Pieter Deré: 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 Deré
Largest movements
- Cash +€218,340
up €218,340 (+452%), from €48,345 to €266,686
mainly Net result for the year (+€274,306) and Other debts (+€273,092)
- Current investments -€151,500
down €151,500 (-55.2%), from €274,601 to €123,101
- Receivables within one year +€124,537
up €124,537 (+162%), from €76,913 to €201,449
of which Trade receivables: +€80,544
- Other debts +€273,092
up €273,092 (+22,489%), from €1,214 to €274,306
- Debts after one year -€63,200
down €63,200 (-100%), from €63,200 to €0
- Current portion of long-term debt -€38,433
down €38,433 (-100%), from €38,433 to €0
- Tax, wage and social debts +€21,350
up €21,350 (+56.4%), from €37,861 to €59,211
- Taxes -€27,986
down €27,986 (-24.8%), from €112,863 to €84,877
- Gross operating margin -€14,256
down €14,256 (-4.0%), from €357,501 to €343,245
- Financial income +€11,257
up €11,257 (+95.5%), from €11,791 to €23,048
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €652,712 | €844,902 | +€192,190 | +29.4% |
| Fixed assets | 21/28 | €1,674 | €1,062 | -€611 | -36.5% |
| Tangible fixed assets | 22/27 | €1,674 | €1,062 | -€611 | -36.5% |
| Furniture and vehicles | 24 | €1,674 | €1,062 | -€611 | -36.5% |
| Current assets | 29/58 | €651,038 | €843,840 | +€192,801 | +29.6% |
| Amounts receivable after more than one year | 29 | €246,000 | €246,000 | = | 0.0% |
| Other amounts receivable | 291 | €246,000 | €246,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €76,913 | €201,449 | +€124,537 | +162% |
| Trade receivables | 40 | €76,767 | €157,310 | +€80,544 | +105% |
| Other amounts receivable | 41 | €146 | €44,139 | +€43,993 | +30,190% |
| Current investments | 50/53 | €274,601 | €123,101 | -€151,500 | -55.2% |
| Cash at bank and in hand | 54/58 | €48,345 | €266,686 | +€218,340 | +452% |
| Deferred charges and accrued income | 490/1 | €5,179 | €6,604 | +€1,424 | +27.5% |
| Total equity and liabilities | 10/49 | €652,712 | €844,902 | +€192,190 | +29.4% |
| Equity | 10/15 | €508,714 | €508,714 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €503,714 | €503,714 | = | 0.0% |
| Distributable reserves | 133 | €503,714 | €503,714 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €143,998 | €336,189 | +€192,190 | +133% |
| Amounts payable after more than one year | 17 | €63,200 | €0 | -€63,200 | -100% |
| Financial debts | 170/4 | €63,200 | €0 | -€63,200 | -100% |
| Amounts payable within one year | 42/48 | €80,798 | €336,189 | +€255,391 | +316% |
| Current portion of amounts payable after more than one year | 42 | €38,433 | €0 | -€38,433 | -100% |
| Financial debts | 43 | €2,454 | €1,622 | -€831 | -33.9% |
| Credit institutions | 430/8 | €2,454 | €1,622 | -€831 | -33.9% |
| Trade debts | 44 | €835 | €1,049 | +€214 | +25.6% |
| Suppliers | 440/4 | €835 | €1,049 | +€214 | +25.6% |
| Taxes, remuneration and social security | 45 | €37,861 | €59,211 | +€21,350 | +56.4% |
| Taxes | 450/3 | €37,861 | €59,211 | +€21,350 | +56.4% |
| Other amounts payable | 47/48 | €1,214 | €274,306 | +€273,092 | +22,489% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,208 | €1,802 | -€1,406 | -43.8% |
| Other operating charges | 640/8 | €1,382 | €1,657 | +€275 | +19.9% |
| Gross operating margin | 9900 | €357,501 | €343,245 | -€14,256 | -4.0% |
| Operating profit (loss) | 9901 | €352,911 | €339,786 | -€13,125 | -3.7% |
| Financial income | 75/76B | €11,791 | €23,048 | +€11,257 | +95.5% |
| Recurring financial income | 75 | €11,791 | €23,048 | +€11,257 | +95.5% |
| Financial charges | 65/66B | €3,057 | €3,650 | +€593 | +19.4% |
| Recurring financial charges | 65 | €3,057 | €3,650 | +€593 | +19.4% |
| Profit (loss) for the period before taxes | 9903 | €361,644 | €359,183 | -€2,461 | -0.7% |
| Income taxes | 67/77 | €112,863 | €84,877 | -€27,986 | -24.8% |
| Profit (loss) for the period | 9904 | €248,781 | €274,306 | +€25,525 | +10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €248,781 | €274,306 | +€25,525 | +10.3% |
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 15 October 2026 via checked.be.