PIETER DE BOCK: 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.
PIETER DE BOCK
Largest movements
- Current investments +€105,412
up €105,412 (+86.3%), from €122,202 to €227,613
- Tangible fixed assets +€47,046
up €47,046 (+35.2%), from €133,830 to €180,876
of which Furniture and vehicles: +€53,276
- Receivables within one year +€26,643
up €26,643 (+42.7%), from €62,329 to €88,972
of which Other amounts receivable: +€25,943
- Cash -€6,854
down €6,854 (-16.5%), from €41,456 to €34,602
mainly Current investments (-€105,412) and Investment in fixed assets (net) (-€61,289)
- Reserves +€148,000
up €148,000 (+52.4%), from €282,275 to €430,275
- Debts after one year +€45,663
new in 2025: €45,663
- Other debts -€16,756
no longer reported in 2025 (was €16,756)
- Gross operating margin +€58,995
up €58,995 (+42.5%), from €138,739 to €197,734
- Financial income +€32,917
up €32,917 (+1,064%), from €3,094 to €36,011
- Taxes +€19,913
up €19,913 (+52.4%), from €38,033 to €57,946
- Financial charges +€7,178
up €7,178 (+872%), from €823 to €8,001
- Other operating charges +€3,623
up €3,623 (+188%), from €1,932 to €5,556
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 | €361,141 | €537,270 | +€176,129 | +48.8% |
| Fixed assets | 21/28 | €133,830 | €180,876 | +€47,046 | +35.2% |
| Tangible fixed assets | 22/27 | €133,830 | €180,876 | +€47,046 | +35.2% |
| Land and buildings | 22 | €124,787 | €118,893 | -€5,894 | -4.7% |
| Plant, machinery and equipment | 23 | €1,306 | €971 | -€335 | -25.7% |
| Furniture and vehicles | 24 | €7,736 | €61,012 | +€53,276 | +689% |
| Current assets | 29/58 | €227,311 | €356,394 | +€129,083 | +56.8% |
| Amounts receivable within one year | 40/41 | €62,329 | €88,972 | +€26,643 | +42.7% |
| Trade receivables | 40 | €469 | €1,170 | +€700 | +149% |
| Other amounts receivable | 41 | €61,860 | €87,803 | +€25,943 | +41.9% |
| Current investments | 50/53 | €122,202 | €227,613 | +€105,412 | +86.3% |
| Cash at bank and in hand | 54/58 | €41,456 | €34,602 | -€6,854 | -16.5% |
| Deferred charges and accrued income | 490/1 | €1,324 | €5,206 | +€3,882 | +293% |
| Total equity and liabilities | 10/49 | €361,141 | €537,270 | +€176,129 | +48.8% |
| Equity | 10/15 | €308,873 | €456,874 | +€148,000 | +47.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €282,275 | €430,275 | +€148,000 | +52.4% |
| Distributable reserves | 133 | €282,275 | €430,275 | +€148,000 | +52.4% |
| Profit (loss) carried forward | 14 | €14,199 | €14,199 | = | 0.0% |
| Amounts payable | 17/49 | €52,268 | €80,397 | +€28,129 | +53.8% |
| Amounts payable after more than one year | 17 | - | €45,663 | +€45,663 | |
| Financial debts | 170/4 | - | €45,663 | +€45,663 | |
| Amounts payable within one year | 42/48 | €52,268 | €34,734 | -€17,534 | -33.5% |
| Current portion of amounts payable after more than one year | 42 | €9,481 | €12,132 | +€2,651 | +28.0% |
| Trade debts | 44 | €3,873 | €2,025 | -€1,849 | -47.7% |
| Suppliers | 440/4 | €3,873 | €2,025 | -€1,849 | -47.7% |
| Advances received on contracts in progress | 46 | - | €101 | +€101 | |
| Taxes, remuneration and social security | 45 | €22,157 | €20,476 | -€1,681 | -7.6% |
| Taxes | 450/3 | €22,157 | €20,476 | -€1,681 | -7.6% |
| Other amounts payable | 47/48 | €16,756 | - | -€16,756 | |
| Non-recurring operating income | 76A | - | €2,573 | +€2,573 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,608 | €14,243 | +€2,635 | +22.7% |
| Other operating charges | 640/8 | €1,932 | €5,556 | +€3,623 | +188% |
| Gross operating margin | 9900 | €138,739 | €197,734 | +€58,995 | +42.5% |
| Operating profit (loss) | 9901 | €125,199 | €177,936 | +€52,737 | +42.1% |
| Financial income | 75/76B | €3,094 | €36,011 | +€32,917 | +1,064% |
| Recurring financial income | 75 | €3,094 | €36,011 | +€32,917 | +1,064% |
| Financial charges | 65/66B | €823 | €8,001 | +€7,178 | +872% |
| Recurring financial charges | 65 | €823 | €8,001 | +€7,178 | +872% |
| Profit (loss) for the period before taxes | 9903 | €127,470 | €205,946 | +€78,476 | +61.6% |
| Income taxes | 67/77 | €38,033 | €57,946 | +€19,913 | +52.4% |
| Profit (loss) for the period | 9904 | €89,437 | €148,000 | +€58,563 | +65.5% |
| Profit (loss) for the period to be appropriated | 9905 | €89,437 | €148,000 | +€58,563 | +65.5% |
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 29 October 2026 via checked.be.