PENANSE: 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.
PENANSE
Largest movements
- Receivables within one year -€110,472
down €110,472 (-92.6%), from €119,320 to €8,848
of which Other amounts receivable: -€110,457
- Tangible fixed assets -€64,576
down €64,576 (-3.8%), from €1.7m to €1.6m
of which Land and buildings: -€74,344
- Cash -€36,433
down €36,433 (-35.9%), from €101,466 to €65,034
mainly Other debts (-€141,010) and Debts after one year (-€95,476)
- Other debts -€141,010
down €141,010 (-42.7%), from €330,023 to €189,013
- Debts after one year -€95,476
down €95,476 (-11.0%), from €869,626 to €774,151
- Reserves +€33,469
up €33,469 (+5.7%), from €584,171 to €617,640
of which Distributable reserves: +€33,469
- Gross operating margin -€33,196
down €33,196 (-17.1%), from €193,895 to €160,699
- Taxes -€13,542
down €13,542 (-46.4%), from €29,209 to €15,667
- Financial charges +€3,290
up €3,290 (+16.6%), from €19,838 to €23,128
- Other operating charges +€2,143
up €2,143 (+20.2%), from €10,616 to €12,759
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 | €1,933,286 | €1,723,299 | -€209,986 | -10.9% |
| Fixed assets | 21/28 | €1,712,008 | €1,647,432 | -€64,576 | -3.8% |
| Tangible fixed assets | 22/27 | €1,712,008 | €1,647,432 | -€64,576 | -3.8% |
| Land and buildings | 22 | €1,712,008 | €1,637,664 | -€74,344 | -4.3% |
| Furniture and vehicles | 24 | - | €9,768 | +€9,768 | |
| Current assets | 29/58 | €221,277 | €75,867 | -€145,410 | -65.7% |
| Amounts receivable within one year | 40/41 | €119,320 | €8,848 | -€110,472 | -92.6% |
| Trade receivables | 40 | €2,910 | €2,895 | -€15 | -0.5% |
| Other amounts receivable | 41 | €116,410 | €5,953 | -€110,457 | -94.9% |
| Cash at bank and in hand | 54/58 | €101,466 | €65,034 | -€36,433 | -35.9% |
| Deferred charges and accrued income | 490/1 | €491 | €1,985 | +€1,494 | +304.2% |
| Total equity and liabilities | 10/49 | €1,933,286 | €1,723,299 | -€209,986 | -10.9% |
| Equity | 10/15 | €590,603 | €624,071 | +€33,469 | +5.7% |
| Contributions | 10/11 | €6,432 | €6,432 | = | 0.0% |
| Reserves | 13 | €584,171 | €617,640 | +€33,469 | +5.7% |
| Non-distributable reserves | 130/1 | €965 | €965 | = | 0.0% |
| Reserves not available under the articles | 1311 | €965 | €965 | = | 0.0% |
| Distributable reserves | 133 | €583,206 | €616,675 | +€33,469 | +5.7% |
| Amounts payable | 17/49 | €1,342,683 | €1,099,228 | -€243,455 | -18.1% |
| Amounts payable after more than one year | 17 | €869,626 | €774,151 | -€95,476 | -11.0% |
| Financial debts | 170/4 | €869,626 | €774,151 | -€95,476 | -11.0% |
| Amounts payable within one year | 42/48 | €459,182 | €323,305 | -€135,877 | -29.6% |
| Current portion of amounts payable after more than one year | 42 | €113,142 | €123,337 | +€10,195 | +9.0% |
| Trade debts | 44 | €121 | - | -€121 | |
| Suppliers | 440/4 | €121 | - | -€121 | |
| Taxes, remuneration and social security | 45 | €15,896 | €10,955 | -€4,941 | -31.1% |
| Taxes | 450/3 | €15,896 | €10,955 | -€4,941 | -31.1% |
| Other amounts payable | 47/48 | €330,023 | €189,013 | -€141,010 | -42.7% |
| Accrued charges and deferred income | 492/3 | €13,875 | €1,772 | -€12,103 | -87.2% |
| Non-recurring operating income | 76A | - | €1,000 | +€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,307 | €75,676 | +€1,369 | +1.8% |
| Other operating charges | 640/8 | €10,616 | €12,759 | +€2,143 | +20.2% |
| Gross operating margin | 9900 | €193,895 | €160,699 | -€33,196 | -17.1% |
| Operating profit (loss) | 9901 | €108,971 | €72,263 | -€36,708 | -33.7% |
| Financial income | 75/76B | €124 | - | -€124 | |
| Recurring financial income | 75 | €124 | - | -€124 | |
| Financial charges | 65/66B | €19,838 | €23,128 | +€3,290 | +16.6% |
| Recurring financial charges | 65 | €19,838 | €23,128 | +€3,290 | +16.6% |
| Profit (loss) for the period before taxes | 9903 | €89,257 | €49,135 | -€40,121 | -45.0% |
| Income taxes | 67/77 | €29,209 | €15,667 | -€13,542 | -46.4% |
| Profit (loss) for the period | 9904 | €60,048 | €33,469 | -€26,579 | -44.3% |
| Profit (loss) for the period to be appropriated | 9905 | €60,048 | €33,469 | -€26,579 | -44.3% |
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 6 October 2026 via checked.be.