Peter Poelaert: 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 Poelaert
Largest movements
- Cash +€25,671
up €25,671 (+205%), from €12,524 to €38,195
mainly Other debts (+€122,160) and Net result for the year (+€90,564)
- Receivables within one year +€16,076
up €16,076 (+18.2%), from €88,198 to €104,273
of which Other amounts receivable: +€10,255
- Intangible fixed assets -€15,000
down €15,000 (-23.6%), from €63,452 to €48,452
- Other debts +€122,160
up €122,160 (+167%), from €73,337 to €195,497
- Reserves -€94,817
down €94,817 (-95.2%), from €99,561 to €4,744
- Tax, wage and social debts +€20,990
up €20,990 (+286%), from €7,332 to €28,321
of which Taxes: +€22,490
- Debts after one year -€17,727
down €17,727 (-25.7%), from €68,908 to €51,181
- Current portion of long-term debt -€12,925
down €12,925 (-42.8%), from €30,204 to €17,279
- Gross operating margin +€60,485
up €60,485 (+59.7%), from €101,235 to €161,720
- Taxes +€15,119
up €15,119 (+90.0%), from €16,804 to €31,923
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 | €301,243 | €331,359 | +€30,115 | +10.0% |
| Fixed assets | 21/28 | €195,943 | €183,911 | -€12,032 | -6.1% |
| Intangible fixed assets | 21 | €63,452 | €48,452 | -€15,000 | -23.6% |
| Tangible fixed assets | 22/27 | €132,491 | €135,459 | +€2,968 | +2.2% |
| Land and buildings | 22 | €79,000 | €79,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €36,756 | €40,647 | +€3,890 | +10.6% |
| Furniture and vehicles | 24 | €2,779 | €14,162 | +€11,383 | +410% |
| Leasing and similar rights | 25 | €13,956 | €1,651 | -€12,306 | -88.2% |
| Current assets | 29/58 | €105,300 | €147,448 | +€42,148 | +40.0% |
| Amounts receivable within one year | 40/41 | €88,198 | €104,273 | +€16,076 | +18.2% |
| Trade receivables | 40 | €85,002 | €90,823 | +€5,821 | +6.8% |
| Other amounts receivable | 41 | €3,196 | €13,450 | +€10,255 | +321% |
| Cash at bank and in hand | 54/58 | €12,524 | €38,195 | +€25,671 | +205% |
| Deferred charges and accrued income | 490/1 | €4,578 | €4,980 | +€402 | +8.8% |
| Total equity and liabilities | 10/49 | €301,243 | €331,359 | +€30,115 | +10.0% |
| Equity | 10/15 | €118,161 | €23,344 | -€94,817 | -80.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €99,561 | €4,744 | -€94,817 | -95.2% |
| Distributable reserves | 133 | €99,561 | €4,744 | -€94,817 | -95.2% |
| Amounts payable | 17/49 | €183,082 | €308,015 | +€124,933 | +68.2% |
| Amounts payable after more than one year | 17 | €68,908 | €51,181 | -€17,727 | -25.7% |
| Financial debts | 170/4 | €68,908 | €51,181 | -€17,727 | -25.7% |
| Amounts payable within one year | 42/48 | €112,858 | €255,649 | +€142,791 | +127% |
| Current portion of amounts payable after more than one year | 42 | €30,204 | €17,279 | -€12,925 | -42.8% |
| Trade debts | 44 | €1,985 | €14,552 | +€12,567 | +633% |
| Suppliers | 440/4 | €1,985 | €14,552 | +€12,567 | +633% |
| Taxes, remuneration and social security | 45 | €7,332 | €28,321 | +€20,990 | +286% |
| Taxes | 450/3 | €5,832 | €28,321 | +€22,490 | +386% |
| Remuneration and social security | 454/9 | €1,500 | - | -€1,500 | |
| Other amounts payable | 47/48 | €73,337 | €195,497 | +€122,160 | +167% |
| Accrued charges and deferred income | 492/3 | €1,316 | €1,185 | -€131 | -9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,466 | €34,422 | -€1,044 | -2.9% |
| Other operating charges | 640/8 | €1,458 | €1,705 | +€248 | +17.0% |
| Gross operating margin | 9900 | €101,235 | €161,720 | +€60,485 | +59.7% |
| Operating profit (loss) | 9901 | €64,312 | €125,593 | +€61,281 | +95.3% |
| Financial income | 75/76B | €5 | €6 | +€2 | +38.2% |
| Recurring financial income | 75 | €5 | €6 | +€2 | +38.2% |
| Financial charges | 65/66B | €3,674 | €3,112 | -€561 | -15.3% |
| Recurring financial charges | 65 | €3,674 | €3,112 | -€561 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €60,643 | €122,487 | +€61,844 | +102% |
| Income taxes | 67/77 | €16,804 | €31,923 | +€15,119 | +90.0% |
| Profit (loss) for the period | 9904 | €43,838 | €90,564 | +€46,725 | +107% |
| Profit (loss) for the period to be appropriated | 9905 | €43,838 | €90,564 | +€46,725 | +107% |
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 26 October 2026 via checked.be.