Pen Capital: 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.
Pen Capital
Largest movements
- Cash +€889
up €889 (+8.7%), from €10,171 to €11,061
mainly Other debts (+€2,939) and Net result for the year (+€1,804)
- Deferred charges and accrued income -€788
down €788 (-100%), from €788 to €0
- Receivables within one year -€334
down €334 (-8.8%), from €3,807 to €3,473
of which Trade receivables: -€990
- Trade debts -€3,566
down €3,566 (-99.2%), from €3,596 to €30
- Other debts +€2,939
new in 2025: €2,939
- Profit (loss) carried forward +€971
up €971 (+14.2%), from €6,855 to €7,826
- Short-term financial debts -€758
down €758 (-100%), from €758 to €0
- Tax, wage and social debts +€263
up €263 (+9.9%), from €2,666 to €2,929
- Gross operating margin -€5,330
down €5,330 (-57.7%), from €9,243 to €3,912
- Taxes -€631
down €631 (-35.5%), from €1,775 to €1,144
- Depreciation +€293
up €293 (+130%), from €225 to €518
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 | €15,874 | €15,724 | -€150 | -0.9% |
| Fixed assets | 21/28 | €1,108 | €1,190 | +€83 | +7.5% |
| Tangible fixed assets | 22/27 | €1,108 | €1,190 | +€83 | +7.5% |
| Furniture and vehicles | 24 | €1,108 | €1,190 | +€83 | +7.5% |
| Current assets | 29/58 | €14,766 | €14,534 | -€233 | -1.6% |
| Amounts receivable within one year | 40/41 | €3,807 | €3,473 | -€334 | -8.8% |
| Trade receivables | 40 | €3,807 | €2,817 | -€990 | -26.0% |
| Other amounts receivable | 41 | - | €656 | +€656 | |
| Cash at bank and in hand | 54/58 | €10,171 | €11,061 | +€889 | +8.7% |
| Deferred charges and accrued income | 490/1 | €788 | €0 | -€788 | -100% |
| Total equity and liabilities | 10/49 | €15,874 | €15,724 | -€150 | -0.9% |
| Equity | 10/15 | €8,855 | €9,826 | +€971 | +11.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,855 | €7,826 | +€971 | +14.2% |
| Amounts payable | 17/49 | €7,019 | €5,898 | -€1,121 | -16.0% |
| Amounts payable within one year | 42/48 | €7,019 | €5,898 | -€1,121 | -16.0% |
| Financial debts | 43 | €758 | €0 | -€758 | -100% |
| Other loans | 439 | €758 | €0 | -€758 | -100% |
| Trade debts | 44 | €3,596 | €30 | -€3,566 | -99.2% |
| Suppliers | 440/4 | €3,596 | €30 | -€3,566 | -99.2% |
| Taxes, remuneration and social security | 45 | €2,666 | €2,929 | +€263 | +9.9% |
| Taxes | 450/3 | €2,666 | €2,929 | +€263 | +9.9% |
| Other amounts payable | 47/48 | - | €2,939 | +€2,939 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €225 | €518 | +€293 | +130% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €9,243 | €3,912 | -€5,330 | -57.7% |
| Operating profit (loss) | 9901 | €8,630 | €2,994 | -€5,636 | -65.3% |
| Financial income | 75/76B | - | €18 | +€18 | |
| Recurring financial income | 75 | - | €18 | +€18 | |
| Financial charges | 65/66B | €0 | €65 | +€64 | +21,450% |
| Recurring financial charges | 65 | €0 | €65 | +€64 | +21,450% |
| Profit (loss) for the period before taxes | 9903 | €8,630 | €2,948 | -€5,682 | -65.8% |
| Income taxes | 67/77 | €1,775 | €1,144 | -€631 | -35.5% |
| Profit (loss) for the period | 9904 | €6,855 | €1,804 | -€5,051 | -73.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,855 | €1,804 | -€5,051 | -73.7% |
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 27 October 2026 via checked.be.