THIERRY PEIFFER: 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.
THIERRY PEIFFER
Largest movements
- Cash -€86,488
down €86,488 (-23.7%), from €365,695 to €279,206
mainly Trade debts (-€71,667) and Debts after one year (-€39,307)
- Receivables within one year -€20,564
down €20,564 (-19.2%), from €107,315 to €86,751
of which Other amounts receivable: -€19,489
- Stocks and contracts -€15,134
down €15,134 (-46.8%), from €32,304 to €17,170
- Deferred charges and accrued income +€7,882
up €7,882 (+20.0%), from €39,338 to €47,220
- Trade debts -€71,667
down €71,667 (-38.7%), from €184,963 to €113,296
- Reserves +€68,695
up €68,695 (+30.8%), from €223,372 to €292,067
of which Distributable reserves: +€72,946
- Debts after one year -€39,307
down €39,307 (-32.5%), from €121,122 to €81,815
- Other debts -€38,675
down €38,675 (-100%), from €38,675 to €0
- Tax, wage and social debts -€17,244
down €17,244 (-26.6%), from €64,752 to €47,508
of which Taxes: -€16,081
- Gross operating margin -€101,735
down €101,735 (-18.2%), from €560,466 to €458,731
- Staff costs -€53,362
down €53,362 (-15.0%), from €355,129 to €301,767
- Taxes -€11,503
down €11,503 (-23.4%), from €49,202 to €37,699
- Depreciation -€8,527
down €8,527 (-32.8%), from €25,970 to €17,443
- Other operating charges +€6,505
up €6,505 (+51.2%), from €12,715 to €19,220
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 | €728,499 | €616,866 | -€111,633 | -15.3% |
| Fixed assets | 21/28 | €183,847 | €186,519 | +€2,672 | +1.5% |
| Tangible fixed assets | 22/27 | €181,327 | €183,982 | +€2,655 | +1.5% |
| Land and buildings | 22 | €124,064 | €123,334 | -€730 | -0.6% |
| Plant, machinery and equipment | 23 | €544 | €0 | -€544 | -100% |
| Furniture and vehicles | 24 | €56,719 | €60,648 | +€3,929 | +6.9% |
| Financial fixed assets | 28 | €2,520 | €2,536 | +€16 | +0.6% |
| Current assets | 29/58 | €544,652 | €430,347 | -€114,305 | -21.0% |
| Stocks and contracts in progress | 3 | €32,304 | €17,170 | -€15,134 | -46.8% |
| Stocks | 30/36 | €32,304 | €17,170 | -€15,134 | -46.8% |
| Amounts receivable within one year | 40/41 | €107,315 | €86,751 | -€20,564 | -19.2% |
| Trade receivables | 40 | €67,516 | €66,441 | -€1,075 | -1.6% |
| Other amounts receivable | 41 | €39,799 | €20,310 | -€19,489 | -49.0% |
| Cash at bank and in hand | 54/58 | €365,695 | €279,206 | -€86,488 | -23.7% |
| Deferred charges and accrued income | 490/1 | €39,338 | €47,220 | +€7,882 | +20.0% |
| Total equity and liabilities | 10/49 | €728,499 | €616,866 | -€111,633 | -15.3% |
| Equity | 10/15 | €235,791 | €304,486 | +€68,695 | +29.1% |
| Contributions | 10/11 | €12,419 | €12,419 | = | 0.0% |
| Reserves | 13 | €223,372 | €292,067 | +€68,695 | +30.8% |
| Tax-exempt reserves | 132 | €15,336 | €11,086 | -€4,250 | -27.7% |
| Distributable reserves | 133 | €208,036 | €280,982 | +€72,946 | +35.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €3,834 | €2,771 | -€1,063 | -27.7% |
| Deferred taxes | 168 | €3,834 | €2,771 | -€1,063 | -27.7% |
| Amounts payable | 17/49 | €488,874 | €309,608 | -€179,266 | -36.7% |
| Amounts payable after more than one year | 17 | €121,122 | €81,815 | -€39,307 | -32.5% |
| Financial debts | 170/4 | €121,122 | €81,815 | -€39,307 | -32.5% |
| Amounts payable within one year | 42/48 | €367,647 | €227,749 | -€139,898 | -38.1% |
| Current portion of amounts payable after more than one year | 42 | €65,544 | €53,603 | -€11,941 | -18.2% |
| Trade debts | 44 | €184,963 | €113,296 | -€71,667 | -38.7% |
| Suppliers | 440/4 | €184,963 | €113,296 | -€71,667 | -38.7% |
| Advances received on contracts in progress | 46 | €13,712 | €13,341 | -€371 | -2.7% |
| Taxes, remuneration and social security | 45 | €64,752 | €47,508 | -€17,244 | -26.6% |
| Taxes | 450/3 | €27,979 | €11,898 | -€16,081 | -57.5% |
| Remuneration and social security | 454/9 | €36,774 | €35,611 | -€1,163 | -3.2% |
| Other amounts payable | 47/48 | €38,675 | €0 | -€38,675 | -100% |
| Accrued charges and deferred income | 492/3 | €105 | €44 | -€61 | -58.0% |
| Remuneration, social security and pensions | 62 | €355,129 | €301,767 | -€53,362 | -15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,970 | €17,443 | -€8,527 | -32.8% |
| Other operating charges | 640/8 | €12,715 | €19,220 | +€6,505 | +51.2% |
| Non-recurring operating charges | 66A | - | €6,925 | +€6,925 | |
| Gross operating margin | 9900 | €560,466 | €458,731 | -€101,735 | -18.2% |
| Operating profit (loss) | 9901 | €166,652 | €113,377 | -€53,275 | -32.0% |
| Financial income | 75/76B | €2,119 | €1,700 | -€419 | -19.8% |
| Recurring financial income | 75 | €2,119 | €1,700 | -€419 | -19.8% |
| Financial charges | 65/66B | €11,790 | €9,745 | -€2,045 | -17.3% |
| Recurring financial charges | 65 | €11,790 | €9,745 | -€2,045 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | €156,981 | €105,332 | -€51,649 | -32.9% |
| Transfer from deferred taxes | 780 | €1,063 | €1,063 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €49,202 | €37,699 | -€11,503 | -23.4% |
| Profit (loss) for the period | 9904 | €108,841 | €68,695 | -€40,146 | -36.9% |
| Transfer from tax-exempt reserves | 789 | €4,250 | €4,250 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €113,091 | €72,946 | -€40,146 | -35.5% |
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 29 October 2026 via checked.be.