PENCIL42: 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.
PENCIL42
Largest movements
- Cash +€188,830
up €188,830 (+333%), from €56,673 to €245,503
mainly Receivables within one year (+€122,287) and Trade debts (+€44,457)
- Receivables within one year -€122,287
down €122,287 (-20.5%), from €597,469 to €475,182
of which Trade receivables: -€161,820
- Deferred charges and accrued income +€52,406
up €52,406 (+174%), from €30,182 to €82,587
- Tangible fixed assets -€18,732
down €18,732 (-59.6%), from €31,419 to €12,687
of which Furniture and vehicles: -€17,865
- Trade debts +€44,457
up €44,457 (+16.2%), from €275,097 to €319,554
- Short-term financial debts +€33,426
up €33,426 (+11.1%), from €300,000 to €333,426
- Profit (loss) carried forward +€25,387
up €25,387 (+29.2%), from -€87,069 to -€61,682
- Tax, wage and social debts -€9,453
down €9,453 (-5.8%), from €162,090 to €152,637
of which Taxes: -€19,546
- Gross operating margin +€142,601
up €142,601 (+16.0%), from €889,156 to €1.0m
- Other operating charges +€59,089
up €59,089 (+1,519%), from €3,891 to €62,981
- Taxes +€15,478
up €15,478 (+545%), from €2,842 to €18,319
- Staff costs -€10,593
down €10,593 (-1.2%), from €896,998 to €886,405
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 | €765,336 | €861,316 | +€95,979 | +12.5% |
| Fixed assets | 21/28 | €81,013 | €58,044 | -€22,969 | -28.4% |
| Intangible fixed assets | 21 | €16,194 | €11,957 | -€4,237 | -26.2% |
| Tangible fixed assets | 22/27 | €31,419 | €12,687 | -€18,732 | -59.6% |
| Plant, machinery and equipment | 23 | €2,034 | €1,602 | -€433 | -21.3% |
| Furniture and vehicles | 24 | €26,531 | €8,666 | -€17,865 | -67.3% |
| Other tangible fixed assets | 26 | €2,854 | €2,419 | -€435 | -15.2% |
| Financial fixed assets | 28 | €33,400 | €33,400 | = | 0.0% |
| Current assets | 29/58 | €684,323 | €803,272 | +€118,948 | +17.4% |
| Amounts receivable within one year | 40/41 | €597,469 | €475,182 | -€122,287 | -20.5% |
| Trade receivables | 40 | €574,806 | €412,986 | -€161,820 | -28.2% |
| Other amounts receivable | 41 | €22,663 | €62,196 | +€39,533 | +174% |
| Cash at bank and in hand | 54/58 | €56,673 | €245,503 | +€188,830 | +333% |
| Deferred charges and accrued income | 490/1 | €30,182 | €82,587 | +€52,406 | +174% |
| Total equity and liabilities | 10/49 | €765,336 | €861,316 | +€95,979 | +12.5% |
| Equity | 10/15 | €22,336 | €47,723 | +€25,387 | +114% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €9,405 | €9,405 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,405 | €9,405 | = | 0.0% |
| Legal reserve | 130 | €9,270 | €9,270 | = | 0.0% |
| Reserves not available under the articles | 1311 | €135 | €135 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€87,069 | -€61,682 | +€25,387 | +29.2% |
| Amounts payable | 17/49 | €743,001 | €813,593 | +€70,592 | +9.5% |
| Amounts payable within one year | 42/48 | €741,920 | €811,373 | +€69,453 | +9.4% |
| Financial debts | 43 | €300,000 | €333,426 | +€33,426 | +11.1% |
| Credit institutions | 430/8 | €300,000 | €333,426 | +€33,426 | +11.1% |
| Trade debts | 44 | €275,097 | €319,554 | +€44,457 | +16.2% |
| Suppliers | 440/4 | €275,097 | €319,554 | +€44,457 | +16.2% |
| Taxes, remuneration and social security | 45 | €162,090 | €152,637 | -€9,453 | -5.8% |
| Taxes | 450/3 | €68,714 | €49,168 | -€19,546 | -28.4% |
| Remuneration and social security | 454/9 | €93,376 | €103,469 | +€10,093 | +10.8% |
| Other amounts payable | 47/48 | €4,732 | €5,755 | +€1,023 | +21.6% |
| Accrued charges and deferred income | 492/3 | €1,081 | €2,220 | +€1,139 | +105% |
| Remuneration, social security and pensions | 62 | €896,998 | €886,405 | -€10,593 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,793 | €13,596 | -€8,196 | -37.6% |
| Other operating charges | 640/8 | €3,891 | €62,981 | +€59,089 | +1,519% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €889,156 | €1,031,757 | +€142,601 | +16.0% |
| Operating profit (loss) | 9901 | -€33,526 | €68,775 | +€102,302 | |
| Financial income | 75/76B | €47 | €876 | +€829 | +1,759% |
| Recurring financial income | 75 | €47 | €876 | +€829 | +1,759% |
| Financial charges | 65/66B | €26,823 | €25,944 | -€879 | -3.3% |
| Recurring financial charges | 65 | €26,823 | €25,944 | -€879 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | -€60,302 | €43,707 | +€104,009 | |
| Income taxes | 67/77 | €2,842 | €18,319 | +€15,478 | +545% |
| Profit (loss) for the period | 9904 | -€63,144 | €25,387 | +€88,531 | |
| Profit (loss) for the period to be appropriated | 9905 | -€63,144 | €25,387 | +€88,531 |
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 31 October 2026 via checked.be.