CINDY PENNINCK: 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.
CINDY PENNINCK
Largest movements
- Cash -€127,848
down €127,848 (-41.3%), from €309,765 to €181,917
mainly Contributions, distributions and other (-€153,386) and Other debts (-€8,456)
- Receivables within one year -€17,275
down €17,275 (-67.3%), from €25,659 to €8,383
of which Trade receivables: -€19,931
- Reserves -€132,949
down €132,949 (-37.4%), from €355,285 to €222,336
- Other debts -€8,456
down €8,456 (-42.6%), from €19,867 to €11,411
- Gross operating margin -€12,990
down €12,990 (-25.6%), from €50,772 to €37,782
- Taxes -€3,768
down €3,768 (-28.7%), from €13,112 to €9,345
- Financial charges -€666
down €666 (-24.1%), from €2,762 to €2,096
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 | €406,297 | €257,914 | -€148,382 | -36.5% |
| Fixed assets | 21/28 | €67,336 | €63,909 | -€3,427 | -5.1% |
| Tangible fixed assets | 22/27 | €67,326 | €63,899 | -€3,427 | -5.1% |
| Land and buildings | 22 | €61,830 | €58,859 | -€2,970 | -4.8% |
| Plant, machinery and equipment | 23 | €3,586 | €3,456 | -€130 | -3.6% |
| Furniture and vehicles | 24 | €1,911 | €1,584 | -€326 | -17.1% |
| Financial fixed assets | 28 | €10 | €10 | = | 0.0% |
| Current assets | 29/58 | €338,960 | €194,005 | -€144,955 | -42.8% |
| Amounts receivable within one year | 40/41 | €25,659 | €8,383 | -€17,275 | -67.3% |
| Trade receivables | 40 | €19,931 | - | -€19,931 | |
| Other amounts receivable | 41 | €5,728 | €8,383 | +€2,655 | +46.4% |
| Cash at bank and in hand | 54/58 | €309,765 | €181,917 | -€127,848 | -41.3% |
| Deferred charges and accrued income | 490/1 | €3,536 | €3,705 | +€169 | +4.8% |
| Total equity and liabilities | 10/49 | €406,297 | €257,914 | -€148,382 | -36.5% |
| Equity | 10/15 | €367,685 | €234,736 | -€132,949 | -36.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €355,285 | €222,336 | -€132,949 | -37.4% |
| Distributable reserves | 133 | €355,285 | €222,336 | -€132,949 | -37.4% |
| Amounts payable | 17/49 | €38,611 | €23,179 | -€15,433 | -40.0% |
| Amounts payable within one year | 42/48 | €34,879 | €22,915 | -€11,963 | -34.3% |
| Current portion of amounts payable after more than one year | 42 | €2,625 | - | -€2,625 | |
| Taxes, remuneration and social security | 45 | €12,386 | €11,504 | -€882 | -7.1% |
| Taxes | 450/3 | €12,386 | €11,504 | -€882 | -7.1% |
| Other amounts payable | 47/48 | €19,867 | €11,411 | -€8,456 | -42.6% |
| Accrued charges and deferred income | 492/3 | €3,733 | €263 | -€3,470 | -92.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,427 | €3,427 | -€0 | 0.0% |
| Other operating charges | 640/8 | €2,225 | €2,478 | +€253 | +11.4% |
| Gross operating margin | 9900 | €50,772 | €37,782 | -€12,990 | -25.6% |
| Operating profit (loss) | 9901 | €45,119 | €31,877 | -€13,242 | -29.3% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €2,762 | €2,096 | -€666 | -24.1% |
| Recurring financial charges | 65 | €2,762 | €2,096 | -€666 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | €42,358 | €29,782 | -€12,576 | -29.7% |
| Income taxes | 67/77 | €13,112 | €9,345 | -€3,768 | -28.7% |
| Profit (loss) for the period | 9904 | €29,245 | €20,437 | -€8,808 | -30.1% |
| Profit (loss) for the period to be appropriated | 9905 | €29,245 | €20,437 | -€8,808 | -30.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.