PENDULUM CARE: 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.
PENDULUM CARE
Largest movements
- Stocks and contracts +€146,290
new in 2025: €146,290
- Receivables within one year -€31,218
down €31,218 (-18.9%), from €164,982 to €133,764
of which Trade receivables: -€21,318
- Intangible fixed assets -€23,686
down €23,686 (-20.0%), from €118,363 to €94,678
- Tangible fixed assets -€15,196
down €15,196 (-9.5%), from €159,991 to €144,795
- Short-term financial debts +€57,769
up €57,769 (+171.7%), from €33,651 to €91,420
of which Other loans: +€87,876
- Reserves +€44,643
up €44,643 (+10.3%), from €433,876 to €478,519
of which Distributable reserves: +€44,643
- Debts after one year -€23,985
down €23,985 (-30.9%), from €77,629 to €53,644
- Financial income -€227,333
down €227,333 (-98.8%), from €230,092 to €2,759
of which Non-recurring financial income: -€229,719
- Gross operating margin +€51,910
up €51,910 (+48.7%), from €106,582 to €158,492
- Depreciation +€23,924
up €23,924 (+163.7%), from €14,619 to €38,543
- Taxes -€13,247
down €13,247 (-39.9%), from €33,225 to €19,977
- Other operating charges +€3,230
up €3,230 (+75.0%), from €4,306 to €7,535
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 | €1,046,449 | €1,122,183 | +€75,734 | +7.2% |
| Fixed assets | 21/28 | €876,581 | €837,700 | -€38,882 | -4.4% |
| Intangible fixed assets | 21 | €118,363 | €94,678 | -€23,686 | -20.0% |
| Tangible fixed assets | 22/27 | €159,991 | €144,795 | -€15,196 | -9.5% |
| Land and buildings | 22 | €52,356 | €52,570 | +€214 | +0.4% |
| Plant, machinery and equipment | 23 | €339 | €0 | -€339 | -100.0% |
| Furniture and vehicles | 24 | €1,399 | €470 | -€929 | -66.4% |
| Leasing and similar rights | 25 | €92,805 | €85,525 | -€7,280 | -7.8% |
| Other tangible fixed assets | 26 | €13,092 | €6,231 | -€6,861 | -52.4% |
| Financial fixed assets | 28 | €598,227 | €598,227 | = | 0.0% |
| Current assets | 29/58 | €169,868 | €284,484 | +€114,616 | +67.5% |
| Stocks and contracts in progress | 3 | - | €146,290 | +€146,290 | |
| Stocks | 30/36 | - | €146,290 | +€146,290 | |
| Amounts receivable within one year | 40/41 | €164,982 | €133,764 | -€31,218 | -18.9% |
| Trade receivables | 40 | €82,338 | €61,020 | -€21,318 | -25.9% |
| Other amounts receivable | 41 | €82,645 | €72,745 | -€9,900 | -12.0% |
| Cash at bank and in hand | 54/58 | €658 | €163 | -€495 | -75.2% |
| Deferred charges and accrued income | 490/1 | €4,227 | €4,266 | +€39 | +0.9% |
| Total equity and liabilities | 10/49 | €1,046,449 | €1,122,183 | +€75,734 | +7.2% |
| Equity | 10/15 | €719,876 | €764,519 | +€44,643 | +6.2% |
| Contributions | 10/11 | €286,000 | €286,000 | = | 0.0% |
| Reserves | 13 | €433,876 | €478,519 | +€44,643 | +10.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €433,876 | €478,519 | +€44,643 | +10.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €326,573 | €357,664 | +€31,091 | +9.5% |
| Amounts payable after more than one year | 17 | €77,629 | €53,644 | -€23,985 | -30.9% |
| Financial debts | 170/4 | €77,629 | €53,644 | -€23,985 | -30.9% |
| Amounts payable within one year | 42/48 | €248,944 | €304,020 | +€55,076 | +22.1% |
| Current portion of amounts payable after more than one year | 42 | €29,238 | €23,985 | -€5,253 | -18.0% |
| Financial debts | 43 | €33,651 | €91,420 | +€57,769 | +171.7% |
| Credit institutions | 430/8 | €33,651 | €3,544 | -€30,107 | -89.5% |
| Other loans | 439 | - | €87,876 | +€87,876 | |
| Trade debts | 44 | €142,159 | €142,969 | +€810 | +0.6% |
| Suppliers | 440/4 | €142,159 | €142,969 | +€810 | +0.6% |
| Taxes, remuneration and social security | 45 | €24,975 | €34,647 | +€9,672 | +38.7% |
| Taxes | 450/3 | €19,620 | €29,862 | +€10,242 | +52.2% |
| Remuneration and social security | 454/9 | €5,355 | €4,785 | -€571 | -10.7% |
| Other amounts payable | 47/48 | €18,922 | €11,000 | -€7,922 | -41.9% |
| Remuneration, social security and pensions | 62 | €39,897 | €38,590 | -€1,307 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,619 | €38,543 | +€23,924 | +163.7% |
| Other operating charges | 640/8 | €4,306 | €7,535 | +€3,230 | +75.0% |
| Non-recurring operating charges | 66A | €3,334 | €339 | -€2,995 | -89.8% |
| Gross operating margin | 9900 | €106,582 | €158,492 | +€51,910 | +48.7% |
| Operating profit (loss) | 9901 | €44,427 | €73,485 | +€29,058 | +65.4% |
| Financial income | 75/76B | €230,092 | €2,759 | -€227,333 | -98.8% |
| Recurring financial income | 75 | €374 | €2,759 | +€2,386 | +638.6% |
| Non-recurring financial income | 76B | €229,719 | €0 | -€229,719 | -100.0% |
| Financial charges | 65/66B | €8,470 | €11,624 | +€3,154 | +37.2% |
| Recurring financial charges | 65 | €8,470 | €11,624 | +€3,154 | +37.2% |
| Profit (loss) for the period before taxes | 9903 | €266,049 | €64,620 | -€201,429 | -75.7% |
| Income taxes | 67/77 | €33,225 | €19,977 | -€13,247 | -39.9% |
| Profit (loss) for the period | 9904 | €232,824 | €44,643 | -€188,182 | -80.8% |
| Profit (loss) for the period to be appropriated | 9905 | €232,824 | €44,643 | -€188,182 | -80.8% |
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 29 September 2026 via checked.be.