Pendocon: 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.
Pendocon
Largest movements
- Cash +€81,751
up €81,751 (+55.7%), from €146,780 to €228,531
mainly Net result for the year (+€110,189) and Tax, wage and social debts (+€12,766)
- Receivables within one year +€31,714
up €31,714 (+155%), from €20,402 to €52,116
of which Trade receivables: +€24,812
- Reserves +€110,189
up €110,189 (+41.4%), from €266,446 to €376,635
of which Distributable reserves: +€110,189
- Tax, wage and social debts +€12,766
up €12,766 (+150%), from €8,539 to €21,305
of which Taxes: +€13,166
- Current portion of long-term debt -€12,497
down €12,497 (-100%), from €12,497 to €0
- Gross operating margin +€61,467
up €61,467 (+58.7%), from €104,767 to €166,234
- Taxes +€20,304
up €20,304 (+80.0%), from €25,383 to €45,687
- Financial charges -€3,404
down €3,404 (-80.0%), from €4,254 to €850
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 | €297,263 | €406,900 | +€109,637 | +36.9% |
| Fixed assets | 21/28 | €109,490 | €106,254 | -€3,236 | -3.0% |
| Tangible fixed assets | 22/27 | €109,490 | €106,254 | -€3,236 | -3.0% |
| Land and buildings | 22 | €104,269 | €98,506 | -€5,762 | -5.5% |
| Plant, machinery and equipment | 23 | €5,221 | €4,585 | -€636 | -12.2% |
| Other tangible fixed assets | 26 | - | €3,163 | +€3,163 | |
| Current assets | 29/58 | €187,773 | €300,647 | +€112,873 | +60.1% |
| Amounts receivable after more than one year | 29 | €20,000 | €20,000 | = | 0.0% |
| Other amounts receivable | 291 | €20,000 | €20,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €20,402 | €52,116 | +€31,714 | +155% |
| Trade receivables | 40 | €16,928 | €41,740 | +€24,812 | +147% |
| Other amounts receivable | 41 | €3,474 | €10,376 | +€6,902 | +199% |
| Cash at bank and in hand | 54/58 | €146,780 | €228,531 | +€81,751 | +55.7% |
| Deferred charges and accrued income | 490/1 | €592 | €0 | -€592 | -100% |
| Total equity and liabilities | 10/49 | €297,263 | €406,900 | +€109,637 | +36.9% |
| Equity | 10/15 | €272,696 | €382,885 | +€110,189 | +40.4% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €266,446 | €376,635 | +€110,189 | +41.4% |
| Non-distributable reserves | 130/1 | €1,875 | €1,875 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,875 | €1,875 | = | 0.0% |
| Distributable reserves | 133 | €264,571 | €374,760 | +€110,189 | +41.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €24,567 | €24,015 | -€552 | -2.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €24,567 | €23,960 | -€607 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €12,497 | €0 | -€12,497 | -100% |
| Trade debts | 44 | €1,457 | €2,635 | +€1,178 | +80.8% |
| Suppliers | 440/4 | €1,457 | €2,635 | +€1,178 | +80.8% |
| Taxes, remuneration and social security | 45 | €8,539 | €21,305 | +€12,766 | +150% |
| Taxes | 450/3 | €8,139 | €21,305 | +€13,166 | +162% |
| Remuneration and social security | 454/9 | €400 | €0 | -€400 | -100% |
| Other amounts payable | 47/48 | €2,074 | €21 | -€2,053 | -99.0% |
| Accrued charges and deferred income | 492/3 | - | €55 | +€55 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,399 | €6,399 | +€0 | 0.0% |
| Other operating charges | 640/8 | €3,403 | €3,326 | -€77 | -2.3% |
| Gross operating margin | 9900 | €104,767 | €166,234 | +€61,467 | +58.7% |
| Operating profit (loss) | 9901 | €94,965 | €156,509 | +€61,544 | +64.8% |
| Financial income | 75/76B | €381 | €217 | -€164 | -43.1% |
| Recurring financial income | 75 | €381 | €217 | -€164 | -43.1% |
| Financial charges | 65/66B | €4,254 | €850 | -€3,404 | -80.0% |
| Recurring financial charges | 65 | €4,254 | €850 | -€3,404 | -80.0% |
| Profit (loss) for the period before taxes | 9903 | €91,092 | €155,876 | +€64,784 | +71.1% |
| Income taxes | 67/77 | €25,383 | €45,687 | +€20,304 | +80.0% |
| Profit (loss) for the period | 9904 | €65,709 | €110,189 | +€44,480 | +67.7% |
| Profit (loss) for the period to be appropriated | 9905 | €65,709 | €110,189 | +€44,480 | +67.7% |
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 19 October 2026 via checked.be.