PEN EN PEPER: 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 EN PEPER
Largest movements
- Financial fixed assets -€50,185
down €50,185 (-35.3%), from €142,000 to €91,815
- Tangible fixed assets -€29,933
down €29,933 (-7.1%), from €420,627 to €390,695
of which Land and buildings: -€25,223
- Receivables within one year +€14,346
up €14,346 (+24.2%), from €59,364 to €73,710
of which Trade receivables: +€18,010
- Debts after one year -€52,640
down €52,640 (-10.5%), from €502,220 to €449,580
- Trade debts -€22,957
down €22,957 (-89.1%), from €25,761 to €2,804
- Profit (loss) carried forward +€11,697
up €11,697 (+27.1%), from €43,162 to €54,858
- Gross operating margin +€21,035
up €21,035 (+33.5%), from €62,807 to €83,841
- Other operating charges -€15,893
down €15,893 (-94.7%), from €16,776 to €883
- Financial charges +€4,390
up €4,390 (+42.9%), from €10,222 to €14,613
- Taxes +€2,401
up €2,401 (+116%), from €2,074 to €4,475
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 | €630,028 | €572,509 | -€57,518 | -9.1% |
| Fixed assets | 21/28 | €562,627 | €482,509 | -€80,118 | -14.2% |
| Tangible fixed assets | 22/27 | €420,627 | €390,695 | -€29,933 | -7.1% |
| Land and buildings | 22 | €401,534 | €376,310 | -€25,223 | -6.3% |
| Plant, machinery and equipment | 23 | €245 | - | -€245 | |
| Furniture and vehicles | 24 | €18,849 | €14,385 | -€4,464 | -23.7% |
| Financial fixed assets | 28 | €142,000 | €91,815 | -€50,185 | -35.3% |
| Current assets | 29/58 | €67,401 | €90,000 | +€22,599 | +33.5% |
| Amounts receivable within one year | 40/41 | €59,364 | €73,710 | +€14,346 | +24.2% |
| Trade receivables | 40 | €55,700 | €73,710 | +€18,010 | +32.3% |
| Other amounts receivable | 41 | €3,664 | - | -€3,664 | |
| Cash at bank and in hand | 54/58 | €7,086 | €12,344 | +€5,258 | +74.2% |
| Deferred charges and accrued income | 490/1 | €951 | €3,946 | +€2,995 | +315% |
| Total equity and liabilities | 10/49 | €630,028 | €572,509 | -€57,518 | -9.1% |
| Equity | 10/15 | €44,262 | €55,958 | +€11,697 | +26.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €100 | €100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,162 | €54,858 | +€11,697 | +27.1% |
| Amounts payable | 17/49 | €585,766 | €516,551 | -€69,215 | -11.8% |
| Amounts payable after more than one year | 17 | €502,220 | €449,580 | -€52,640 | -10.5% |
| Financial debts | 170/4 | €502,220 | €449,580 | -€52,640 | -10.5% |
| Amounts payable within one year | 42/48 | €83,546 | €66,971 | -€16,575 | -19.8% |
| Current portion of amounts payable after more than one year | 42 | €12,504 | €12,990 | +€486 | +3.9% |
| Trade debts | 44 | €25,761 | €2,804 | -€22,957 | -89.1% |
| Suppliers | 440/4 | €25,761 | €2,804 | -€22,957 | -89.1% |
| Taxes, remuneration and social security | 45 | €7,264 | €10,473 | +€3,208 | +44.2% |
| Taxes | 450/3 | €7,264 | €10,473 | +€3,208 | +44.2% |
| Other amounts payable | 47/48 | €38,017 | €40,704 | +€2,688 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,897 | €32,175 | -€722 | -2.2% |
| Other operating charges | 640/8 | €16,776 | €883 | -€15,893 | -94.7% |
| Gross operating margin | 9900 | €62,807 | €83,841 | +€21,035 | +33.5% |
| Operating profit (loss) | 9901 | €13,133 | €50,783 | +€37,650 | +287% |
| Financial income | 75/76B | €0 | €1 | +€1 | +3,500% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +3,500% |
| Financial charges | 65/66B | €10,222 | €14,613 | +€4,390 | +42.9% |
| Recurring financial charges | 65 | €10,222 | €14,613 | +€4,390 | +42.9% |
| Profit (loss) for the period before taxes | 9903 | €2,910 | €36,171 | +€33,261 | +1,143% |
| Income taxes | 67/77 | €2,074 | €4,475 | +€2,401 | +116% |
| Profit (loss) for the period | 9904 | €836 | €31,697 | +€30,860 | +3,690% |
| Profit (loss) for the period to be appropriated | 9905 | €836 | €31,697 | +€30,860 | +3,690% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.