PENDRAGON S: 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.
What changed
PENDRAGON S
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€30,198
2024 · €1,628-€31,826
Equity
€3.0m
2024 · €3.0m-€30,198
Cash
€18,953
2024 · €5,743+€13,209
Balance sheet total
€4.5m
2024 · €4.5m-€84
Largest movements
Assets
- Tangible fixed assets -€94,574
down €94,574 (-5.0%), from €1.9m to €1.8m
of which Land and buildings: -€94,574
- Receivables within one year +€53,160
up €53,160 (+301%), from €17,661 to €70,821
of which Trade receivables: +€53,160
Equity and liabilities
- Short-term financial debts +€325,000
new in 2025: €325,000
- Other debts -€305,811
down €305,811 (-61.2%), from €499,883 to €194,073
Income statement
- Gross operating margin -€66,197
down €66,197 (-33.4%), from €198,344 to €132,147
- Financial charges -€23,175
down €23,175 (-32.6%), from €71,103 to €47,929
- Depreciation -€10,044
down €10,044 (-10.3%), from €97,482 to €87,438
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.
Result 2024
€1,628
Gross operating margin
-€66,197
Depreciation
+€10,044
Other operating charges
+€1,287
Financial income
-€135
Financial charges
+€23,175
Result 2025
-€30,198
raises the resultlowers the result
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.
From operations
-€302,426
Investment
+€7,136
Financing
+€308,500
Cash 2024
€5,743
From operations (derived)
-€302,426
Net result for the year
-€30,198
Depreciation
+€87,438
Stocks and contracts
-€7,445
Receivables within one year
-€53,160
Deferred charges and accrued income
-€20,675
Trade debts
+€4,838
Tax, wage and social debts
+€5,985
Other debts
-€305,811
Accrued charges and deferred income
+€16,600
Investment (derived)
+€7,136
Investment in fixed assets (net)
+€7,136
Financing
+€308,500
Debts after one year
-€16,500
Short-term financial debts
+€325,000
Cash 2025
€18,953
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,493,469 | €4,493,384 | -€84 | 0.0% |
| Fixed assets | 21/28 | €2,579,996 | €2,485,422 | -€94,574 | -3.7% |
| Tangible fixed assets | 22/27 | €1,896,347 | €1,801,773 | -€94,574 | -5.0% |
| Land and buildings | 22 | €1,896,347 | €1,801,773 | -€94,574 | -5.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €683,649 | €683,649 | = | 0.0% |
| Current assets | 29/58 | €1,913,473 | €2,007,962 | +€94,490 | +4.9% |
| Stocks and contracts in progress | 3 | €1,805,407 | €1,812,852 | +€7,445 | +0.4% |
| Stocks | 30/36 | €1,805,407 | €1,812,852 | +€7,445 | +0.4% |
| Amounts receivable within one year | 40/41 | €17,661 | €70,821 | +€53,160 | +301% |
| Trade receivables | 40 | €15,586 | €68,746 | +€53,160 | +341% |
| Other amounts receivable | 41 | €2,075 | €2,075 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €5,743 | €18,953 | +€13,209 | +230% |
| Deferred charges and accrued income | 490/1 | €84,662 | €105,337 | +€20,675 | +24.4% |
| Total equity and liabilities | 10/49 | €4,493,469 | €4,493,384 | -€84 | 0.0% |
| Equity | 10/15 | €3,027,586 | €2,997,388 | -€30,198 | -1.0% |
| Contributions | 10/11 | €4,358,586 | €4,358,586 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,332,859 | -€1,363,057 | -€30,198 | -2.3% |
| Amounts payable | 17/49 | €1,465,883 | €1,495,996 | +€30,113 | +2.1% |
| Amounts payable after more than one year | 17 | €789,875 | €773,375 | -€16,500 | -2.1% |
| Financial debts | 170/4 | €789,875 | €773,375 | -€16,500 | -2.1% |
| Amounts payable within one year | 42/48 | €576,179 | €606,193 | +€30,013 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €16,500 | €16,500 | = | 0.0% |
| Financial debts | 43 | - | €325,000 | +€325,000 | |
| Credit institutions | 430/8 | - | €325,000 | +€325,000 | |
| Trade debts | 44 | €58,973 | €63,811 | +€4,838 | +8.2% |
| Suppliers | 440/4 | €58,973 | €63,811 | +€4,838 | +8.2% |
| Taxes, remuneration and social security | 45 | €823 | €6,809 | +€5,985 | +727% |
| Taxes | 450/3 | €823 | €6,809 | +€5,985 | +727% |
| Other amounts payable | 47/48 | €499,883 | €194,073 | -€305,811 | -61.2% |
| Accrued charges and deferred income | 492/3 | €99,828 | €116,428 | +€16,600 | +16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,482 | €87,438 | -€10,044 | -10.3% |
| Other operating charges | 640/8 | €28,264 | €26,977 | -€1,287 | -4.6% |
| Gross operating margin | 9900 | €198,344 | €132,147 | -€66,197 | -33.4% |
| Operating profit (loss) | 9901 | €72,597 | €17,731 | -€54,866 | -75.6% |
| Financial income | 75/76B | €135 | €0 | -€135 | -99.9% |
| Recurring financial income | 75 | €135 | €0 | -€135 | -99.9% |
| Financial charges | 65/66B | €71,103 | €47,929 | -€23,175 | -32.6% |
| Recurring financial charges | 65 | €71,103 | €47,929 | -€23,175 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | €1,628 | -€30,198 | -€31,826 | |
| Profit (loss) for the period | 9904 | €1,628 | -€30,198 | -€31,826 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,628 | -€30,198 | -€31,826 |
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.