PETER VELDEMAN: 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 VELDEMAN
Largest movements
- Cash -€192,354
down €192,354 (-84.4%), from €227,887 to €35,533
mainly Net result for the year (-€177,706) and Deferred charges and accrued income (-€60,713)
- Receivables within one year -€105,150
down €105,150 (-38.8%), from €271,254 to €166,104
of which Trade receivables: -€55,428
- Deferred charges and accrued income +€60,713
up €60,713 (+7,824%), from €776 to €61,489
- Tangible fixed assets -€16,950
down €16,950 (-9.0%), from €189,327 to €172,376
of which Land and buildings: -€30,020
- Profit (loss) carried forward -€177,706
new in 2025: -€177,706
- Reserves -€53,419
down €53,419 (-5.1%), from €1.0m to €990,845
- Tax, wage and social debts -€14,974
down €14,974 (-48.0%), from €31,174 to €16,200
- Gross operating margin -€302,042
down €302,042, from €186,618 to -€115,425
- Taxes -€39,570
no longer reported in 2025 (was €39,570)
- Financial income -€3,538
down €3,538 (-85.1%), from €4,157 to €619
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 | €1,110,187 | €856,446 | -€253,741 | -22.9% |
| Fixed assets | 21/28 | €290,270 | €273,319 | -€16,950 | -5.8% |
| Tangible fixed assets | 22/27 | €189,327 | €172,376 | -€16,950 | -9.0% |
| Land and buildings | 22 | €126,835 | €96,815 | -€30,020 | -23.7% |
| Plant, machinery and equipment | 23 | €5,360 | €3,580 | -€1,780 | -33.2% |
| Furniture and vehicles | 24 | €57,133 | €71,982 | +€14,849 | +26.0% |
| Financial fixed assets | 28 | €100,943 | €100,943 | = | 0.0% |
| Current assets | 29/58 | €819,917 | €583,127 | -€236,791 | -28.9% |
| Amounts receivable after more than one year | 29 | €20,000 | €20,000 | = | 0.0% |
| Other amounts receivable | 291 | €20,000 | €20,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €271,254 | €166,104 | -€105,150 | -38.8% |
| Trade receivables | 40 | €103,828 | €48,400 | -€55,428 | -53.4% |
| Other amounts receivable | 41 | €167,426 | €117,704 | -€49,722 | -29.7% |
| Current investments | 50/53 | €300,000 | €300,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €227,887 | €35,533 | -€192,354 | -84.4% |
| Deferred charges and accrued income | 490/1 | €776 | €61,489 | +€60,713 | +7,824% |
| Total equity and liabilities | 10/49 | €1,110,187 | €856,446 | -€253,741 | -22.9% |
| Equity | 10/15 | €1,045,265 | €814,140 | -€231,125 | -22.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Contributions outside capital | 11 | €1,000 | €1,000 | = | 0.0% |
| Other | 1109/19 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €1,044,265 | €990,845 | -€53,419 | -5.1% |
| Distributable reserves | 133 | €1,044,265 | €990,845 | -€53,419 | -5.1% |
| Profit (loss) carried forward | 14 | - | -€177,706 | -€177,706 | |
| Amounts payable | 17/49 | €64,922 | €42,306 | -€22,616 | -34.8% |
| Amounts payable within one year | 42/48 | €64,922 | €41,417 | -€23,505 | -36.2% |
| Current portion of amounts payable after more than one year | 42 | €25,000 | €17,500 | -€7,500 | -30.0% |
| Trade debts | 44 | €8,359 | €7,304 | -€1,055 | -12.6% |
| Suppliers | 440/4 | €8,359 | €7,304 | -€1,055 | -12.6% |
| Taxes, remuneration and social security | 45 | €31,174 | €16,200 | -€14,974 | -48.0% |
| Taxes | 450/3 | €31,174 | €16,200 | -€14,974 | -48.0% |
| Other amounts payable | 47/48 | €389 | €413 | +€24 | +6.1% |
| Accrued charges and deferred income | 492/3 | - | €889 | +€889 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,944 | €56,729 | -€1,215 | -2.1% |
| Other operating charges | 640/8 | €3,508 | €3,481 | -€27 | -0.8% |
| Gross operating margin | 9900 | €186,618 | -€115,425 | -€302,042 | |
| Operating profit (loss) | 9901 | €125,165 | -€175,634 | -€300,800 | |
| Financial income | 75/76B | €4,157 | €619 | -€3,538 | -85.1% |
| Recurring financial income | 75 | €4,157 | €619 | -€3,538 | -85.1% |
| Financial charges | 65/66B | €2,362 | €2,690 | +€328 | +13.9% |
| Recurring financial charges | 65 | €2,362 | €2,690 | +€328 | +13.9% |
| Profit (loss) for the period before taxes | 9903 | €126,960 | -€177,706 | -€304,666 | |
| Income taxes | 67/77 | €39,570 | - | -€39,570 | |
| Profit (loss) for the period | 9904 | €87,391 | -€177,706 | -€265,096 | |
| Profit (loss) for the period to be appropriated | 9905 | €87,391 | -€177,706 | -€265,096 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.