PENDO: 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.
PENDO
Largest movements
- Cash -€74,892
down €74,892 (-64.1%), from €116,765 to €41,873
mainly Contributions, distributions and other (-€82,593) and Receivables within one year (-€37,603)
- Receivables within one year +€37,603
up €37,603 (+47.2%), from €79,676 to €117,279
of which Trade receivables: +€37,603
- Tax, wage and social debts -€30,319
down €30,319 (-72.4%), from €41,870 to €11,551
of which Taxes: -€29,691
- Other debts -€6,876
down €6,876 (-4.5%), from €151,385 to €144,509
- Gross operating margin -€6,728
down €6,728 (-5.7%), from €117,208 to €110,481
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 | €198,724 | €161,614 | -€37,110 | -18.7% |
| Fixed assets | 21/28 | €1,524 | €944 | -€581 | -38.1% |
| Tangible fixed assets | 22/27 | €1,161 | €581 | -€581 | -50.0% |
| Plant, machinery and equipment | 23 | €1,161 | €581 | -€581 | -50.0% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €197,199 | €160,670 | -€36,530 | -18.5% |
| Amounts receivable within one year | 40/41 | €79,676 | €117,279 | +€37,603 | +47.2% |
| Trade receivables | 40 | €77,094 | €114,697 | +€37,603 | +48.8% |
| Other amounts receivable | 41 | €2,582 | €2,582 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €116,765 | €41,873 | -€74,892 | -64.1% |
| Deferred charges and accrued income | 490/1 | €759 | €1,518 | +€759 | +100.1% |
| Total equity and liabilities | 10/49 | €198,724 | €161,614 | -€37,110 | -18.7% |
| Equity | 10/15 | €550 | €550 | = | 0.0% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €50 | €50 | = | 0.0% |
| Non-distributable reserves | 130/1 | €50 | €50 | = | 0.0% |
| Reserves not available under the articles | 1311 | €50 | €50 | = | 0.0% |
| Amounts payable | 17/49 | €198,174 | €161,064 | -€37,110 | -18.7% |
| Amounts payable within one year | 42/48 | €198,174 | €160,136 | -€38,038 | -19.2% |
| Trade debts | 44 | €4,919 | €4,076 | -€843 | -17.1% |
| Suppliers | 440/4 | €4,919 | €4,076 | -€843 | -17.1% |
| Taxes, remuneration and social security | 45 | €41,870 | €11,551 | -€30,319 | -72.4% |
| Taxes | 450/3 | €41,242 | €11,551 | -€29,691 | -72.0% |
| Remuneration and social security | 454/9 | €628 | - | -€628 | |
| Other amounts payable | 47/48 | €151,385 | €144,509 | -€6,876 | -4.5% |
| Accrued charges and deferred income | 492/3 | - | €928 | +€928 | |
| Non-recurring operating income | 76A | - | €628 | +€628 | |
| Remuneration, social security and pensions | 62 | €240 | €157 | -€83 | -34.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €587 | €581 | -€6 | -1.0% |
| Other operating charges | 640/8 | €610 | €490 | -€119 | -19.6% |
| Non-recurring operating charges | 66A | €3,151 | - | -€3,151 | |
| Gross operating margin | 9900 | €117,208 | €110,481 | -€6,728 | -5.7% |
| Operating profit (loss) | 9901 | €112,621 | €109,252 | -€3,368 | -3.0% |
| Financial income | 75/76B | €7 | €26 | +€19 | +275.0% |
| Recurring financial income | 75 | €7 | €26 | +€19 | +275.0% |
| Financial charges | 65/66B | €3,773 | €4,188 | +€416 | +11.0% |
| Recurring financial charges | 65 | €3,773 | €4,188 | +€416 | +11.0% |
| Profit (loss) for the period before taxes | 9903 | €108,855 | €105,090 | -€3,764 | -3.5% |
| Income taxes | 67/77 | €23,647 | €22,497 | -€1,150 | -4.9% |
| Profit (loss) for the period | 9904 | €85,208 | €82,593 | -€2,615 | -3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €85,208 | €82,593 | -€2,615 | -3.1% |
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 9 October 2026 via checked.be.