A’PEN: what changed
Two fiscal 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.
A’PEN
Largest movements
- Current investments -€480,000
no longer reported in 2025 (was €480,000)
- Receivables within one year +€29,368
up €29,368 (+362.6%), from €8,100 to €37,468
of which Other amounts receivable: +€31,773
- Tangible fixed assets -€27,112
down €27,112 (-3.1%), from €862,382 to €835,270
of which Land and buildings: -€24,000
- Cash +€17,227
up €17,227 (+45.0%), from €38,270 to €55,497
mainly Current investments (+€480,000) and Depreciation (+€32,957)
- Reserves -€473,473
down €473,473 (-36.1%), from €1.3m to €839,686
of which Distributable reserves: -€473,473
- Gross operating margin +€16,300
up €16,300 (+33.0%), from €49,348 to €65,649
- Financial income -€3,078
down €3,078 (-37.3%), from €8,263 to €5,185
- Depreciation -€1,850
down €1,850 (-5.3%), from €34,806 to €32,957
- Taxes -€1,379
down €1,379, from €689 to -€689
- Financial charges +€1,051
up €1,051 (+83.0%), from €1,267 to €2,317
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 | €1,404,209 | €934,207 | -€470,003 | -33.5% |
| Fixed assets | 21/28 | €862,382 | €835,270 | -€27,112 | -3.1% |
| Tangible fixed assets | 22/27 | €862,382 | €835,270 | -€27,112 | -3.1% |
| Land and buildings | 22 | €854,270 | €830,270 | -€24,000 | -2.8% |
| Plant, machinery and equipment | 23 | - | €5,000 | +€5,000 | |
| Furniture and vehicles | 24 | €8,112 | - | -€8,112 | |
| Current assets | 29/58 | €541,827 | €98,936 | -€442,891 | -81.7% |
| Amounts receivable within one year | 40/41 | €8,100 | €37,468 | +€29,368 | +362.6% |
| Trade receivables | 40 | €8,100 | €5,696 | -€2,404 | -29.7% |
| Other amounts receivable | 41 | - | €31,773 | +€31,773 | |
| Current investments | 50/53 | €480,000 | - | -€480,000 | |
| Cash at bank and in hand | 54/58 | €38,270 | €55,497 | +€17,227 | +45.0% |
| Deferred charges and accrued income | 490/1 | €15,457 | €5,971 | -€9,486 | -61.4% |
| Total equity and liabilities | 10/49 | €1,404,209 | €934,207 | -€470,003 | -33.5% |
| Equity | 10/15 | €1,377,136 | €903,663 | -€473,473 | -34.4% |
| Contributions | 10/11 | €63,977 | €63,977 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Outside capital | 11 | €2,477 | €2,477 | = | 0.0% |
| Share premium | 1100/10 | €2,477 | €2,477 | = | 0.0% |
| Reserves | 13 | €1,313,158 | €839,686 | -€473,473 | -36.1% |
| Non-distributable reserves | 130/1 | €50,174 | €50,174 | = | 0.0% |
| Legal reserve | 130 | €50,100 | €50,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €74 | €74 | = | 0.0% |
| Distributable reserves | 133 | €1,262,984 | €789,511 | -€473,473 | -37.5% |
| Amounts payable | 17/49 | €27,073 | €30,544 | +€3,470 | +12.8% |
| Amounts payable after more than one year | 17 | €16,127 | €17,080 | +€953 | +5.9% |
| Financial debts | 170/4 | €7 | - | -€7 | |
| Other amounts payable | 178/9 | €16,120 | €17,080 | +€960 | +6.0% |
| Amounts payable within one year | 42/48 | €921 | €2,462 | +€1,540 | +167.2% |
| Trade debts | 44 | €921 | €1,022 | +€101 | +10.9% |
| Suppliers | 440/4 | €921 | €1,022 | +€101 | +10.9% |
| Other amounts payable | 47/48 | - | €1,440 | +€1,440 | |
| Accrued charges and deferred income | 492/3 | €10,025 | €11,002 | +€977 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,806 | €32,957 | -€1,850 | -5.3% |
| Other operating charges | 640/8 | €9,353 | €8,896 | -€456 | -4.9% |
| Non-recurring operating charges | 66A | - | €825 | +€825 | |
| Gross operating margin | 9900 | €49,348 | €65,649 | +€16,300 | +33.0% |
| Operating profit (loss) | 9901 | €5,189 | €22,971 | +€17,781 | +342.6% |
| Financial income | 75/76B | €8,263 | €5,185 | -€3,078 | -37.3% |
| Recurring financial income | 75 | €8,263 | €5,185 | -€3,078 | -37.3% |
| Financial charges | 65/66B | €1,267 | €2,317 | +€1,051 | +83.0% |
| Recurring financial charges | 65 | €1,267 | €2,317 | +€1,051 | +83.0% |
| Profit (loss) for the period before taxes | 9903 | €12,186 | €25,838 | +€13,652 | +112.0% |
| Income taxes | 67/77 | €689 | -€689 | -€1,379 | |
| Profit (loss) for the period | 9904 | €11,497 | €26,527 | +€15,031 | +130.7% |
| Profit (loss) for the period to be appropriated | 9905 | €11,497 | €26,527 | +€15,031 | +130.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.