PETER MESSIAEN: 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 MESSIAEN
Largest movements
- Stocks and contracts +€53,205
up €53,205 (+16.9%), from €315,577 to €368,782
- Cash +€16,608
up €16,608 (+181%), from €9,183 to €25,791
mainly Short-term financial debts (+€75,000) and Trade debts (+€46,028)
- Tangible fixed assets -€13,456
down €13,456 (-20.0%), from €67,279 to €53,823
of which Other tangible fixed assets: -€8,229
- Short-term financial debts +€75,000
up €75,000 (+150%), from €50,000 to €125,000
- Other debts -€71,742
down €71,742 (-27.4%), from €262,163 to €190,421
- Trade debts +€46,028
up €46,028 (+259%), from €17,794 to €63,822
- Reserves +€9,672
up €9,672 (+8.3%), from €116,729 to €126,400
of which Distributable reserves: +€9,672
- Staff costs -€47,403
down €47,403 (-28.3%), from €167,517 to €120,114
- Gross operating margin -€38,909
down €38,909 (-19.6%), from €198,510 to €159,601
- Write-downs +€10,000
up €10,000, from -€10,000 to €0
- Depreciation -€2,891
down €2,891 (-17.7%), from €16,347 to €13,456
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 | €489,167 | €545,413 | +€56,246 | +11.5% |
| Fixed assets | 21/28 | €67,279 | €53,823 | -€13,456 | -20.0% |
| Tangible fixed assets | 22/27 | €67,279 | €53,823 | -€13,456 | -20.0% |
| Plant, machinery and equipment | 23 | €11,971 | €9,734 | -€2,237 | -18.7% |
| Furniture and vehicles | 24 | €5,806 | €2,816 | -€2,989 | -51.5% |
| Other tangible fixed assets | 26 | €49,502 | €41,273 | -€8,229 | -16.6% |
| Current assets | 29/58 | €421,888 | €491,590 | +€69,702 | +16.5% |
| Stocks and contracts in progress | 3 | €315,577 | €368,782 | +€53,205 | +16.9% |
| Stocks | 30/36 | €315,577 | €368,782 | +€53,205 | +16.9% |
| Amounts receivable within one year | 40/41 | €97,129 | €96,053 | -€1,076 | -1.1% |
| Trade receivables | 40 | €97,129 | €93,965 | -€3,164 | -3.3% |
| Other amounts receivable | 41 | €0 | €2,087 | +€2,087 | |
| Cash at bank and in hand | 54/58 | €9,183 | €25,791 | +€16,608 | +181% |
| Deferred charges and accrued income | 490/1 | - | €965 | +€965 | |
| Total equity and liabilities | 10/49 | €489,167 | €545,413 | +€56,246 | +11.5% |
| Equity | 10/15 | €122,929 | €132,600 | +€9,672 | +7.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €116,729 | €126,400 | +€9,672 | +8.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €116,729 | €126,400 | +€9,672 | +8.3% |
| Amounts payable | 17/49 | €366,239 | €412,813 | +€46,574 | +12.7% |
| Amounts payable within one year | 42/48 | €366,239 | €412,813 | +€46,574 | +12.7% |
| Financial debts | 43 | €50,000 | €125,000 | +€75,000 | +150% |
| Credit institutions | 430/8 | €50,000 | €125,000 | +€75,000 | +150% |
| Trade debts | 44 | €17,794 | €63,822 | +€46,028 | +259% |
| Suppliers | 440/4 | €17,794 | €63,822 | +€46,028 | +259% |
| Taxes, remuneration and social security | 45 | €36,282 | €33,570 | -€2,712 | -7.5% |
| Taxes | 450/3 | €13,204 | €11,527 | -€1,677 | -12.7% |
| Remuneration and social security | 454/9 | €23,078 | €22,043 | -€1,035 | -4.5% |
| Other amounts payable | 47/48 | €262,163 | €190,421 | -€71,742 | -27.4% |
| Remuneration, social security and pensions | 62 | €167,517 | €120,114 | -€47,403 | -28.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,347 | €13,456 | -€2,891 | -17.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€10,000 | €0 | +€10,000 | |
| Other operating charges | 640/8 | €5,097 | €5,229 | +€132 | +2.6% |
| Gross operating margin | 9900 | €198,510 | €159,601 | -€38,909 | -19.6% |
| Operating profit (loss) | 9901 | €19,549 | €20,802 | +€1,253 | +6.4% |
| Financial income | 75/76B | €1,478 | €142 | -€1,336 | -90.4% |
| Recurring financial income | 75 | €1,478 | €142 | -€1,336 | -90.4% |
| Financial charges | 65/66B | €7,739 | €8,059 | +€320 | +4.1% |
| Recurring financial charges | 65 | €7,739 | €8,059 | +€320 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €13,288 | €12,885 | -€403 | -3.0% |
| Income taxes | 67/77 | €3,541 | €3,213 | -€328 | -9.3% |
| Profit (loss) for the period | 9904 | €9,747 | €9,672 | -€75 | -0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €9,747 | €9,672 | -€75 | -0.8% |
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 17 October 2026 via checked.be.