PERSE: what changed
Two financial 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.
PERSE
Largest movements
- Cash -€172,122
down €172,122 (-77.3%), from €222,544 to €50,422
mainly Short-term financial debts (-€229,185) and Other debts (-€112,926)
- Stocks and contracts -€144,316
down €144,316 (-13.5%), from €1.1m to €927,196
- Short-term financial debts -€229,185
down €229,185 (-65.1%), from €351,839 to €122,654
- Other debts -€112,926
down €112,926 (-17.6%), from €643,434 to €530,508
- Trade debts +€70,134
up €70,134 (+45.2%), from €155,316 to €225,449
- Tax, wage and social debts -€23,129
down €23,129 (-69.3%), from €33,385 to €10,256
- Reserves -€15,457
down €15,457 (-12.6%), from €122,676 to €107,219
- Financial charges -€39,830
down €39,830 (-69.9%), from €56,973 to €17,143
- Gross operating margin -€18,665
down €18,665 (-12.8%), from €146,206 to €127,541
- Financial income -€10,473
down €10,473 (-84.7%), from €12,366 to €1,893
- Taxes +€2,446
up €2,446 (+10.4%), from €23,526 to €25,972
- Other operating charges -€1,517
down €1,517 (-47.7%), from €3,179 to €1,662
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 | €1,361,486 | €1,041,898 | -€319,588 | -23.5% |
| Fixed assets | 21/28 | €43,689 | €31,574 | -€12,114 | -27.7% |
| Tangible fixed assets | 22/27 | €43,689 | €31,574 | -€12,114 | -27.7% |
| Furniture and vehicles | 24 | €43,689 | €31,574 | -€12,114 | -27.7% |
| Current assets | 29/58 | €1,317,797 | €1,010,323 | -€307,474 | -23.3% |
| Stocks and contracts in progress | 3 | €1,071,512 | €927,196 | -€144,316 | -13.5% |
| Stocks | 30/36 | €1,071,512 | €927,196 | -€144,316 | -13.5% |
| Amounts receivable within one year | 40/41 | €23,742 | €29,396 | +€5,654 | +23.8% |
| Other amounts receivable | 41 | €23,742 | €29,396 | +€5,654 | +23.8% |
| Cash at bank and in hand | 54/58 | €222,544 | €50,422 | -€172,122 | -77.3% |
| Deferred charges and accrued income | 490/1 | - | €3,310 | +€3,310 | |
| Total equity and liabilities | 10/49 | €1,361,486 | €1,041,898 | -€319,588 | -23.5% |
| Equity | 10/15 | €142,676 | €127,219 | -€15,457 | -10.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €122,676 | €107,219 | -€15,457 | -12.6% |
| Distributable reserves | 133 | €122,676 | €107,219 | -€15,457 | -12.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,218,810 | €914,679 | -€304,131 | -25.0% |
| Amounts payable after more than one year | 17 | €25,811 | €16,437 | -€9,374 | -36.3% |
| Financial debts | 170/4 | €25,811 | €16,437 | -€9,374 | -36.3% |
| Amounts payable within one year | 42/48 | €1,192,999 | €898,242 | -€294,757 | -24.7% |
| Current portion of amounts payable after more than one year | 42 | €9,025 | €9,374 | +€349 | +3.9% |
| Financial debts | 43 | €351,839 | €122,654 | -€229,185 | -65.1% |
| Credit institutions | 430/8 | €351,839 | €122,654 | -€229,185 | -65.1% |
| Trade debts | 44 | €155,316 | €225,449 | +€70,134 | +45.2% |
| Suppliers | 440/4 | €155,316 | €225,449 | +€70,134 | +45.2% |
| Taxes, remuneration and social security | 45 | €33,385 | €10,256 | -€23,129 | -69.3% |
| Taxes | 450/3 | €33,385 | €10,256 | -€23,129 | -69.3% |
| Other amounts payable | 47/48 | €643,434 | €530,508 | -€112,926 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,114 | €12,114 | = | 0.0% |
| Other operating charges | 640/8 | €3,179 | €1,662 | -€1,517 | -47.7% |
| Gross operating margin | 9900 | €146,206 | €127,541 | -€18,665 | -12.8% |
| Operating profit (loss) | 9901 | €130,913 | €113,765 | -€17,148 | -13.1% |
| Financial income | 75/76B | €12,366 | €1,893 | -€10,473 | -84.7% |
| Recurring financial income | 75 | €12,366 | €1,893 | -€10,473 | -84.7% |
| Financial charges | 65/66B | €56,973 | €17,143 | -€39,830 | -69.9% |
| Recurring financial charges | 65 | €56,973 | €17,143 | -€39,830 | -69.9% |
| Profit (loss) for the period before taxes | 9903 | €86,306 | €98,515 | +€12,209 | +14.1% |
| Income taxes | 67/77 | €23,526 | €25,972 | +€2,446 | +10.4% |
| Profit (loss) for the period | 9904 | €62,780 | €72,543 | +€9,763 | +15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €62,780 | €72,543 | +€9,763 | +15.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.