PEN GROUP: 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 GROUP
Largest movements
- Cash +€9,544
up €9,544 (+120%), from €7,925 to €17,469
mainly Net result for the year (+€13,008) and Depreciation (+€3,113)
- Tangible fixed assets +€2,911
up €2,911 (+53.3%), from €5,456 to €8,367
of which Plant, machinery and equipment: +€4,253
- Receivables within one year +€1,389
up €1,389 (+4.2%), from €33,350 to €34,740
of which Other amounts receivable: +€2,502
- Profit (loss) carried forward +€13,008
up €13,008 (+231%), from €5,627 to €18,635
- Trade debts -€1,830
down €1,830 (-31.3%), from €5,856 to €4,026
- Tax, wage and social debts +€1,824
up €1,824 (+40.5%), from €4,500 to €6,324
of which Taxes: +€1,824
- Advances received +€702
up €702 (+4.5%), from €15,520 to €16,222
- Staff costs -€15,960
no longer reported in 2024 (was €15,960)
- Gross operating margin -€7,399
down €7,399 (-27.7%), from €26,703 to €19,304
- Purchases and services +€6,687
up €6,687 (+6.8%), from €98,973 to €105,661
- Taxes +€2,415
new in 2024: €2,415
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €46,731 | €60,575 | +€13,844 | +29.6% |
| Fixed assets | 21/28 | €5,456 | €8,367 | +€2,911 | +53.3% |
| Tangible fixed assets | 22/27 | €5,456 | €8,367 | +€2,911 | +53.3% |
| Plant, machinery and equipment | 23 | €3,985 | €8,238 | +€4,253 | +107% |
| Furniture and vehicles | 24 | €1,471 | €129 | -€1,342 | -91.2% |
| Current assets | 29/58 | €41,275 | €52,208 | +€10,933 | +26.5% |
| Amounts receivable within one year | 40/41 | €33,350 | €34,740 | +€1,389 | +4.2% |
| Trade receivables | 40 | €31,852 | €30,740 | -€1,112 | -3.5% |
| Other amounts receivable | 41 | €1,498 | €4,000 | +€2,502 | +167% |
| Cash at bank and in hand | 54/58 | €7,925 | €17,469 | +€9,544 | +120% |
| Total equity and liabilities | 10/49 | €46,731 | €60,575 | +€13,844 | +29.6% |
| Equity | 10/15 | €20,627 | €33,635 | +€13,008 | +63.1% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,627 | €18,635 | +€13,008 | +231% |
| Amounts payable | 17/49 | €26,104 | €26,940 | +€836 | +3.2% |
| Amounts payable within one year | 42/48 | €26,104 | €26,940 | +€836 | +3.2% |
| Trade debts | 44 | €5,856 | €4,026 | -€1,830 | -31.3% |
| Suppliers | 440/4 | €5,856 | €4,026 | -€1,830 | -31.3% |
| Advances received on contracts in progress | 46 | €15,520 | €16,222 | +€702 | +4.5% |
| Taxes, remuneration and social security | 45 | €4,500 | €6,324 | +€1,824 | +40.5% |
| Taxes | 450/3 | - | €1,824 | +€1,824 | |
| Remuneration and social security | 454/9 | €4,500 | €4,500 | = | 0.0% |
| Other amounts payable | 47/48 | €228 | €368 | +€140 | +61.4% |
| Turnover | 70 | €109,716 | €109,170 | -€546 | -0.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €98,973 | €105,661 | +€6,687 | +6.8% |
| Remuneration, social security and pensions | 62 | €15,960 | - | -€15,960 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,146 | €3,113 | +€967 | +45.0% |
| Other operating charges | 640/8 | €1,132 | €734 | -€398 | -35.1% |
| Gross operating margin | 9900 | €26,703 | €19,304 | -€7,399 | -27.7% |
| Operating profit (loss) | 9901 | €7,464 | €15,456 | +€7,992 | +107% |
| Financial charges | 65/66B | €601 | €33 | -€567 | -94.4% |
| Recurring financial charges | 65 | €601 | €33 | -€567 | -94.4% |
| Profit (loss) for the period before taxes | 9903 | €6,864 | €15,423 | +€8,559 | +125% |
| Income taxes | 67/77 | - | €2,415 | +€2,415 | |
| Profit (loss) for the period | 9904 | €6,864 | €13,008 | +€6,144 | +89.5% |
| Profit (loss) for the period to be appropriated | 9905 | €6,864 | €13,008 | +€6,144 | +89.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.