PEPUP: 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.
PEPUP
Largest movements
- Receivables within one year -€110,494
down €110,494 (-87.6%), from €126,100 to €15,606
of which Other amounts receivable: -€106,538
- Cash -€20,446
down €20,446 (-86.4%), from €23,663 to €3,217
mainly Net result for the year (-€71,985) and Other debts (-€40,568)
- Profit (loss) carried forward -€48,984
down €48,984, from €521 to -€48,463
- Other debts -€40,568
down €40,568 (-65.8%), from €61,673 to €21,105
- Reserves -€23,000
no longer reported in 2025 (was €23,000)
- Trade debts -€10,991
down €10,991 (-26.9%), from €40,882 to €29,891
- Tax, wage and social debts -€7,153
down €7,153 (-32.7%), from €21,889 to €14,736
of which Taxes: -€8,653
- Other operating charges +€81,977
up €81,977 (+8,306%), from €987 to €82,964
- Gross operating margin -€41,807
down €41,807 (-70.9%), from €58,995 to €17,188
- Taxes -€5,438
down €5,438 (-98.1%), from €5,546 to €108
- Financial charges -€4,202
down €4,202 (-49.6%), from €8,480 to €4,278
- Write-downs -€3,350
down €3,350, from €900 to -€2,450
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 | €180,036 | €47,278 | -€132,758 | -73.7% |
| Fixed assets | 21/28 | €29,397 | €27,674 | -€1,723 | -5.9% |
| Tangible fixed assets | 22/27 | €28,922 | €27,199 | -€1,723 | -6.0% |
| Furniture and vehicles | 24 | €592 | €2,183 | +€1,591 | +269% |
| Leasing and similar rights | 25 | €3,046 | €2,041 | -€1,005 | -33.0% |
| Other tangible fixed assets | 26 | €25,284 | €22,976 | -€2,308 | -9.1% |
| Financial fixed assets | 28 | €475 | €475 | = | 0.0% |
| Current assets | 29/58 | €150,639 | €19,604 | -€131,035 | -87.0% |
| Amounts receivable within one year | 40/41 | €126,100 | €15,606 | -€110,494 | -87.6% |
| Trade receivables | 40 | €13,006 | €9,051 | -€3,955 | -30.4% |
| Other amounts receivable | 41 | €113,094 | €6,556 | -€106,538 | -94.2% |
| Cash at bank and in hand | 54/58 | €23,663 | €3,217 | -€20,446 | -86.4% |
| Deferred charges and accrued income | 490/1 | €876 | €782 | -€94 | -10.8% |
| Total equity and liabilities | 10/49 | €180,036 | €47,278 | -€132,758 | -73.7% |
| Equity | 10/15 | €28,521 | -€43,463 | -€71,984 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €23,000 | - | -€23,000 | |
| Distributable reserves | 133 | €23,000 | - | -€23,000 | |
| Profit (loss) carried forward | 14 | €521 | -€48,463 | -€48,984 | |
| Amounts payable | 17/49 | €151,515 | €90,742 | -€60,773 | -40.1% |
| Amounts payable after more than one year | 17 | €754 | - | -€754 | |
| Financial debts | 170/4 | €754 | - | -€754 | |
| Amounts payable within one year | 42/48 | €150,761 | €90,732 | -€60,029 | -39.8% |
| Current portion of amounts payable after more than one year | 42 | €1,317 | - | -€1,317 | |
| Financial debts | 43 | €25,000 | €25,000 | = | 0.0% |
| Credit institutions | 430/8 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €40,882 | €29,891 | -€10,991 | -26.9% |
| Suppliers | 440/4 | €40,882 | €29,891 | -€10,991 | -26.9% |
| Taxes, remuneration and social security | 45 | €21,889 | €14,736 | -€7,153 | -32.7% |
| Taxes | 450/3 | €21,889 | €13,236 | -€8,653 | -39.5% |
| Remuneration and social security | 454/9 | - | €1,500 | +€1,500 | |
| Other amounts payable | 47/48 | €61,673 | €21,105 | -€40,568 | -65.8% |
| Accrued charges and deferred income | 492/3 | - | €10 | +€10 | |
| Non-recurring operating income | 76A | €41,055 | - | -€41,055 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,201 | €4,284 | +€83 | +2.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €900 | -€2,450 | -€3,350 | |
| Other operating charges | 640/8 | €987 | €82,964 | +€81,977 | +8,306% |
| Gross operating margin | 9900 | €58,995 | €17,188 | -€41,807 | -70.9% |
| Operating profit (loss) | 9901 | €52,907 | -€67,610 | -€120,517 | |
| Financial income | 75/76B | €2,320 | €11 | -€2,309 | -99.5% |
| Recurring financial income | 75 | €2,320 | €11 | -€2,309 | -99.5% |
| Financial charges | 65/66B | €8,480 | €4,278 | -€4,202 | -49.6% |
| Recurring financial charges | 65 | €8,480 | €4,278 | -€4,202 | -49.6% |
| Profit (loss) for the period before taxes | 9903 | €46,747 | -€71,877 | -€118,624 | |
| Income taxes | 67/77 | €5,546 | €108 | -€5,438 | -98.1% |
| Profit (loss) for the period | 9904 | €41,201 | -€71,985 | -€113,186 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,201 | -€71,985 | -€113,186 |
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 28 October 2026 via checked.be.