PENETHOM: 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.
PENETHOM
Largest movements
- Tangible fixed assets -€35,505
down €35,505 (-6.4%), from €557,436 to €521,931
of which Land and buildings: -€58,198
- Deferred charges and accrued income +€7,339
up €7,339 (+128.4%), from €5,717 to €13,056
- Debts after one year -€43,939
down €43,939 (-8.5%), from €517,660 to €473,722
of which Financial debts: -€43,939
- Profit (loss) carried forward +€21,223
up €21,223 (+17.1%), from -€124,282 to -€103,059
- Trade debts +€6,927
up €6,927 (+123.4%), from €5,614 to €12,541
- Gross operating margin +€23,037
up €23,037 (+26.9%), from €85,607 to €108,644
- Other operating charges +€5,549
up €5,549 (+118.8%), from €4,672 to €10,221
- Depreciation +€4,892
up €4,892 (+7.8%), from €62,576 to €67,467
- Write-downs +€3,107
up €3,107, from -€3,107 to €0
- Financial charges -€1,530
down €1,530 (-13.6%), from €11,264 to €9,734
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 | €587,429 | €564,735 | -€22,694 | -3.9% |
| Fixed assets | 21/28 | €560,470 | €524,275 | -€36,195 | -6.5% |
| Intangible fixed assets | 21 | €3,034 | €2,344 | -€690 | -22.7% |
| Tangible fixed assets | 22/27 | €557,436 | €521,931 | -€35,505 | -6.4% |
| Land and buildings | 22 | €521,068 | €462,870 | -€58,198 | -11.2% |
| Plant, machinery and equipment | 23 | €4,199 | €3,024 | -€1,176 | -28.0% |
| Other tangible fixed assets | 26 | €32,169 | €56,037 | +€23,868 | +74.2% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €26,959 | €40,460 | +€13,501 | +50.1% |
| Amounts receivable within one year | 40/41 | €2,339 | €4,419 | +€2,080 | +88.9% |
| Trade receivables | 40 | €2,339 | €4,419 | +€2,080 | +88.9% |
| Current investments | 50/53 | €157 | €151 | -€6 | -3.9% |
| Cash at bank and in hand | 54/58 | €18,746 | €22,834 | +€4,088 | +21.8% |
| Deferred charges and accrued income | 490/1 | €5,717 | €13,056 | +€7,339 | +128.4% |
| Total equity and liabilities | 10/49 | €587,429 | €564,735 | -€22,694 | -3.9% |
| Equity | 10/15 | -€56,082 | -€34,859 | +€21,223 | +37.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€124,282 | -€103,059 | +€21,223 | +17.1% |
| Amounts payable | 17/49 | €643,510 | €599,594 | -€43,917 | -6.8% |
| Amounts payable after more than one year | 17 | €517,660 | €473,722 | -€43,939 | -8.5% |
| Financial debts | 170/4 | €293,660 | €249,722 | -€43,939 | -15.0% |
| Other amounts payable | 178/9 | €224,000 | €224,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €124,278 | €124,324 | +€46 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €50,821 | €45,522 | -€5,299 | -10.4% |
| Trade debts | 44 | €5,614 | €12,541 | +€6,927 | +123.4% |
| Suppliers | 440/4 | €5,614 | €12,541 | +€6,927 | +123.4% |
| Other amounts payable | 47/48 | €67,843 | €66,261 | -€1,582 | -2.3% |
| Accrued charges and deferred income | 492/3 | €1,572 | €1,548 | -€25 | -1.6% |
| Non-recurring operating income | 76A | €1,317 | €0 | -€1,317 | -100.0% |
| Remuneration, social security and pensions | 62 | -€17 | €0 | +€17 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,576 | €67,467 | +€4,892 | +7.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,107 | €0 | +€3,107 | |
| Other operating charges | 640/8 | €4,672 | €10,221 | +€5,549 | +118.8% |
| Gross operating margin | 9900 | €85,607 | €108,644 | +€23,037 | +26.9% |
| Operating profit (loss) | 9901 | €21,483 | €30,956 | +€9,473 | +44.1% |
| Financial income | 75/76B | €0 | €2 | +€1 | +1225.0% |
| Recurring financial income | 75 | €0 | €2 | +€1 | +1225.0% |
| Financial charges | 65/66B | €11,264 | €9,734 | -€1,530 | -13.6% |
| Recurring financial charges | 65 | €11,264 | €9,734 | -€1,530 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €10,219 | €21,223 | +€11,005 | +107.7% |
| Profit (loss) for the period | 9904 | €10,219 | €21,223 | +€11,005 | +107.7% |
| Profit (loss) for the period to be appropriated | 9905 | €10,219 | €21,223 | +€11,005 | +107.7% |
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 8 October 2026 via checked.be.