PETER NAETS: 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 NAETS
Largest movements
- Receivables after one year -€25,198
no longer reported in 2025 (was €25,198)
- Receivables within one year +€21,184
up €21,184 (+210.7%), from €10,052 to €31,236
of which Trade receivables: +€21,236
- Cash +€7,244
up €7,244 (+40.6%), from €17,864 to €25,108
mainly Receivables after one year (+€25,198) and Other debts (+€21,760)
- Tangible fixed assets -€2,797
down €2,797 (-1.6%), from €175,928 to €173,132
of which Land and buildings: -€6,853
- Other debts +€21,760
up €21,760 (+35.2%), from €61,800 to €83,560
- Profit (loss) carried forward -€17,984
down €17,984 (-39.3%), from -€45,812 to -€63,796
- Trade debts -€4,680
down €4,680 (-41.3%), from €11,340 to €6,660
- Tax, wage and social debts +€3,920
up €3,920 (+136.5%), from €2,872 to €6,792
- Current portion of long-term debt -€3,397
no longer reported in 2025 (was €3,397)
- Taxes +€3,672
up €3,672, from -€3,672 to €0
- Gross operating margin -€2,737
down €2,737 (-5.8%), from €46,922 to €44,185
- Financial charges -€2,430
down €2,430 (-4.7%), from €51,195 to €48,765
- Depreciation -€814
down €814 (-6.9%), from €11,723 to €10,909
- Other operating charges -€639
down €639 (-20.2%), from €3,165 to €2,526
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 | €232,347 | €231,975 | -€372 | -0.2% |
| Fixed assets | 21/28 | €178,428 | €175,632 | -€2,797 | -1.6% |
| Tangible fixed assets | 22/27 | €175,928 | €173,132 | -€2,797 | -1.6% |
| Land and buildings | 22 | €172,366 | €165,513 | -€6,853 | -4.0% |
| Plant, machinery and equipment | 23 | - | €7,619 | +€7,619 | |
| Furniture and vehicles | 24 | €3,563 | - | -€3,563 | |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €53,919 | €56,343 | +€2,425 | +4.5% |
| Amounts receivable after more than one year | 29 | €25,198 | - | -€25,198 | |
| Other amounts receivable | 291 | €25,198 | - | -€25,198 | |
| Amounts receivable within one year | 40/41 | €10,052 | €31,236 | +€21,184 | +210.7% |
| Trade receivables | 40 | - | €21,236 | +€21,236 | |
| Other amounts receivable | 41 | €10,052 | €10,000 | -€52 | -0.5% |
| Cash at bank and in hand | 54/58 | €17,864 | €25,108 | +€7,244 | +40.6% |
| Deferred charges and accrued income | 490/1 | €805 | - | -€805 | |
| Total equity and liabilities | 10/49 | €232,347 | €231,975 | -€372 | -0.2% |
| Equity | 10/15 | €149,562 | €131,578 | -€17,984 | -12.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €176,774 | €176,774 | = | 0.0% |
| Distributable reserves | 133 | €176,774 | €176,774 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€45,812 | -€63,796 | -€17,984 | -39.3% |
| Amounts payable | 17/49 | €82,785 | €100,397 | +€17,612 | +21.3% |
| Amounts payable within one year | 42/48 | €79,409 | €100,397 | +€20,988 | +26.4% |
| Current portion of amounts payable after more than one year | 42 | €3,397 | - | -€3,397 | |
| Financial debts | 43 | - | €3,385 | +€3,385 | |
| Credit institutions | 430/8 | - | €3,385 | +€3,385 | |
| Trade debts | 44 | €11,340 | €6,660 | -€4,680 | -41.3% |
| Suppliers | 440/4 | €11,340 | €6,660 | -€4,680 | -41.3% |
| Taxes, remuneration and social security | 45 | €2,872 | €6,792 | +€3,920 | +136.5% |
| Taxes | 450/3 | €2,872 | €6,792 | +€3,920 | +136.5% |
| Other amounts payable | 47/48 | €61,800 | €83,560 | +€21,760 | +35.2% |
| Accrued charges and deferred income | 492/3 | €3,376 | - | -€3,376 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,723 | €10,909 | -€814 | -6.9% |
| Other operating charges | 640/8 | €3,165 | €2,526 | -€639 | -20.2% |
| Gross operating margin | 9900 | €46,922 | €44,185 | -€2,737 | -5.8% |
| Operating profit (loss) | 9901 | €32,033 | €30,749 | -€1,284 | -4.0% |
| Financial income | 75/76B | €167 | €31 | -€135 | -81.2% |
| Recurring financial income | 75 | €167 | €31 | -€135 | -81.2% |
| Financial charges | 65/66B | €51,195 | €48,765 | -€2,430 | -4.7% |
| Recurring financial charges | 65 | €51,195 | €48,765 | -€2,430 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | -€18,996 | -€17,984 | +€1,011 | +5.3% |
| Income taxes | 67/77 | -€3,672 | €0 | +€3,672 | |
| Profit (loss) for the period | 9904 | -€15,324 | -€17,984 | -€2,660 | -17.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,324 | -€17,984 | -€2,660 | -17.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.