Penco: 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.
Penco
Largest movements
- Stocks and contracts +€558,956
up €558,956 (+957%), from €58,423 to €617,380
of which Contracts in progress: +€560,060
- Receivables within one year -€246,877
down €246,877 (-14.1%), from €1.8m to €1.5m
of which Trade receivables: -€258,995
- Tangible fixed assets +€144,576
up €144,576 (+34.6%), from €418,245 to €562,821
of which Other tangible fixed assets: +€207,111
- Cash -€63,153
down €63,153 (-12.1%), from €522,853 to €459,700
mainly Stocks and contracts (-€558,956) and Investment in fixed assets (net) (-€260,328)
- Short-term financial debts +€501,926
up €501,926 (+83.6%), from €600,083 to €1.1m
- Accrued charges and deferred income -€253,344
no longer reported in 2025 (was €253,344)
- Trade debts +€152,589
up €152,589 (+17.7%), from €861,997 to €1.0m
- Debts after one year +€69,048
up €69,048 (+36.2%), from €190,958 to €260,006
- Profit (loss) carried forward -€46,043
down €46,043 (-11.2%), from €410,337 to €364,294
- Gross operating margin -€506,871
down €506,871 (-26.8%), from €1.9m to €1.4m
- Taxes -€151,556
down €151,556 (-100.0%), from €151,559 to €3
- Financial charges +€50,229
up €50,229 (+390%), from €12,883 to €63,111
- Staff costs +€46,998
up €46,998 (+3.8%), from €1.2m to €1.3m
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 | €2,870,833 | €3,273,521 | +€402,688 | +14.0% |
| Fixed assets | 21/28 | €418,245 | €571,955 | +€153,710 | +36.8% |
| Intangible fixed assets | 21 | - | €9,134 | +€9,134 | |
| Tangible fixed assets | 22/27 | €418,245 | €562,821 | +€144,576 | +34.6% |
| Land and buildings | 22 | €229,238 | €215,600 | -€13,638 | -5.9% |
| Plant, machinery and equipment | 23 | €13,183 | €11,367 | -€1,816 | -13.8% |
| Furniture and vehicles | 24 | €175,823 | €128,743 | -€47,081 | -26.8% |
| Other tangible fixed assets | 26 | - | €207,111 | +€207,111 | |
| Current assets | 29/58 | €2,452,588 | €2,701,566 | +€248,978 | +10.2% |
| Amounts receivable after more than one year | 29 | €103,173 | €104,720 | +€1,548 | +1.5% |
| Trade receivables | 290 | - | €104,720 | +€104,720 | |
| Other amounts receivable | 291 | €103,173 | - | -€103,173 | |
| Stocks and contracts in progress | 3 | €58,423 | €617,380 | +€558,956 | +957% |
| Stocks | 30/36 | €8,160 | €7,056 | -€1,104 | -13.5% |
| Contracts in progress | 37 | €50,263 | €610,323 | +€560,060 | +1,114% |
| Amounts receivable within one year | 40/41 | €1,756,379 | €1,509,502 | -€246,877 | -14.1% |
| Trade receivables | 40 | €1,747,877 | €1,488,882 | -€258,995 | -14.8% |
| Other amounts receivable | 41 | €8,502 | €20,620 | +€12,118 | +143% |
| Current investments | 50/53 | €3,410 | €3,436 | +€26 | +0.8% |
| Cash at bank and in hand | 54/58 | €522,853 | €459,700 | -€63,153 | -12.1% |
| Deferred charges and accrued income | 490/1 | €8,350 | €6,829 | -€1,522 | -18.2% |
| Total equity and liabilities | 10/49 | €2,870,833 | €3,273,521 | +€402,688 | +14.0% |
| Equity | 10/15 | €493,617 | €447,574 | -€46,043 | -9.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €64,680 | €64,680 | = | 0.0% |
| Distributable reserves | 133 | €64,680 | €64,680 | = | 0.0% |
| Profit (loss) carried forward | 14 | €410,337 | €364,294 | -€46,043 | -11.2% |
| Amounts payable | 17/49 | €2,377,216 | €2,825,947 | +€448,731 | +18.9% |
| Amounts payable after more than one year | 17 | €190,958 | €260,006 | +€69,048 | +36.2% |
| Financial debts | 170/4 | €190,958 | €260,006 | +€69,048 | +36.2% |
| Amounts payable within one year | 42/48 | €1,932,914 | €2,565,941 | +€633,027 | +32.7% |
| Current portion of amounts payable after more than one year | 42 | €78,506 | €95,618 | +€17,111 | +21.8% |
| Financial debts | 43 | €600,083 | €1,102,009 | +€501,926 | +83.6% |
| Credit institutions | 430/8 | €600,083 | €1,102,009 | +€501,926 | +83.6% |
| Trade debts | 44 | €861,997 | €1,014,586 | +€152,589 | +17.7% |
| Suppliers | 440/4 | €861,997 | €1,014,586 | +€152,589 | +17.7% |
| Taxes, remuneration and social security | 45 | €323,658 | €330,226 | +€6,568 | +2.0% |
| Taxes | 450/3 | €186,158 | €174,430 | -€11,729 | -6.3% |
| Remuneration and social security | 454/9 | €137,500 | €155,797 | +€18,297 | +13.3% |
| Other amounts payable | 47/48 | €68,670 | €23,502 | -€45,168 | -65.8% |
| Accrued charges and deferred income | 492/3 | €253,344 | - | -€253,344 | |
| Non-recurring operating income | 76A | €1,150 | - | -€1,150 | |
| Remuneration, social security and pensions | 62 | €1,222,262 | €1,269,259 | +€46,998 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,807 | €106,617 | +€13,810 | +14.9% |
| Other operating charges | 640/8 | €7,808 | €12,720 | +€4,912 | +62.9% |
| Gross operating margin | 9900 | €1,894,455 | €1,387,584 | -€506,871 | -26.8% |
| Operating profit (loss) | 9901 | €571,578 | -€1,013 | -€572,591 | |
| Financial income | 75/76B | €3,200 | €18,084 | +€14,884 | +465% |
| Recurring financial income | 75 | €3,200 | €18,084 | +€14,884 | +465% |
| Financial charges | 65/66B | €12,883 | €63,111 | +€50,229 | +390% |
| Recurring financial charges | 65 | €12,883 | €63,111 | +€50,229 | +390% |
| Profit (loss) for the period before taxes | 9903 | €561,896 | -€46,040 | -€607,936 | |
| Income taxes | 67/77 | €151,559 | €3 | -€151,556 | -100.0% |
| Profit (loss) for the period | 9904 | €410,337 | -€46,043 | -€456,379 | |
| Profit (loss) for the period to be appropriated | 9905 | €410,337 | -€46,043 | -€456,379 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.