PEPS-E: 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.
PEPS-E
Largest movements
- Cash +€167,571
up €167,571 (+110%), from €152,642 to €320,213
mainly Accrued charges and deferred income (+€114,734) and Deferred charges and accrued income (+€68,784)
- Deferred charges and accrued income -€68,784
down €68,784 (-69.3%), from €99,200 to €30,416
- Tangible fixed assets +€37,737
up €37,737 (+304%), from €12,425 to €50,162
- Receivables within one year +€34,287
up €34,287 (+452%), from €7,585 to €41,872
of which Other amounts receivable: +€32,815
- Intangible fixed assets -€29,923
down €29,923 (-29.9%), from €99,939 to €70,016
- Accrued charges and deferred income +€114,734
up €114,734 (+140%), from €81,850 to €196,584
- Profit (loss) carried forward +€33,304
up €33,304 (+32.6%), from €102,279 to €135,583
- Debts after one year +€21,264
up €21,264 (+530%), from €4,012 to €25,276
- Tax, wage and social debts -€18,796
down €18,796 (-49.3%), from €38,098 to €19,302
of which Taxes: -€30,227
- Other debts -€13,412
down €13,412 (-11.0%), from €121,798 to €108,386
- Staff costs +€51,323
up €51,323 (+101%), from €50,986 to €102,308
- Taxes -€15,447
down €15,447 (-46.3%), from €33,337 to €17,890
- Depreciation +€5,527
up €5,527 (+13.4%), from €41,391 to €46,918
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 | €374,289 | €516,977 | +€142,688 | +38.1% |
| Fixed assets | 21/28 | €114,863 | €124,477 | +€9,614 | +8.4% |
| Intangible fixed assets | 21 | €99,939 | €70,016 | -€29,923 | -29.9% |
| Tangible fixed assets | 22/27 | €12,425 | €50,162 | +€37,737 | +304% |
| Furniture and vehicles | 24 | €12,425 | €50,162 | +€37,737 | +304% |
| Financial fixed assets | 28 | €2,500 | €4,300 | +€1,800 | +72.0% |
| Current assets | 29/58 | €259,426 | €392,500 | +€133,074 | +51.3% |
| Amounts receivable within one year | 40/41 | €7,585 | €41,872 | +€34,287 | +452% |
| Trade receivables | 40 | €6,921 | €8,394 | +€1,473 | +21.3% |
| Other amounts receivable | 41 | €663 | €33,478 | +€32,815 | +4,947% |
| Cash at bank and in hand | 54/58 | €152,642 | €320,213 | +€167,571 | +110% |
| Deferred charges and accrued income | 490/1 | €99,200 | €30,416 | -€68,784 | -69.3% |
| Total equity and liabilities | 10/49 | €374,289 | €516,977 | +€142,688 | +38.1% |
| Equity | 10/15 | €107,279 | €140,583 | +€33,304 | +31.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €102,279 | €135,583 | +€33,304 | +32.6% |
| Amounts payable | 17/49 | €267,010 | €376,394 | +€109,384 | +41.0% |
| Amounts payable after more than one year | 17 | €4,012 | €25,276 | +€21,264 | +530% |
| Financial debts | 170/4 | €4,012 | €25,276 | +€21,264 | +530% |
| Amounts payable within one year | 42/48 | €181,148 | €154,534 | -€26,613 | -14.7% |
| Current portion of amounts payable after more than one year | 42 | €7,949 | €10,501 | +€2,553 | +32.1% |
| Financial debts | 43 | - | €1,062 | +€1,062 | |
| Credit institutions | 430/8 | - | €1,062 | +€1,062 | |
| Trade debts | 44 | €13,303 | €15,284 | +€1,981 | +14.9% |
| Suppliers | 440/4 | €13,303 | €15,284 | +€1,981 | +14.9% |
| Taxes, remuneration and social security | 45 | €38,098 | €19,302 | -€18,796 | -49.3% |
| Taxes | 450/3 | €33,377 | €3,150 | -€30,227 | -90.6% |
| Remuneration and social security | 454/9 | €4,721 | €16,152 | +€11,431 | +242% |
| Other amounts payable | 47/48 | €121,798 | €108,386 | -€13,412 | -11.0% |
| Accrued charges and deferred income | 492/3 | €81,850 | €196,584 | +€114,734 | +140% |
| Remuneration, social security and pensions | 62 | €50,986 | €102,308 | +€51,323 | +101% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,391 | €46,918 | +€5,527 | +13.4% |
| Other operating charges | 640/8 | €1,634 | €2,877 | +€1,243 | +76.1% |
| Non-recurring operating charges | 66A | €214 | €533 | +€319 | +149% |
| Gross operating margin | 9900 | €235,866 | €234,115 | -€1,750 | -0.7% |
| Operating profit (loss) | 9901 | €141,641 | €81,479 | -€60,162 | -42.5% |
| Financial income | 75/76B | €14 | €279 | +€266 | +1,946% |
| Recurring financial income | 75 | €14 | €279 | +€266 | +1,946% |
| Financial charges | 65/66B | €1,176 | €2,329 | +€1,152 | +98.0% |
| Recurring financial charges | 65 | €1,176 | €2,329 | +€1,152 | +98.0% |
| Profit (loss) for the period before taxes | 9903 | €140,478 | €79,429 | -€61,049 | -43.5% |
| Income taxes | 67/77 | €33,337 | €17,890 | -€15,447 | -46.3% |
| Profit (loss) for the period | 9904 | €107,141 | €61,539 | -€45,602 | -42.6% |
| Profit (loss) for the period to be appropriated | 9905 | €107,141 | €61,539 | -€45,602 | -42.6% |
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 20 October 2026 via checked.be.