PENBOX: 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.
PENBOX
Largest movements
- Receivables within one year +€109,797
up €109,797 (+34.1%), from €322,118 to €431,914
of which Trade receivables: +€115,037
- Cash -€80,926
down €80,926 (-29.5%), from €273,873 to €192,947
mainly Investment in fixed assets (net) (-€278,469) and Debts after one year (-€151,578)
- Intangible fixed assets -€55,317
down €55,317 (-5.7%), from €966,888 to €911,571
- Debts after one year -€151,578
down €151,578 (-23.7%), from €639,797 to €488,219
- Accrued charges and deferred income +€71,595
up €71,595 (+20.7%), from €345,223 to €416,818
- Trade debts +€36,552
up €36,552 (+24.0%), from €152,369 to €188,920
- Current portion of long-term debt +€30,055
up €30,055 (+27.3%), from €110,203 to €140,258
- Profit (loss) carried forward -€18,970
down €18,970 (-0.7%), from -€2.6m to -€2.7m
- Gross operating margin -€628,195
down €628,195 (-52.3%), from €1.2m to €573,471
- Staff costs -€347,561
down €347,561 (-64.4%), from €539,492 to €191,932
- Financial charges -€227,489
down €227,489 (-82.8%), from €274,824 to €47,335
- Depreciation +€69,502
up €69,502 (+26.1%), from €265,872 to €335,374
- Other operating charges -€19,606
down €19,606 (-51.3%), from €38,251 to €18,645
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 | €1,587,115 | €1,565,019 | -€22,097 | -1.4% |
| Formation expenses | 20 | €149 | €0 | -€149 | -100.0% |
| Fixed assets | 21/28 | €982,620 | €925,863 | -€56,757 | -5.8% |
| Intangible fixed assets | 21 | €966,888 | €911,571 | -€55,317 | -5.7% |
| Tangible fixed assets | 22/27 | €3,447 | €2,006 | -€1,440 | -41.8% |
| Furniture and vehicles | 24 | €3,447 | €2,006 | -€1,440 | -41.8% |
| Financial fixed assets | 28 | €12,286 | €12,286 | = | 0.0% |
| Current assets | 29/58 | €604,347 | €639,155 | +€34,809 | +5.8% |
| Amounts receivable within one year | 40/41 | €322,118 | €431,914 | +€109,797 | +34.1% |
| Trade receivables | 40 | €316,406 | €431,443 | +€115,037 | +36.4% |
| Other amounts receivable | 41 | €5,712 | €471 | -€5,241 | -91.8% |
| Cash at bank and in hand | 54/58 | €273,873 | €192,947 | -€80,926 | -29.5% |
| Deferred charges and accrued income | 490/1 | €8,356 | €14,294 | +€5,938 | +71.1% |
| Total equity and liabilities | 10/49 | €1,587,115 | €1,565,019 | -€22,097 | -1.4% |
| Equity | 10/15 | €269,324 | €250,354 | -€18,970 | -7.0% |
| Contributions | 10/11 | €2,905,315 | €2,905,315 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,635,991 | -€2,654,961 | -€18,970 | -0.7% |
| Amounts payable | 17/49 | €1,317,792 | €1,314,665 | -€3,127 | -0.2% |
| Amounts payable after more than one year | 17 | €639,797 | €488,219 | -€151,578 | -23.7% |
| Financial debts | 170/4 | €639,797 | €488,219 | -€151,578 | -23.7% |
| Amounts payable within one year | 42/48 | €332,772 | €409,629 | +€76,857 | +23.1% |
| Current portion of amounts payable after more than one year | 42 | €110,203 | €140,258 | +€30,055 | +27.3% |
| Trade debts | 44 | €152,369 | €188,920 | +€36,552 | +24.0% |
| Suppliers | 440/4 | €152,369 | €188,920 | +€36,552 | +24.0% |
| Taxes, remuneration and social security | 45 | €51,362 | €62,204 | +€10,842 | +21.1% |
| Taxes | 450/3 | €12,667 | €29,981 | +€17,314 | +136.7% |
| Remuneration and social security | 454/9 | €38,694 | €32,223 | -€6,472 | -16.7% |
| Other amounts payable | 47/48 | €18,839 | €18,246 | -€593 | -3.1% |
| Accrued charges and deferred income | 492/3 | €345,223 | €416,818 | +€71,595 | +20.7% |
| Non-recurring operating income | 76A | €653,231 | €0 | -€653,231 | -100.0% |
| Remuneration, social security and pensions | 62 | €539,492 | €191,932 | -€347,561 | -64.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €265,872 | €335,374 | +€69,502 | +26.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,388 | €714 | +€2,102 | |
| Other operating charges | 640/8 | €38,251 | €18,645 | -€19,606 | -51.3% |
| Non-recurring operating charges | 66A | €705,651 | €0 | -€705,651 | -100.0% |
| Gross operating margin | 9900 | €1,201,666 | €573,471 | -€628,195 | -52.3% |
| Operating profit (loss) | 9901 | -€346,212 | €26,806 | +€373,018 | |
| Financial income | 75/76B | €3,390 | €1,559 | -€1,832 | -54.0% |
| Recurring financial income | 75 | €3,390 | €1,559 | -€1,832 | -54.0% |
| Financial charges | 65/66B | €274,824 | €47,335 | -€227,489 | -82.8% |
| Recurring financial charges | 65 | €274,824 | €47,335 | -€227,489 | -82.8% |
| Profit (loss) for the period before taxes | 9903 | -€617,646 | -€18,970 | +€598,676 | +96.9% |
| Profit (loss) for the period | 9904 | -€617,646 | -€18,970 | +€598,676 | +96.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€617,646 | -€18,970 | +€598,676 | +96.9% |
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 5 October 2026 via checked.be.