DE 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.
DE PEN
Largest movements
- Cash +€7,895
up €7,895 (+22.5%), from €35,145 to €43,040
mainly Other debts (+€3,686) and Trade debts (+€2,664)
- Stocks and contracts -€1,505
down €1,505 (-4.0%), from €37,769 to €36,264
- Other debts +€3,686
up €3,686 (+21.5%), from €17,180 to €20,866
- Trade debts +€2,664
up €2,664 (+37.7%), from €7,070 to €9,734
- Reserves -€1,290
down €1,290 (-3.1%), from €41,585 to €40,296
of which Distributable reserves: -€1,290
- Gross operating margin -€1,803
down €1,803 (-48.7%), from €3,705 to €1,902
- Financial charges +€353
up €353 (+33.6%), from €1,049 to €1,401
- Financial income -€160
down €160 (-68.0%), from €236 to €76
- Taxes -€96
down €96 (-62.3%), from €155 to €58
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 | €85,273 | €90,288 | +€5,015 | +5.9% |
| Fixed assets | 21/28 | €1,311 | €718 | -€593 | -45.3% |
| Tangible fixed assets | 22/27 | €1,274 | €680 | -€593 | -46.6% |
| Plant, machinery and equipment | 23 | €1,274 | €680 | -€593 | -46.6% |
| Financial fixed assets | 28 | €37 | €37 | = | 0.0% |
| Current assets | 29/58 | €83,962 | €89,570 | +€5,608 | +6.7% |
| Stocks and contracts in progress | 3 | €37,769 | €36,264 | -€1,505 | -4.0% |
| Stocks | 30/36 | €37,769 | €36,264 | -€1,505 | -4.0% |
| Amounts receivable within one year | 40/41 | €1,577 | €753 | -€824 | -52.3% |
| Trade receivables | 40 | €1,360 | €559 | -€801 | -58.9% |
| Other amounts receivable | 41 | €217 | €194 | -€23 | -10.8% |
| Current investments | 50/53 | €8,276 | €8,317 | +€40 | +0.5% |
| Cash at bank and in hand | 54/58 | €35,145 | €43,040 | +€7,895 | +22.5% |
| Deferred charges and accrued income | 490/1 | €1,196 | €1,198 | +€2 | +0.2% |
| Total equity and liabilities | 10/49 | €85,273 | €90,288 | +€5,015 | +5.9% |
| Equity | 10/15 | €60,185 | €58,896 | -€1,290 | -2.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €41,585 | €40,296 | -€1,290 | -3.1% |
| Tax-exempt reserves | 132 | €172 | €172 | = | 0.0% |
| Distributable reserves | 133 | €41,413 | €40,124 | -€1,290 | -3.1% |
| Amounts payable | 17/49 | €25,088 | €31,392 | +€6,305 | +25.1% |
| Amounts payable within one year | 42/48 | €24,438 | €30,781 | +€6,343 | +26.0% |
| Trade debts | 44 | €7,070 | €9,734 | +€2,664 | +37.7% |
| Suppliers | 440/4 | €7,070 | €9,734 | +€2,664 | +37.7% |
| Taxes, remuneration and social security | 45 | €188 | €181 | -€7 | -3.8% |
| Taxes | 450/3 | €188 | €181 | -€7 | -3.8% |
| Other amounts payable | 47/48 | €17,180 | €20,866 | +€3,686 | +21.5% |
| Accrued charges and deferred income | 492/3 | €650 | €612 | -€38 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €593 | €593 | = | 0.0% |
| Other operating charges | 640/8 | €1,179 | €1,214 | +€35 | +3.0% |
| Gross operating margin | 9900 | €3,705 | €1,902 | -€1,803 | -48.7% |
| Operating profit (loss) | 9901 | €1,932 | €94 | -€1,838 | -95.1% |
| Financial income | 75/76B | €236 | €76 | -€160 | -68.0% |
| Recurring financial income | 75 | €236 | €76 | -€160 | -68.0% |
| Financial charges | 65/66B | €1,049 | €1,401 | +€353 | +33.6% |
| Recurring financial charges | 65 | €1,049 | €1,401 | +€353 | +33.6% |
| Profit (loss) for the period before taxes | 9903 | €1,120 | -€1,231 | -€2,351 | |
| Income taxes | 67/77 | €155 | €58 | -€96 | -62.3% |
| Profit (loss) for the period | 9904 | €965 | -€1,290 | -€2,255 | |
| Profit (loss) for the period to be appropriated | 9905 | €965 | -€1,290 | -€2,255 |
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 4 October 2026 via checked.be.