Pieter Roels: 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 Roels
Largest movements
- Tangible fixed assets -€39,762
down €39,762 (-19.3%), from €205,902 to €166,140
of which Furniture and vehicles: -€22,503
- Receivables within one year +€15,895
up €15,895 (+6.2%), from €257,001 to €272,896
of which Trade receivables: +€15,895
- Cash +€13,497
up €13,497 (+3.7%), from €367,821 to €381,318
mainly Net result for the year (+€660,986) and Depreciation (+€39,156)
- Reserves +€150,000
up €150,000 (+8,065%), from €1,860 to €151,860
- Other debts -€79,535
down €79,535 (-14.4%), from €553,763 to €474,228
- Trade debts -€65,980
down €65,980 (-65.9%), from €100,087 to €34,107
- Profit (loss) carried forward -€39,014
down €39,014 (-69.0%), from €56,510 to €17,496
- Tax, wage and social debts +€24,159
new in 2025: €24,159
- Gross operating margin +€145,136
up €145,136 (+18.8%), from €773,023 to €918,159
- Taxes +€38,627
up €38,627 (+21.5%), from €179,436 to €218,063
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 | €830,820 | €820,450 | -€10,370 | -1.2% |
| Fixed assets | 21/28 | €205,998 | €166,236 | -€39,762 | -19.3% |
| Tangible fixed assets | 22/27 | €205,902 | €166,140 | -€39,762 | -19.3% |
| Land and buildings | 22 | €64,067 | €59,796 | -€4,271 | -6.7% |
| Plant, machinery and equipment | 23 | €59,535 | €46,547 | -€12,988 | -21.8% |
| Furniture and vehicles | 24 | €82,300 | €59,797 | -€22,503 | -27.3% |
| Financial fixed assets | 28 | €96 | €96 | = | 0.0% |
| Current assets | 29/58 | €624,822 | €654,214 | +€29,392 | +4.7% |
| Amounts receivable within one year | 40/41 | €257,001 | €272,896 | +€15,895 | +6.2% |
| Trade receivables | 40 | €235,167 | €251,062 | +€15,895 | +6.8% |
| Other amounts receivable | 41 | €21,834 | €21,834 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €367,821 | €381,318 | +€13,497 | +3.7% |
| Total equity and liabilities | 10/49 | €830,820 | €820,450 | -€10,370 | -1.2% |
| Equity | 10/15 | €76,970 | €187,956 | +€110,986 | +144% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €151,860 | +€150,000 | +8,065% |
| Distributable reserves | 133 | €1,860 | €151,860 | +€150,000 | +8,065% |
| Profit (loss) carried forward | 14 | €56,510 | €17,496 | -€39,014 | -69.0% |
| Amounts payable | 17/49 | €753,850 | €632,494 | -€121,356 | -16.1% |
| Amounts payable after more than one year | 17 | €100,000 | €100,000 | = | 0.0% |
| Financial debts | 170/4 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €653,850 | €532,494 | -€121,356 | -18.6% |
| Trade debts | 44 | €100,087 | €34,107 | -€65,980 | -65.9% |
| Suppliers | 440/4 | €100,087 | €34,107 | -€65,980 | -65.9% |
| Taxes, remuneration and social security | 45 | - | €24,159 | +€24,159 | |
| Remuneration and social security | 454/9 | - | €24,159 | +€24,159 | |
| Other amounts payable | 47/48 | €553,763 | €474,228 | -€79,535 | -14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,765 | €39,156 | -€3,609 | -8.4% |
| Other operating charges | 640/8 | €5,631 | €4,997 | -€634 | -11.3% |
| Gross operating margin | 9900 | €773,023 | €918,159 | +€145,136 | +18.8% |
| Operating profit (loss) | 9901 | €724,627 | €874,006 | +€149,379 | +20.6% |
| Financial income | 75/76B | €9,650 | €7,245 | -€2,405 | -24.9% |
| Recurring financial income | 75 | €9,650 | €7,245 | -€2,405 | -24.9% |
| Financial charges | 65/66B | €2,192 | €2,202 | +€10 | +0.5% |
| Recurring financial charges | 65 | €2,192 | €2,202 | +€10 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €732,085 | €879,049 | +€146,964 | +20.1% |
| Income taxes | 67/77 | €179,436 | €218,063 | +€38,627 | +21.5% |
| Profit (loss) for the period | 9904 | €552,649 | €660,986 | +€108,337 | +19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €552,649 | €660,986 | +€108,337 | +19.6% |
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 26 October 2026 via checked.be.