Peter De Vos: 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 Vos
Largest movements
- Cash +€140,939
up €140,939 (+8.9%), from €1.6m to €1.7m
mainly Net result for the year (+€287,461) and Depreciation (+€123,639)
- Tangible fixed assets -€111,588
down €111,588 (-18.5%), from €603,544 to €491,956
of which Furniture and vehicles: -€68,057
- Current investments +€43,342
up €43,342 (+76.5%), from €56,658 to €100,000
- Receivables within one year +€40,228
up €40,228 (+9.5%), from €423,753 to €463,981
of which Trade receivables: +€80,146
- Reserves +€80,881
up €80,881 (+3.4%), from €2.4m to €2.5m
- Gross operating margin +€80,355
up €80,355 (+8.8%), from €912,422 to €992,777
- Staff costs +€58,184
up €58,184 (+14.9%), from €391,749 to €449,933
- Taxes +€14,300
up €14,300 (+13.2%), from €108,550 to €122,850
- Depreciation -€11,732
down €11,732 (-8.7%), from €135,371 to €123,639
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 | €2,937,277 | €3,030,350 | +€93,073 | +3.2% |
| Fixed assets | 21/28 | €603,750 | €492,162 | -€111,588 | -18.5% |
| Tangible fixed assets | 22/27 | €603,544 | €491,956 | -€111,588 | -18.5% |
| Land and buildings | 22 | €273,999 | €227,728 | -€46,271 | -16.9% |
| Plant, machinery and equipment | 23 | €32,653 | €35,393 | +€2,740 | +8.4% |
| Furniture and vehicles | 24 | €296,892 | €228,835 | -€68,057 | -22.9% |
| Financial fixed assets | 28 | €206 | €206 | = | 0.0% |
| Current assets | 29/58 | €2,333,527 | €2,538,188 | +€204,661 | +8.8% |
| Stocks and contracts in progress | 3 | €275,614 | €256,577 | -€19,037 | -6.9% |
| Stocks | 30/36 | €275,614 | €256,577 | -€19,037 | -6.9% |
| Amounts receivable within one year | 40/41 | €423,753 | €463,981 | +€40,228 | +9.5% |
| Trade receivables | 40 | €281,667 | €361,813 | +€80,146 | +28.5% |
| Other amounts receivable | 41 | €142,086 | €102,168 | -€39,918 | -28.1% |
| Current investments | 50/53 | €56,658 | €100,000 | +€43,342 | +76.5% |
| Cash at bank and in hand | 54/58 | €1,576,691 | €1,717,630 | +€140,939 | +8.9% |
| Deferred charges and accrued income | 490/1 | €811 | - | -€811 | |
| Total equity and liabilities | 10/49 | €2,937,277 | €3,030,350 | +€93,073 | +3.2% |
| Equity | 10/15 | €2,445,461 | €2,526,342 | +€80,881 | +3.3% |
| Contributions | 10/11 | €74,400 | €74,400 | = | 0.0% |
| Reserves | 13 | €2,371,061 | €2,451,942 | +€80,881 | +3.4% |
| Distributable reserves | 133 | €2,371,061 | €2,451,942 | +€80,881 | +3.4% |
| Amounts payable | 17/49 | €491,816 | €504,008 | +€12,192 | +2.5% |
| Amounts payable after more than one year | 17 | €142,082 | €118,587 | -€23,495 | -16.5% |
| Financial debts | 170/4 | €142,082 | €118,587 | -€23,495 | -16.5% |
| Amounts payable within one year | 42/48 | €347,820 | €383,479 | +€35,659 | +10.3% |
| Current portion of amounts payable after more than one year | 42 | €23,149 | €23,494 | +€345 | +1.5% |
| Trade debts | 44 | €68,860 | €66,436 | -€2,424 | -3.5% |
| Suppliers | 440/4 | €68,860 | €66,436 | -€2,424 | -3.5% |
| Taxes, remuneration and social security | 45 | €65,469 | €80,494 | +€15,025 | +22.9% |
| Taxes | 450/3 | €15,368 | €23,597 | +€8,229 | +53.5% |
| Remuneration and social security | 454/9 | €50,101 | €56,897 | +€6,796 | +13.6% |
| Other amounts payable | 47/48 | €190,342 | €213,055 | +€22,713 | +11.9% |
| Accrued charges and deferred income | 492/3 | €1,914 | €1,942 | +€28 | +1.5% |
| Non-recurring operating income | 76A | - | €30,894 | +€30,894 | |
| Remuneration, social security and pensions | 62 | €391,749 | €449,933 | +€58,184 | +14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,371 | €123,639 | -€11,732 | -8.7% |
| Other operating charges | 640/8 | €16,925 | €17,860 | +€935 | +5.5% |
| Gross operating margin | 9900 | €912,422 | €992,777 | +€80,355 | +8.8% |
| Operating profit (loss) | 9901 | €368,377 | €401,345 | +€32,968 | +8.9% |
| Financial income | 75/76B | €3,433 | €12,949 | +€9,516 | +277% |
| Recurring financial income | 75 | €3,433 | €12,949 | +€9,516 | +277% |
| Financial charges | 65/66B | €5,393 | €3,983 | -€1,410 | -26.1% |
| Recurring financial charges | 65 | €5,393 | €3,983 | -€1,410 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | €366,417 | €410,311 | +€43,894 | +12.0% |
| Income taxes | 67/77 | €108,550 | €122,850 | +€14,300 | +13.2% |
| Profit (loss) for the period | 9904 | €257,867 | €287,461 | +€29,594 | +11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €257,867 | €287,461 | +€29,594 | +11.5% |
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 26 October 2026 via checked.be.