% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €80,000 | €350,000 | +€270,000 | +337.5% |
| Profit (loss) carried forward | 14 | €103,482 | €105,196 | +€1,714 | +1.7% |
| Provisions and deferred taxes | 16 | €6,649 | €4,681 | -€1,968 | -29.6% |
| Provisions for liabilities and charges | 160/5 | €6,649 | €4,681 | -€1,968 | -29.6% |
| Other liabilities and charges | 164/5 | €6,649 | €4,681 | -€1,968 | -29.6% |
| Amounts payable | 17/49 | €564,589 | €580,942 | +€16,353 | +2.9% |
| Amounts payable after more than one year | 17 | €387,425 | €274,997 | -€112,428 | -29.0% |
| Financial debts | 170/4 | €287,425 | €274,997 | -€12,428 | -4.3% |
| Other amounts payable | 178/9 | €100,000 | - | -€100,000 | |
| Amounts payable within one year | 42/48 | €177,164 | €305,945 | +€128,781 | +72.7% |
| Current portion of amounts payable after more than one year | 42 | €53,549 | €53,981 | +€433 | +0.8% |
| Trade debts | 44 | €53,562 | €136,461 | +€82,899 | +154.8% |
| Suppliers | 440/4 | €53,562 | €136,461 | +€82,899 | +154.8% |
| Taxes, remuneration and social security | 45 | €28,689 | €70,654 | +€41,965 | +146.3% |
| Taxes | 450/3 | €19,958 | €56,478 | +€36,520 | +183.0% |
| Remuneration and social security | 454/9 | €8,731 | €14,176 | +€5,444 | +62.4% |
| Other amounts payable | 47/48 | €41,364 | €44,849 | +€3,485 | +8.4% |
| Non-recurring operating income | 76A | €23,538 | - | -€23,538 | |
| Remuneration, social security and pensions | 62 | €71,207 | €78,095 | +€6,888 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,370 | €31,459 | +€1,089 | +3.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €2,149 | -€1,968 | -€4,117 | |
| Other operating charges | 640/8 | €9,828 | €4,098 | -€5,730 | -58.3% |
| Non-recurring operating charges | 66A | €1,064 | - | -€1,064 | |
| Gross operating margin | 9900 | €306,651 | €561,458 | +€254,807 | +83.1% |
| Operating profit (loss) | 9901 | €192,032 | €449,774 | +€257,742 | +134.2% |
| Financial income | 75/76B | €250 | €94 | -€156 | -62.5% |
| Recurring financial income | 75 | €250 | €94 | -€156 | -62.5% |
| Financial charges | 65/66B | €24,512 | €20,870 | -€3,641 | -14.9% |
| Recurring financial charges | 65 | €24,512 | €20,870 | -€3,641 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €167,771 | €428,997 | +€261,227 | +155.7% |
| Income taxes | 67/77 | €45,038 | €133,284 | +€88,245 | +195.9% |
| Profit (loss) for the period | 9904 | €122,732 | €295,714 | +€172,981 | +140.9% |
| Profit (loss) for the period to be appropriated | 9905 | €122,732 | €295,714 | +€172,981 | +140.9% |
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.