PENDRON: what changed
Two fiscal 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.
PENDRON
Largest movements
- Receivables within one year +€111,147
up €111,147 (+190.1%), from €58,461 to €169,609
of which Trade receivables: +€91,247
- Cash +€25,186
up €25,186 (+17.2%), from €146,330 to €171,516
mainly Net result for the year (+€305,604) and Other debts (+€101,939)
- Tangible fixed assets -€21,898
down €21,898 (-15.1%), from €144,911 to €123,013
of which Furniture and vehicles: -€11,980
- Other debts +€101,939
up €101,939 (+55.3%), from €184,491 to €286,430
- Tax, wage and social debts +€7,494
up €7,494 (+15.0%), from €49,926 to €57,420
of which Taxes: +€7,357
- Debts after one year -€7,241
down €7,241 (-10.0%), from €72,486 to €65,246
- Trade debts +€6,166
up €6,166 (+85.7%), from €7,198 to €13,364
- Profit (loss) carried forward +€5,604
up €5,604 (+53.9%), from €10,388 to €15,992
- Gross operating margin +€148,050
up €148,050 (+45.2%), from €327,902 to €475,952
- Taxes +€39,304
up €39,304 (+56.7%), from €69,259 to €108,563
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 | €350,244 | €464,293 | +€114,049 | +32.6% |
| Fixed assets | 21/28 | €145,066 | €123,168 | -€21,898 | -15.1% |
| Tangible fixed assets | 22/27 | €144,911 | €123,013 | -€21,898 | -15.1% |
| Land and buildings | 22 | €95,333 | €86,667 | -€8,667 | -9.1% |
| Plant, machinery and equipment | 23 | €4,620 | €3,369 | -€1,251 | -27.1% |
| Furniture and vehicles | 24 | €44,957 | €32,977 | -€11,980 | -26.6% |
| Financial fixed assets | 28 | €155 | €155 | = | 0.0% |
| Current assets | 29/58 | €205,178 | €341,125 | +€135,947 | +66.3% |
| Amounts receivable within one year | 40/41 | €58,461 | €169,609 | +€111,147 | +190.1% |
| Trade receivables | 40 | €42,461 | €133,709 | +€91,247 | +214.9% |
| Other amounts receivable | 41 | €16,000 | €35,900 | +€19,900 | +124.4% |
| Cash at bank and in hand | 54/58 | €146,330 | €171,516 | +€25,186 | +17.2% |
| Deferred charges and accrued income | 490/1 | €386 | - | -€386 | |
| Total equity and liabilities | 10/49 | €350,244 | €464,293 | +€114,049 | +32.6% |
| Equity | 10/15 | €28,988 | €34,592 | +€5,604 | +19.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,388 | €15,992 | +€5,604 | +53.9% |
| Amounts payable | 17/49 | €321,255 | €429,701 | +€108,446 | +33.8% |
| Amounts payable after more than one year | 17 | €72,486 | €65,246 | -€7,241 | -10.0% |
| Financial debts | 170/4 | €72,486 | €65,246 | -€7,241 | -10.0% |
| Amounts payable within one year | 42/48 | €248,769 | €364,455 | +€115,687 | +46.5% |
| Current portion of amounts payable after more than one year | 42 | €7,153 | €7,241 | +€88 | +1.2% |
| Trade debts | 44 | €7,198 | €13,364 | +€6,166 | +85.7% |
| Suppliers | 440/4 | €7,198 | €13,364 | +€6,166 | +85.7% |
| Taxes, remuneration and social security | 45 | €49,926 | €57,420 | +€7,494 | +15.0% |
| Taxes | 450/3 | €45,935 | €53,292 | +€7,357 | +16.0% |
| Remuneration and social security | 454/9 | €3,991 | €4,128 | +€137 | +3.4% |
| Other amounts payable | 47/48 | €184,491 | €286,430 | +€101,939 | +55.3% |
| Remuneration, social security and pensions | 62 | €33,460 | €36,032 | +€2,572 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,683 | €21,898 | -€786 | -3.5% |
| Other operating charges | 640/8 | €2,632 | €2,139 | -€493 | -18.7% |
| Gross operating margin | 9900 | €327,902 | €475,952 | +€148,050 | +45.2% |
| Operating profit (loss) | 9901 | €269,127 | €415,884 | +€146,757 | +54.5% |
| Financial income | 75/76B | €0 | €0 | -€0 | -50.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -50.0% |
| Financial charges | 65/66B | €1,804 | €1,717 | -€87 | -4.8% |
| Recurring financial charges | 65 | €1,804 | €1,717 | -€87 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €267,323 | €414,166 | +€146,844 | +54.9% |
| Income taxes | 67/77 | €69,259 | €108,563 | +€39,304 | +56.7% |
| Profit (loss) for the period | 9904 | €198,064 | €305,604 | +€107,540 | +54.3% |
| Profit (loss) for the period to be appropriated | 9905 | €198,064 | €305,604 | +€107,540 | +54.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.