PETER OTTE: 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 OTTE
Largest movements
- Tangible fixed assets -€27,261
down €27,261 (-11.2%), from €243,413 to €216,152
of which Land and buildings: -€25,717
- Receivables within one year -€22,432
down €22,432 (-92.0%), from €24,382 to €1,950
of which Trade receivables: -€20,521
- Cash -€12,865
down €12,865 (-100.0%), from €12,865 to €0
mainly Net result for the year (-€64,310) and Debts after one year (-€37,866)
- Profit (loss) carried forward -€64,310
down €64,310 (-91.3%), from -€70,404 to -€134,714
- Debts after one year -€37,866
down €37,866 (-36.2%), from €104,637 to €66,772
- Short-term financial debts +€29,251
up €29,251 (+106.0%), from €27,584 to €56,835
- Current portion of long-term debt +€7,306
up €7,306 (+31.5%), from €23,229 to €30,535
- Trade debts +€4,407
up €4,407, from €0 to €4,407
- Gross operating margin -€34,741
down €34,741, from €20,289 to -€14,452
- Staff costs -€15,174
down €15,174 (-62.1%), from €24,431 to €9,257
- Financial charges -€4,150
down €4,150 (-27.0%), from €15,384 to €11,234
- Other operating charges -€3,447
down €3,447 (-62.1%), from €5,552 to €2,105
- Depreciation -€1,900
down €1,900 (-6.5%), from €29,161 to €27,261
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 | €303,952 | €241,394 | -€62,558 | -20.6% |
| Fixed assets | 21/28 | €247,449 | €220,188 | -€27,261 | -11.0% |
| Tangible fixed assets | 22/27 | €243,413 | €216,152 | -€27,261 | -11.2% |
| Land and buildings | 22 | €239,311 | €213,594 | -€25,717 | -10.7% |
| Plant, machinery and equipment | 23 | €4,102 | €2,558 | -€1,544 | -37.6% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €4,035 | €4,035 | = | 0.0% |
| Current assets | 29/58 | €56,503 | €21,206 | -€35,297 | -62.5% |
| Stocks and contracts in progress | 3 | €19,256 | €19,256 | = | 0.0% |
| Stocks | 30/36 | €19,256 | €19,256 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €24,382 | €1,950 | -€22,432 | -92.0% |
| Trade receivables | 40 | €20,521 | €0 | -€20,521 | -100.0% |
| Other amounts receivable | 41 | €3,862 | €1,950 | -€1,912 | -49.5% |
| Cash at bank and in hand | 54/58 | €12,865 | €0 | -€12,865 | -100.0% |
| Total equity and liabilities | 10/49 | €303,952 | €241,394 | -€62,558 | -20.6% |
| Equity | 10/15 | €114,255 | €49,945 | -€64,310 | -56.3% |
| Contributions | 10/11 | €147,500 | €147,500 | = | 0.0% |
| Reserves | 13 | €37,159 | €37,159 | = | 0.0% |
| Distributable reserves | 133 | €37,159 | €37,159 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€70,404 | -€134,714 | -€64,310 | -91.3% |
| Amounts payable | 17/49 | €189,697 | €191,449 | +€1,752 | +0.9% |
| Amounts payable after more than one year | 17 | €104,637 | €66,772 | -€37,866 | -36.2% |
| Financial debts | 170/4 | €104,637 | €66,772 | -€37,866 | -36.2% |
| Amounts payable within one year | 42/48 | €85,060 | €124,677 | +€39,618 | +46.6% |
| Current portion of amounts payable after more than one year | 42 | €23,229 | €30,535 | +€7,306 | +31.5% |
| Financial debts | 43 | €27,584 | €56,835 | +€29,251 | +106.0% |
| Credit institutions | 430/8 | €27,584 | €56,835 | +€29,251 | +106.0% |
| Trade debts | 44 | €0 | €4,407 | +€4,407 | |
| Suppliers | 440/4 | €0 | €4,407 | +€4,407 | |
| Advances received on contracts in progress | 46 | €840 | €3,607 | +€2,767 | +329.5% |
| Taxes, remuneration and social security | 45 | €18,504 | €16,294 | -€2,210 | -11.9% |
| Taxes | 450/3 | €15,263 | €9,489 | -€5,774 | -37.8% |
| Remuneration and social security | 454/9 | €3,241 | €6,804 | +€3,564 | +110.0% |
| Other amounts payable | 47/48 | €14,903 | €12,999 | -€1,904 | -12.8% |
| Remuneration, social security and pensions | 62 | €24,431 | €9,257 | -€15,174 | -62.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,161 | €27,261 | -€1,900 | -6.5% |
| Other operating charges | 640/8 | €5,552 | €2,105 | -€3,447 | -62.1% |
| Gross operating margin | 9900 | €20,289 | -€14,452 | -€34,741 | |
| Operating profit (loss) | 9901 | -€38,855 | -€53,075 | -€14,221 | -36.6% |
| Financial charges | 65/66B | €15,384 | €11,234 | -€4,150 | -27.0% |
| Recurring financial charges | 65 | €15,384 | €11,234 | -€4,150 | -27.0% |
| Profit (loss) for the period before taxes | 9903 | -€54,239 | -€64,310 | -€10,071 | -18.6% |
| Profit (loss) for the period | 9904 | -€54,239 | -€64,310 | -€10,071 | -18.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€54,239 | -€64,310 | -€10,071 | -18.6% |
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 7 October 2026 via checked.be.