P.E.N.: 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.
P.E.N.
Largest movements
- Tangible fixed assets -€10,318
down €10,318 (-3.4%), from €302,750 to €292,432
of which Land and buildings: -€10,188
- Other debts -€68,441
down €68,441 (-100.0%), from €68,441 to €0
- Debts after one year +€66,456
up €66,456 (+35.7%), from €186,406 to €252,862
of which Other amounts payable: +€77,993
- Profit (loss) carried forward -€4,245
down €4,245 (-3.1%), from -€136,605 to -€140,850
- Reserves -€3,355
down €3,355 (-4.4%), from €76,504 to €73,149
of which Tax-exempt reserves: -€3,355
- Financial charges -€1,275
down €1,275 (-34.1%), from €3,745 to €2,469
- Other operating charges +€796
up €796 (+61.1%), from €1,304 to €2,100
- Gross operating margin +€714
up €714 (+13.1%), from €5,456 to €6,170
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €302,998 | €292,680 | -€10,318 | -3.4% |
| Fixed assets | 21/28 | €302,750 | €292,432 | -€10,318 | -3.4% |
| Tangible fixed assets | 22/27 | €302,750 | €292,432 | -€10,318 | -3.4% |
| Land and buildings | 22 | €302,079 | €291,891 | -€10,188 | -3.4% |
| Plant, machinery and equipment | 23 | €670 | €541 | -€129 | -19.3% |
| Current assets | 29/58 | €248 | €248 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €248 | €248 | = | 0.0% |
| Total equity and liabilities | 10/49 | €302,998 | €292,680 | -€10,318 | -3.4% |
| Equity | 10/15 | €6,830 | -€770 | -€7,600 | |
| Contributions | 10/11 | €66,931 | €66,931 | = | 0.0% |
| Reserves | 13 | €76,504 | €73,149 | -€3,355 | -4.4% |
| Tax-exempt reserves | 132 | €76,207 | €72,852 | -€3,355 | -4.4% |
| Distributable reserves | 133 | €297 | €297 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€136,605 | -€140,850 | -€4,245 | -3.1% |
| Provisions and deferred taxes | 16 | €25,402 | €24,284 | -€1,118 | -4.4% |
| Deferred taxes | 168 | €25,402 | €24,284 | -€1,118 | -4.4% |
| Amounts payable | 17/49 | €270,766 | €269,166 | -€1,600 | -0.6% |
| Amounts payable after more than one year | 17 | €186,406 | €252,862 | +€66,456 | +35.7% |
| Financial debts | 170/4 | €31,958 | €20,422 | -€11,537 | -36.1% |
| Other amounts payable | 178/9 | €154,448 | €232,440 | +€77,993 | +50.5% |
| Amounts payable within one year | 42/48 | €84,360 | €16,303 | -€68,056 | -80.7% |
| Current portion of amounts payable after more than one year | 42 | €4,891 | €3,105 | -€1,786 | -36.5% |
| Financial debts | 43 | €11,028 | €11,537 | +€509 | +4.6% |
| Credit institutions | 430/8 | €11,028 | €11,537 | +€509 | +4.6% |
| Trade debts | 44 | €0 | €1,662 | +€1,662 | |
| Suppliers | 440/4 | €0 | €1,662 | +€1,662 | |
| Other amounts payable | 47/48 | €68,441 | €0 | -€68,441 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,318 | €10,318 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,304 | €2,100 | +€796 | +61.1% |
| Gross operating margin | 9900 | €5,456 | €6,170 | +€714 | +13.1% |
| Operating profit (loss) | 9901 | -€6,166 | -€6,248 | -€83 | -1.3% |
| Financial charges | 65/66B | €3,745 | €2,469 | -€1,275 | -34.1% |
| Recurring financial charges | 65 | €3,745 | €2,469 | -€1,275 | -34.1% |
| Profit (loss) for the period before taxes | 9903 | -€9,911 | -€8,718 | +€1,193 | +12.0% |
| Transfer from deferred taxes | 780 | €1,118 | €1,118 | = | 0.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€8,793 | -€7,600 | +€1,193 | +13.6% |
| Transfer from tax-exempt reserves | 789 | €3,355 | €3,355 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,438 | -€4,245 | +€1,193 | +21.9% |
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 28 September 2026 via checked.be.