Pieter Pen: what changed
Pieter Pen
Largest movements
- Tangible fixed assets -€21,020
down €21,020 (-42.5%), from €49,473 to €28,453
- Current investments +€12,500
up €12,500 (+39.5%), from €31,667 to €44,167
- Receivables within one year -€10,891
down €10,891 (-93.5%), from €11,649 to €758
of which Trade receivables: -€8,613
- Cash -€6,390
down €6,390 (-5.3%), from €119,546 to €113,156
mainly Contributions, distributions and other (-€90,000) and Current investments (-€12,500)
- Reserves -€88,666
down €88,666 (-76.6%), from €115,767 to €27,101
- Other debts +€73,844
up €73,844 (+112%), from €65,916 to €139,760
- Tax, wage and social debts -€7,373
down €7,373 (-78.9%), from €9,348 to €1,975
of which Remuneration and social security: -€5,000
- Accrued charges and deferred income -€3,387
no longer reported in 2025 (was €3,387)
- Gross operating margin -€99,629
down €99,629 (-77.7%), from €128,279 to €28,651
- Taxes -€16,696
down €16,696 (-75.5%), from €22,102 to €5,406
- Depreciation +€7,861
up €7,861 (+59.7%), from €13,158 to €21,020
- Financial charges -€3,563
down €3,563 (-98.5%), from €3,618 to €55
- Financial income -€3,064
down €3,064 (-81.7%), from €3,749 to €685
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 | €213,843 | €187,961 | -€25,882 | -12.1% |
| Fixed assets | 21/28 | €49,473 | €28,453 | -€21,020 | -42.5% |
| Tangible fixed assets | 22/27 | €49,473 | €28,453 | -€21,020 | -42.5% |
| Furniture and vehicles | 24 | €49,473 | €28,453 | -€21,020 | -42.5% |
| Current assets | 29/58 | €164,370 | €159,508 | -€4,862 | -3.0% |
| Amounts receivable within one year | 40/41 | €11,649 | €758 | -€10,891 | -93.5% |
| Trade receivables | 40 | €8,773 | €160 | -€8,613 | -98.2% |
| Other amounts receivable | 41 | €2,876 | €598 | -€2,278 | -79.2% |
| Current investments | 50/53 | €31,667 | €44,167 | +€12,500 | +39.5% |
| Cash at bank and in hand | 54/58 | €119,546 | €113,156 | -€6,390 | -5.3% |
| Deferred charges and accrued income | 490/1 | €1,508 | €1,427 | -€81 | -5.4% |
| Total equity and liabilities | 10/49 | €213,843 | €187,961 | -€25,882 | -12.1% |
| Equity | 10/15 | €134,367 | €45,701 | -€88,666 | -66.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €115,767 | €27,101 | -€88,666 | -76.6% |
| Distributable reserves | 133 | €115,767 | €27,101 | -€88,666 | -76.6% |
| Amounts payable | 17/49 | €79,476 | €142,260 | +€62,784 | +79.0% |
| Amounts payable within one year | 42/48 | €76,089 | €142,260 | +€66,171 | +87.0% |
| Trade debts | 44 | €825 | €525 | -€300 | -36.4% |
| Suppliers | 440/4 | €825 | €525 | -€300 | -36.4% |
| Taxes, remuneration and social security | 45 | €9,348 | €1,975 | -€7,373 | -78.9% |
| Taxes | 450/3 | €4,348 | €1,975 | -€2,373 | -54.6% |
| Remuneration and social security | 454/9 | €5,000 | - | -€5,000 | |
| Other amounts payable | 47/48 | €65,916 | €139,760 | +€73,844 | +112% |
| Accrued charges and deferred income | 492/3 | €3,387 | - | -€3,387 | |
| Non-recurring operating income | 76A | €14,500 | - | -€14,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,158 | €21,020 | +€7,861 | +59.7% |
| Other operating charges | 640/8 | €1,254 | €1,461 | +€208 | +16.6% |
| Non-recurring operating charges | 66A | €63 | €59 | -€4 | -6.5% |
| Gross operating margin | 9900 | €128,279 | €28,651 | -€99,629 | -77.7% |
| Operating profit (loss) | 9901 | €113,804 | €6,111 | -€107,694 | -94.6% |
| Financial income | 75/76B | €3,749 | €685 | -€3,064 | -81.7% |
| Recurring financial income | 75 | €3,749 | €685 | -€3,064 | -81.7% |
| Financial charges | 65/66B | €3,618 | €55 | -€3,563 | -98.5% |
| Recurring financial charges | 65 | €3,618 | €55 | -€3,563 | -98.5% |
| Profit (loss) for the period before taxes | 9903 | €113,936 | €6,740 | -€107,196 | -94.1% |
| Income taxes | 67/77 | €22,102 | €5,406 | -€16,696 | -75.5% |
| Profit (loss) for the period | 9904 | €91,833 | €1,334 | -€90,499 | -98.5% |
| Profit (loss) for the period to be appropriated | 9905 | €91,833 | €1,334 | -€90,499 | -98.5% |
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 2 November 2026 via checked.be.