PESCH: 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.
PESCH
Largest movements
- Cash -€44,016
down €44,016 (-67.9%), from €64,864 to €20,848
mainly Other debts (-€45,666) and Contributions, distributions and other (-€20,000)
- Tangible fixed assets -€16,064
down €16,064 (-7.8%), from €205,904 to €189,840
of which Leasing and similar rights: -€11,058
- Other debts -€45,666
down €45,666 (-40.3%), from €113,334 to €67,668
- Debts after one year -€14,841
down €14,841 (-11.3%), from €130,917 to €116,076
- Gross operating margin -€21,324
down €21,324 (-29.2%), from €73,139 to €51,816
- Taxes -€10,844
down €10,844 (-61.1%), from €17,752 to €6,908
- Other operating charges -€902
down €902 (-40.7%), from €2,216 to €1,314
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 | €270,867 | €211,927 | -€58,940 | -21.8% |
| Fixed assets | 21/28 | €206,002 | €189,938 | -€16,064 | -7.8% |
| Tangible fixed assets | 22/27 | €205,904 | €189,840 | -€16,064 | -7.8% |
| Land and buildings | 22 | €177,543 | €172,436 | -€5,107 | -2.9% |
| Furniture and vehicles | 24 | €1,177 | €1,278 | +€101 | +8.5% |
| Leasing and similar rights | 25 | €27,184 | €16,126 | -€11,058 | -40.7% |
| Financial fixed assets | 28 | €98 | €98 | = | 0.0% |
| Current assets | 29/58 | €64,864 | €21,989 | -€42,876 | -66.1% |
| Cash at bank and in hand | 54/58 | €64,864 | €20,848 | -€44,016 | -67.9% |
| Deferred charges and accrued income | 490/1 | - | €1,141 | +€1,141 | |
| Total equity and liabilities | 10/49 | €270,867 | €211,927 | -€58,940 | -21.8% |
| Equity | 10/15 | €7,017 | €6,911 | -€106 | -1.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,017 | €5,911 | -€106 | -1.8% |
| Amounts payable | 17/49 | €263,850 | €205,016 | -€58,834 | -22.3% |
| Amounts payable after more than one year | 17 | €130,917 | €116,076 | -€14,841 | -11.3% |
| Financial debts | 170/4 | €130,917 | €116,076 | -€14,841 | -11.3% |
| Amounts payable within one year | 42/48 | €131,921 | €88,090 | -€43,831 | -33.2% |
| Current portion of amounts payable after more than one year | 42 | €14,329 | €14,841 | +€512 | +3.6% |
| Trade debts | 44 | €367 | €2,406 | +€2,039 | +555.7% |
| Suppliers | 440/4 | €367 | €2,406 | +€2,039 | +555.7% |
| Taxes, remuneration and social security | 45 | €3,891 | €3,175 | -€716 | -18.4% |
| Taxes | 450/3 | €3,891 | €3,175 | -€716 | -18.4% |
| Other amounts payable | 47/48 | €113,334 | €67,668 | -€45,666 | -40.3% |
| Accrued charges and deferred income | 492/3 | €1,012 | €850 | -€162 | -16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,624 | €16,807 | +€183 | +1.1% |
| Other operating charges | 640/8 | €2,216 | €1,314 | -€902 | -40.7% |
| Gross operating margin | 9900 | €73,139 | €51,816 | -€21,324 | -29.2% |
| Operating profit (loss) | 9901 | €54,300 | €33,695 | -€20,605 | -37.9% |
| Financial income | 75/76B | €34 | - | -€34 | |
| Recurring financial income | 75 | €34 | - | -€34 | |
| Financial charges | 65/66B | €6,811 | €6,893 | +€83 | +1.2% |
| Recurring financial charges | 65 | €6,811 | €6,893 | +€83 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | €47,523 | €26,802 | -€20,722 | -43.6% |
| Income taxes | 67/77 | €17,752 | €6,908 | -€10,844 | -61.1% |
| Profit (loss) for the period | 9904 | €29,771 | €19,894 | -€9,877 | -33.2% |
| Profit (loss) for the period to be appropriated | 9905 | €29,771 | €19,894 | -€9,877 | -33.2% |
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.