PETER MOREELS: 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 MOREELS
Largest movements
- Receivables within one year +€20,746
up €20,746 (+95.2%), from €21,803 to €42,550
of which Trade receivables: +€19,705
- Tangible fixed assets +€16,194
up €16,194 (+2504.5%), from €647 to €16,841
of which Furniture and vehicles: +€16,565
- Stocks and contracts +€13,430
up €13,430 (+238.8%), from €5,623 to €19,053
of which Contracts in progress: +€15,089
- Cash -€13,045
down €13,045 (-99.8%), from €13,078 to €32
mainly Receivables within one year (-€20,746) and Investment in fixed assets (net) (-€17,000)
- Trade debts +€20,463
up €20,463 (+267.1%), from €7,662 to €28,125
- Debts after one year +€11,740
new in 2025: €11,740
- Profit (loss) carried forward -€7,223
down €7,223 (-60.6%), from -€11,918 to -€19,142
- Short-term financial debts +€6,384
new in 2025: €6,384
- Current portion of long-term debt +€5,786
up €5,786 (+539.7%), from €1,072 to €6,858
- Gross operating margin +€7,526
up €7,526 (+94.9%), from -€7,930 to -€404
- Financial charges +€1,823
up €1,823 (+100.6%), from €1,813 to €3,637
- Other operating charges +€1,119
up €1,119 (+105.2%), from €1,063 to €2,182
- Staff costs -€204
down €204 (-49.0%), from €417 to €213
- Depreciation +€141
up €141 (+21.2%), from €665 to €806
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 | €41,935 | €79,260 | +€37,325 | +89.0% |
| Fixed assets | 21/28 | €879 | €17,074 | +€16,194 | +1841.4% |
| Tangible fixed assets | 22/27 | €647 | €16,841 | +€16,194 | +2504.5% |
| Plant, machinery and equipment | 23 | €647 | €275 | -€371 | -57.4% |
| Furniture and vehicles | 24 | €0 | €16,565 | +€16,565 | |
| Financial fixed assets | 28 | €233 | €233 | = | 0.0% |
| Current assets | 29/58 | €41,056 | €62,186 | +€21,131 | +51.5% |
| Stocks and contracts in progress | 3 | €5,623 | €19,053 | +€13,430 | +238.8% |
| Stocks | 30/36 | €5,623 | €3,964 | -€1,659 | -29.5% |
| Contracts in progress | 37 | €0 | €15,089 | +€15,089 | |
| Amounts receivable within one year | 40/41 | €21,803 | €42,550 | +€20,746 | +95.2% |
| Trade receivables | 40 | €14,887 | €34,592 | +€19,705 | +132.4% |
| Other amounts receivable | 41 | €6,916 | €7,957 | +€1,041 | +15.1% |
| Cash at bank and in hand | 54/58 | €13,078 | €32 | -€13,045 | -99.8% |
| Deferred charges and accrued income | 490/1 | €552 | €552 | +€0 | 0.0% |
| Total equity and liabilities | 10/49 | €41,935 | €79,260 | +€37,325 | +89.0% |
| Equity | 10/15 | €29,072 | €21,848 | -€7,223 | -24.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €28,590 | €28,590 | = | 0.0% |
| 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 | €26,730 | €26,730 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,918 | -€19,142 | -€7,223 | -60.6% |
| Amounts payable | 17/49 | €12,864 | €57,411 | +€44,548 | +346.3% |
| Amounts payable after more than one year | 17 | - | €11,740 | +€11,740 | |
| Financial debts | 170/4 | - | €11,740 | +€11,740 | |
| Amounts payable within one year | 42/48 | €12,564 | €45,672 | +€33,108 | +263.5% |
| Current portion of amounts payable after more than one year | 42 | €1,072 | €6,858 | +€5,786 | +539.7% |
| Financial debts | 43 | - | €6,384 | +€6,384 | |
| Credit institutions | 430/8 | - | €6,384 | +€6,384 | |
| Trade debts | 44 | €7,662 | €28,125 | +€20,463 | +267.1% |
| Suppliers | 440/4 | €7,662 | €28,125 | +€20,463 | +267.1% |
| Taxes, remuneration and social security | 45 | €3,074 | €3,280 | +€206 | +6.7% |
| Taxes | 450/3 | €3,074 | €3,280 | +€206 | +6.7% |
| Other amounts payable | 47/48 | €755 | €1,025 | +€270 | +35.7% |
| Accrued charges and deferred income | 492/3 | €300 | €0 | -€300 | -100.0% |
| Remuneration, social security and pensions | 62 | €417 | €213 | -€204 | -49.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €665 | €806 | +€141 | +21.2% |
| Other operating charges | 640/8 | €1,063 | €2,182 | +€1,119 | +105.2% |
| Gross operating margin | 9900 | -€7,930 | -€404 | +€7,526 | +94.9% |
| Operating profit (loss) | 9901 | -€10,075 | -€3,605 | +€6,471 | +64.2% |
| Financial income | 75/76B | - | €56 | +€56 | |
| Recurring financial income | 75 | - | €56 | +€56 | |
| Financial charges | 65/66B | €1,813 | €3,637 | +€1,823 | +100.6% |
| Recurring financial charges | 65 | €1,813 | €3,637 | +€1,823 | +100.6% |
| Profit (loss) for the period before taxes | 9903 | -€11,888 | -€7,185 | +€4,703 | +39.6% |
| Income taxes | 67/77 | €30 | €38 | +€8 | +27.9% |
| Profit (loss) for the period | 9904 | -€11,918 | -€7,223 | +€4,695 | +39.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,918 | -€7,223 | +€4,695 | +39.4% |
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 2 October 2026 via checked.be.