PIETER DHAESE: what changed
PIETER DHAESE
Largest movements
- Cash -€66,034
down €66,034 (-87.7%), from €75,309 to €9,275
mainly Other debts (-€108,304) and Debts after one year (-€25,972)
- Tangible fixed assets -€30,857
down €30,857 (-4.3%), from €720,416 to €689,560
of which Land and buildings: -€30,009
- Receivables within one year +€11,623
up €11,623 (+13.9%), from €83,531 to €95,153
of which Other amounts receivable: +€51,623
- Other debts -€108,304
down €108,304 (-52.5%), from €206,295 to €97,990
- Reserves +€42,350
up €42,350 (+29.3%), from €144,697 to €187,048
- Debts after one year -€25,972
down €25,972 (-5.2%), from €499,911 to €473,939
- Financial charges -€11,845
down €11,845 (-46.2%), from €25,647 to €13,802
- Other operating charges -€5,196
down €5,196 (-70.2%), from €7,404 to €2,208
- Taxes +€3,910
up €3,910 (+30.7%), from €12,723 to €16,633
- Gross operating margin -€2,246
down €2,246 (-2.1%), from €108,463 to €106,216
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €887,256 | €793,988 | -€93,268 | -10.5% |
| Fixed assets | 21/28 | €720,416 | €689,560 | -€30,857 | -4.3% |
| Tangible fixed assets | 22/27 | €720,416 | €689,560 | -€30,857 | -4.3% |
| Land and buildings | 22 | €716,236 | €686,226 | -€30,009 | -4.2% |
| Plant, machinery and equipment | 23 | €4,181 | €3,333 | -€847 | -20.3% |
| Current assets | 29/58 | €166,840 | €104,429 | -€62,411 | -37.4% |
| Amounts receivable within one year | 40/41 | €83,531 | €95,153 | +€11,623 | +13.9% |
| Trade receivables | 40 | €60,000 | €20,000 | -€40,000 | -66.7% |
| Other amounts receivable | 41 | €23,531 | €75,153 | +€51,623 | +219% |
| Cash at bank and in hand | 54/58 | €75,309 | €9,275 | -€66,034 | -87.7% |
| Deferred charges and accrued income | 490/1 | €8,000 | - | -€8,000 | |
| Total equity and liabilities | 10/49 | €887,256 | €793,988 | -€93,268 | -10.5% |
| Equity | 10/15 | €145,697 | €188,048 | +€42,350 | +29.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €144,697 | €187,048 | +€42,350 | +29.3% |
| Distributable reserves | 133 | €144,697 | €187,048 | +€42,350 | +29.3% |
| Amounts payable | 17/49 | €741,559 | €605,941 | -€135,618 | -18.3% |
| Amounts payable after more than one year | 17 | €499,911 | €473,939 | -€25,972 | -5.2% |
| Financial debts | 170/4 | €499,911 | €473,939 | -€25,972 | -5.2% |
| Amounts payable within one year | 42/48 | €241,648 | €131,152 | -€110,497 | -45.7% |
| Current portion of amounts payable after more than one year | 42 | €25,334 | €25,972 | +€638 | +2.5% |
| Trade debts | 44 | €4,081 | €5,688 | +€1,607 | +39.4% |
| Suppliers | 440/4 | €4,081 | €5,688 | +€1,607 | +39.4% |
| Taxes, remuneration and social security | 45 | €5,939 | €1,501 | -€4,437 | -74.7% |
| Taxes | 450/3 | €3,439 | €1,501 | -€1,937 | -56.3% |
| Remuneration and social security | 454/9 | €2,500 | - | -€2,500 | |
| Other amounts payable | 47/48 | €206,295 | €97,990 | -€108,304 | -52.5% |
| Accrued charges and deferred income | 492/3 | - | €850 | +€850 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,148 | €30,857 | -€292 | -0.9% |
| Other operating charges | 640/8 | €7,404 | €2,208 | -€5,196 | -70.2% |
| Gross operating margin | 9900 | €108,463 | €106,216 | -€2,246 | -2.1% |
| Operating profit (loss) | 9901 | €69,910 | €73,152 | +€3,242 | +4.6% |
| Financial income | 75/76B | €182 | €492 | +€310 | +170% |
| Recurring financial income | 75 | €182 | €492 | +€310 | +170% |
| Financial charges | 65/66B | €25,647 | €13,802 | -€11,845 | -46.2% |
| Recurring financial charges | 65 | €25,647 | €13,802 | -€11,845 | -46.2% |
| Profit (loss) for the period before taxes | 9903 | €44,445 | €59,842 | +€15,396 | +34.6% |
| Income taxes | 67/77 | €12,723 | €16,633 | +€3,910 | +30.7% |
| Profit (loss) for the period | 9904 | €31,723 | €43,209 | +€11,487 | +36.2% |
| Profit (loss) for the period to be appropriated | 9905 | €31,723 | €43,209 | +€11,487 | +36.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.