PEN - LAW: 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 - LAW
Largest movements
- Cash +€63,984
up €63,984 (+87.4%), from €73,192 to €137,176
mainly Depreciation (+€36,056) and Net result for the year (+€26,426)
- Tangible fixed assets -€36,056
down €36,056 (-4.5%), from €808,051 to €771,994
of which Land and buildings: -€28,246
- Profit (loss) carried forward +€26,426
up €26,426 (+9.2%), from -€288,712 to -€262,286
- Gross operating margin +€17,811
up €17,811 (+16.7%), from €106,554 to €124,365
- Financial income +€1,655
up €1,655 (+23.4%), from €7,077 to €8,732
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 | €936,605 | €965,189 | +€28,583 | +3.1% |
| Fixed assets | 21/28 | €820,877 | €784,821 | -€36,056 | -4.4% |
| Tangible fixed assets | 22/27 | €808,051 | €771,994 | -€36,056 | -4.5% |
| Land and buildings | 22 | €769,485 | €741,239 | -€28,246 | -3.7% |
| Other tangible fixed assets | 26 | €38,566 | €30,755 | -€7,811 | -20.3% |
| Financial fixed assets | 28 | €12,826 | €12,826 | = | 0.0% |
| Current assets | 29/58 | €115,728 | €180,368 | +€64,639 | +55.9% |
| Amounts receivable within one year | 40/41 | €7,896 | €500 | -€7,396 | -93.7% |
| Other amounts receivable | 41 | €7,896 | €500 | -€7,396 | -93.7% |
| Current investments | 50/53 | €34,641 | €42,265 | +€7,625 | +22.0% |
| Cash at bank and in hand | 54/58 | €73,192 | €137,176 | +€63,984 | +87.4% |
| Deferred charges and accrued income | 490/1 | - | €427 | +€427 | |
| Total equity and liabilities | 10/49 | €936,605 | €965,189 | +€28,583 | +3.1% |
| Equity | 10/15 | €498,888 | €525,314 | +€26,426 | +5.3% |
| Contributions | 10/11 | €716,000 | €716,000 | = | 0.0% |
| Capital | 10 | €716,000 | €716,000 | = | 0.0% |
| Issued capital | 100 | €716,000 | €716,000 | = | 0.0% |
| Reserves | 13 | €71,600 | €71,600 | = | 0.0% |
| Non-distributable reserves | 130/1 | €71,600 | €71,600 | = | 0.0% |
| Legal reserve | 130 | €71,600 | €71,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€288,712 | -€262,286 | +€26,426 | +9.2% |
| Amounts payable | 17/49 | €437,717 | €439,875 | +€2,158 | +0.5% |
| Amounts payable after more than one year | 17 | €415,830 | €415,830 | = | 0.0% |
| Other amounts payable | 178/9 | €415,830 | €415,830 | = | 0.0% |
| Amounts payable within one year | 42/48 | - | €57 | +€57 | |
| Other amounts payable | 47/48 | - | €57 | +€57 | |
| Accrued charges and deferred income | 492/3 | €21,887 | €23,988 | +€2,101 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,984 | €36,056 | +€1,073 | +3.1% |
| Other operating charges | 640/8 | €16,813 | €17,254 | +€441 | +2.6% |
| Gross operating margin | 9900 | €106,554 | €124,365 | +€17,811 | +16.7% |
| Operating profit (loss) | 9901 | €54,757 | €71,055 | +€16,298 | +29.8% |
| Financial income | 75/76B | €7,077 | €8,732 | +€1,655 | +23.4% |
| Recurring financial income | 75 | €7,077 | €8,732 | +€1,655 | +23.4% |
| Financial charges | 65/66B | €53,330 | €53,361 | +€32 | +0.1% |
| Recurring financial charges | 65 | €53,330 | €53,361 | +€32 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €8,505 | €26,426 | +€17,921 | +211% |
| Profit (loss) for the period | 9904 | €8,505 | €26,426 | +€17,921 | +211% |
| Profit (loss) for the period to be appropriated | 9905 | €8,505 | €26,426 | +€17,921 | +211% |
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 15 October 2026 via checked.be.