PERSEUS: 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.
PERSEUS
Largest movements
- Cash +€336,721
up €336,721 (+240.9%), from €139,789 to €476,511
mainly Accrued charges and deferred income (+€230,218) and Deferred charges and accrued income (+€120,506)
- Deferred charges and accrued income -€120,506
down €120,506 (-88.0%), from €136,981 to €16,475
- Receivables within one year +€38,883
up €38,883 (+19.5%), from €199,563 to €238,446
of which Trade receivables: +€35,046
- Accrued charges and deferred income +€230,218
up €230,218 (+925.3%), from €24,880 to €255,099
- Reserves +€76,417
up €76,417 (+27.4%), from €278,423 to €354,840
- Trade debts -€70,546
down €70,546 (-85.1%), from €82,899 to €12,353
- Debts after one year +€22,753
new in 2025: €22,753
- Current portion of long-term debt -€19,475
down €19,475 (-76.9%), from €25,321 to €5,847
- Staff costs -€50,172
down €50,172 (-10.9%), from €460,278 to €410,106
- Taxes +€22,390
up €22,390 (+5775.4%), from €388 to €22,778
- Gross operating margin -€20,156
down €20,156 (-3.5%), from €573,647 to €553,491
- Depreciation -€6,342
down €6,342 (-13.8%), from €45,801 to €39,459
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 | €535,681 | €793,561 | +€257,879 | +48.1% |
| Fixed assets | 21/28 | €59,348 | €62,129 | +€2,781 | +4.7% |
| Intangible fixed assets | 21 | €5,799 | €1,608 | -€4,191 | -72.3% |
| Tangible fixed assets | 22/27 | €50,529 | €57,282 | +€6,753 | +13.4% |
| Furniture and vehicles | 24 | €50,529 | €57,282 | +€6,753 | +13.4% |
| Financial fixed assets | 28 | €3,020 | €3,240 | +€220 | +7.3% |
| Current assets | 29/58 | €476,333 | €731,431 | +€255,098 | +53.6% |
| Amounts receivable within one year | 40/41 | €199,563 | €238,446 | +€38,883 | +19.5% |
| Trade receivables | 40 | €179,586 | €214,632 | +€35,046 | +19.5% |
| Other amounts receivable | 41 | €19,977 | €23,814 | +€3,837 | +19.2% |
| Cash at bank and in hand | 54/58 | €139,789 | €476,511 | +€336,721 | +240.9% |
| Deferred charges and accrued income | 490/1 | €136,981 | €16,475 | -€120,506 | -88.0% |
| Total equity and liabilities | 10/49 | €535,681 | €793,561 | +€257,879 | +48.1% |
| Equity | 10/15 | €297,023 | €373,440 | +€76,417 | +25.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €278,423 | €354,840 | +€76,417 | +27.4% |
| Distributable reserves | 133 | €278,423 | €354,840 | +€76,417 | +27.4% |
| Amounts payable | 17/49 | €238,658 | €420,120 | +€181,462 | +76.0% |
| Amounts payable after more than one year | 17 | - | €22,753 | +€22,753 | |
| Financial debts | 170/4 | - | €22,753 | +€22,753 | |
| Amounts payable within one year | 42/48 | €213,778 | €142,269 | -€71,509 | -33.5% |
| Current portion of amounts payable after more than one year | 42 | €25,321 | €5,847 | -€19,475 | -76.9% |
| Financial debts | 43 | €153 | - | -€153 | |
| Credit institutions | 430/8 | €153 | - | -€153 | |
| Trade debts | 44 | €82,899 | €12,353 | -€70,546 | -85.1% |
| Suppliers | 440/4 | €82,899 | €12,353 | -€70,546 | -85.1% |
| Taxes, remuneration and social security | 45 | €105,404 | €124,068 | +€18,664 | +17.7% |
| Taxes | 450/3 | €46,623 | €57,760 | +€11,137 | +23.9% |
| Remuneration and social security | 454/9 | €58,781 | €66,308 | +€7,527 | +12.8% |
| Accrued charges and deferred income | 492/3 | €24,880 | €255,099 | +€230,218 | +925.3% |
| Remuneration, social security and pensions | 62 | €460,278 | €410,106 | -€50,172 | -10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,801 | €39,459 | -€6,342 | -13.8% |
| Other operating charges | 640/8 | €2,770 | €2,194 | -€575 | -20.8% |
| Gross operating margin | 9900 | €573,647 | €553,491 | -€20,156 | -3.5% |
| Operating profit (loss) | 9901 | €64,798 | €101,732 | +€36,934 | +57.0% |
| Financial income | 75/76B | €156 | €1,068 | +€912 | +585.5% |
| Recurring financial income | 75 | €156 | €1,068 | +€912 | +585.5% |
| Financial charges | 65/66B | €6,038 | €3,605 | -€2,433 | -40.3% |
| Recurring financial charges | 65 | €6,038 | €3,605 | -€2,433 | -40.3% |
| Profit (loss) for the period before taxes | 9903 | €58,916 | €99,195 | +€40,279 | +68.4% |
| Income taxes | 67/77 | €388 | €22,778 | +€22,390 | +5775.4% |
| Profit (loss) for the period | 9904 | €58,528 | €76,417 | +€17,889 | +30.6% |
| Profit (loss) for the period to be appropriated | 9905 | €58,528 | €76,417 | +€17,889 | +30.6% |
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 10 October 2026 via checked.be.