PEN - DEM: 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 - DEM
Largest movements
- Current investments +€458,000
new in 2025: €458,000
- Receivables within one year -€286,268
down €286,268 (-55.3%), from €517,496 to €231,228
of which Other amounts receivable: -€286,436
- Tangible fixed assets -€89,978
down €89,978 (-4.2%), from €2.2m to €2.1m
- Profit (loss) carried forward +€44,229
up €44,229 (+6.3%), from -€698,232 to -€654,004
- Other debts +€39,196
up €39,196 (+8.4%), from €467,606 to €506,801
- Gross operating margin -€14,466
down €14,466 (-6.4%), from €226,978 to €212,512
- Financial charges -€9,460
down €9,460 (-11.8%), from €80,284 to €70,824
- Financial income +€3,222
up €3,222 (+51.0%), from €6,315 to €9,537
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 | €2,690,741 | €2,764,989 | +€74,249 | +2.8% |
| Fixed assets | 21/28 | €2,165,167 | €2,075,189 | -€89,978 | -4.2% |
| Tangible fixed assets | 22/27 | €2,165,050 | €2,075,072 | -€89,978 | -4.2% |
| Land and buildings | 22 | €2,165,050 | €2,075,072 | -€89,978 | -4.2% |
| Financial fixed assets | 28 | €116 | €116 | = | 0.0% |
| Current assets | 29/58 | €525,574 | €689,801 | +€164,227 | +31.2% |
| Amounts receivable within one year | 40/41 | €517,496 | €231,228 | -€286,268 | -55.3% |
| Trade receivables | 40 | - | €169 | +€169 | |
| Other amounts receivable | 41 | €517,496 | €231,059 | -€286,436 | -55.4% |
| Current investments | 50/53 | - | €458,000 | +€458,000 | |
| Cash at bank and in hand | 54/58 | €8,078 | €139 | -€7,939 | -98.3% |
| Deferred charges and accrued income | 490/1 | - | €434 | +€434 | |
| Total equity and liabilities | 10/49 | €2,690,741 | €2,764,989 | +€74,249 | +2.8% |
| Equity | 10/15 | €1,129,514 | €1,173,743 | +€44,229 | +3.9% |
| Contributions | 10/11 | €1,800,000 | €1,800,000 | = | 0.0% |
| Capital | 10 | €1,800,000 | €1,800,000 | = | 0.0% |
| Issued capital | 100 | €1,800,000 | €1,800,000 | = | 0.0% |
| Reserves | 13 | €27,746 | €27,746 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,853 | €4,853 | = | 0.0% |
| Legal reserve | 130 | €4,853 | €4,853 | = | 0.0% |
| Distributable reserves | 133 | €22,893 | €22,893 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€698,232 | -€654,004 | +€44,229 | +6.3% |
| Amounts payable | 17/49 | €1,561,227 | €1,591,247 | +€30,020 | +1.9% |
| Amounts payable after more than one year | 17 | €1,000,000 | €1,000,000 | = | 0.0% |
| Financial debts | 170/4 | €1,000,000 | €1,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €481,227 | €520,447 | +€39,220 | +8.2% |
| Trade debts | 44 | €11,771 | €11,795 | +€24 | +0.2% |
| Suppliers | 440/4 | €11,771 | €11,795 | +€24 | +0.2% |
| Taxes, remuneration and social security | 45 | €1,850 | €1,850 | = | 0.0% |
| Taxes | 450/3 | €850 | €850 | = | 0.0% |
| Remuneration and social security | 454/9 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 47/48 | €467,606 | €506,801 | +€39,196 | +8.4% |
| Accrued charges and deferred income | 492/3 | €80,000 | €70,800 | -€9,200 | -11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,224 | €89,978 | -€247 | -0.3% |
| Other operating charges | 640/8 | €16,501 | €17,019 | +€518 | +3.1% |
| Gross operating margin | 9900 | €226,978 | €212,512 | -€14,466 | -6.4% |
| Operating profit (loss) | 9901 | €120,253 | €105,515 | -€14,738 | -12.3% |
| Financial income | 75/76B | €6,315 | €9,537 | +€3,222 | +51.0% |
| Recurring financial income | 75 | €6,315 | €9,537 | +€3,222 | +51.0% |
| Financial charges | 65/66B | €80,284 | €70,824 | -€9,460 | -11.8% |
| Recurring financial charges | 65 | €80,284 | €70,824 | -€9,460 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €46,285 | €44,229 | -€2,056 | -4.4% |
| Profit (loss) for the period | 9904 | €46,285 | €44,229 | -€2,056 | -4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €46,285 | €44,229 | -€2,056 | -4.4% |
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 10 October 2026 via checked.be.