Peter Lippens: 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 Lippens
Largest movements
- Cash +€62,028
up €62,028 (+51.5%), from €120,534 to €182,562
mainly Net result for the year (+€57,241) and Current investments (+€20,000)
- Receivables within one year +€20,050
up €20,050 (+160%), from €12,515 to €32,565
of which Trade receivables: +€22,243
- Current investments -€20,000
no longer reported in 2025 (was €20,000)
- Reserves +€57,000
up €57,000 (+46.7%), from €122,025 to €179,025
of which Distributable reserves: +€57,000
- Tax, wage and social debts +€12,585
new in 2025: €12,585
- Trade debts -€10,019
no longer reported in 2025 (was €10,019)
- Gross operating margin +€34,188
up €34,188 (+75.4%), from €45,347 to €79,535
- Taxes +€10,555
up €10,555 (+98.8%), from €10,687 to €21,242
- Depreciation -€1,558
down €1,558 (-48.4%), from €3,219 to €1,662
- Other operating charges -€1,180
down €1,180 (-57.0%), from €2,070 to €889
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 | €156,955 | €217,372 | +€60,417 | +38.5% |
| Fixed assets | 21/28 | €3,906 | €2,245 | -€1,662 | -42.5% |
| Tangible fixed assets | 22/27 | €3,906 | €2,245 | -€1,662 | -42.5% |
| Plant, machinery and equipment | 23 | €3,836 | €2,245 | -€1,592 | -41.5% |
| Furniture and vehicles | 24 | €70 | - | -€70 | |
| Current assets | 29/58 | €153,049 | €215,128 | +€62,078 | +40.6% |
| Amounts receivable within one year | 40/41 | €12,515 | €32,565 | +€20,050 | +160% |
| Trade receivables | 40 | €7,487 | €29,730 | +€22,243 | +297% |
| Other amounts receivable | 41 | €5,029 | €2,835 | -€2,194 | -43.6% |
| Current investments | 50/53 | €20,000 | - | -€20,000 | |
| Cash at bank and in hand | 54/58 | €120,534 | €182,562 | +€62,028 | +51.5% |
| Total equity and liabilities | 10/49 | €156,955 | €217,372 | +€60,417 | +38.5% |
| Equity | 10/15 | €146,936 | €204,177 | +€57,241 | +39.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €122,025 | €179,025 | +€57,000 | +46.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €120,165 | €177,165 | +€57,000 | +47.4% |
| Profit (loss) carried forward | 14 | €18,711 | €18,952 | +€241 | +1.3% |
| Amounts payable | 17/49 | €10,019 | €13,195 | +€3,175 | +31.7% |
| Amounts payable within one year | 42/48 | €10,019 | €12,585 | +€2,566 | +25.6% |
| Trade debts | 44 | €10,019 | - | -€10,019 | |
| Suppliers | 440/4 | €10,019 | - | -€10,019 | |
| Taxes, remuneration and social security | 45 | - | €12,585 | +€12,585 | |
| Taxes | 450/3 | - | €12,585 | +€12,585 | |
| Accrued charges and deferred income | 492/3 | - | €609 | +€609 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,219 | €1,662 | -€1,558 | -48.4% |
| Other operating charges | 640/8 | €2,070 | €889 | -€1,180 | -57.0% |
| Gross operating margin | 9900 | €45,347 | €79,535 | +€34,188 | +75.4% |
| Operating profit (loss) | 9901 | €40,058 | €76,984 | +€36,926 | +92.2% |
| Financial income | 75/76B | €1,626 | €1,637 | +€10 | +0.6% |
| Recurring financial income | 75 | €1,626 | €1,637 | +€10 | +0.6% |
| Financial charges | 65/66B | €137 | €137 | +€0 | 0.0% |
| Recurring financial charges | 65 | €137 | €137 | +€0 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €41,547 | €78,483 | +€36,936 | +88.9% |
| Income taxes | 67/77 | €10,687 | €21,242 | +€10,555 | +98.8% |
| Profit (loss) for the period | 9904 | €30,860 | €57,241 | +€26,382 | +85.5% |
| Profit (loss) for the period to be appropriated | 9905 | €30,860 | €57,241 | +€26,382 | +85.5% |
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 20 October 2026 via checked.be.