PETER GELDERS: 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 GELDERS
Largest movements
- Current investments +€725,999
up €725,999 (+383.9%), from €189,124 to €915,123
- Intangible fixed assets -€283,041
no longer reported in 2025 (was €283,041)
- Cash -€92,494
down €92,494 (-15.2%), from €609,310 to €516,816
mainly Current investments (-€725,999) and Contributions, distributions and other (-€159,065)
- Tangible fixed assets -€16,442
down €16,442 (-9.1%), from €180,031 to €163,589
of which Plant, machinery and equipment: -€12,386
- Reserves +€448,628
up €448,628 (+39.9%), from €1.1m to €1.6m
- Tax, wage and social debts -€58,534
down €58,534 (-99.6%), from €58,787 to €254
of which Remuneration and social security: -€58,099
- Contributions -€57,000
down €57,000 (-91.9%), from €62,000 to €5,000
- Financial income +€801,939
up €801,939 (+11252.9%), from €7,126 to €809,066
of which Non-recurring financial income: +€805,430
- Gross operating margin -€446,247
down €446,247 (-54.8%), from €814,581 to €368,334
- Taxes +€167,523
up €167,523 (+185.2%), from €90,435 to €257,958
- Staff costs -€152,339
down €152,339 (-32.0%), from €475,970 to €323,631
- Depreciation -€39,268
down €39,268 (-65.9%), from €59,603 to €20,335
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 | €1,267,985 | €1,598,215 | +€330,230 | +26.0% |
| Fixed assets | 21/28 | €463,072 | €163,589 | -€299,483 | -64.7% |
| Intangible fixed assets | 21 | €283,041 | - | -€283,041 | |
| Tangible fixed assets | 22/27 | €180,031 | €163,589 | -€16,442 | -9.1% |
| Land and buildings | 22 | €150,970 | €149,755 | -€1,215 | -0.8% |
| Plant, machinery and equipment | 23 | €20,240 | €7,853 | -€12,386 | -61.2% |
| Furniture and vehicles | 24 | €8,822 | €5,981 | -€2,841 | -32.2% |
| Current assets | 29/58 | €804,913 | €1,434,626 | +€629,713 | +78.2% |
| Amounts receivable within one year | 40/41 | €4,000 | €2,063 | -€1,937 | -48.4% |
| Other amounts receivable | 41 | €4,000 | €2,063 | -€1,937 | -48.4% |
| Current investments | 50/53 | €189,124 | €915,123 | +€725,999 | +383.9% |
| Cash at bank and in hand | 54/58 | €609,310 | €516,816 | -€92,494 | -15.2% |
| Deferred charges and accrued income | 490/1 | €2,480 | €624 | -€1,856 | -74.8% |
| Total equity and liabilities | 10/49 | €1,267,985 | €1,598,215 | +€330,230 | +26.0% |
| Equity | 10/15 | €1,186,652 | €1,578,279 | +€391,628 | +33.0% |
| Contributions | 10/11 | €62,000 | €5,000 | -€57,000 | -91.9% |
| Outside capital | 11 | €62,000 | - | -€62,000 | |
| Other | 1109/19 | €62,000 | - | -€62,000 | |
| Reserves | 13 | €1,124,652 | €1,573,279 | +€448,628 | +39.9% |
| Distributable reserves | 133 | €1,124,652 | €1,573,279 | +€448,628 | +39.9% |
| Amounts payable | 17/49 | €81,334 | €19,936 | -€61,398 | -75.5% |
| Amounts payable within one year | 42/48 | €77,773 | €19,936 | -€57,837 | -74.4% |
| Trade debts | 44 | €18,706 | €19,418 | +€712 | +3.8% |
| Suppliers | 440/4 | €18,706 | €19,418 | +€712 | +3.8% |
| Taxes, remuneration and social security | 45 | €58,787 | €254 | -€58,534 | -99.6% |
| Taxes | 450/3 | €435 | - | -€435 | |
| Remuneration and social security | 454/9 | €58,353 | €254 | -€58,099 | -99.6% |
| Other amounts payable | 47/48 | €279 | €264 | -€15 | -5.5% |
| Accrued charges and deferred income | 492/3 | €3,560 | - | -€3,560 | |
| Remuneration, social security and pensions | 62 | €475,970 | €323,631 | -€152,339 | -32.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,603 | €20,335 | -€39,268 | -65.9% |
| Other operating charges | 640/8 | €7,840 | €7,792 | -€48 | -0.6% |
| Gross operating margin | 9900 | €814,581 | €368,334 | -€446,247 | -54.8% |
| Operating profit (loss) | 9901 | €271,167 | €16,576 | -€254,592 | -93.9% |
| Financial income | 75/76B | €7,126 | €809,066 | +€801,939 | +11252.9% |
| Recurring financial income | 75 | €7,126 | €3,635 | -€3,491 | -49.0% |
| Non-recurring financial income | 76B | - | €805,430 | +€805,430 | |
| Financial charges | 65/66B | €947 | €16,991 | +€16,044 | +1693.4% |
| Recurring financial charges | 65 | €400 | €192 | -€208 | -52.0% |
| Non-recurring financial charges | 66B | €548 | €16,799 | +€16,251 | +2967.7% |
| Profit (loss) for the period before taxes | 9903 | €277,347 | €808,650 | +€531,304 | +191.6% |
| Income taxes | 67/77 | €90,435 | €257,958 | +€167,523 | +185.2% |
| Profit (loss) for the period | 9904 | €186,912 | €550,692 | +€363,780 | +194.6% |
| Profit (loss) for the period to be appropriated | 9905 | €186,912 | €550,692 | +€363,780 | +194.6% |
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.