@PPEL: 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.
@PPEL
Largest movements
- Cash +€214,264
up €214,264 (+1,927%), from €11,116 to €225,381
- Tangible fixed assets +€157,306
up €157,306 (+7.3%), from €2.2m to €2.3m
of which Furniture and vehicles: +€91,890
- Receivables within one year -€90,878
down €90,878 (-22.3%), from €407,127 to €316,249
of which Trade receivables: -€73,253
- Reserves +€447,063
up €447,063 (+88.8%), from €503,431 to €950,494
of which Tax-exempt reserves: +€360,209
- Other debts -€174,697
down €174,697 (-77.5%), from €225,438 to €50,741
- Debts after one year -€122,127
down €122,127 (-9.5%), from €1.3m to €1.2m
- Provisions +€120,070
new in 2025: €120,070
- Gross operating margin +€380,627
up €380,627 (+138%), from €276,092 to €656,719
- Other operating charges +€50,698
up €50,698 (+161%), from €31,505 to €82,203
- Taxes -€22,419
down €22,419 (-57.0%), from €39,362 to €16,944
- Financial charges -€18,182
down €18,182 (-38.8%), from €46,848 to €28,666
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,579,756 | €2,859,622 | +€279,867 | +10.8% |
| Fixed assets | 21/28 | €2,160,687 | €2,317,993 | +€157,306 | +7.3% |
| Tangible fixed assets | 22/27 | €2,160,687 | €2,317,993 | +€157,306 | +7.3% |
| Land and buildings | 22 | €2,160,687 | €2,226,102 | +€65,415 | +3.0% |
| Furniture and vehicles | 24 | - | €91,890 | +€91,890 | |
| Current assets | 29/58 | €419,068 | €541,630 | +€122,561 | +29.2% |
| Amounts receivable within one year | 40/41 | €407,127 | €316,249 | -€90,878 | -22.3% |
| Trade receivables | 40 | €389,502 | €316,249 | -€73,253 | -18.8% |
| Other amounts receivable | 41 | €17,625 | - | -€17,625 | |
| Cash at bank and in hand | 54/58 | €11,116 | €225,381 | +€214,264 | +1,927% |
| Deferred charges and accrued income | 490/1 | €825 | - | -€825 | |
| Total equity and liabilities | 10/49 | €2,579,756 | €2,859,622 | +€279,867 | +10.8% |
| Equity | 10/15 | €884,320 | €1,331,383 | +€447,063 | +50.6% |
| Contributions | 10/11 | €181,521 | €181,521 | = | 0.0% |
| Reserves | 13 | €503,431 | €950,494 | +€447,063 | +88.8% |
| Tax-exempt reserves | 132 | - | €360,209 | +€360,209 | |
| Distributable reserves | 133 | €503,431 | €590,285 | +€86,854 | +17.3% |
| Profit (loss) carried forward | 14 | €199,367 | €199,367 | = | 0.0% |
| Provisions and deferred taxes | 16 | - | €120,070 | +€120,070 | |
| Deferred taxes | 168 | - | €120,070 | +€120,070 | |
| Amounts payable | 17/49 | €1,695,436 | €1,408,170 | -€287,266 | -16.9% |
| Amounts payable after more than one year | 17 | €1,288,766 | €1,166,639 | -€122,127 | -9.5% |
| Financial debts | 170/4 | €1,288,766 | €1,166,639 | -€122,127 | -9.5% |
| Amounts payable within one year | 42/48 | €382,586 | €237,031 | -€145,555 | -38.0% |
| Current portion of amounts payable after more than one year | 42 | €88,695 | €106,571 | +€17,876 | +20.2% |
| Trade debts | 44 | €15,072 | €40,313 | +€25,241 | +167% |
| Suppliers | 440/4 | €15,072 | €40,313 | +€25,241 | +167% |
| Taxes, remuneration and social security | 45 | €53,381 | €39,406 | -€13,975 | -26.2% |
| Taxes | 450/3 | €53,381 | €39,406 | -€13,975 | -26.2% |
| Other amounts payable | 47/48 | €225,438 | €50,741 | -€174,697 | -77.5% |
| Accrued charges and deferred income | 492/3 | €24,084 | €4,500 | -€19,584 | -81.3% |
| Non-recurring operating income | 76A | €76,127 | €431,093 | +€354,966 | +466% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,170 | €68,800 | +€3,630 | +5.6% |
| Other operating charges | 640/8 | €31,505 | €82,203 | +€50,698 | +161% |
| Gross operating margin | 9900 | €276,092 | €656,719 | +€380,627 | +138% |
| Operating profit (loss) | 9901 | €179,417 | €505,716 | +€326,299 | +182% |
| Financial charges | 65/66B | €46,848 | €28,666 | -€18,182 | -38.8% |
| Recurring financial charges | 65 | €46,848 | €28,666 | -€18,182 | -38.8% |
| Profit (loss) for the period before taxes | 9903 | €132,569 | €477,050 | +€344,481 | +260% |
| Transfer from deferred taxes | 780 | - | €881 | +€881 | |
| Transfer to deferred taxes | 680 | - | €107,773 | +€107,773 | |
| Income taxes | 67/77 | €39,362 | €16,944 | -€22,419 | -57.0% |
| Profit (loss) for the period | 9904 | €93,206 | €353,214 | +€260,008 | +279% |
| Transfer from tax-exempt reserves | 789 | - | €2,644 | +€2,644 | |
| Transfer to tax-exempt reserves | 689 | - | €323,320 | +€323,320 | |
| Profit (loss) for the period to be appropriated | 9905 | €93,206 | €32,539 | -€60,668 | -65.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.