PENBA: 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.
PENBA
Largest movements
- Receivables within one year +€9,679
up €9,679 (+25.1%), from €38,504 to €48,184
of which Other amounts receivable: +€9,779
- Tangible fixed assets -€4,034
down €4,034 (-64.7%), from €6,233 to €2,199
- Cash +€1,579
new in 2025: €1,579
mainly Depreciation (+€7,223) and Net result for the year (+€3,517)
- Profit (loss) carried forward +€3,517
up €3,517 (+10.2%), from €34,347 to €37,864
- Tax, wage and social debts +€2,956
up €2,956 (+73.2%), from €4,040 to €6,997
- Trade debts +€1,357
up €1,357 (+35.3%), from €3,849 to €5,206
- Gross operating margin +€11,073
up €11,073 (+100%), from €11,038 to €22,111
- Taxes +€3,054
up €3,054 (+155%), from €1,971 to €5,025
- Financial charges +€2,391
up €2,391 (+97.4%), from €2,454 to €4,846
- Depreciation -€1,110
down €1,110 (-13.3%), from €8,333 to €7,223
- Other operating charges +€923
up €923 (+160%), from €577 to €1,500
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 | €56,474 | €63,723 | +€7,249 | +12.8% |
| Fixed assets | 21/28 | €17,483 | €13,449 | -€4,034 | -23.1% |
| Tangible fixed assets | 22/27 | €6,233 | €2,199 | -€4,034 | -64.7% |
| Furniture and vehicles | 24 | €6,233 | €2,199 | -€4,034 | -64.7% |
| Financial fixed assets | 28 | €11,250 | €11,250 | = | 0.0% |
| Current assets | 29/58 | €38,991 | €50,274 | +€11,283 | +28.9% |
| Amounts receivable within one year | 40/41 | €38,504 | €48,184 | +€9,679 | +25.1% |
| Trade receivables | 40 | €18,000 | €17,900 | -€100 | -0.6% |
| Other amounts receivable | 41 | €20,504 | €30,284 | +€9,779 | +47.7% |
| Cash at bank and in hand | 54/58 | - | €1,579 | +€1,579 | |
| Deferred charges and accrued income | 490/1 | €487 | €512 | +€25 | +5.1% |
| Total equity and liabilities | 10/49 | €56,474 | €63,723 | +€7,249 | +12.8% |
| Equity | 10/15 | €34,847 | €38,364 | +€3,517 | +10.1% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,347 | €37,864 | +€3,517 | +10.2% |
| Amounts payable | 17/49 | €21,627 | €25,359 | +€3,732 | +17.3% |
| Amounts payable within one year | 42/48 | €21,627 | €25,359 | +€3,732 | +17.3% |
| Current portion of amounts payable after more than one year | 42 | €581 | - | -€581 | |
| Trade debts | 44 | €3,849 | €5,206 | +€1,357 | +35.3% |
| Suppliers | 440/4 | €3,849 | €5,206 | +€1,357 | +35.3% |
| Taxes, remuneration and social security | 45 | €4,040 | €6,997 | +€2,956 | +73.2% |
| Taxes | 450/3 | €4,040 | €6,997 | +€2,956 | +73.2% |
| Other amounts payable | 47/48 | €13,157 | €13,157 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,333 | €7,223 | -€1,110 | -13.3% |
| Other operating charges | 640/8 | €577 | €1,500 | +€923 | +160% |
| Gross operating margin | 9900 | €11,038 | €22,111 | +€11,073 | +100% |
| Operating profit (loss) | 9901 | €2,128 | €13,388 | +€11,260 | +529% |
| Financial charges | 65/66B | €2,454 | €4,846 | +€2,391 | +97.4% |
| Recurring financial charges | 65 | €2,454 | €4,846 | +€2,391 | +97.4% |
| Profit (loss) for the period before taxes | 9903 | -€327 | €8,542 | +€8,869 | |
| Income taxes | 67/77 | €1,971 | €5,025 | +€3,054 | +155% |
| Profit (loss) for the period | 9904 | -€2,298 | €3,517 | +€5,815 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,298 | €3,517 | +€5,815 |
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 17 October 2026 via checked.be.