Perle d'eau: 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.
Perle d'eau
Largest movements
- Tangible fixed assets +€52,736
up €52,736 (+17.9%), from €295,151 to €347,888
of which Land and buildings: +€43,279
- Cash -€19,288
down €19,288 (-30.1%), from €64,185 to €44,897
mainly Investment in fixed assets (net) (-€111,609) and Other debts (-€50,875)
- Stocks and contracts -€5,161
down €5,161 (-11.0%), from €47,030 to €41,869
- Other debts -€50,875
down €50,875 (-27.2%), from €187,065 to €136,190
- Debts after one year +€40,052
up €40,052 (+35.4%), from €113,071 to €153,124
- Reserves +€33,007
up €33,007 (+68.5%), from €48,177 to €81,185
- Trade debts +€7,223
up €7,223 (+106.9%), from €6,759 to €13,982
- Gross operating margin +€11,536
up €11,536 (+6.9%), from €166,418 to €177,954
- Depreciation +€5,039
up €5,039 (+8.8%), from €57,305 to €62,344
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 | €441,688 | €470,545 | +€28,858 | +6.5% |
| Fixed assets | 21/28 | €308,049 | €357,314 | +€49,265 | +16.0% |
| Intangible fixed assets | 21 | €12,898 | €9,426 | -€3,472 | -26.9% |
| Tangible fixed assets | 22/27 | €295,151 | €347,888 | +€52,736 | +17.9% |
| Land and buildings | 22 | €127,804 | €171,083 | +€43,279 | +33.9% |
| Plant, machinery and equipment | 23 | €51,204 | €89,991 | +€38,787 | +75.7% |
| Furniture and vehicles | 24 | €43,000 | €23,351 | -€19,649 | -45.7% |
| Other tangible fixed assets | 26 | €73,143 | €63,463 | -€9,680 | -13.2% |
| Current assets | 29/58 | €133,639 | €113,232 | -€20,407 | -15.3% |
| Stocks and contracts in progress | 3 | €47,030 | €41,869 | -€5,161 | -11.0% |
| Stocks | 30/36 | €47,030 | €41,869 | -€5,161 | -11.0% |
| Amounts receivable within one year | 40/41 | €18,119 | €22,067 | +€3,948 | +21.8% |
| Trade receivables | 40 | €18,119 | €21,612 | +€3,492 | +19.3% |
| Other amounts receivable | 41 | - | €455 | +€455 | |
| Cash at bank and in hand | 54/58 | €64,185 | €44,897 | -€19,288 | -30.1% |
| Deferred charges and accrued income | 490/1 | €4,305 | €4,398 | +€94 | +2.2% |
| Total equity and liabilities | 10/49 | €441,688 | €470,545 | +€28,858 | +6.5% |
| Equity | 10/15 | €66,777 | €99,785 | +€33,007 | +49.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €48,177 | €81,185 | +€33,007 | +68.5% |
| Distributable reserves | 133 | €48,177 | €81,185 | +€33,007 | +68.5% |
| Amounts payable | 17/49 | €374,910 | €370,761 | -€4,150 | -1.1% |
| Amounts payable after more than one year | 17 | €113,071 | €153,124 | +€40,052 | +35.4% |
| Financial debts | 170/4 | €113,071 | €153,124 | +€40,052 | +35.4% |
| Amounts payable within one year | 42/48 | €261,839 | €217,637 | -€44,202 | -16.9% |
| Current portion of amounts payable after more than one year | 42 | €22,149 | €26,254 | +€4,106 | +18.5% |
| Trade debts | 44 | €6,759 | €13,982 | +€7,223 | +106.9% |
| Suppliers | 440/4 | €6,759 | €13,982 | +€7,223 | +106.9% |
| Taxes, remuneration and social security | 45 | €45,867 | €41,211 | -€4,656 | -10.2% |
| Taxes | 450/3 | €31,994 | €28,240 | -€3,754 | -11.7% |
| Remuneration and social security | 454/9 | €13,873 | €12,971 | -€902 | -6.5% |
| Other amounts payable | 47/48 | €187,065 | €136,190 | -€50,875 | -27.2% |
| Non-recurring operating income | 76A | - | €620 | +€620 | |
| Remuneration, social security and pensions | 62 | €60,390 | €60,738 | +€349 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,305 | €62,344 | +€5,039 | +8.8% |
| Other operating charges | 640/8 | €2,089 | €1,748 | -€341 | -16.3% |
| Gross operating margin | 9900 | €166,418 | €177,954 | +€11,536 | +6.9% |
| Operating profit (loss) | 9901 | €46,634 | €53,123 | +€6,490 | +13.9% |
| Financial income | 75/76B | €51 | €219 | +€168 | +329.5% |
| Recurring financial income | 75 | €51 | €219 | +€168 | +329.5% |
| Financial charges | 65/66B | €1,486 | €2,665 | +€1,179 | +79.3% |
| Recurring financial charges | 65 | €1,486 | €2,665 | +€1,179 | +79.3% |
| Profit (loss) for the period before taxes | 9903 | €45,198 | €50,677 | +€5,478 | +12.1% |
| Income taxes | 67/77 | €17,103 | €17,670 | +€567 | +3.3% |
| Profit (loss) for the period | 9904 | €28,096 | €33,007 | +€4,911 | +17.5% |
| Profit (loss) for the period to be appropriated | 9905 | €28,096 | €33,007 | +€4,911 | +17.5% |
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 8 October 2026 via checked.be.