PUPE DIRK: 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.
PUPE DIRK
Largest movements
- Receivables within one year +€22,925
up €22,925 (+150%), from €15,299 to €38,224
of which Trade receivables: +€23,137
- Tangible fixed assets -€22,733
down €22,733 (-16.4%), from €138,573 to €115,840
of which Land and buildings: -€15,845
- Cash -€17,972
down €17,972 (-56.9%), from €31,568 to €13,596
mainly Receivables within one year (-€22,925) and Deferred charges and accrued income (-€8,032)
- Deferred charges and accrued income +€8,032
new in 2025: €8,032
- Current portion of long-term debt -€5,775
down €5,775 (-91.5%), from €6,309 to €533
- Other debts -€5,355
down €5,355 (-100%), from €5,355 to €0
- Trade debts +€2,829
up €2,829 (+230%), from €1,228 to €4,058
- Staff costs +€13,015
up €13,015 (+28.7%), from €45,417 to €58,432
- Gross operating margin +€12,017
up €12,017 (+15.0%), from €80,345 to €92,362
- Financial charges -€1,357
down €1,357 (-14.9%), from €9,134 to €7,776
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 | €185,965 | €176,217 | -€9,748 | -5.2% |
| Fixed assets | 21/28 | €139,098 | €116,365 | -€22,733 | -16.3% |
| Tangible fixed assets | 22/27 | €138,573 | €115,840 | -€22,733 | -16.4% |
| Land and buildings | 22 | €131,426 | €115,581 | -€15,845 | -12.1% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €7,147 | €259 | -€6,888 | -96.4% |
| Financial fixed assets | 28 | €525 | €525 | = | 0.0% |
| Current assets | 29/58 | €46,867 | €59,852 | +€12,985 | +27.7% |
| Amounts receivable within one year | 40/41 | €15,299 | €38,224 | +€22,925 | +150% |
| Trade receivables | 40 | €6,906 | €30,043 | +€23,137 | +335% |
| Other amounts receivable | 41 | €8,393 | €8,180 | -€213 | -2.5% |
| Cash at bank and in hand | 54/58 | €31,568 | €13,596 | -€17,972 | -56.9% |
| Deferred charges and accrued income | 490/1 | - | €8,032 | +€8,032 | |
| Total equity and liabilities | 10/49 | €185,965 | €176,217 | -€9,748 | -5.2% |
| Equity | 10/15 | €26,396 | €26,245 | -€152 | -0.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €34,393 | €33,585 | -€808 | -2.3% |
| Tax-exempt reserves | 132 | €808 | €0 | -€808 | -100% |
| Distributable reserves | 133 | €33,585 | €33,585 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,197 | -€13,541 | +€656 | +4.6% |
| Provisions and deferred taxes | 16 | €202 | €0 | -€202 | -100% |
| Deferred taxes | 168 | €202 | €0 | -€202 | -100% |
| Amounts payable | 17/49 | €159,367 | €149,973 | -€9,394 | -5.9% |
| Amounts payable after more than one year | 17 | €144,993 | €144,460 | -€533 | -0.4% |
| Financial debts | 170/4 | €144,993 | €144,460 | -€533 | -0.4% |
| Amounts payable within one year | 42/48 | €14,374 | €5,150 | -€9,224 | -64.2% |
| Current portion of amounts payable after more than one year | 42 | €6,309 | €533 | -€5,775 | -91.5% |
| Trade debts | 44 | €1,228 | €4,058 | +€2,829 | +230% |
| Suppliers | 440/4 | €1,228 | €4,058 | +€2,829 | +230% |
| Taxes, remuneration and social security | 45 | €1,482 | €559 | -€923 | -62.3% |
| Taxes | 450/3 | €1,471 | €559 | -€912 | -62.0% |
| Remuneration and social security | 454/9 | €11 | €0 | -€11 | -100% |
| Other amounts payable | 47/48 | €5,355 | €0 | -€5,355 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | €363 | +€363 | |
| Remuneration, social security and pensions | 62 | €45,417 | €58,432 | +€13,015 | +28.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,338 | €22,733 | +€395 | +1.8% |
| Other operating charges | 640/8 | €3,289 | €3,298 | +€9 | +0.3% |
| Gross operating margin | 9900 | €80,345 | €92,362 | +€12,017 | +15.0% |
| Operating profit (loss) | 9901 | €9,302 | €7,899 | -€1,403 | -15.1% |
| Financial income | 75/76B | €214 | €4 | -€210 | -97.9% |
| Recurring financial income | 75 | €214 | €4 | -€210 | -97.9% |
| Financial charges | 65/66B | €9,134 | €7,776 | -€1,357 | -14.9% |
| Recurring financial charges | 65 | €9,134 | €7,776 | -€1,357 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €382 | €128 | -€255 | -66.6% |
| Transfer from deferred taxes | 780 | €202 | €202 | = | 0.0% |
| Income taxes | 67/77 | €404 | €481 | +€77 | +19.1% |
| Profit (loss) for the period | 9904 | €181 | -€152 | -€332 | |
| Transfer from tax-exempt reserves | 789 | €808 | €808 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €989 | €656 | -€332 | -33.6% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.