Pierre Poncelet: 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.
Pierre Poncelet
Largest movements
- Cash +€81,244
up €81,244 (+93.5%), from €86,923 to €168,167
mainly Net result for the year (+€96,954) and Debts after one year (+€75,435)
- Tangible fixed assets +€65,497
up €65,497 (+193%), from €33,981 to €99,478
of which Furniture and vehicles: +€66,408
- Receivables within one year +€55,347
up €55,347 (+604%), from €9,171 to €64,518
of which Trade receivables: +€46,547
- Reserves +€96,954
up €96,954 (+130%), from €74,704 to €171,658
of which Distributable reserves: +€96,954
- Debts after one year +€75,435
up €75,435 (+121%), from €62,288 to €137,723
- Tax, wage and social debts +€28,318
up €28,318 (+74.4%), from €38,063 to €66,382
- Gross operating margin +€39,317
up €39,317 (+29.4%), from €133,686 to €173,004
- Taxes +€11,525
up €11,525 (+32.9%), from €34,977 to €46,501
- Depreciation +€3,768
up €3,768 (+20.9%), from €18,071 to €21,839
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 | €296,397 | €500,780 | +€204,383 | +69.0% |
| Fixed assets | 21/28 | €34,006 | €99,503 | +€65,497 | +193% |
| Tangible fixed assets | 22/27 | €33,981 | €99,478 | +€65,497 | +193% |
| Land and buildings | 22 | €5,912 | €5,002 | -€910 | -15.4% |
| Furniture and vehicles | 24 | €28,068 | €94,476 | +€66,408 | +237% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €262,391 | €401,277 | +€138,886 | +52.9% |
| Amounts receivable after more than one year | 29 | €164,044 | €164,044 | = | 0.0% |
| Other amounts receivable | 291 | €164,044 | €164,044 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €9,171 | €64,518 | +€55,347 | +604% |
| Trade receivables | 40 | €8,525 | €55,072 | +€46,547 | +546% |
| Other amounts receivable | 41 | €646 | €9,446 | +€8,800 | +1,363% |
| Cash at bank and in hand | 54/58 | €86,923 | €168,167 | +€81,244 | +93.5% |
| Deferred charges and accrued income | 490/1 | €2,253 | €4,548 | +€2,295 | +102% |
| Total equity and liabilities | 10/49 | €296,397 | €500,780 | +€204,383 | +69.0% |
| Equity | 10/15 | €173,597 | €270,552 | +€96,954 | +55.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €74,704 | €171,658 | +€96,954 | +130% |
| Non-distributable reserves | 130/1 | €1,200 | €1,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,200 | €1,200 | = | 0.0% |
| Distributable reserves | 133 | €73,504 | €170,458 | +€96,954 | +132% |
| Profit (loss) carried forward | 14 | €80,343 | €80,343 | = | 0.0% |
| Amounts payable | 17/49 | €122,800 | €230,228 | +€107,429 | +87.5% |
| Amounts payable after more than one year | 17 | €62,288 | €137,723 | +€75,435 | +121% |
| Financial debts | 170/4 | €62,288 | €137,723 | +€75,435 | +121% |
| Amounts payable within one year | 42/48 | €60,511 | €92,505 | +€31,994 | +52.9% |
| Current portion of amounts payable after more than one year | 42 | €19,657 | €19,865 | +€209 | +1.1% |
| Financial debts | 43 | - | €495 | +€495 | |
| Credit institutions | 430/8 | - | €495 | +€495 | |
| Trade debts | 44 | €2,009 | €5,763 | +€3,754 | +187% |
| Suppliers | 440/4 | €2,009 | €5,763 | +€3,754 | +187% |
| Taxes, remuneration and social security | 45 | €38,063 | €66,382 | +€28,318 | +74.4% |
| Taxes | 450/3 | €38,063 | €66,382 | +€28,318 | +74.4% |
| Other amounts payable | 47/48 | €782 | - | -€782 | |
| Non-recurring operating income | 76A | - | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,071 | €21,839 | +€3,768 | +20.9% |
| Other operating charges | 640/8 | €4,131 | €3,756 | -€375 | -9.1% |
| Gross operating margin | 9900 | €133,686 | €173,004 | +€39,317 | +29.4% |
| Operating profit (loss) | 9901 | €111,484 | €147,409 | +€35,924 | +32.2% |
| Financial income | 75/76B | €0 | €18 | +€18 | +5,710% |
| Recurring financial income | 75 | €0 | €18 | +€18 | +5,710% |
| Financial charges | 65/66B | €3,004 | €3,971 | +€967 | +32.2% |
| Recurring financial charges | 65 | €3,004 | €3,971 | +€967 | +32.2% |
| Profit (loss) for the period before taxes | 9903 | €108,480 | €143,456 | +€34,975 | +32.2% |
| Income taxes | 67/77 | €34,977 | €46,501 | +€11,525 | +32.9% |
| Profit (loss) for the period | 9904 | €73,504 | €96,954 | +€23,450 | +31.9% |
| Profit (loss) for the period to be appropriated | 9905 | €73,504 | €96,954 | +€23,450 | +31.9% |
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 23 October 2026 via checked.be.