Peter Soete: 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 Soete
Largest movements
- Receivables after one year -€75,750
no longer reported in 2025 (was €75,750)
- Tangible fixed assets +€24,234
up €24,234 (+174.8%), from €13,867 to €38,102
of which Furniture and vehicles: +€20,999
- Reserves -€91,926
down €91,926 (-99.9%), from €92,056 to €130
- Other debts +€21,459
new in 2025: €21,459
- Debts after one year +€8,355
up €8,355 (+103.0%), from €8,111 to €16,466
- Current portion of long-term debt +€4,887
up €4,887 (+65.7%), from €7,441 to €12,327
- Tax, wage and social debts +€4,582
up €4,582 (+87.5%), from €5,234 to €9,816
of which Taxes: +€4,783
- Gross operating margin +€3,586
up €3,586 (+13.7%), from €26,234 to €29,820
- Depreciation +€1,864
up €1,864 (+27.6%), from €6,758 to €8,622
- Financial income +€1,051
up €1,051 (+48.6%), from €2,161 to €3,211
- Other operating charges +€735
up €735 (+95.6%), from €768 to €1,503
- Financial charges +€717
up €717 (+227.5%), from €315 to €1,032
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 | €115,011 | €64,078 | -€50,933 | -44.3% |
| Fixed assets | 21/28 | €14,152 | €38,387 | +€24,234 | +171.2% |
| Tangible fixed assets | 22/27 | €13,867 | €38,102 | +€24,234 | +174.8% |
| Furniture and vehicles | 24 | €13,867 | €34,867 | +€20,999 | +151.4% |
| Other tangible fixed assets | 26 | - | €3,235 | +€3,235 | |
| Financial fixed assets | 28 | €285 | €285 | = | 0.0% |
| Current assets | 29/58 | €100,858 | €25,691 | -€75,167 | -74.5% |
| Amounts receivable after more than one year | 29 | €75,750 | - | -€75,750 | |
| Other amounts receivable | 291 | €75,750 | - | -€75,750 | |
| Amounts receivable within one year | 40/41 | €13,472 | €14,093 | +€621 | +4.6% |
| Trade receivables | 40 | €8,512 | €10,695 | +€2,183 | +25.6% |
| Other amounts receivable | 41 | €4,960 | €3,398 | -€1,562 | -31.5% |
| Cash at bank and in hand | 54/58 | €10,754 | €10,698 | -€56 | -0.5% |
| Deferred charges and accrued income | 490/1 | €882 | €900 | +€18 | +2.0% |
| Total equity and liabilities | 10/49 | €115,011 | €64,078 | -€50,933 | -44.3% |
| Equity | 10/15 | €93,556 | €1,630 | -€91,926 | -98.3% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €92,056 | €130 | -€91,926 | -99.9% |
| Distributable reserves | 133 | €92,056 | €130 | -€91,926 | -99.9% |
| Amounts payable | 17/49 | €21,455 | €62,448 | +€40,993 | +191.1% |
| Amounts payable after more than one year | 17 | €8,111 | €16,466 | +€8,355 | +103.0% |
| Financial debts | 170/4 | €8,111 | €16,466 | +€8,355 | +103.0% |
| Amounts payable within one year | 42/48 | €13,344 | €43,991 | +€30,647 | +229.7% |
| Current portion of amounts payable after more than one year | 42 | €7,441 | €12,327 | +€4,887 | +65.7% |
| Trade debts | 44 | €670 | €389 | -€281 | -42.0% |
| Suppliers | 440/4 | €670 | €389 | -€281 | -42.0% |
| Taxes, remuneration and social security | 45 | €5,234 | €9,816 | +€4,582 | +87.5% |
| Taxes | 450/3 | €2,984 | €7,768 | +€4,783 | +160.3% |
| Remuneration and social security | 454/9 | €2,250 | €2,048 | -€201 | -8.9% |
| Other amounts payable | 47/48 | - | €21,459 | +€21,459 | |
| Accrued charges and deferred income | 492/3 | - | €1,991 | +€1,991 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,758 | €8,622 | +€1,864 | +27.6% |
| Other operating charges | 640/8 | €768 | €1,503 | +€735 | +95.6% |
| Gross operating margin | 9900 | €26,234 | €29,820 | +€3,586 | +13.7% |
| Operating profit (loss) | 9901 | €18,708 | €19,695 | +€987 | +5.3% |
| Financial income | 75/76B | €2,161 | €3,211 | +€1,051 | +48.6% |
| Recurring financial income | 75 | €2,161 | €3,211 | +€1,051 | +48.6% |
| Financial charges | 65/66B | €315 | €1,032 | +€717 | +227.5% |
| Recurring financial charges | 65 | €315 | €1,032 | +€717 | +227.5% |
| Profit (loss) for the period before taxes | 9903 | €20,553 | €21,874 | +€1,321 | +6.4% |
| Income taxes | 67/77 | €4,352 | €5,000 | +€648 | +14.9% |
| Profit (loss) for the period | 9904 | €16,201 | €16,874 | +€672 | +4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €16,201 | €16,874 | +€672 | +4.2% |
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 10 October 2026 via checked.be.