PEPS PHOTODESIGN: 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 PHOTODESIGN
Largest movements
- Cash -€18,950
no longer reported in 2025 (was €18,950)
- Receivables within one year +€14,469
up €14,469 (+49.3%), from €29,370 to €43,838
of which Trade receivables: +€9,575
- Receivables after one year -€4,160
down €4,160 (-3.3%), from €124,178 to €120,018
- Trade debts -€4,825
down €4,825 (-25.0%), from €19,280 to €14,455
- Other debts -€4,790
no longer reported in 2025 (was €4,790)
- Tax, wage and social debts -€3,645
no longer reported in 2025 (was €3,645)
- Gross operating margin -€12,516
down €12,516, from €10,754 to -€1,762
- Depreciation -€5,634
no longer reported in 2025 (was €5,634)
- Taxes -€1,641
down €1,641, from €967 to -€674
- Financial charges +€162
up €162 (+43.6%), from €372 to €534
From the 2022 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2022 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €229,213 | €217,801 | -€11,411 | -5.0% |
| Fixed assets | 21/28 | €2,080 | €0 | -€2,080 | -100.0% |
| Tangible fixed assets | 22/27 | €2,080 | €0 | -€2,080 | -100.0% |
| Plant, machinery and equipment | 23 | €979 | €0 | -€979 | -100.0% |
| Furniture and vehicles | 24 | €1,102 | €0 | -€1,102 | -100.0% |
| Current assets | 29/58 | €227,132 | €217,801 | -€9,331 | -4.1% |
| Amounts receivable after more than one year | 29 | €124,178 | €120,018 | -€4,160 | -3.3% |
| Trade receivables | 290 | €124,178 | €120,018 | -€4,160 | -3.3% |
| Amounts receivable within one year | 40/41 | €29,370 | €43,838 | +€14,469 | +49.3% |
| Trade receivables | 40 | €28,355 | €37,930 | +€9,575 | +33.8% |
| Other amounts receivable | 41 | €1,014 | €5,908 | +€4,894 | +482.5% |
| Cash at bank and in hand | 54/58 | €18,950 | - | -€18,950 | |
| Deferred charges and accrued income | 490/1 | €54,634 | €53,945 | -€690 | -1.3% |
| Total equity and liabilities | 10/49 | €229,213 | €217,801 | -€11,411 | -5.0% |
| Equity | 10/15 | €199,798 | €201,398 | +€1,600 | +0.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Outside capital | 11 | €12,400 | - | -€12,400 | |
| Other | 1109/19 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €26,860 | €26,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €160,538 | €162,138 | +€1,600 | +1.0% |
| Amounts payable | 17/49 | €29,414 | €16,403 | -€13,011 | -44.2% |
| Amounts payable within one year | 42/48 | €29,414 | €16,403 | -€13,011 | -44.2% |
| Financial debts | 43 | - | €1,948 | +€1,948 | |
| Credit institutions | 430/8 | - | €1,948 | +€1,948 | |
| Trade debts | 44 | €19,280 | €14,455 | -€4,825 | -25.0% |
| Suppliers | 440/4 | €19,280 | €14,455 | -€4,825 | -25.0% |
| Advances received on contracts in progress | 46 | €1,700 | - | -€1,700 | |
| Taxes, remuneration and social security | 45 | €3,645 | - | -€3,645 | |
| Taxes | 450/3 | €3,645 | - | -€3,645 | |
| Other amounts payable | 47/48 | €4,790 | - | -€4,790 | |
| Remuneration, social security and pensions | 62 | - | €19 | +€19 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,634 | - | -€5,634 | |
| Other operating charges | 640/8 | €307 | €295 | -€12 | -3.9% |
| Gross operating margin | 9900 | €10,754 | -€1,762 | -€12,516 | |
| Operating profit (loss) | 9901 | €4,813 | -€2,076 | -€6,889 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €372 | €534 | +€162 | +43.6% |
| Recurring financial charges | 65 | €372 | €534 | +€162 | +43.6% |
| Profit (loss) for the period before taxes | 9903 | €4,441 | -€2,610 | -€7,052 | |
| Income taxes | 67/77 | €967 | -€674 | -€1,641 | |
| Profit (loss) for the period | 9904 | €3,474 | -€1,936 | -€5,410 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,474 | -€1,936 | -€5,410 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2022 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.