PENDULUM: 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.
PENDULUM
Largest movements
- Cash +€95,319
up €95,319 (+492.8%), from €19,342 to €114,661
mainly Net result for the year (+€72,771) and Tax, wage and social debts (+€25,463)
- Receivables within one year +€3,475
up €3,475 (+5.5%), from €63,054 to €66,529
of which Other amounts receivable: +€18,373
- Tangible fixed assets -€2,631
down €2,631 (-45.9%), from €5,734 to €3,104
- Profit (loss) carried forward +€40,109
new in 2025: €40,109
- Tax, wage and social debts +€25,463
up €25,463 (+187.7%), from €13,565 to €39,028
- Reserves +€15,662
up €15,662 (+28.7%), from €54,538 to €70,200
- Other debts +€10,000
up €10,000 (+71.4%), from €14,000 to €24,000
- Short-term financial debts +€3,821
new in 2025: €3,821
- Gross operating margin +€46,477
up €46,477 (+90.0%), from €51,621 to €98,097
- Taxes +€10,084
up €10,084 (+97.0%), from €10,393 to €20,477
- Depreciation +€1,620
up €1,620 (+61.1%), from €2,652 to €4,272
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 | €88,739 | €185,030 | +€96,292 | +108.5% |
| Fixed assets | 21/28 | €5,734 | €3,104 | -€2,631 | -45.9% |
| Tangible fixed assets | 22/27 | €5,734 | €3,104 | -€2,631 | -45.9% |
| Furniture and vehicles | 24 | €5,734 | €3,104 | -€2,631 | -45.9% |
| Current assets | 29/58 | €83,004 | €181,927 | +€98,922 | +119.2% |
| Amounts receivable within one year | 40/41 | €63,054 | €66,529 | +€3,475 | +5.5% |
| Trade receivables | 40 | €24,578 | €9,680 | -€14,898 | -60.6% |
| Other amounts receivable | 41 | €38,476 | €56,849 | +€18,373 | +47.8% |
| Cash at bank and in hand | 54/58 | €19,342 | €114,661 | +€95,319 | +492.8% |
| Deferred charges and accrued income | 490/1 | €608 | €736 | +€128 | +21.0% |
| Total equity and liabilities | 10/49 | €88,739 | €185,030 | +€96,292 | +108.5% |
| Equity | 10/15 | €60,738 | €116,509 | +€55,771 | +91.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €54,538 | €70,200 | +€15,662 | +28.7% |
| Distributable reserves | 133 | €54,538 | €70,200 | +€15,662 | +28.7% |
| Profit (loss) carried forward | 14 | - | €40,109 | +€40,109 | |
| Amounts payable | 17/49 | €28,001 | €68,521 | +€40,521 | +144.7% |
| Amounts payable within one year | 42/48 | €28,001 | €68,521 | +€40,521 | +144.7% |
| Financial debts | 43 | - | €3,821 | +€3,821 | |
| Credit institutions | 430/8 | - | €3,821 | +€3,821 | |
| Trade debts | 44 | €436 | €1,673 | +€1,237 | +284.0% |
| Suppliers | 440/4 | €436 | €1,673 | +€1,237 | +284.0% |
| Taxes, remuneration and social security | 45 | €13,565 | €39,028 | +€25,463 | +187.7% |
| Taxes | 450/3 | €13,565 | €39,028 | +€25,463 | +187.7% |
| Other amounts payable | 47/48 | €14,000 | €24,000 | +€10,000 | +71.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,652 | €4,272 | +€1,620 | +61.1% |
| Other operating charges | 640/8 | €784 | €561 | -€223 | -28.4% |
| Gross operating margin | 9900 | €51,621 | €98,097 | +€46,477 | +90.0% |
| Operating profit (loss) | 9901 | €48,185 | €93,264 | +€45,080 | +93.6% |
| Financial income | 75/76B | - | €74 | +€74 | |
| Recurring financial income | 75 | - | €74 | +€74 | |
| Financial charges | 65/66B | €218 | €90 | -€127 | -58.5% |
| Recurring financial charges | 65 | €218 | €90 | -€127 | -58.5% |
| Profit (loss) for the period before taxes | 9903 | €47,967 | €93,248 | +€45,281 | +94.4% |
| Income taxes | 67/77 | €10,393 | €20,477 | +€10,084 | +97.0% |
| Profit (loss) for the period | 9904 | €37,574 | €72,771 | +€35,197 | +93.7% |
| Profit (loss) for the period to be appropriated | 9905 | €37,574 | €72,771 | +€35,197 | +93.7% |
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 10 October 2026 via checked.be.