Ruben Peeters: 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.
Ruben Peeters
Largest movements
- Cash +€46,036
up €46,036 (+15.2%), from €303,571 to €349,607
mainly Net result for the year (+€84,793) and Tax, wage and social debts (+€11,581)
- Deferred charges and accrued income +€4,288
up €4,288 (+90.9%), from €4,719 to €9,007
- Reserves +€59,505
up €59,505 (+26.1%), from €227,752 to €287,257
- Other debts -€33,958
no longer reported in 2025 (was €33,958)
- Profit (loss) carried forward +€25,288
up €25,288 (+102%), from €24,712 to €50,000
- Tax, wage and social debts +€11,581
up €11,581 (+107%), from €10,798 to €22,379
- Trade debts -€10,795
down €10,795 (-85.7%), from €12,602 to €1,808
- Gross operating margin +€7,832
up €7,832 (+7.2%), from €108,303 to €116,134
- Financial income +€1,211
up €1,211 (+137%), from €885 to €2,096
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 | €328,423 | €380,795 | +€52,372 | +15.9% |
| Fixed assets | 21/28 | €1,594 | €3,918 | +€2,325 | +146% |
| Tangible fixed assets | 22/27 | €844 | €3,168 | +€2,325 | +276% |
| Furniture and vehicles | 24 | €844 | €3,168 | +€2,325 | +276% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €326,829 | €376,877 | +€50,048 | +15.3% |
| Amounts receivable within one year | 40/41 | €18,539 | €18,263 | -€276 | -1.5% |
| Trade receivables | 40 | €16,699 | €18,127 | +€1,429 | +8.6% |
| Other amounts receivable | 41 | €1,840 | €135 | -€1,705 | -92.6% |
| Cash at bank and in hand | 54/58 | €303,571 | €349,607 | +€46,036 | +15.2% |
| Deferred charges and accrued income | 490/1 | €4,719 | €9,007 | +€4,288 | +90.9% |
| Total equity and liabilities | 10/49 | €328,423 | €380,795 | +€52,372 | +15.9% |
| Equity | 10/15 | €271,064 | €355,857 | +€84,793 | +31.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €227,752 | €287,257 | +€59,505 | +26.1% |
| Distributable reserves | 133 | €227,752 | €287,257 | +€59,505 | +26.1% |
| Profit (loss) carried forward | 14 | €24,712 | €50,000 | +€25,288 | +102% |
| Amounts payable | 17/49 | €57,359 | €24,938 | -€32,421 | -56.5% |
| Amounts payable within one year | 42/48 | €57,359 | €24,187 | -€33,172 | -57.8% |
| Trade debts | 44 | €12,602 | €1,808 | -€10,795 | -85.7% |
| Suppliers | 440/4 | €12,602 | €1,808 | -€10,795 | -85.7% |
| Taxes, remuneration and social security | 45 | €10,798 | €22,379 | +€11,581 | +107% |
| Taxes | 450/3 | €10,798 | €22,379 | +€11,581 | +107% |
| Other amounts payable | 47/48 | €33,958 | - | -€33,958 | |
| Accrued charges and deferred income | 492/3 | - | €752 | +€752 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €575 | €942 | +€367 | +63.8% |
| Other operating charges | 640/8 | €387 | €1,052 | +€665 | +172% |
| Gross operating margin | 9900 | €108,303 | €116,134 | +€7,832 | +7.2% |
| Operating profit (loss) | 9901 | €107,340 | €114,140 | +€6,800 | +6.3% |
| Financial income | 75/76B | €885 | €2,096 | +€1,211 | +137% |
| Recurring financial income | 75 | €885 | €2,096 | +€1,211 | +137% |
| Financial charges | 65/66B | €104 | €99 | -€5 | -4.9% |
| Recurring financial charges | 65 | €104 | €99 | -€5 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €108,121 | €116,137 | +€8,016 | +7.4% |
| Income taxes | 67/77 | €30,654 | €31,344 | +€690 | +2.2% |
| Profit (loss) for the period | 9904 | €77,467 | €84,793 | +€7,326 | +9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €77,467 | €84,793 | +€7,326 | +9.5% |
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 19 October 2026 via checked.be.