POPELIER: 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.
POPELIER
Largest movements
- Tangible fixed assets +€121,459
up €121,459 (+642%), from €18,915 to €140,374
of which Furniture and vehicles: +€114,878
- Cash +€14,219
up €14,219 (+13.3%), from €107,032 to €121,251
mainly Debts after one year (+€81,202) and Other debts (+€47,482)
- Receivables within one year -€8,410
down €8,410 (-11.9%), from €70,386 to €61,976
of which Trade receivables: -€27,947
- Deferred charges and accrued income -€6,191
down €6,191 (-40.2%), from €15,413 to €9,222
- Debts after one year +€81,202
new in 2025: €81,202
- Other debts +€47,482
up €47,482 (+19,316%), from €246 to €47,728
- Tax, wage and social debts -€39,783
down €39,783 (-77.6%), from €51,274 to €11,490
of which Taxes: -€39,781
- Trade debts +€32,497
up €32,497 (+2,034%), from €1,598 to €34,095
- Current portion of long-term debt +€18,525
up €18,525 (+6,787%), from €273 to €18,798
- Gross operating margin -€51,918
down €51,918 (-23.3%), from €222,941 to €171,023
- Taxes -€17,921
down €17,921 (-61.2%), from €29,305 to €11,384
- Staff costs +€5,143
up €5,143 (+4.7%), from €110,145 to €115,288
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 | €213,255 | €334,735 | +€121,480 | +57.0% |
| Fixed assets | 21/28 | €18,915 | €140,374 | +€121,459 | +642% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €18,915 | €140,374 | +€121,459 | +642% |
| Plant, machinery and equipment | 23 | €16,220 | €22,801 | +€6,580 | +40.6% |
| Furniture and vehicles | 24 | €2,695 | €117,573 | +€114,878 | +4,263% |
| Current assets | 29/58 | €194,340 | €194,362 | +€22 | 0.0% |
| Stocks and contracts in progress | 3 | €1,509 | €1,912 | +€403 | +26.7% |
| Stocks | 30/36 | €1,509 | €1,912 | +€403 | +26.7% |
| Amounts receivable within one year | 40/41 | €70,386 | €61,976 | -€8,410 | -11.9% |
| Trade receivables | 40 | €69,346 | €41,399 | -€27,947 | -40.3% |
| Other amounts receivable | 41 | €1,040 | €20,578 | +€19,538 | +1,879% |
| Cash at bank and in hand | 54/58 | €107,032 | €121,251 | +€14,219 | +13.3% |
| Deferred charges and accrued income | 490/1 | €15,413 | €9,222 | -€6,191 | -40.2% |
| Total equity and liabilities | 10/49 | €213,255 | €334,735 | +€121,480 | +57.0% |
| Equity | 10/15 | €159,865 | €141,422 | -€18,443 | -11.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €141,036 | €122,593 | -€18,443 | -13.1% |
| Distributable reserves | 133 | €141,036 | €122,593 | -€18,443 | -13.1% |
| Profit (loss) carried forward | 14 | €230 | €230 | = | 0.0% |
| Amounts payable | 17/49 | €53,390 | €193,313 | +€139,923 | +262% |
| Amounts payable after more than one year | 17 | - | €81,202 | +€81,202 | |
| Financial debts | 170/4 | - | €81,202 | +€81,202 | |
| Amounts payable within one year | 42/48 | €53,390 | €112,111 | +€58,721 | +110% |
| Current portion of amounts payable after more than one year | 42 | €273 | €18,798 | +€18,525 | +6,787% |
| Trade debts | 44 | €1,598 | €34,095 | +€32,497 | +2,034% |
| Suppliers | 440/4 | €1,598 | €34,095 | +€32,497 | +2,034% |
| Taxes, remuneration and social security | 45 | €51,274 | €11,490 | -€39,783 | -77.6% |
| Taxes | 450/3 | €43,349 | €3,568 | -€39,781 | -91.8% |
| Remuneration and social security | 454/9 | €7,925 | €7,922 | -€3 | 0.0% |
| Other amounts payable | 47/48 | €246 | €47,728 | +€47,482 | +19,316% |
| Non-recurring operating income | 76A | €22,250 | €3,000 | -€19,250 | -86.5% |
| Remuneration, social security and pensions | 62 | €110,145 | €115,288 | +€5,143 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,002 | €12,546 | +€1,545 | +14.0% |
| Other operating charges | 640/8 | €1,352 | €1,383 | +€31 | +2.3% |
| Non-recurring operating charges | 66A | - | €348 | +€348 | |
| Gross operating margin | 9900 | €222,941 | €171,023 | -€51,918 | -23.3% |
| Operating profit (loss) | 9901 | €100,442 | €41,458 | -€58,985 | -58.7% |
| Financial income | 75/76B | €86 | €203 | +€117 | +136% |
| Recurring financial income | 75 | €86 | €203 | +€117 | +136% |
| Financial charges | 65/66B | €859 | €991 | +€132 | +15.3% |
| Recurring financial charges | 65 | €859 | €991 | +€132 | +15.3% |
| Profit (loss) for the period before taxes | 9903 | €99,669 | €40,670 | -€59,000 | -59.2% |
| Income taxes | 67/77 | €29,305 | €11,384 | -€17,921 | -61.2% |
| Profit (loss) for the period | 9904 | €70,364 | €29,285 | -€41,079 | -58.4% |
| Profit (loss) for the period to be appropriated | 9905 | €70,364 | €29,285 | -€41,079 | -58.4% |
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 18 October 2026 via checked.be.