Peter Teerlinck: 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 Teerlinck
Largest movements
- Cash -€305,685
down €305,685 (-80.1%), from €381,516 to €75,831
mainly Contributions, distributions and other (-€235,000) and Other debts (-€135,204)
- Receivables within one year +€63,047
up €63,047 (+14,708%), from €429 to €63,476
of which Trade receivables: +€56,165
- Tangible fixed assets +€6,392
up €6,392 (+361%), from €1,772 to €8,164
of which Plant, machinery and equipment: +€7,300
- Other debts -€135,204
down €135,204 (-63.9%), from €211,704 to €76,500
- Reserves -€93,810
down €93,810 (-99.3%), from €94,504 to €695
- Tax, wage and social debts -€42,341
down €42,341 (-63.1%), from €67,152 to €24,810
- Trade debts +€26,267
up €26,267 (+1,992%), from €1,319 to €27,586
- Short-term financial debts +€16,827
new in 2025: €16,827
- Gross operating margin -€71,083
down €71,083 (-27.2%), from €260,950 to €189,867
- Taxes -€18,844
down €18,844 (-29.5%), from €63,941 to €45,097
- Financial income -€5,859
down €5,859 (-88.2%), from €6,644 to €784
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 | €405,062 | €164,968 | -€240,094 | -59.3% |
| Fixed assets | 21/28 | €4,831 | €11,224 | +€6,392 | +132% |
| Intangible fixed assets | 21 | €3,060 | €3,060 | = | 0.0% |
| Tangible fixed assets | 22/27 | €1,772 | €8,164 | +€6,392 | +361% |
| Plant, machinery and equipment | 23 | - | €7,300 | +€7,300 | |
| Furniture and vehicles | 24 | €1,772 | €864 | -€908 | -51.3% |
| Current assets | 29/58 | €400,230 | €153,745 | -€246,486 | -61.6% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €429 | €63,476 | +€63,047 | +14,708% |
| Trade receivables | 40 | €429 | €56,593 | +€56,165 | +13,102% |
| Other amounts receivable | 41 | €0 | €6,882 | +€6,882 | |
| Current investments | 50/53 | €14,437 | €14,437 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €381,516 | €75,831 | -€305,685 | -80.1% |
| Deferred charges and accrued income | 490/1 | €3,848 | €0 | -€3,848 | -100% |
| Total equity and liabilities | 10/49 | €405,062 | €164,968 | -€240,094 | -59.3% |
| Equity | 10/15 | €113,054 | €19,245 | -€93,810 | -83.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €94,504 | €695 | -€93,810 | -99.3% |
| Distributable reserves | 133 | €94,504 | €695 | -€93,810 | -99.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €292,007 | €145,724 | -€146,284 | -50.1% |
| Amounts payable within one year | 42/48 | €292,007 | €145,724 | -€146,284 | -50.1% |
| Current portion of amounts payable after more than one year | 42 | €11,833 | - | -€11,833 | |
| Financial debts | 43 | - | €16,827 | +€16,827 | |
| Credit institutions | 430/8 | - | €16,827 | +€16,827 | |
| Trade debts | 44 | €1,319 | €27,586 | +€26,267 | +1,992% |
| Suppliers | 440/4 | €1,319 | €27,586 | +€26,267 | +1,992% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €67,152 | €24,810 | -€42,341 | -63.1% |
| Taxes | 450/3 | €67,152 | €24,810 | -€42,341 | -63.1% |
| Other amounts payable | 47/48 | €211,704 | €76,500 | -€135,204 | -63.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €908 | €1,752 | +€844 | +92.9% |
| Other operating charges | 640/8 | €649 | €846 | +€197 | +30.3% |
| Gross operating margin | 9900 | €260,950 | €189,867 | -€71,083 | -27.2% |
| Operating profit (loss) | 9901 | €259,393 | €187,269 | -€72,124 | -27.8% |
| Financial income | 75/76B | €6,644 | €784 | -€5,859 | -88.2% |
| Recurring financial income | 75 | €6,644 | €784 | -€5,859 | -88.2% |
| Financial charges | 65/66B | €1,248 | €1,767 | +€519 | +41.6% |
| Recurring financial charges | 65 | €1,248 | €1,767 | +€519 | +41.6% |
| Profit (loss) for the period before taxes | 9903 | €264,789 | €186,287 | -€78,502 | -29.6% |
| Income taxes | 67/77 | €63,941 | €45,097 | -€18,844 | -29.5% |
| Profit (loss) for the period | 9904 | €200,848 | €141,190 | -€59,658 | -29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €200,848 | €141,190 | -€59,658 | -29.7% |
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 13 October 2026 via checked.be.