PENATES: 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.
PENATES
Largest movements
- Cash +€54,977
up €54,977 (+276.5%), from €19,885 to €74,862
mainly Net result for the year (+€35,600) and Depreciation (+€18,375)
- Tangible fixed assets -€18,375
down €18,375 (-8.3%), from €221,091 to €202,717
of which Land and buildings: -€11,324
- Profit (loss) carried forward +€35,600
up €35,600, from -€28,947 to €6,653
- Debts after one year -€10,421
down €10,421 (-5.7%), from €181,287 to €170,866
- Trade debts +€6,880
up €6,880 (+210.1%), from €3,275 to €10,155
- Other debts +€3,123
up €3,123 (+4.2%), from €75,125 to €78,248
- Gross operating margin +€48,270
up €48,270 (+229.3%), from €21,055 to €69,325
- Other operating charges -€26,728
down €26,728 (-93.6%), from €28,558 to €1,830
- Taxes +€4,564
up €4,564 (+2852.2%), from €160 to €4,724
- Depreciation +€1,296
up €1,296 (+7.6%), from €17,078 to €18,375
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 | €247,887 | €283,782 | +€35,895 | +14.5% |
| Fixed assets | 21/28 | €221,091 | €202,717 | -€18,375 | -8.3% |
| Tangible fixed assets | 22/27 | €221,091 | €202,717 | -€18,375 | -8.3% |
| Land and buildings | 22 | €210,586 | €199,261 | -€11,324 | -5.4% |
| Furniture and vehicles | 24 | €10,506 | €3,456 | -€7,050 | -67.1% |
| Current assets | 29/58 | €26,796 | €81,065 | +€54,269 | +202.5% |
| Amounts receivable within one year | 40/41 | €6,314 | €6,069 | -€245 | -3.9% |
| Trade receivables | 40 | €6,314 | €6,069 | -€245 | -3.9% |
| Cash at bank and in hand | 54/58 | €19,885 | €74,862 | +€54,977 | +276.5% |
| Deferred charges and accrued income | 490/1 | €596 | €134 | -€462 | -77.6% |
| Total equity and liabilities | 10/49 | €247,887 | €283,782 | +€35,895 | +14.5% |
| Equity | 10/15 | -€26,947 | €8,653 | +€35,600 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,947 | €6,653 | +€35,600 | |
| Amounts payable | 17/49 | €274,834 | €275,129 | +€295 | +0.1% |
| Amounts payable after more than one year | 17 | €181,287 | €170,866 | -€10,421 | -5.7% |
| Financial debts | 170/4 | €181,287 | €170,866 | -€10,421 | -5.7% |
| Amounts payable within one year | 42/48 | €91,697 | €104,263 | +€12,565 | +13.7% |
| Current portion of amounts payable after more than one year | 42 | €9,964 | €10,421 | +€457 | +4.6% |
| Trade debts | 44 | €3,275 | €10,155 | +€6,880 | +210.1% |
| Suppliers | 440/4 | €3,275 | €10,155 | +€6,880 | +210.1% |
| Taxes, remuneration and social security | 45 | €3,333 | €5,439 | +€2,105 | +63.2% |
| Taxes | 450/3 | €3,333 | €5,439 | +€2,105 | +63.2% |
| Other amounts payable | 47/48 | €75,125 | €78,248 | +€3,123 | +4.2% |
| Accrued charges and deferred income | 492/3 | €1,850 | - | -€1,850 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,078 | €18,375 | +€1,296 | +7.6% |
| Other operating charges | 640/8 | €28,558 | €1,830 | -€26,728 | -93.6% |
| Gross operating margin | 9900 | €21,055 | €69,325 | +€48,270 | +229.3% |
| Operating profit (loss) | 9901 | -€24,581 | €49,121 | +€73,702 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +4500.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +4500.0% |
| Financial charges | 65/66B | €8,490 | €8,798 | +€307 | +3.6% |
| Recurring financial charges | 65 | €8,490 | €8,798 | +€307 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | -€33,072 | €40,324 | +€73,395 | |
| Income taxes | 67/77 | €160 | €4,724 | +€4,564 | +2852.2% |
| Profit (loss) for the period | 9904 | -€33,232 | €35,600 | +€68,832 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,232 | €35,600 | +€68,832 |
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 4 October 2026 via checked.be.