PETER SELS: 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 SELS
Largest movements
- Cash +€44,084
up €44,084 (+23.5%), from €187,469 to €231,554
mainly Trade debts (+€138,918) and Other debts (+€86,936)
- Receivables within one year +€38,290
up €38,290 (+11.6%), from €330,621 to €368,912
of which Other amounts receivable: +€63,426
- Reserves -€150,000
down €150,000 (-16.0%), from €936,860 to €786,860
- Trade debts +€138,918
up €138,918 (+2726.4%), from €5,095 to €144,013
- Other debts +€86,936
up €86,936 (+1335.0%), from €6,512 to €93,448
- Gross operating margin -€188,665
down €188,665 (-87.4%), from €215,792 to €27,127
- Taxes -€73,677
down €73,677, from €67,021 to -€6,656
- Financial income -€21,125
down €21,125 (-83.3%), from €25,357 to €4,232
- Financial charges -€4,760
down €4,760 (-25.7%), from €18,519 to €13,759
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 | €1,246,570 | €1,324,210 | +€77,640 | +6.2% |
| Fixed assets | 21/28 | €59,552 | €47,179 | -€12,373 | -20.8% |
| Tangible fixed assets | 22/27 | €59,552 | €47,179 | -€12,373 | -20.8% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €19,124 | €11,878 | -€7,247 | -37.9% |
| Other tangible fixed assets | 26 | €40,428 | €35,301 | -€5,127 | -12.7% |
| Current assets | 29/58 | €1,187,018 | €1,277,031 | +€90,014 | +7.6% |
| Amounts receivable after more than one year | 29 | €42,319 | €46,550 | +€4,231 | +10.0% |
| Other amounts receivable | 291 | €42,319 | €46,550 | +€4,231 | +10.0% |
| Amounts receivable within one year | 40/41 | €330,621 | €368,912 | +€38,290 | +11.6% |
| Trade receivables | 40 | €25,136 | €0 | -€25,136 | -100.0% |
| Other amounts receivable | 41 | €305,485 | €368,912 | +€63,426 | +20.8% |
| Current investments | 50/53 | €615,057 | €615,057 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €187,469 | €231,554 | +€44,084 | +23.5% |
| Deferred charges and accrued income | 490/1 | €11,551 | €14,959 | +€3,408 | +29.5% |
| Total equity and liabilities | 10/49 | €1,246,570 | €1,324,210 | +€77,640 | +6.2% |
| Equity | 10/15 | €1,040,073 | €898,669 | -€141,405 | -13.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €936,860 | €786,860 | -€150,000 | -16.0% |
| Distributable reserves | 133 | €936,860 | €786,860 | -€150,000 | -16.0% |
| Profit (loss) carried forward | 14 | €84,613 | €93,209 | +€8,595 | +10.2% |
| Amounts payable | 17/49 | €206,496 | €425,542 | +€219,045 | +106.1% |
| Amounts payable after more than one year | 17 | €150,000 | €150,000 | = | 0.0% |
| Financial debts | 170/4 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €42,129 | €262,045 | +€219,915 | +522.0% |
| Financial debts | 43 | €13,522 | €13,522 | = | 0.0% |
| Credit institutions | 430/8 | €13,522 | €13,522 | = | 0.0% |
| Trade debts | 44 | €5,095 | €144,013 | +€138,918 | +2726.4% |
| Suppliers | 440/4 | €5,095 | €144,013 | +€138,918 | +2726.4% |
| Taxes, remuneration and social security | 45 | €17,000 | €11,062 | -€5,939 | -34.9% |
| Taxes | 450/3 | €17,000 | €11,062 | -€5,939 | -34.9% |
| Other amounts payable | 47/48 | €6,512 | €93,448 | +€86,936 | +1335.0% |
| Accrued charges and deferred income | 492/3 | €14,367 | €13,497 | -€870 | -6.1% |
| Non-recurring operating income | 76A | €27,000 | €0 | -€27,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,549 | €15,473 | -€1,076 | -6.5% |
| Other operating charges | 640/8 | €704 | €188 | -€516 | -73.3% |
| Gross operating margin | 9900 | €215,792 | €27,127 | -€188,665 | -87.4% |
| Operating profit (loss) | 9901 | €198,539 | €11,466 | -€187,072 | -94.2% |
| Financial income | 75/76B | €25,357 | €4,232 | -€21,125 | -83.3% |
| Recurring financial income | 75 | €25,357 | €4,232 | -€21,125 | -83.3% |
| Financial charges | 65/66B | €18,519 | €13,759 | -€4,760 | -25.7% |
| Recurring financial charges | 65 | €18,519 | €13,759 | -€4,760 | -25.7% |
| Profit (loss) for the period before taxes | 9903 | €205,377 | €1,939 | -€203,437 | -99.1% |
| Income taxes | 67/77 | €67,021 | -€6,656 | -€73,677 | |
| Profit (loss) for the period | 9904 | €138,355 | €8,595 | -€129,760 | -93.8% |
| Profit (loss) for the period to be appropriated | 9905 | €138,355 | €8,595 | -€129,760 | -93.8% |
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.