PETER TUINEN: 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 TUINEN
Largest movements
- Cash +€117,383
up €117,383 (+293.0%), from €40,063 to €157,446
mainly Receivables within one year (+€59,470) and Net result for the year (+€50,947)
- Receivables within one year -€59,470
down €59,470 (-50.3%), from €118,254 to €58,784
of which Trade receivables: -€34,745
- Tangible fixed assets +€47,934
up €47,934 (+581.9%), from €8,238 to €56,173
of which Furniture and vehicles: +€38,311
- Reserves +€50,947
up €50,947 (+48.4%), from €105,193 to €156,140
- Tax, wage and social debts +€25,242
up €25,242 (+46.9%), from €53,823 to €79,066
of which Taxes: +€29,106
- Debts after one year +€18,349
new in 2025: €18,349
- Trade debts +€9,190
up €9,190 (+44.5%), from €20,672 to €29,862
- Other debts -€6,120
down €6,120 (-100.0%), from €6,120 to €0
- Gross operating margin -€76,428
down €76,428 (-27.9%), from €274,008 to €197,579
- Taxes -€29,826
down €29,826 (-59.7%), from €49,960 to €20,134
- Depreciation +€8,950
up €8,950 (+276.5%), from €3,236 to €12,186
- Other operating charges -€2,997
down €2,997 (-83.6%), from €3,587 to €589
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 | €186,809 | €290,000 | +€103,191 | +55.2% |
| Fixed assets | 21/28 | €27,969 | €73,770 | +€45,801 | +163.8% |
| Intangible fixed assets | 21 | €19,730 | €17,597 | -€2,133 | -10.8% |
| Tangible fixed assets | 22/27 | €8,238 | €56,173 | +€47,934 | +581.9% |
| Plant, machinery and equipment | 23 | €8,238 | €17,861 | +€9,623 | +116.8% |
| Furniture and vehicles | 24 | - | €38,311 | +€38,311 | |
| Current assets | 29/58 | €158,840 | €216,230 | +€57,390 | +36.1% |
| Amounts receivable within one year | 40/41 | €118,254 | €58,784 | -€59,470 | -50.3% |
| Trade receivables | 40 | €71,144 | €36,399 | -€34,745 | -48.8% |
| Other amounts receivable | 41 | €47,110 | €22,385 | -€24,725 | -52.5% |
| Cash at bank and in hand | 54/58 | €40,063 | €157,446 | +€117,383 | +293.0% |
| Deferred charges and accrued income | 490/1 | €523 | €0 | -€523 | -100.0% |
| Total equity and liabilities | 10/49 | €186,809 | €290,000 | +€103,191 | +55.2% |
| Equity | 10/15 | €106,193 | €157,140 | +€50,947 | +48.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €105,193 | €156,140 | +€50,947 | +48.4% |
| Distributable reserves | 133 | €105,193 | €156,140 | +€50,947 | +48.4% |
| Amounts payable | 17/49 | €80,615 | €132,860 | +€52,244 | +64.8% |
| Amounts payable after more than one year | 17 | - | €18,349 | +€18,349 | |
| Financial debts | 170/4 | - | €18,349 | +€18,349 | |
| Amounts payable within one year | 42/48 | €80,615 | €114,511 | +€33,896 | +42.0% |
| Current portion of amounts payable after more than one year | 42 | - | €5,583 | +€5,583 | |
| Trade debts | 44 | €20,672 | €29,862 | +€9,190 | +44.5% |
| Suppliers | 440/4 | €20,672 | €29,862 | +€9,190 | +44.5% |
| Taxes, remuneration and social security | 45 | €53,823 | €79,066 | +€25,242 | +46.9% |
| Taxes | 450/3 | €49,960 | €79,066 | +€29,106 | +58.3% |
| Remuneration and social security | 454/9 | €3,864 | €0 | -€3,864 | -100.0% |
| Other amounts payable | 47/48 | €6,120 | €0 | -€6,120 | -100.0% |
| Remuneration, social security and pensions | 62 | €115,048 | €113,454 | -€1,594 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,236 | €12,186 | +€8,950 | +276.5% |
| Other operating charges | 640/8 | €3,587 | €589 | -€2,997 | -83.6% |
| Gross operating margin | 9900 | €274,008 | €197,579 | -€76,428 | -27.9% |
| Operating profit (loss) | 9901 | €152,136 | €71,350 | -€80,786 | -53.1% |
| Financial income | 75/76B | €3,444 | €1,521 | -€1,923 | -55.8% |
| Recurring financial income | 75 | €3,444 | €1,521 | -€1,923 | -55.8% |
| Financial charges | 65/66B | €428 | €1,790 | +€1,362 | +318.7% |
| Recurring financial charges | 65 | €428 | €1,790 | +€1,362 | +318.7% |
| Profit (loss) for the period before taxes | 9903 | €155,153 | €71,081 | -€84,072 | -54.2% |
| Income taxes | 67/77 | €49,960 | €20,134 | -€29,826 | -59.7% |
| Profit (loss) for the period | 9904 | €105,193 | €50,947 | -€54,246 | -51.6% |
| Profit (loss) for the period to be appropriated | 9905 | €105,193 | €50,947 | -€54,246 | -51.6% |
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 4 October 2026 via checked.be.