S. 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.
S. Peeters
Largest movements
- Current investments -€76,718
no longer reported in 2025 (was €76,718)
- Cash +€14,238
up €14,238 (+249%), from €5,719 to €19,957
mainly Current investments (+€76,718) and Receivables within one year (+€12,681)
- Receivables within one year -€12,681
down €12,681 (-98.5%), from €12,869 to €188
of which Trade receivables: -€12,869
- Other debts -€42,267
down €42,267 (-43.5%), from €97,185 to €54,918
- Profit (loss) carried forward -€26,007
down €26,007 (-75.4%), from €34,481 to €8,475
- Tax, wage and social debts -€8,286
down €8,286 (-93.7%), from €8,848 to €562
- Gross operating margin -€129,749
down €129,749, from €110,992 to -€18,757
- Financial income -€68,666
down €68,666 (-99.4%), from €69,103 to €437
- Taxes -€44,685
no longer reported in 2025 (was €44,685)
- Financial charges +€5,880
up €5,880 (+7,766%), from €76 to €5,956
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 | €159,252 | €83,009 | -€76,243 | -47.9% |
| Fixed assets | 21/28 | €63,946 | €62,864 | -€1,082 | -1.7% |
| Tangible fixed assets | 22/27 | €63,946 | €62,864 | -€1,082 | -1.7% |
| Furniture and vehicles | 24 | €63,075 | €62,090 | -€985 | -1.6% |
| Other tangible fixed assets | 26 | €871 | €774 | -€97 | -11.1% |
| Current assets | 29/58 | €95,305 | €20,145 | -€75,161 | -78.9% |
| Amounts receivable within one year | 40/41 | €12,869 | €188 | -€12,681 | -98.5% |
| Trade receivables | 40 | €12,869 | - | -€12,869 | |
| Other amounts receivable | 41 | - | €188 | +€188 | |
| Current investments | 50/53 | €76,718 | - | -€76,718 | |
| Cash at bank and in hand | 54/58 | €5,719 | €19,957 | +€14,238 | +249% |
| Total equity and liabilities | 10/49 | €159,252 | €83,009 | -€76,243 | -47.9% |
| Equity | 10/15 | €53,081 | €27,075 | -€26,007 | -49.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,481 | €8,475 | -€26,007 | -75.4% |
| Amounts payable | 17/49 | €106,170 | €55,934 | -€50,236 | -47.3% |
| Amounts payable within one year | 42/48 | €106,170 | €55,934 | -€50,236 | -47.3% |
| Trade debts | 44 | €137 | €454 | +€317 | +232% |
| Suppliers | 440/4 | €137 | €454 | +€317 | +232% |
| Taxes, remuneration and social security | 45 | €8,848 | €562 | -€8,286 | -93.7% |
| Taxes | 450/3 | €8,848 | €562 | -€8,286 | -93.7% |
| Other amounts payable | 47/48 | €97,185 | €54,918 | -€42,267 | -43.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,026 | €1,082 | -€944 | -46.6% |
| Other operating charges | 640/8 | €618 | €648 | +€31 | +5.0% |
| Gross operating margin | 9900 | €110,992 | -€18,757 | -€129,749 | |
| Operating profit (loss) | 9901 | €108,348 | -€20,488 | -€128,836 | |
| Financial income | 75/76B | €69,103 | €437 | -€68,666 | -99.4% |
| Recurring financial income | 75 | €69,103 | €437 | -€68,666 | -99.4% |
| Financial charges | 65/66B | €76 | €5,956 | +€5,880 | +7,766% |
| Recurring financial charges | 65 | €76 | €5,956 | +€5,880 | +7,766% |
| Profit (loss) for the period before taxes | 9903 | €177,375 | -€26,007 | -€203,382 | |
| Income taxes | 67/77 | €44,685 | - | -€44,685 | |
| Profit (loss) for the period | 9904 | €132,690 | -€26,007 | -€158,697 | |
| Profit (loss) for the period to be appropriated | 9905 | €132,690 | -€26,007 | -€158,697 |
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.