LIEVEN 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.
LIEVEN PENNINCK
Largest movements
- Current investments +€318,315
up €318,315 (+637%), from €50,000 to €368,314
- Tangible fixed assets -€218,506
down €218,506 (-82.2%), from €265,770 to €47,264
of which Land and buildings: -€204,063
- Cash -€8,312
down €8,312 (-3.9%), from €212,962 to €204,650
mainly Current investments (-€318,315) and Contributions, distributions and other (-€61,709)
- Other debts +€55,239
up €55,239 (+136%), from €40,530 to €95,769
- Reserves +€36,853
up €36,853 (+8.1%), from €452,527 to €489,380
of which Distributable reserves: +€76,031
- Provisions -€9,794
down €9,794 (-100%), from €9,794 to €0
- Tax, wage and social debts +€7,062
up €7,062 (+177%), from €3,979 to €11,041
- Taxes +€31,333
up €31,333 (+121%), from €25,943 to €57,276
- Gross operating margin +€27,227
up €27,227 (+20.3%), from €134,012 to €161,240
- Financial income +€12,279
up €12,279 (+1,401%), from €876 to €13,155
- Financial charges +€9,435
up €9,435 (+250%), from €3,775 to €13,210
- Depreciation +€1,983
up €1,983 (+17.7%), from €11,215 to €13,197
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 | €533,618 | €623,281 | +€89,663 | +16.8% |
| Fixed assets | 21/28 | €265,770 | €47,264 | -€218,506 | -82.2% |
| Tangible fixed assets | 22/27 | €265,770 | €47,264 | -€218,506 | -82.2% |
| Land and buildings | 22 | €204,063 | €0 | -€204,063 | -100% |
| Plant, machinery and equipment | 23 | €7,028 | €3,672 | -€3,356 | -47.8% |
| Furniture and vehicles | 24 | €54,679 | €43,591 | -€11,087 | -20.3% |
| Current assets | 29/58 | €267,848 | €576,017 | +€308,170 | +115% |
| Amounts receivable within one year | 40/41 | €2,204 | €0 | -€2,204 | -100% |
| Other amounts receivable | 41 | €2,204 | €0 | -€2,204 | -100% |
| Current investments | 50/53 | €50,000 | €368,314 | +€318,315 | +637% |
| Cash at bank and in hand | 54/58 | €212,962 | €204,650 | -€8,312 | -3.9% |
| Deferred charges and accrued income | 490/1 | €2,682 | €3,053 | +€371 | +13.8% |
| Total equity and liabilities | 10/49 | €533,618 | €623,281 | +€89,663 | +16.8% |
| Equity | 10/15 | €471,127 | €507,980 | +€36,853 | +7.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €452,527 | €489,380 | +€36,853 | +8.1% |
| Tax-exempt reserves | 132 | €39,178 | €0 | -€39,178 | -100% |
| Distributable reserves | 133 | €413,349 | €489,380 | +€76,031 | +18.4% |
| Provisions and deferred taxes | 16 | €9,794 | €0 | -€9,794 | -100% |
| Deferred taxes | 168 | €9,794 | €0 | -€9,794 | -100% |
| Amounts payable | 17/49 | €52,696 | €115,301 | +€62,605 | +119% |
| Amounts payable within one year | 42/48 | €48,098 | €111,614 | +€63,517 | +132% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €3,589 | €4,804 | +€1,216 | +33.9% |
| Suppliers | 440/4 | €3,589 | €4,804 | +€1,216 | +33.9% |
| Taxes, remuneration and social security | 45 | €3,979 | €11,041 | +€7,062 | +177% |
| Taxes | 450/3 | €3,979 | €11,041 | +€7,062 | +177% |
| Other amounts payable | 47/48 | €40,530 | €95,769 | +€55,239 | +136% |
| Accrued charges and deferred income | 492/3 | €4,599 | €3,687 | -€912 | -19.8% |
| Non-recurring operating income | 76A | €13,223 | €50,052 | +€36,829 | +279% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,215 | €13,197 | +€1,983 | +17.7% |
| Other operating charges | 640/8 | €2,425 | €1,944 | -€482 | -19.9% |
| Gross operating margin | 9900 | €134,012 | €161,240 | +€27,227 | +20.3% |
| Operating profit (loss) | 9901 | €120,372 | €146,098 | +€25,726 | +21.4% |
| Financial income | 75/76B | €876 | €13,155 | +€12,279 | +1,401% |
| Recurring financial income | 75 | €876 | €13,155 | +€12,279 | +1,401% |
| Financial charges | 65/66B | €3,775 | €13,210 | +€9,435 | +250% |
| Recurring financial charges | 65 | €3,775 | €13,210 | +€9,435 | +250% |
| Profit (loss) for the period before taxes | 9903 | €117,473 | €146,044 | +€28,570 | +24.3% |
| Transfer from deferred taxes | 780 | €423 | €9,794 | +€9,372 | +2,218% |
| Income taxes | 67/77 | €25,943 | €57,276 | +€31,333 | +121% |
| Profit (loss) for the period | 9904 | €91,953 | €98,562 | +€6,609 | +7.2% |
| Transfer from tax-exempt reserves | 789 | €1,690 | €39,178 | +€37,487 | +2,218% |
| Profit (loss) for the period to be appropriated | 9905 | €93,643 | €137,740 | +€44,097 | +47.1% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.