POPPY: 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.
POPPY
Largest movements
- Tangible fixed assets -€35,204
down €35,204 (-5.5%), from €639,108 to €603,905
of which Land and buildings: -€21,172
- Cash +€7,514
up €7,514 (+25.6%), from €29,321 to €36,835
mainly Depreciation (+€36,236) and Net result for the year (+€26,710)
- Debts after one year -€59,868
down €59,868 (-11.7%), from €511,725 to €451,858
of which Financial debts: -€53,189
- Reserves +€16,710
up €16,710 (+18.9%), from €88,512 to €105,222
- Other debts +€10,000
new in 2025: €10,000
- Gross operating margin +€22,574
up €22,574 (+37.7%), from €59,927 to €82,501
- Financial charges -€1,929
down €1,929 (-11.8%), from €16,328 to €14,399
- Taxes +€1,016
up €1,016 (+49.8%), from €2,042 to €3,057
- Financial income -€902
down €902 (-27.1%), from €3,328 to €2,426
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 | €696,376 | €672,188 | -€24,187 | -3.5% |
| Fixed assets | 21/28 | €639,108 | €603,905 | -€35,204 | -5.5% |
| Tangible fixed assets | 22/27 | €639,108 | €603,905 | -€35,204 | -5.5% |
| Land and buildings | 22 | €591,995 | €570,824 | -€21,172 | -3.6% |
| Plant, machinery and equipment | 23 | €2,741 | €2,185 | -€556 | -20.3% |
| Furniture and vehicles | 24 | €44,373 | €30,897 | -€13,476 | -30.4% |
| Current assets | 29/58 | €57,267 | €68,283 | +€11,016 | +19.2% |
| Stocks and contracts in progress | 3 | €27,732 | €31,234 | +€3,502 | +12.6% |
| Stocks | 30/36 | €27,732 | €31,234 | +€3,502 | +12.6% |
| Cash at bank and in hand | 54/58 | €29,321 | €36,835 | +€7,514 | +25.6% |
| Deferred charges and accrued income | 490/1 | €215 | €215 | = | 0.0% |
| Total equity and liabilities | 10/49 | €696,376 | €672,188 | -€24,187 | -3.5% |
| Equity | 10/15 | €108,512 | €125,222 | +€16,710 | +15.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €88,512 | €105,222 | +€16,710 | +18.9% |
| Distributable reserves | 133 | €88,512 | €105,222 | +€16,710 | +18.9% |
| Amounts payable | 17/49 | €587,863 | €546,966 | -€40,897 | -7.0% |
| Amounts payable after more than one year | 17 | €511,725 | €451,858 | -€59,868 | -11.7% |
| Financial debts | 170/4 | €395,548 | €342,359 | -€53,189 | -13.4% |
| Other amounts payable | 178/9 | €116,177 | €109,499 | -€6,679 | -5.7% |
| Amounts payable within one year | 42/48 | €72,072 | €91,043 | +€18,971 | +26.3% |
| Current portion of amounts payable after more than one year | 42 | €49,872 | €53,189 | +€3,318 | +6.7% |
| Trade debts | 44 | €2,507 | €7,992 | +€5,486 | +219% |
| Suppliers | 440/4 | €2,507 | €7,992 | +€5,486 | +219% |
| Taxes, remuneration and social security | 45 | €19,694 | €19,862 | +€168 | +0.9% |
| Taxes | 450/3 | €19,694 | €19,862 | +€168 | +0.9% |
| Other amounts payable | 47/48 | - | €10,000 | +€10,000 | |
| Accrued charges and deferred income | 492/3 | €4,066 | €4,066 | = | 0.0% |
| Non-recurring operating income | 76A | - | €14,320 | +€14,320 | |
| Remuneration, social security and pensions | 62 | €568 | €311 | -€257 | -45.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,707 | €36,236 | -€472 | -1.3% |
| Other operating charges | 640/8 | €4,160 | €4,214 | +€54 | +1.3% |
| Gross operating margin | 9900 | €59,927 | €82,501 | +€22,574 | +37.7% |
| Operating profit (loss) | 9901 | €18,491 | €41,740 | +€23,249 | +126% |
| Financial income | 75/76B | €3,328 | €2,426 | -€902 | -27.1% |
| Recurring financial income | 75 | €3,328 | €2,426 | -€902 | -27.1% |
| Financial charges | 65/66B | €16,328 | €14,399 | -€1,929 | -11.8% |
| Recurring financial charges | 65 | €16,328 | €14,399 | -€1,929 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €5,492 | €29,767 | +€24,275 | +442% |
| Income taxes | 67/77 | €2,042 | €3,057 | +€1,016 | +49.8% |
| Profit (loss) for the period | 9904 | €3,450 | €26,710 | +€23,259 | +674% |
| Profit (loss) for the period to be appropriated | 9905 | €3,450 | €26,710 | +€23,259 | +674% |
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.