PEFRENOR: 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.
PEFRENOR
Largest movements
- Tangible fixed assets -€23,312
down €23,312 (-5.7%), from €407,384 to €384,072
of which Land and buildings: -€26,265
- Cash -€7,209
down €7,209 (-92.2%), from €7,822 to €614
mainly Debts after one year (-€117,694) and Investment in fixed assets (net) (-€7,384)
- Debts after one year -€117,694
down €117,694 (-51.7%), from €227,760 to €110,066
of which Other amounts payable: -€73,188
- Other debts +€52,520
up €52,520 (+285.1%), from €18,423 to €70,943
- Tax, wage and social debts +€17,320
up €17,320 (+42.0%), from €41,286 to €58,606
- Reserves +€15,295
up €15,295 (+153.0%), from €9,997 to €25,292
of which Distributable reserves: +€15,295
- Gross operating margin +€18,349
up €18,349 (+27.1%), from €67,682 to €86,032
- Taxes +€8,927
up €8,927 (+213.4%), from €4,184 to €13,111
- Financial charges +€6,798
up €6,798 (+68.5%), from €9,919 to €16,717
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 | €474,649 | €439,990 | -€34,659 | -7.3% |
| Fixed assets | 21/28 | €407,384 | €384,072 | -€23,312 | -5.7% |
| Tangible fixed assets | 22/27 | €407,384 | €384,072 | -€23,312 | -5.7% |
| Land and buildings | 22 | €400,365 | €374,100 | -€26,265 | -6.6% |
| Plant, machinery and equipment | 23 | €1,313 | €879 | -€435 | -33.1% |
| Furniture and vehicles | 24 | €186 | €1,172 | +€986 | +529.9% |
| Other tangible fixed assets | 26 | €5,519 | €7,921 | +€2,402 | +43.5% |
| Current assets | 29/58 | €67,266 | €55,919 | -€11,347 | -16.9% |
| Amounts receivable within one year | 40/41 | €59,443 | €55,305 | -€4,138 | -7.0% |
| Trade receivables | 40 | €23,612 | €19,474 | -€4,138 | -17.5% |
| Other amounts receivable | 41 | €35,831 | €35,831 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €7,822 | €614 | -€7,209 | -92.2% |
| Total equity and liabilities | 10/49 | €474,649 | €439,990 | -€34,659 | -7.3% |
| Equity | 10/15 | €124,916 | €140,210 | +€15,295 | +12.2% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €9,997 | €25,292 | +€15,295 | +153.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €3,800 | €19,095 | +€15,295 | +402.5% |
| Profit (loss) carried forward | 14 | €52,945 | €52,945 | = | 0.0% |
| Amounts payable | 17/49 | €349,733 | €299,780 | -€49,954 | -14.3% |
| Amounts payable after more than one year | 17 | €227,760 | €110,066 | -€117,694 | -51.7% |
| Financial debts | 170/4 | €154,572 | €110,066 | -€44,506 | -28.8% |
| Other amounts payable | 178/9 | €73,188 | - | -€73,188 | |
| Amounts payable within one year | 42/48 | €119,574 | €189,713 | +€70,140 | +58.7% |
| Current portion of amounts payable after more than one year | 42 | €42,552 | €43,707 | +€1,156 | +2.7% |
| Financial debts | 43 | - | €704 | +€704 | |
| Credit institutions | 430/8 | - | €704 | +€704 | |
| Trade debts | 44 | €17,313 | €15,753 | -€1,559 | -9.0% |
| Suppliers | 440/4 | €17,313 | €15,753 | -€1,559 | -9.0% |
| Taxes, remuneration and social security | 45 | €41,286 | €58,606 | +€17,320 | +42.0% |
| Taxes | 450/3 | €41,286 | €58,606 | +€17,320 | +42.0% |
| Other amounts payable | 47/48 | €18,423 | €70,943 | +€52,520 | +285.1% |
| Accrued charges and deferred income | 492/3 | €2,400 | - | -€2,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,192 | €30,696 | +€503 | +1.7% |
| Other operating charges | 640/8 | €9,526 | €10,215 | +€689 | +7.2% |
| Gross operating margin | 9900 | €67,682 | €86,032 | +€18,349 | +27.1% |
| Operating profit (loss) | 9901 | €27,964 | €45,121 | +€17,157 | +61.4% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €9,919 | €16,717 | +€6,798 | +68.5% |
| Recurring financial charges | 65 | €9,919 | €16,717 | +€6,798 | +68.5% |
| Profit (loss) for the period before taxes | 9903 | €18,045 | €28,405 | +€10,360 | +57.4% |
| Income taxes | 67/77 | €4,184 | €13,111 | +€8,927 | +213.4% |
| Profit (loss) for the period | 9904 | €13,861 | €15,295 | +€1,433 | +10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,861 | €15,295 | +€1,433 | +10.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.