PETER DE GENDT: 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.
PETER DE GENDT
Largest movements
- Receivables within one year -€43,895
down €43,895 (-78.5%), from €55,899 to €12,004
of which Trade receivables: -€39,296
- Deferred charges and accrued income +€40,088
up €40,088 (+581%), from €6,895 to €46,983
- Receivables after one year +€32,400
up €32,400 (+80.3%), from €40,350 to €72,750
- Cash +€17,294
up €17,294 (+6.3%), from €272,596 to €289,890
mainly Net result for the year (+€134,921) and Depreciation (+€72,609)
- Reserves +€134,921
up €134,921 (+23.1%), from €582,982 to €717,902
of which Distributable reserves: +€135,489
- Debts after one year -€86,172
down €86,172 (-26.6%), from €323,684 to €237,512
- Other debts -€51,800
down €51,800 (-86.4%), from €59,976 to €8,176
- Trade debts +€30,147
up €30,147 (+282%), from €10,704 to €40,851
- Tax, wage and social debts +€25,153
new in 2025: €25,153
of which Taxes: +€20,701
- Gross operating margin -€43,147
down €43,147 (-13.3%), from €324,286 to €281,140
- Taxes +€8,806
up €8,806 (+15.6%), from €56,494 to €65,300
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.
Derived cash bridge
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 | €1,154,579 | €1,210,778 | +€56,199 | +4.9% |
| Fixed assets | 21/28 | €778,840 | €789,151 | +€10,311 | +1.3% |
| Tangible fixed assets | 22/27 | €778,840 | €789,151 | +€10,311 | +1.3% |
| Land and buildings | 22 | €298,331 | €257,046 | -€41,285 | -13.8% |
| Plant, machinery and equipment | 23 | €6,187 | €3,727 | -€2,461 | -39.8% |
| Furniture and vehicles | 24 | €2,224 | €1,318 | -€906 | -40.7% |
| Other tangible fixed assets | 26 | €472,099 | €8,342 | -€463,757 | -98.2% |
| Assets under construction and advance payments | 27 | - | €518,720 | +€518,720 | |
| Current assets | 29/58 | €375,739 | €421,626 | +€45,887 | +12.2% |
| Amounts receivable after more than one year | 29 | €40,350 | €72,750 | +€32,400 | +80.3% |
| Other amounts receivable | 291 | €40,350 | €72,750 | +€32,400 | +80.3% |
| Amounts receivable within one year | 40/41 | €55,899 | €12,004 | -€43,895 | -78.5% |
| Trade receivables | 40 | €42,048 | €2,752 | -€39,296 | -93.5% |
| Other amounts receivable | 41 | €13,851 | €9,252 | -€4,599 | -33.2% |
| Cash at bank and in hand | 54/58 | €272,596 | €289,890 | +€17,294 | +6.3% |
| Deferred charges and accrued income | 490/1 | €6,895 | €46,983 | +€40,088 | +581% |
| Total equity and liabilities | 10/49 | €1,154,579 | €1,210,778 | +€56,199 | +4.9% |
| Equity | 10/15 | €673,855 | €808,775 | +€134,921 | +20.0% |
| Contributions | 10/11 | €20,150 | €20,150 | = | 0.0% |
| Reserves | 13 | €582,982 | €717,902 | +€134,921 | +23.1% |
| Tax-exempt reserves | 132 | €1,655 | €1,087 | -€568 | -34.3% |
| Distributable reserves | 133 | €581,327 | €716,816 | +€135,489 | +23.3% |
| Profit (loss) carried forward | 14 | €70,723 | €70,723 | = | 0.0% |
| Provisions and deferred taxes | 16 | €284 | €142 | -€142 | -50.0% |
| Deferred taxes | 168 | €284 | €142 | -€142 | -50.0% |
| Amounts payable | 17/49 | €480,440 | €401,860 | -€78,580 | -16.4% |
| Amounts payable after more than one year | 17 | €323,684 | €237,512 | -€86,172 | -26.6% |
| Financial debts | 170/4 | €323,684 | €237,512 | -€86,172 | -26.6% |
| Amounts payable within one year | 42/48 | €155,316 | €162,188 | +€6,872 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €84,636 | €86,172 | +€1,536 | +1.8% |
| Financial debts | 43 | - | €1,837 | +€1,837 | |
| Credit institutions | 430/8 | - | €1,837 | +€1,837 | |
| Trade debts | 44 | €10,704 | €40,851 | +€30,147 | +282% |
| Suppliers | 440/4 | €10,704 | €40,851 | +€30,147 | +282% |
| Taxes, remuneration and social security | 45 | - | €25,153 | +€25,153 | |
| Taxes | 450/3 | - | €20,701 | +€20,701 | |
| Remuneration and social security | 454/9 | - | €4,452 | +€4,452 | |
| Other amounts payable | 47/48 | €59,976 | €8,176 | -€51,800 | -86.4% |
| Accrued charges and deferred income | 492/3 | €1,440 | €2,160 | +€720 | +50.0% |
| Non-recurring operating income | 76A | €97,188 | €0 | -€97,188 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,045 | €72,609 | +€2,564 | +3.7% |
| Other operating charges | 640/8 | €3,867 | €4,603 | +€736 | +19.0% |
| Gross operating margin | 9900 | €324,286 | €281,140 | -€43,147 | -13.3% |
| Operating profit (loss) | 9901 | €250,374 | €203,928 | -€46,446 | -18.6% |
| Financial income | 75/76B | €6,920 | €3,928 | -€2,992 | -43.2% |
| Recurring financial income | 75 | €6,920 | €3,928 | -€2,992 | -43.2% |
| Financial charges | 65/66B | €9,295 | €7,777 | -€1,518 | -16.3% |
| Recurring financial charges | 65 | €9,295 | €7,777 | -€1,518 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €247,999 | €200,079 | -€47,921 | -19.3% |
| Transfer from deferred taxes | 780 | €142 | €142 | = | 0.0% |
| Income taxes | 67/77 | €56,494 | €65,300 | +€8,806 | +15.6% |
| Profit (loss) for the period | 9904 | €191,648 | €134,921 | -€56,727 | -29.6% |
| Transfer from tax-exempt reserves | 789 | €568 | €568 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €192,216 | €135,489 | -€56,727 | -29.5% |
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 21 October 2026 via checked.be.