V-PEAS: 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.
V-PEAS
Largest movements
- Cash -€69,674
down €69,674 (-76.8%), from €90,760 to €21,086
mainly Other debts (-€45,957) and Contributions, distributions and other (-€42,870)
- Receivables within one year +€32,456
up €32,456 (+198.4%), from €16,359 to €48,815
of which Trade receivables: +€30,254
- Tangible fixed assets -€15,166
down €15,166 (-22.1%), from €68,715 to €53,548
- Other debts -€45,957
down €45,957 (-51.5%), from €89,158 to €43,201
- Debts after one year -€22,562
down €22,562 (-62.2%), from €36,257 to €13,695
- Trade debts +€16,035
up €16,035 (+700.7%), from €2,288 to €18,323
- Reserves -€2,155
down €2,155 (-9.7%), from €22,155 to €20,000
- Tax, wage and social debts +€1,805
up €1,805 (+132.4%), from €1,363 to €3,168
- Gross operating margin +€8,407
up €8,407 (+13.4%), from €62,963 to €71,370
- Depreciation -€5,042
down €5,042 (-24.9%), from €20,208 to €15,166
- Taxes +€2,979
up €2,979 (+32.9%), from €9,057 to €12,036
- Other operating charges -€937
down €937 (-29.3%), from €3,198 to €2,261
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.
Cash bridge derived
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 | €175,834 | €123,449 | -€52,384 | -29.8% |
| Fixed assets | 21/28 | €68,715 | €53,548 | -€15,166 | -22.1% |
| Tangible fixed assets | 22/27 | €68,715 | €53,548 | -€15,166 | -22.1% |
| Land and buildings | 22 | €50,550 | €43,297 | -€7,253 | -14.3% |
| Plant, machinery and equipment | 23 | €1,631 | €901 | -€730 | -44.8% |
| Furniture and vehicles | 24 | €1,869 | €1,020 | -€848 | -45.4% |
| Leasing and similar rights | 25 | €14,665 | €8,330 | -€6,334 | -43.2% |
| Current assets | 29/58 | €107,119 | €69,901 | -€37,218 | -34.7% |
| Amounts receivable within one year | 40/41 | €16,359 | €48,815 | +€32,456 | +198.4% |
| Trade receivables | 40 | €15,599 | €45,852 | +€30,254 | +194.0% |
| Other amounts receivable | 41 | €760 | €2,963 | +€2,202 | +289.6% |
| Cash at bank and in hand | 54/58 | €90,760 | €21,086 | -€69,674 | -76.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €175,834 | €123,449 | -€52,384 | -29.8% |
| Equity | 10/15 | €24,655 | €22,500 | -€2,155 | -8.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €22,155 | €20,000 | -€2,155 | -9.7% |
| Distributable reserves | 133 | €22,155 | €20,000 | -€2,155 | -9.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €151,179 | €100,949 | -€50,229 | -33.2% |
| Amounts payable after more than one year | 17 | €36,257 | €13,695 | -€22,562 | -62.2% |
| Financial debts | 170/4 | €36,257 | €13,695 | -€22,562 | -62.2% |
| Amounts payable within one year | 42/48 | €114,921 | €87,254 | -€27,667 | -24.1% |
| Current portion of amounts payable after more than one year | 42 | €22,112 | €22,562 | +€450 | +2.0% |
| Trade debts | 44 | €2,288 | €18,323 | +€16,035 | +700.7% |
| Suppliers | 440/4 | €2,288 | €18,323 | +€16,035 | +700.7% |
| Taxes, remuneration and social security | 45 | €1,363 | €3,168 | +€1,805 | +132.4% |
| Taxes | 450/3 | €1,363 | €3,168 | +€1,805 | +132.4% |
| Other amounts payable | 47/48 | €89,158 | €43,201 | -€45,957 | -51.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,208 | €15,166 | -€5,042 | -24.9% |
| Other operating charges | 640/8 | €3,198 | €2,261 | -€937 | -29.3% |
| Gross operating margin | 9900 | €62,963 | €71,370 | +€8,407 | +13.4% |
| Operating profit (loss) | 9901 | €39,558 | €53,943 | +€14,385 | +36.4% |
| Financial income | 75/76B | €5 | €0 | -€4 | -96.7% |
| Recurring financial income | 75 | €5 | €0 | -€4 | -96.7% |
| Financial charges | 65/66B | €1,646 | €1,193 | -€454 | -27.6% |
| Recurring financial charges | 65 | €1,646 | €1,193 | -€454 | -27.6% |
| Profit (loss) for the period before taxes | 9903 | €37,916 | €52,750 | +€14,835 | +39.1% |
| Income taxes | 67/77 | €9,057 | €12,036 | +€2,979 | +32.9% |
| Profit (loss) for the period | 9904 | €28,859 | €40,715 | +€11,855 | +41.1% |
| Profit (loss) for the period to be appropriated | 9905 | €28,859 | €40,715 | +€11,855 | +41.1% |
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 11 October 2026 via checked.be.