PETER VAN MELKEBEKE: 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 VAN MELKEBEKE
Largest movements
- Current investments +€523,050
up €523,050 (+19.2%), from €2.7m to €3.2m
- Financial fixed assets +€458,624
up €458,624 (+26.4%), from €1.7m to €2.2m
- Cash -€81,402
down €81,402 (-24.3%), from €335,482 to €254,080
mainly Current investments (-€523,050) and Investment in fixed assets (net) (-€460,643)
- Reserves +€1.2m
up €1.2m (+27.0%), from €4.3m to €5.5m
- Other debts -€286,000
down €286,000 (-100%), from €286,000 to €0
- Gross operating margin +€369,098
up €369,098 (+20.1%), from €1.8m to €2.2m
- Taxes +€139,773
up €139,773 (+24.1%), from €579,101 to €718,874
- Financial income -€89,063
down €89,063 (-64.2%), from €138,730 to €49,667
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 | €4,853,924 | €5,747,488 | +€893,564 | +18.4% |
| Fixed assets | 21/28 | €1,737,985 | €2,197,633 | +€459,648 | +26.4% |
| Tangible fixed assets | 22/27 | €571 | €1,594 | +€1,023 | +179% |
| Furniture and vehicles | 24 | €0 | €1,594 | +€1,594 | |
| Other tangible fixed assets | 26 | €571 | €0 | -€571 | -100% |
| Financial fixed assets | 28 | €1,737,414 | €2,196,039 | +€458,624 | +26.4% |
| Current assets | 29/58 | €3,115,938 | €3,549,854 | +€433,916 | +13.9% |
| Amounts receivable within one year | 40/41 | €52,415 | €48,349 | -€4,067 | -7.8% |
| Trade receivables | 40 | €2,500 | €2,500 | = | 0.0% |
| Other amounts receivable | 41 | €49,915 | €45,849 | -€4,067 | -8.1% |
| Current investments | 50/53 | €2,720,339 | €3,243,389 | +€523,050 | +19.2% |
| Cash at bank and in hand | 54/58 | €335,482 | €254,080 | -€81,402 | -24.3% |
| Deferred charges and accrued income | 490/1 | €7,702 | €4,037 | -€3,666 | -47.6% |
| Total equity and liabilities | 10/49 | €4,853,924 | €5,747,488 | +€893,564 | +18.4% |
| Equity | 10/15 | €4,319,814 | €5,483,341 | +€1.2m | +26.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €4,305,400 | €5,468,926 | +€1.2m | +27.0% |
| Distributable reserves | 133 | €4,305,400 | €5,468,926 | +€1.2m | +27.0% |
| Profit (loss) carried forward | 14 | €2,014 | €2,015 | +€1 | 0.0% |
| Amounts payable | 17/49 | €534,110 | €264,147 | -€269,963 | -50.5% |
| Amounts payable within one year | 42/48 | €533,194 | €264,147 | -€269,047 | -50.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,249 | €955 | -€294 | -23.5% |
| Suppliers | 440/4 | €1,249 | €955 | -€294 | -23.5% |
| Taxes, remuneration and social security | 45 | €245,945 | €263,192 | +€17,247 | +7.0% |
| Taxes | 450/3 | €245,945 | €263,192 | +€17,247 | +7.0% |
| Other amounts payable | 47/48 | €286,000 | €0 | -€286,000 | -100% |
| Accrued charges and deferred income | 492/3 | €916 | €0 | -€916 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,929 | €996 | -€6,933 | -87.4% |
| Other operating charges | 640/8 | €2,464 | €2,176 | -€288 | -11.7% |
| Gross operating margin | 9900 | €1,839,174 | €2,208,271 | +€369,098 | +20.1% |
| Operating profit (loss) | 9901 | €1,828,781 | €2,205,100 | +€376,319 | +20.6% |
| Financial income | 75/76B | €138,730 | €49,667 | -€89,063 | -64.2% |
| Recurring financial income | 75 | €138,730 | €49,667 | -€89,063 | -64.2% |
| Financial charges | 65/66B | €619 | €366 | -€253 | -40.8% |
| Recurring financial charges | 65 | €619 | €366 | -€253 | -40.8% |
| Profit (loss) for the period before taxes | 9903 | €1,966,892 | €2,254,400 | +€287,509 | +14.6% |
| Income taxes | 67/77 | €579,101 | €718,874 | +€139,773 | +24.1% |
| Profit (loss) for the period | 9904 | €1,387,791 | €1,535,527 | +€147,736 | +10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,387,791 | €1,535,527 | +€147,736 | +10.6% |
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 14 October 2026 via checked.be.