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
- Deferred charges and accrued income -€29,146
down €29,146 (-84.7%), from €34,405 to €5,259
- Cash +€18,760
up €18,760 (+17.9%), from €104,708 to €123,468
mainly Net result for the year (+€43,147) and Deferred charges and accrued income (+€29,146)
- Current investments +€15,874
up €15,874 (+33.6%), from €47,273 to €63,147
- Receivables within one year +€12,624
up €12,624 (+29.9%), from €42,270 to €54,893
of which Trade receivables: +€14,600
- Tangible fixed assets +€4,454
up €4,454 (+38.1%), from €11,687 to €16,141
of which Furniture and vehicles: +€4,975
- Reserves +€25,747
up €25,747 (+12.9%), from €200,343 to €226,090
- Short-term financial debts -€3,386
no longer reported in 2025 (was €3,386)
- Gross operating margin -€50,553
down €50,553 (-45.4%), from €111,462 to €60,909
- Taxes -€12,101
down €12,101 (-41.2%), from €29,376 to €17,275
- Financial income +€9,990
up €9,990 (+11,970%), from €83 to €10,074
- Depreciation +€2,649
up €2,649 (+95.2%), from €2,784 to €5,433
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 | €240,342 | €262,908 | +€22,565 | +9.4% |
| Fixed assets | 21/28 | €11,687 | €16,141 | +€4,454 | +38.1% |
| Tangible fixed assets | 22/27 | €11,687 | €16,141 | +€4,454 | +38.1% |
| Plant, machinery and equipment | 23 | €4,366 | €4,910 | +€544 | +12.5% |
| Furniture and vehicles | 24 | - | €4,975 | +€4,975 | |
| Other tangible fixed assets | 26 | €7,321 | €6,256 | -€1,065 | -14.5% |
| Current assets | 29/58 | €228,656 | €246,767 | +€18,111 | +7.9% |
| Amounts receivable within one year | 40/41 | €42,270 | €54,893 | +€12,624 | +29.9% |
| Trade receivables | 40 | €36,754 | €51,353 | +€14,600 | +39.7% |
| Other amounts receivable | 41 | €5,516 | €3,540 | -€1,976 | -35.8% |
| Current investments | 50/53 | €47,273 | €63,147 | +€15,874 | +33.6% |
| Cash at bank and in hand | 54/58 | €104,708 | €123,468 | +€18,760 | +17.9% |
| Deferred charges and accrued income | 490/1 | €34,405 | €5,259 | -€29,146 | -84.7% |
| Total equity and liabilities | 10/49 | €240,342 | €262,908 | +€22,565 | +9.4% |
| Equity | 10/15 | €218,943 | €244,690 | +€25,747 | +11.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €200,343 | €226,090 | +€25,747 | +12.9% |
| Distributable reserves | 133 | €200,343 | €226,090 | +€25,747 | +12.9% |
| Amounts payable | 17/49 | €21,399 | €18,217 | -€3,182 | -14.9% |
| Amounts payable within one year | 42/48 | €18,449 | €17,125 | -€1,324 | -7.2% |
| Financial debts | 43 | €3,386 | - | -€3,386 | |
| Credit institutions | 430/8 | €3,386 | - | -€3,386 | |
| Trade debts | 44 | €5,230 | €6,562 | +€1,331 | +25.5% |
| Suppliers | 440/4 | €5,230 | €6,562 | +€1,331 | +25.5% |
| Taxes, remuneration and social security | 45 | €9,137 | €9,643 | +€507 | +5.5% |
| Taxes | 450/3 | €9,137 | €9,643 | +€507 | +5.5% |
| Other amounts payable | 47/48 | €696 | €920 | +€224 | +32.2% |
| Accrued charges and deferred income | 492/3 | €2,951 | €1,092 | -€1,859 | -63.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,784 | €5,433 | +€2,649 | +95.2% |
| Other operating charges | 640/8 | €1,061 | €1,109 | +€48 | +4.5% |
| Non-recurring operating charges | 66A | €222 | €466 | +€245 | +110% |
| Gross operating margin | 9900 | €111,462 | €60,909 | -€50,553 | -45.4% |
| Operating profit (loss) | 9901 | €107,396 | €53,901 | -€53,495 | -49.8% |
| Financial income | 75/76B | €83 | €10,074 | +€9,990 | +11,970% |
| Recurring financial income | 75 | €83 | €10,074 | +€9,990 | +11,970% |
| Financial charges | 65/66B | €4,182 | €3,552 | -€630 | -15.1% |
| Recurring financial charges | 65 | €4,182 | €3,552 | -€630 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €103,297 | €60,422 | -€42,875 | -41.5% |
| Income taxes | 67/77 | €29,376 | €17,275 | -€12,101 | -41.2% |
| Profit (loss) for the period | 9904 | €73,921 | €43,147 | -€30,773 | -41.6% |
| Profit (loss) for the period to be appropriated | 9905 | €73,921 | €43,147 | -€30,773 | -41.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.