PEN4WEB: what changed
Two fiscal 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.
PEN4WEB
Largest movements
- Receivables within one year -€755
down €755 (-76.9%), from €981 to €226
of which Trade receivables: -€548
- Cash +€227
up €227 (+4.4%), from €5,136 to €5,362
mainly Other debts (+€1,518) and Receivables within one year (+€755)
- Profit (loss) carried forward -€2,004
down €2,004, from €1,020 to -€985
- Other debts +€1,518
up €1,518 (+60.5%), from €2,508 to €4,026
- Depreciation -€837
no longer reported in 2025 (was €837)
- Gross operating margin +€191
up €191 (+10.8%), from -€1,775 to -€1,584
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 | €11,619 | €11,114 | -€505 | -4.3% |
| Current assets | 29/58 | €11,619 | €11,114 | -€505 | -4.3% |
| Amounts receivable within one year | 40/41 | €981 | €226 | -€755 | -76.9% |
| Trade receivables | 40 | €548 | - | -€548 | |
| Other amounts receivable | 41 | €433 | €226 | -€207 | -47.8% |
| Current investments | 50/53 | €5,502 | €5,526 | +€23 | +0.4% |
| Cash at bank and in hand | 54/58 | €5,136 | €5,362 | +€227 | +4.4% |
| Total equity and liabilities | 10/49 | €11,619 | €11,114 | -€505 | -4.3% |
| Equity | 10/15 | €9,080 | €7,075 | -€2,004 | -22.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,020 | -€985 | -€2,004 | |
| Amounts payable | 17/49 | €2,539 | €4,039 | +€1,499 | +59.0% |
| Amounts payable within one year | 42/48 | €2,539 | €4,039 | +€1,499 | +59.0% |
| Trade debts | 44 | €32 | €13 | -€19 | -60.2% |
| Suppliers | 440/4 | €32 | €13 | -€19 | -60.2% |
| Other amounts payable | 47/48 | €2,508 | €4,026 | +€1,518 | +60.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €837 | - | -€837 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€1,775 | -€1,584 | +€191 | +10.8% |
| Operating profit (loss) | 9901 | -€3,000 | -€1,983 | +€1,016 | +33.9% |
| Financial income | 75/76B | €40 | €33 | -€6 | -15.9% |
| Recurring financial income | 75 | €40 | €33 | -€6 | -15.9% |
| Financial charges | 65/66B | €44 | €54 | +€11 | +24.2% |
| Recurring financial charges | 65 | €44 | €54 | +€11 | +24.2% |
| Profit (loss) for the period before taxes | 9903 | -€3,004 | -€2,004 | +€999 | +33.3% |
| Income taxes | 67/77 | €3 | - | -€3 | |
| Profit (loss) for the period | 9904 | -€3,006 | -€2,004 | +€1,002 | +33.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,006 | -€2,004 | +€1,002 | +33.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.