PENFLOR: 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.
PENFLOR
Largest movements
- Receivables within one year +€20,000
new in 2025: €20,000
- Intangible fixed assets +€14,789
new in 2025: €14,789
- Cash +€7,485
new in 2025: €7,485
mainly Debts after one year (+€51,008) and Depreciation (+€11,824)
- Tangible fixed assets -€5,524
down €5,524 (-1.5%), from €364,788 to €359,264
of which Land and buildings: -€10,185
- Debts after one year +€51,008
up €51,008 (+29.4%), from €173,391 to €224,399
- Profit (loss) carried forward -€13,175
down €13,175, from €4,948 to -€8,227
- Trade debts +€8,646
up €8,646 (+78601.7%), from €11 to €8,657
- Other debts -€5,719
down €5,719 (-4.3%), from €133,356 to €127,637
- Gross operating margin -€13,635
down €13,635 (-41.1%), from €33,172 to €19,537
- Financial charges +€10,421
up €10,421 (+115.5%), from €9,026 to €19,447
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 | €364,788 | €401,538 | +€36,749 | +10.1% |
| Fixed assets | 21/28 | €364,788 | €374,052 | +€9,264 | +2.5% |
| Intangible fixed assets | 21 | - | €14,789 | +€14,789 | |
| Tangible fixed assets | 22/27 | €364,788 | €359,264 | -€5,524 | -1.5% |
| Land and buildings | 22 | €338,663 | €328,479 | -€10,185 | -3.0% |
| Plant, machinery and equipment | 23 | €26,125 | €30,785 | +€4,661 | +17.8% |
| Current assets | 29/58 | - | €27,485 | +€27,485 | |
| Amounts receivable within one year | 40/41 | - | €20,000 | +€20,000 | |
| Other amounts receivable | 41 | - | €20,000 | +€20,000 | |
| Cash at bank and in hand | 54/58 | - | €7,485 | +€7,485 | |
| Total equity and liabilities | 10/49 | €364,788 | €401,538 | +€36,749 | +10.1% |
| Equity | 10/15 | €42,828 | €29,653 | -€13,175 | -30.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €19,280 | €19,280 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €17,420 | €17,420 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,948 | -€8,227 | -€13,175 | |
| Amounts payable | 17/49 | €321,960 | €371,884 | +€49,924 | +15.5% |
| Amounts payable after more than one year | 17 | €173,391 | €224,399 | +€51,008 | +29.4% |
| Financial debts | 170/4 | €173,391 | €224,399 | +€51,008 | +29.4% |
| Amounts payable within one year | 42/48 | €148,570 | €147,486 | -€1,084 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €15,015 | €11,191 | -€3,824 | -25.5% |
| Financial debts | 43 | €187 | - | -€187 | |
| Credit institutions | 430/8 | €187 | - | -€187 | |
| Trade debts | 44 | €11 | €8,657 | +€8,646 | +78601.7% |
| Suppliers | 440/4 | €11 | €8,657 | +€8,646 | +78601.7% |
| Other amounts payable | 47/48 | €133,356 | €127,637 | -€5,719 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,685 | €11,824 | +€139 | +1.2% |
| Other operating charges | 640/8 | €1,408 | €1,441 | +€32 | +2.3% |
| Gross operating margin | 9900 | €33,172 | €19,537 | -€13,635 | -41.1% |
| Operating profit (loss) | 9901 | €20,078 | €6,272 | -€13,806 | -68.8% |
| Financial charges | 65/66B | €9,026 | €19,447 | +€10,421 | +115.5% |
| Recurring financial charges | 65 | €9,026 | €19,447 | +€10,421 | +115.5% |
| Profit (loss) for the period before taxes | 9903 | €11,052 | -€13,175 | -€24,227 | |
| Profit (loss) for the period | 9904 | €11,052 | -€13,175 | -€24,227 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,052 | -€13,175 | -€24,227 |
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.