POPEYE: what changed
Two fiscal 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.
POPEYE
Largest movements
- Tangible fixed assets +€264,196
up €264,196 (+180.6%), from €146,308 to €410,504
of which Land and buildings: +€264,868
- Receivables within one year +€157,149
up €157,149 (+203.6%), from €77,173 to €234,323
of which Trade receivables: +€89,589
- Intangible fixed assets -€8,117
down €8,117 (-17.4%), from €46,586 to €38,470
- Debts after one year +€208,947
up €208,947 (+150.0%), from €139,341 to €348,288
- Trade debts +€74,488
up €74,488 (+271.8%), from €27,410 to €101,898
- Current portion of long-term debt +€43,406
up €43,406 (+110.8%), from €39,170 to €82,576
- Other debts +€28,898
up €28,898, from €0 to €28,898
- Advances received +€17,990
up €17,990 (+899.5%), from €2,000 to €19,990
- Gross operating margin +€69,661
up €69,661 (+29.1%), from €239,168 to €308,829
- Staff costs +€23,268
up €23,268 (+14.2%), from €163,892 to €187,160
- Taxes +€17,941
up €17,941 (+201.2%), from €8,915 to €26,856
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.
Cash bridge derived
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 | €330,502 | €738,299 | +€407,797 | +123.4% |
| Fixed assets | 21/28 | €192,894 | €449,087 | +€256,193 | +132.8% |
| Intangible fixed assets | 21 | €46,586 | €38,470 | -€8,117 | -17.4% |
| Tangible fixed assets | 22/27 | €146,308 | €410,504 | +€264,196 | +180.6% |
| Land and buildings | 22 | €136,009 | €400,877 | +€264,868 | +194.7% |
| Plant, machinery and equipment | 23 | €7,192 | €3,184 | -€4,008 | -55.7% |
| Furniture and vehicles | 24 | €3,107 | €6,443 | +€3,336 | +107.4% |
| Financial fixed assets | 28 | - | €114 | +€114 | |
| Current assets | 29/58 | €137,608 | €289,212 | +€151,603 | +110.2% |
| Amounts receivable after more than one year | 29 | €17,672 | €16,851 | -€821 | -4.6% |
| Other amounts receivable | 291 | €17,672 | €16,851 | -€821 | -4.6% |
| Amounts receivable within one year | 40/41 | €77,173 | €234,323 | +€157,149 | +203.6% |
| Trade receivables | 40 | €61,673 | €151,262 | +€89,589 | +145.3% |
| Other amounts receivable | 41 | €15,500 | €83,061 | +€67,561 | +435.9% |
| Cash at bank and in hand | 54/58 | €263 | €655 | +€392 | +149.1% |
| Deferred charges and accrued income | 490/1 | €42,500 | €37,383 | -€5,117 | -12.0% |
| Total equity and liabilities | 10/49 | €330,502 | €738,299 | +€407,797 | +123.4% |
| Equity | 10/15 | €66,256 | €76,366 | +€10,110 | +15.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €60,056 | €70,166 | +€10,110 | +16.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €58,196 | €68,306 | +€10,110 | +17.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €264,246 | €661,933 | +€397,687 | +150.5% |
| Amounts payable after more than one year | 17 | €139,341 | €348,288 | +€208,947 | +150.0% |
| Financial debts | 170/4 | €139,341 | €348,288 | +€208,947 | +150.0% |
| Amounts payable within one year | 42/48 | €124,905 | €313,645 | +€188,740 | +151.1% |
| Current portion of amounts payable after more than one year | 42 | €39,170 | €82,576 | +€43,406 | +110.8% |
| Financial debts | 43 | €11,638 | €27,858 | +€16,221 | +139.4% |
| Credit institutions | 430/8 | €11,638 | €27,858 | +€16,221 | +139.4% |
| Trade debts | 44 | €27,410 | €101,898 | +€74,488 | +271.8% |
| Suppliers | 440/4 | €27,410 | €101,898 | +€74,488 | +271.8% |
| Advances received on contracts in progress | 46 | €2,000 | €19,990 | +€17,990 | +899.5% |
| Taxes, remuneration and social security | 45 | €44,687 | €52,424 | +€7,737 | +17.3% |
| Taxes | 450/3 | €23,215 | €34,573 | +€11,358 | +48.9% |
| Remuneration and social security | 454/9 | €21,472 | €17,851 | -€3,621 | -16.9% |
| Other amounts payable | 47/48 | €0 | €28,898 | +€28,898 | |
| Remuneration, social security and pensions | 62 | €163,892 | €187,160 | +€23,268 | +14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,822 | €46,135 | -€2,686 | -5.5% |
| Other operating charges | 640/8 | €2,584 | €1,135 | -€1,450 | -56.1% |
| Gross operating margin | 9900 | €239,168 | €308,829 | +€69,661 | +29.1% |
| Operating profit (loss) | 9901 | €23,870 | €74,400 | +€50,529 | +211.7% |
| Financial income | 75/76B | €535 | €513 | -€22 | -4.2% |
| Recurring financial income | 75 | €535 | €513 | -€22 | -4.2% |
| Financial charges | 65/66B | €7,988 | €9,048 | +€1,060 | +13.3% |
| Recurring financial charges | 65 | €7,988 | €9,048 | +€1,060 | +13.3% |
| Profit (loss) for the period before taxes | 9903 | €16,417 | €65,864 | +€49,447 | +301.2% |
| Income taxes | 67/77 | €8,915 | €26,856 | +€17,941 | +201.2% |
| Profit (loss) for the period | 9904 | €7,502 | €39,008 | +€31,506 | +420.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,502 | €39,008 | +€31,506 | +420.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.