POPEL: 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.
POPEL
Largest movements
- Cash +€207,916
up €207,916 (+99.4%), from €209,185 to €417,101
mainly Net result for the year (+€204,332) and Receivables within one year (+€60,994)
- Receivables within one year -€60,994
down €60,994 (-92.3%), from €66,115 to €5,121
of which Trade receivables: -€59,626
- Tangible fixed assets -€8,729
down €8,729 (-16.6%), from €52,646 to €43,917
of which Furniture and vehicles: -€9,288
- Reserves +€132,486
up €132,486 (+21.8%), from €608,377 to €740,864
of which Distributable reserves: +€134,346
- Tax, wage and social debts +€9,172
up €9,172 (+487%), from €1,882 to €11,054
- Gross operating margin +€65,050
up €65,050 (+26.7%), from €244,088 to €309,137
- Taxes +€23,184
up €23,184 (+30.4%), from €76,144 to €99,329
- Financial income +€8,534
up €8,534 (+308%), from €2,772 to €11,306
- Depreciation +€5,108
up €5,108 (+61.7%), from €8,277 to €13,385
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 | €639,462 | €776,817 | +€137,355 | +21.5% |
| Fixed assets | 21/28 | €52,646 | €43,917 | -€8,729 | -16.6% |
| Tangible fixed assets | 22/27 | €52,646 | €43,917 | -€8,729 | -16.6% |
| Plant, machinery and equipment | 23 | €1,585 | €3,419 | +€1,833 | +116% |
| Furniture and vehicles | 24 | €44,974 | €35,686 | -€9,288 | -20.7% |
| Other tangible fixed assets | 26 | €6,087 | €4,812 | -€1,274 | -20.9% |
| Current assets | 29/58 | €586,816 | €732,900 | +€146,084 | +24.9% |
| Amounts receivable within one year | 40/41 | €66,115 | €5,121 | -€60,994 | -92.3% |
| Trade receivables | 40 | €62,796 | €3,171 | -€59,626 | -95.0% |
| Other amounts receivable | 41 | €3,319 | €1,950 | -€1,369 | -41.2% |
| Current investments | 50/53 | €309,267 | €308,280 | -€987 | -0.3% |
| Cash at bank and in hand | 54/58 | €209,185 | €417,101 | +€207,916 | +99.4% |
| Deferred charges and accrued income | 490/1 | €2,249 | €2,398 | +€149 | +6.6% |
| Total equity and liabilities | 10/49 | €639,462 | €776,817 | +€137,355 | +21.5% |
| Equity | 10/15 | €626,977 | €759,464 | +€132,486 | +21.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €608,377 | €740,864 | +€132,486 | +21.8% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €606,517 | €740,864 | +€134,346 | +22.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €12,485 | €17,353 | +€4,869 | +39.0% |
| Amounts payable within one year | 42/48 | €12,485 | €17,353 | +€4,869 | +39.0% |
| Trade debts | 44 | €10,129 | €5,904 | -€4,225 | -41.7% |
| Suppliers | 440/4 | €10,129 | €5,904 | -€4,225 | -41.7% |
| Taxes, remuneration and social security | 45 | €1,882 | €11,054 | +€9,172 | +487% |
| Taxes | 450/3 | €1,882 | €11,054 | +€9,172 | +487% |
| Other amounts payable | 47/48 | €473 | €395 | -€78 | -16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,277 | €13,385 | +€5,108 | +61.7% |
| Other operating charges | 640/8 | €793 | €1,427 | +€634 | +80.0% |
| Gross operating margin | 9900 | €244,088 | €309,137 | +€65,050 | +26.7% |
| Operating profit (loss) | 9901 | €235,018 | €294,326 | +€59,308 | +25.2% |
| Financial income | 75/76B | €2,772 | €11,306 | +€8,534 | +308% |
| Recurring financial income | 75 | €2,772 | €11,306 | +€8,534 | +308% |
| Financial charges | 65/66B | €815 | €1,971 | +€1,156 | +142% |
| Recurring financial charges | 65 | €815 | €1,971 | +€1,156 | +142% |
| Profit (loss) for the period before taxes | 9903 | €236,975 | €303,660 | +€66,685 | +28.1% |
| Income taxes | 67/77 | €76,144 | €99,329 | +€23,184 | +30.4% |
| Profit (loss) for the period | 9904 | €160,830 | €204,332 | +€43,501 | +27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €160,830 | €204,332 | +€43,501 | +27.0% |
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 27 October 2026 via checked.be.