Penafidelis: 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.
Penafidelis
Largest movements
- Cash -€14,276
down €14,276 (-16.1%), from €88,426 to €74,151
mainly Contributions, distributions and other (-€26,059) and Investment in fixed assets (net) (-€3,995)
- Tangible fixed assets -€5,762
down €5,762 (-17.9%), from €32,130 to €26,368
of which Other tangible fixed assets: -€4,639
- Receivables after one year -€5,463
down €5,463 (-16.6%), from €32,836 to €27,373
- Receivables within one year +€1,812
up €1,812 (+78.2%), from €2,316 to €4,129
of which Trade receivables: +€2,708
- Reserves -€24,064
down €24,064 (-22.9%), from €104,977 to €80,913
of which Distributable reserves: -€21,998
- Tax, wage and social debts +€3,216
up €3,216 (+11.6%), from €27,707 to €30,923
of which Remuneration and social security: +€3,192
- Other debts -€3,014
down €3,014 (-22.3%), from €13,489 to €10,475
- Staff costs +€6,954
up €6,954 (+5.3%), from €132,044 to €138,998
- Depreciation -€3,732
down €3,732 (-27.7%), from €13,489 to €9,757
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 | €163,836 | €140,643 | -€23,193 | -14.2% |
| Fixed assets | 21/28 | €32,130 | €26,368 | -€5,762 | -17.9% |
| Tangible fixed assets | 22/27 | €32,130 | €26,368 | -€5,762 | -17.9% |
| Furniture and vehicles | 24 | €5,720 | €4,596 | -€1,124 | -19.6% |
| Other tangible fixed assets | 26 | €26,410 | €21,772 | -€4,639 | -17.6% |
| Current assets | 29/58 | €131,706 | €114,275 | -€17,431 | -13.2% |
| Amounts receivable after more than one year | 29 | €32,836 | €27,373 | -€5,463 | -16.6% |
| Trade receivables | 290 | €32,836 | €27,373 | -€5,463 | -16.6% |
| Stocks and contracts in progress | 3 | €2,486 | €2,612 | +€126 | +5.1% |
| Stocks | 30/36 | €2,486 | €2,612 | +€126 | +5.1% |
| Amounts receivable within one year | 40/41 | €2,316 | €4,129 | +€1,812 | +78.2% |
| Trade receivables | 40 | - | €2,708 | +€2,708 | |
| Other amounts receivable | 41 | €2,316 | €1,421 | -€896 | -38.7% |
| Cash at bank and in hand | 54/58 | €88,426 | €74,151 | -€14,276 | -16.1% |
| Deferred charges and accrued income | 490/1 | €5,641 | €6,010 | +€369 | +6.5% |
| Total equity and liabilities | 10/49 | €163,836 | €140,643 | -€23,193 | -14.2% |
| Equity | 10/15 | €113,165 | €89,101 | -€24,064 | -21.3% |
| Contributions | 10/11 | €5,772 | €5,772 | = | 0.0% |
| Reserves | 13 | €104,977 | €80,913 | -€24,064 | -22.9% |
| Tax-exempt reserves | 132 | €24,059 | €21,994 | -€2,066 | -8.6% |
| Distributable reserves | 133 | €80,918 | €58,920 | -€21,998 | -27.2% |
| Profit (loss) carried forward | 14 | €2,415 | €2,415 | = | 0.0% |
| Provisions and deferred taxes | 16 | €1,907 | €1,218 | -€689 | -36.1% |
| Deferred taxes | 168 | €1,907 | €1,218 | -€689 | -36.1% |
| Amounts payable | 17/49 | €48,764 | €50,324 | +€1,559 | +3.2% |
| Amounts payable within one year | 42/48 | €48,764 | €50,324 | +€1,559 | +3.2% |
| Financial debts | 43 | €3,487 | €3,940 | +€453 | +13.0% |
| Credit institutions | 430/8 | €3,487 | €3,940 | +€453 | +13.0% |
| Trade debts | 44 | €4,082 | €4,986 | +€904 | +22.1% |
| Suppliers | 440/4 | €4,082 | €4,986 | +€904 | +22.1% |
| Taxes, remuneration and social security | 45 | €27,707 | €30,923 | +€3,216 | +11.6% |
| Taxes | 450/3 | €12,180 | €12,204 | +€24 | +0.2% |
| Remuneration and social security | 454/9 | €15,527 | €18,719 | +€3,192 | +20.6% |
| Other amounts payable | 47/48 | €13,489 | €10,475 | -€3,014 | -22.3% |
| Remuneration, social security and pensions | 62 | €132,044 | €138,998 | +€6,954 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,489 | €9,757 | -€3,732 | -27.7% |
| Other operating charges | 640/8 | €2,190 | €2,287 | +€97 | +4.4% |
| Gross operating margin | 9900 | €154,978 | €156,190 | +€1,212 | +0.8% |
| Operating profit (loss) | 9901 | €7,256 | €5,149 | -€2,107 | -29.0% |
| Financial income | 75/76B | €1,131 | €988 | -€144 | -12.7% |
| Recurring financial income | 75 | €1,131 | €988 | -€144 | -12.7% |
| Financial charges | 65/66B | €2,309 | €2,250 | -€59 | -2.5% |
| Recurring financial charges | 65 | €2,309 | €2,250 | -€59 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €6,078 | €3,886 | -€2,192 | -36.1% |
| Transfer from deferred taxes | 780 | €689 | €689 | = | 0.0% |
| Income taxes | 67/77 | €1,684 | €2,579 | +€896 | +53.2% |
| Profit (loss) for the period | 9904 | €5,083 | €1,995 | -€3,087 | -60.7% |
| Transfer from tax-exempt reserves | 789 | €2,066 | €2,066 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,148 | €4,061 | -€3,087 | -43.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.