Peter De Baets: 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.
Peter De Baets
Largest movements
- Cash -€39,627
down €39,627 (-23.1%), from €171,258 to €131,630
mainly Contributions, distributions and other (-€90,000) and Other debts (-€33,566)
- Tangible fixed assets -€13,251
down €13,251 (-14.8%), from €89,468 to €76,217
of which Furniture and vehicles: -€13,021
- Other debts -€33,566
down €33,566 (-21.0%), from €159,722 to €126,156
- Debts after one year -€11,804
down €11,804 (-32.9%), from €35,843 to €24,039
- Reserves -€4,229
down €4,229 (-18.6%), from €22,780 to €18,552
- Gross operating margin -€67,664
down €67,664 (-33.9%), from €199,589 to €131,925
- Taxes -€14,612
down €14,612 (-33.3%), from €43,820 to €29,208
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 | €262,514 | €211,515 | -€50,999 | -19.4% |
| Fixed assets | 21/28 | €89,468 | €76,217 | -€13,251 | -14.8% |
| Tangible fixed assets | 22/27 | €89,468 | €76,217 | -€13,251 | -14.8% |
| Plant, machinery and equipment | 23 | €230 | €0 | -€230 | -100.0% |
| Furniture and vehicles | 24 | €89,238 | €76,217 | -€13,021 | -14.6% |
| Current assets | 29/58 | €173,046 | €135,298 | -€37,747 | -21.8% |
| Amounts receivable within one year | 40/41 | €438 | €0 | -€438 | -100.0% |
| Trade receivables | 40 | €438 | €0 | -€438 | -100.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €171,258 | €131,630 | -€39,627 | -23.1% |
| Deferred charges and accrued income | 490/1 | €1,350 | €3,668 | +€2,318 | +171.7% |
| Total equity and liabilities | 10/49 | €262,514 | €211,515 | -€50,999 | -19.4% |
| Equity | 10/15 | €41,380 | €37,152 | -€4,229 | -10.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €22,780 | €18,552 | -€4,229 | -18.6% |
| Distributable reserves | 133 | €22,780 | €18,552 | -€4,229 | -18.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €221,133 | €174,364 | -€46,770 | -21.1% |
| Amounts payable after more than one year | 17 | €35,843 | €24,039 | -€11,804 | -32.9% |
| Financial debts | 170/4 | €35,843 | €24,039 | -€11,804 | -32.9% |
| Amounts payable within one year | 42/48 | €185,290 | €150,325 | -€34,966 | -18.9% |
| Current portion of amounts payable after more than one year | 42 | €11,325 | €11,804 | +€479 | +4.2% |
| Financial debts | 43 | €2,043 | €309 | -€1,733 | -84.9% |
| Credit institutions | 430/8 | €2,043 | €309 | -€1,733 | -84.9% |
| Trade debts | 44 | €710 | €884 | +€174 | +24.5% |
| Suppliers | 440/4 | €710 | €884 | +€174 | +24.5% |
| Taxes, remuneration and social security | 45 | €11,491 | €11,172 | -€319 | -2.8% |
| Taxes | 450/3 | €11,491 | €11,172 | -€319 | -2.8% |
| Other amounts payable | 47/48 | €159,722 | €126,156 | -€33,566 | -21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,488 | €13,251 | -€237 | -1.8% |
| Other operating charges | 640/8 | €1,972 | €1,950 | -€22 | -1.1% |
| Gross operating margin | 9900 | €199,589 | €131,925 | -€67,664 | -33.9% |
| Operating profit (loss) | 9901 | €184,129 | €116,723 | -€67,406 | -36.6% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €2,232 | €1,744 | -€488 | -21.9% |
| Recurring financial charges | 65 | €2,232 | €1,744 | -€488 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | €181,897 | €114,979 | -€66,918 | -36.8% |
| Income taxes | 67/77 | €43,820 | €29,208 | -€14,612 | -33.3% |
| Profit (loss) for the period | 9904 | €138,077 | €85,771 | -€52,306 | -37.9% |
| Profit (loss) for the period to be appropriated | 9905 | €138,077 | €85,771 | -€52,306 | -37.9% |
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 30 September 2026 via checked.be.