Peter Dufaux: 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 Dufaux
Largest movements
- Receivables within one year -€44,537
down €44,537 (-11.3%), from €394,660 to €350,123
of which Trade receivables: -€75,660
- Cash +€25,568
up €25,568 (+238%), from €10,724 to €36,291
mainly Net result for the year (+€93,634) and Other debts (+€48,481)
- Current investments +€23,412
up €23,412 (+3.5%), from €667,782 to €691,194
- Financial fixed assets -€15,000
no longer reported in 2025 (was €15,000)
- Reserves -€49,195
down €49,195 (-5.0%), from €991,112 to €941,918
- Other debts +€48,481
up €48,481 (+55.6%), from €87,206 to €135,687
- Tax, wage and social debts -€27,186
down €27,186 (-67.0%), from €40,567 to €13,381
- Gross operating margin -€148,156
down €148,156 (-54.0%), from €274,338 to €126,181
- Taxes -€39,000
down €39,000 (-45.4%), from €85,941 to €46,940
- Financial income +€21,368
up €21,368 (+212%), from €10,101 to €31,469
- Other operating charges -€8,440
down €8,440 (-69.8%), from €12,087 to €3,647
- Depreciation +€4,587
up €4,587 (+56.0%), from €8,191 to €12,779
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 | €1,199,265 | €1,183,669 | -€15,595 | -1.3% |
| Fixed assets | 21/28 | €119,777 | €99,244 | -€20,533 | -17.1% |
| Tangible fixed assets | 22/27 | €104,777 | €99,244 | -€5,533 | -5.3% |
| Land and buildings | 22 | €69,639 | €67,899 | -€1,739 | -2.5% |
| Furniture and vehicles | 24 | €35,138 | €31,345 | -€3,793 | -10.8% |
| Financial fixed assets | 28 | €15,000 | - | -€15,000 | |
| Current assets | 29/58 | €1,079,488 | €1,084,425 | +€4,937 | +0.5% |
| Amounts receivable within one year | 40/41 | €394,660 | €350,123 | -€44,537 | -11.3% |
| Trade receivables | 40 | €224,532 | €148,873 | -€75,660 | -33.7% |
| Other amounts receivable | 41 | €170,128 | €201,250 | +€31,122 | +18.3% |
| Current investments | 50/53 | €667,782 | €691,194 | +€23,412 | +3.5% |
| Cash at bank and in hand | 54/58 | €10,724 | €36,291 | +€25,568 | +238% |
| Deferred charges and accrued income | 490/1 | €6,322 | €6,817 | +€495 | +7.8% |
| Total equity and liabilities | 10/49 | €1,199,265 | €1,183,669 | -€15,595 | -1.3% |
| Equity | 10/15 | €1,069,512 | €1,020,318 | -€49,195 | -4.6% |
| Contributions | 10/11 | €78,400 | €78,400 | = | 0.0% |
| Reserves | 13 | €991,112 | €941,918 | -€49,195 | -5.0% |
| Distributable reserves | 133 | €991,112 | €941,918 | -€49,195 | -5.0% |
| Amounts payable | 17/49 | €129,753 | €163,352 | +€33,599 | +25.9% |
| Amounts payable after more than one year | 17 | - | €5,101 | +€5,101 | |
| Financial debts | 170/4 | - | €5,101 | +€5,101 | |
| Amounts payable within one year | 42/48 | €129,753 | €158,251 | +€28,499 | +22.0% |
| Current portion of amounts payable after more than one year | 42 | - | €2,145 | +€2,145 | |
| Trade debts | 44 | €1,979 | €7,037 | +€5,058 | +256% |
| Suppliers | 440/4 | €1,979 | €7,037 | +€5,058 | +256% |
| Taxes, remuneration and social security | 45 | €40,567 | €13,381 | -€27,186 | -67.0% |
| Taxes | 450/3 | €40,567 | €13,381 | -€27,186 | -67.0% |
| Other amounts payable | 47/48 | €87,206 | €135,687 | +€48,481 | +55.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,191 | €12,779 | +€4,587 | +56.0% |
| Other operating charges | 640/8 | €12,087 | €3,647 | -€8,440 | -69.8% |
| Gross operating margin | 9900 | €274,338 | €126,181 | -€148,156 | -54.0% |
| Operating profit (loss) | 9901 | €254,059 | €109,756 | -€144,304 | -56.8% |
| Financial income | 75/76B | €10,101 | €31,469 | +€21,368 | +212% |
| Recurring financial income | 75 | €10,101 | €31,469 | +€21,368 | +212% |
| Financial charges | 65/66B | €577 | €650 | +€73 | +12.6% |
| Recurring financial charges | 65 | €577 | €650 | +€73 | +12.6% |
| Profit (loss) for the period before taxes | 9903 | €263,583 | €140,574 | -€123,009 | -46.7% |
| Income taxes | 67/77 | €85,941 | €46,940 | -€39,000 | -45.4% |
| Profit (loss) for the period | 9904 | €177,643 | €93,634 | -€84,008 | -47.3% |
| Profit (loss) for the period to be appropriated | 9905 | €177,643 | €93,634 | -€84,008 | -47.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.