PETER KUGEL: 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 KUGEL
Largest movements
- Receivables within one year +€187,356
up €187,356 (+63.8%), from €293,704 to €481,059
of which Trade receivables: +€294,908
- Cash +€115,786
up €115,786 (+29.6%), from €391,602 to €507,389
mainly Net result for the year (+€288,811) and Tax, wage and social debts (+€52,643)
- Intangible fixed assets -€30,300
down €30,300 (-100%), from €30,300 to €0
- Reserves +€288,811
up €288,811 (+48.2%), from €598,667 to €887,478
of which Distributable reserves: +€288,811
- Other debts -€105,485
down €105,485 (-85.1%), from €123,923 to €18,437
- Tax, wage and social debts +€52,643
up €52,643 (+1,210%), from €4,352 to €56,995
of which Taxes: +€53,803
- Trade debts +€32,297
up €32,297 (+1,410%), from €2,290 to €34,588
- Gross operating margin +€262,951
up €262,951 (+137%), from €192,052 to €455,003
- Taxes +€86,663
up €86,663 (+197%), from €43,940 to €130,603
- Depreciation -€9,320
down €9,320 (-21.1%), from €44,168 to €34,849
- Financial charges +€6,273
up €6,273, from -€904 to €5,368
- Financial income +€6,107
up €6,107 (+12,213,060%), from €0 to €6,107
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 | €747,833 | €1,021,003 | +€273,170 | +36.5% |
| Fixed assets | 21/28 | €49,526 | €16,223 | -€33,303 | -67.2% |
| Intangible fixed assets | 21 | €30,300 | €0 | -€30,300 | -100% |
| Tangible fixed assets | 22/27 | €19,227 | €16,223 | -€3,003 | -15.6% |
| Plant, machinery and equipment | 23 | €1,421 | €244 | -€1,177 | -82.8% |
| Furniture and vehicles | 24 | €17,806 | €15,979 | -€1,827 | -10.3% |
| Current assets | 29/58 | €698,306 | €1,004,780 | +€306,473 | +43.9% |
| Amounts receivable within one year | 40/41 | €293,704 | €481,059 | +€187,356 | +63.8% |
| Trade receivables | 40 | €183,378 | €478,286 | +€294,908 | +161% |
| Other amounts receivable | 41 | €110,326 | €2,774 | -€107,552 | -97.5% |
| Cash at bank and in hand | 54/58 | €391,602 | €507,389 | +€115,786 | +29.6% |
| Deferred charges and accrued income | 490/1 | €13,000 | €16,332 | +€3,331 | +25.6% |
| Total equity and liabilities | 10/49 | €747,833 | €1,021,003 | +€273,170 | +36.5% |
| Equity | 10/15 | €617,267 | €906,078 | +€288,811 | +46.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €598,667 | €887,478 | +€288,811 | +48.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €598,667 | €887,478 | +€288,811 | +48.2% |
| Amounts payable | 17/49 | €130,565 | €114,925 | -€15,641 | -12.0% |
| Amounts payable within one year | 42/48 | €130,565 | €110,021 | -€20,545 | -15.7% |
| Trade debts | 44 | €2,290 | €34,588 | +€32,297 | +1,410% |
| Suppliers | 440/4 | €2,290 | €34,588 | +€32,297 | +1,410% |
| Taxes, remuneration and social security | 45 | €4,352 | €56,995 | +€52,643 | +1,210% |
| Taxes | 450/3 | €0 | €53,803 | +€53,803 | |
| Remuneration and social security | 454/9 | €4,352 | €3,192 | -€1,161 | -26.7% |
| Other amounts payable | 47/48 | €123,923 | €18,437 | -€105,485 | -85.1% |
| Accrued charges and deferred income | 492/3 | €0 | €4,904 | +€4,904 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,168 | €34,849 | -€9,320 | -21.1% |
| Other operating charges | 640/8 | €1,446 | €1,479 | +€32 | +2.2% |
| Gross operating margin | 9900 | €192,052 | €455,003 | +€262,951 | +137% |
| Operating profit (loss) | 9901 | €146,437 | €418,675 | +€272,238 | +186% |
| Financial income | 75/76B | €0 | €6,107 | +€6,107 | +12,213,060% |
| Recurring financial income | 75 | €0 | €6,107 | +€6,107 | +12,213,060% |
| Financial charges | 65/66B | -€904 | €5,368 | +€6,273 | |
| Recurring financial charges | 65 | -€904 | €5,368 | +€6,273 | |
| Profit (loss) for the period before taxes | 9903 | €147,342 | €419,414 | +€272,072 | +185% |
| Income taxes | 67/77 | €43,940 | €130,603 | +€86,663 | +197% |
| Profit (loss) for the period | 9904 | €103,402 | €288,811 | +€185,409 | +179% |
| Profit (loss) for the period to be appropriated | 9905 | €103,402 | €288,811 | +€185,409 | +179% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.