PENCAR: 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.
PENCAR
Largest movements
- Intangible fixed assets -€4,304
down €4,304 (-11.1%), from €38,733 to €34,429
- Cash -€539
down €539 (-97.3%), from €554 to €15
mainly Net result for the year (-€5,949) and Trade debts (-€787)
- Profit (loss) carried forward -€5,949
down €5,949 (-116%), from -€5,121 to -€11,070
- Other debts +€1,997
new in 2025: €1,997
- Trade debts -€787
down €787 (-2.7%), from €28,647 to €27,860
- Gross operating margin -€846
down €846 (-113%), from -€748 to -€1,594
- Financial charges -€18
down €18 (-26.1%), from €69 to €51
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 | €39,393 | €34,654 | -€4,739 | -12.0% |
| Fixed assets | 21/28 | €38,733 | €34,429 | -€4,304 | -11.1% |
| Intangible fixed assets | 21 | €38,733 | €34,429 | -€4,304 | -11.1% |
| Current assets | 29/58 | €660 | €225 | -€435 | -65.9% |
| Amounts receivable within one year | 40/41 | €106 | €210 | +€104 | +98.1% |
| Other amounts receivable | 41 | €106 | €210 | +€104 | +98.1% |
| Cash at bank and in hand | 54/58 | €554 | €15 | -€539 | -97.3% |
| Total equity and liabilities | 10/49 | €39,393 | €34,654 | -€4,739 | -12.0% |
| Equity | 10/15 | €9,879 | €3,930 | -€5,949 | -60.2% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,121 | -€11,070 | -€5,949 | -116% |
| Amounts payable | 17/49 | €29,514 | €30,724 | +€1,210 | +4.1% |
| Amounts payable within one year | 42/48 | €29,514 | €30,724 | +€1,210 | +4.1% |
| Trade debts | 44 | €28,647 | €27,860 | -€787 | -2.7% |
| Suppliers | 440/4 | €28,647 | €27,860 | -€787 | -2.7% |
| Taxes, remuneration and social security | 45 | €867 | €867 | = | 0.0% |
| Taxes | 450/3 | €867 | €867 | = | 0.0% |
| Other amounts payable | 47/48 | - | €1,997 | +€1,997 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,304 | €4,304 | = | 0.0% |
| Gross operating margin | 9900 | -€748 | -€1,594 | -€846 | -113% |
| Operating profit (loss) | 9901 | -€5,052 | -€5,898 | -€846 | -16.7% |
| Financial charges | 65/66B | €69 | €51 | -€18 | -26.1% |
| Recurring financial charges | 65 | €69 | €51 | -€18 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | -€5,121 | -€5,949 | -€828 | -16.2% |
| Profit (loss) for the period | 9904 | -€5,121 | -€5,949 | -€828 | -16.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,121 | -€5,949 | -€828 | -16.2% |
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 13 October 2026 via checked.be.