Poppe: 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.
Poppe
Largest movements
- Tangible fixed assets +€551,845
up €551,845 (+533%), from €103,465 to €655,310
of which Land and buildings: +€588,697
- Cash -€401,942
down €401,942 (-31.4%), from €1.3m to €878,741
mainly Investment in fixed assets (net) (-€596,148) and Contributions, distributions and other (-€583,041)
- Receivables within one year -€88,595
down €88,595 (-21.8%), from €405,610 to €317,015
of which Trade receivables: -€96,238
- Stocks and contracts -€23,131
down €23,131 (-13.0%), from €177,278 to €154,147
- Debts after one year +€437,349
up €437,349 (+2,664%), from €16,415 to €453,764
- Reserves -€198,944
down €198,944 (-37.7%), from €528,250 to €329,306
- Other debts -€135,480
down €135,480 (-12.3%), from €1.1m to €968,718
- Advances received -€38,640
down €38,640 (-83.9%), from €46,065 to €7,425
- Trade debts -€23,394
down €23,394 (-96.6%), from €24,224 to €830
- Gross operating margin -€208,894
down €208,894 (-22.0%), from €950,529 to €741,635
- Other operating charges +€71,359
up €71,359 (+3,173%), from €2,249 to €73,608
- Taxes -€51,504
down €51,504 (-30.8%), from €167,243 to €115,739
- Write-downs -€45,956
down €45,956 (-55.8%), from €82,350 to €36,394
- Financial income -€21,710
down €21,710 (-61.9%), from €35,096 to €13,386
of which Non-recurring financial income: -€22,484
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 | €1,970,380 | €2,013,479 | +€43,099 | +2.2% |
| Fixed assets | 21/28 | €103,465 | €655,310 | +€551,845 | +533% |
| Tangible fixed assets | 22/27 | €103,465 | €655,310 | +€551,845 | +533% |
| Land and buildings | 22 | - | €588,697 | +€588,697 | |
| Plant, machinery and equipment | 23 | €26,187 | €15,946 | -€10,241 | -39.1% |
| Furniture and vehicles | 24 | €64,528 | €42,167 | -€22,361 | -34.7% |
| Other tangible fixed assets | 26 | €12,750 | €8,500 | -€4,250 | -33.3% |
| Current assets | 29/58 | €1,866,915 | €1,358,169 | -€508,746 | -27.3% |
| Stocks and contracts in progress | 3 | €177,278 | €154,147 | -€23,131 | -13.0% |
| Stocks | 30/36 | €177,278 | €154,147 | -€23,131 | -13.0% |
| Amounts receivable within one year | 40/41 | €405,610 | €317,015 | -€88,595 | -21.8% |
| Trade receivables | 40 | €405,610 | €309,372 | -€96,238 | -23.7% |
| Other amounts receivable | 41 | - | €7,643 | +€7,643 | |
| Cash at bank and in hand | 54/58 | €1,280,683 | €878,741 | -€401,942 | -31.4% |
| Deferred charges and accrued income | 490/1 | €3,344 | €8,266 | +€4,922 | +147% |
| Total equity and liabilities | 10/49 | €1,970,380 | €2,013,479 | +€43,099 | +2.2% |
| Equity | 10/15 | €568,250 | €369,306 | -€198,944 | -35.0% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €528,250 | €329,306 | -€198,944 | -37.7% |
| Distributable reserves | 133 | €528,250 | €329,306 | -€198,944 | -37.7% |
| Amounts payable | 17/49 | €1,402,130 | €1,644,173 | +€242,043 | +17.3% |
| Amounts payable after more than one year | 17 | €16,415 | €453,764 | +€437,349 | +2,664% |
| Financial debts | 170/4 | €16,415 | €453,764 | +€437,349 | +2,664% |
| Amounts payable within one year | 42/48 | €1,338,710 | €1,161,617 | -€177,093 | -13.2% |
| Current portion of amounts payable after more than one year | 42 | €37,334 | €55,103 | +€17,769 | +47.6% |
| Financial debts | 43 | €20,655 | €34,133 | +€13,478 | +65.3% |
| Credit institutions | 430/8 | €20,655 | €34,133 | +€13,478 | +65.3% |
| Trade debts | 44 | €24,224 | €830 | -€23,394 | -96.6% |
| Suppliers | 440/4 | €24,224 | €830 | -€23,394 | -96.6% |
| Advances received on contracts in progress | 46 | €46,065 | €7,425 | -€38,640 | -83.9% |
| Taxes, remuneration and social security | 45 | €106,234 | €95,408 | -€10,826 | -10.2% |
| Taxes | 450/3 | €102,897 | €95,320 | -€7,577 | -7.4% |
| Remuneration and social security | 454/9 | €3,337 | €88 | -€3,249 | -97.4% |
| Other amounts payable | 47/48 | €1,104,198 | €968,718 | -€135,480 | -12.3% |
| Accrued charges and deferred income | 492/3 | €47,005 | €28,792 | -€18,213 | -38.7% |
| Remuneration, social security and pensions | 62 | €113,577 | €95,514 | -€18,063 | -15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,889 | €44,303 | -€20,586 | -31.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €82,350 | €36,394 | -€45,956 | -55.8% |
| Other operating charges | 640/8 | €2,249 | €73,608 | +€71,359 | +3,173% |
| Gross operating margin | 9900 | €950,529 | €741,635 | -€208,894 | -22.0% |
| Operating profit (loss) | 9901 | €687,464 | €491,816 | -€195,648 | -28.5% |
| Financial income | 75/76B | €35,096 | €13,386 | -€21,710 | -61.9% |
| Recurring financial income | 75 | €12,612 | €13,386 | +€774 | +6.1% |
| Non-recurring financial income | 76B | €22,484 | - | -€22,484 | |
| Financial charges | 65/66B | €4,334 | €5,366 | +€1,032 | +23.8% |
| Recurring financial charges | 65 | €4,334 | €5,366 | +€1,032 | +23.8% |
| Profit (loss) for the period before taxes | 9903 | €718,226 | €499,836 | -€218,390 | -30.4% |
| Income taxes | 67/77 | €167,243 | €115,739 | -€51,504 | -30.8% |
| Profit (loss) for the period | 9904 | €550,983 | €384,097 | -€166,886 | -30.3% |
| Profit (loss) for the period to be appropriated | 9905 | €550,983 | €384,097 | -€166,886 | -30.3% |
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 24 October 2026 via checked.be.