PENFRET: 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.
What changed
PENFRET
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€5.2m
2024 · -€538,979+€5.8m
Equity
€164.6m
2024 · €159.4m+€5.2m
Cash
€3.3m
2024 · €3.3m+€2,926
Balance sheet total
€182.2m
2024 · €181.1m+€1.1m
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Profit (loss) carried forward +€5.2m
up €5.2m (+3.4%), from €151.3m to €156.5m
- Other debts -€5.2m
down €5.2m (-48.3%), from €10.7m to €5.5m
- Short-term financial debts +€1.9m
up €1.9m (+2060058.7%), from €91 to €1.9m
Income statement
- Financial income -€4.6m
down €4.6m (-37.2%), from €12.3m to €7.8m
of which Non-recurring financial income: -€4.7m
- Financial charges -€1.3m
down €1.3m (-49.5%), from €2.7m to €1.3m
of which Non-recurring financial charges: -€1.5m
- Goods and materials -€714,496
down €714,496 (-24.8%), from €2.9m to €2.2m
of which Change in stocks: decrease (increase): -€3.7m
- Taxes +€430,809
up €430,809 (+68.6%), from €628,367 to €1.1m
- Write-downs -€200,000
no longer reported in 2025 (was €200,000)
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.
Result 2024
-€538,979
Turnover
-€91,382
Other operating income
+€1,779
Goods and materials
+€714,496
Services and other goods
+€67,560
Staff costs
-€614
Depreciation
-€1,938
Write-downs
+€200,000
Other operating charges
-€10,629
Other operating items
+€8.6m
Financial income
-€4.6m
Financial charges
+€1.3m
Taxes
-€430,809
Result 2025
€5.2m
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.
From operations
-€1.1m
Investment
-€313,121
Financing
+€1.5m
Cash 2024
€3.3m
From operations (derived)
-€1.1m
Net result for the year
+€5.2m
Depreciation
+€366,981
Stocks and contracts
-€1.4m
Receivables within one year
+€108,518
Deferred charges and accrued income
+€117,180
Trade debts
-€322,279
Tax, wage and social debts
-€379,777
Other debts
-€5.2m
Accrued charges and deferred income
+€292,164
Investment (derived)
-€313,121
Investment in fixed assets (net)
+€1.1m
Current investments
-€1.4m
Financing
+€1.5m
Debts after one year
-€413,273
Current portion of long-term debt
+€4,164
Short-term financial debts
+€1.9m
Cash 2025
€3.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €181,112,436 | €182,207,510 | +€1.1m | +0.6% |
| Fixed assets | 21/28 | €119,819,805 | €118,321,980 | -€1.5m | -1.3% |
| Tangible fixed assets | 22/27 | €10,241,998 | €9,931,549 | -€310,449 | -3.0% |
| Land and buildings | 22 | €10,039,751 | €9,755,659 | -€284,092 | -2.8% |
| Plant, machinery and equipment | 23 | €1,052 | €377 | -€676 | -64.2% |
| Furniture and vehicles | 24 | €1,253 | €860 | -€393 | -31.4% |
| Other tangible fixed assets | 26 | €199,942 | €174,654 | -€25,288 | -12.6% |
| Financial fixed assets | 28 | €109,577,807 | €108,390,431 | -€1.2m | -1.1% |
| Affiliated companies | 280/1 | €30,735,597 | €24,651,381 | -€6.1m | -19.8% |
| Participating interests | 280 | €17,000,100 | €17,000,100 | = | 0.0% |
| Amounts receivable | 281 | €13,735,497 | €7,651,281 | -€6.1m | -44.3% |
| Companies linked by participating interests | 282/3 | €1,661,478 | €1,891,481 | +€230,003 | +13.8% |
| Participating interests | 282 | €1,661,478 | €1,841,480 | +€180,002 | +10.8% |
| Amounts receivable | 283 | - | €50,001 | +€50,001 | |
| Other financial fixed assets | 284/8 | €77,180,732 | €81,847,569 | +€4.7m | +6.0% |
| Shares | 284 | €71,503,546 | €74,946,795 | +€3.4m | +4.8% |
| Amounts receivable and cash guarantees | 285/8 | €5,677,186 | €6,900,774 | +€1.2m | +21.6% |
| Current assets | 29/58 | €61,292,631 | €63,885,531 | +€2.6m | +4.2% |
| Stocks and contracts in progress | 3 | €5,225,849 | €6,597,555 | +€1.4m | +26.2% |
| Stocks | 30/36 | €5,225,849 | €6,597,555 | +€1.4m | +26.2% |
| Property held for sale | 35 | €5,225,849 | €6,597,555 | +€1.4m | +26.2% |
| Amounts receivable within one year | 40/41 | €912,944 | €804,426 | -€108,518 | -11.9% |
| Trade receivables | 40 | €345,034 | €61,719 | -€283,314 | -82.1% |
| Other amounts receivable | 41 | €567,910 | €742,707 | +€174,797 | +30.8% |
| Current investments | 50/53 | €51,723,407 | €53,167,373 | +€1.4m | +2.8% |
| Other investments | 51/53 | €51,723,407 | €53,167,373 | +€1.4m | +2.8% |
| Cash at bank and in hand | 54/58 | €3,300,059 | €3,302,985 | +€2,926 | +0.1% |
| Deferred charges and accrued income | 490/1 | €130,372 | €13,192 | -€117,180 | -89.9% |
| Total equity and liabilities | 10/49 | €181,112,436 | €182,207,510 | +€1.1m | +0.6% |
| Equity | 10/15 | €159,400,320 | €164,618,415 | +€5.2m | +3.3% |
| Contributions | 10/11 | €7,380,227 | €7,380,227 | = | 0.0% |
| Capital | 10 | €7,380,227 | €7,380,227 | = | 0.0% |
| Issued capital | 100 | €7,380,227 | €7,380,227 | = | 0.0% |
| Reserves | 13 | €738,023 | €738,023 | = | 0.0% |
| Non-distributable reserves | 130/1 | €738,023 | €738,023 | = | 0.0% |
| Legal reserve | 130 | €738,023 | €738,023 | = | 0.0% |
| Profit (loss) carried forward | 14 | €151,282,070 | €156,500,165 | +€5.2m | +3.4% |
| Amounts payable | 17/49 | €21,712,116 | €17,589,096 | -€4.1m | -19.0% |
| Amounts payable after more than one year | 17 | €935,201 | €521,928 | -€413,273 | -44.2% |
| Financial debts | 170/4 | €935,201 | €521,928 | -€413,273 | -44.2% |
| Credit institutions | 173 | €935,201 | €521,928 | -€413,273 | -44.2% |
| Amounts payable within one year | 42/48 | €20,764,743 | €16,762,832 | -€4.0m | -19.3% |
| Current portion of amounts payable after more than one year | 42 | €409,109 | €413,273 | +€4,164 | +1.0% |
| Financial debts | 43 | €91 | €1,869,594 | +€1.9m | +2060058.7% |
| Credit institutions | 430/8 | €91 | €1,869,594 | +€1.9m | +2060058.7% |
| Trade debts | 44 | €463,205 | €140,926 | -€322,279 | -69.6% |
| Suppliers | 440/4 | €463,205 | €140,926 | -€322,279 | -69.6% |
| Taxes, remuneration and social security | 45 | €9,187,403 | €8,807,626 | -€379,777 | -4.1% |
| Taxes | 450/3 | €9,184,882 | €8,804,836 | -€380,046 | -4.1% |
| Remuneration and social security | 454/9 | €2,521 | €2,790 | +€270 | +10.7% |
| Other amounts payable | 47/48 | €10,704,935 | €5,531,413 | -€5.2m | -48.3% |
| Accrued charges and deferred income | 492/3 | €12,172 | €304,336 | +€292,164 | +2400.3% |
| Operating income | 70/76A | €3,273,934 | €3,184,331 | -€89,604 | -2.7% |
| Turnover | 70 | €2,840,144 | €2,748,761 | -€91,382 | -3.2% |
| Other operating income | 74 | €433,791 | €435,569 | +€1,779 | +0.4% |
| Operating charges | 60/66A | €12,855,649 | €3,312,725 | -€9.5m | -74.2% |
| Goods for resale, raw materials and consumables | 60 | €2,882,319 | €2,167,823 | -€714,496 | -24.8% |
| Purchases | 600/8 | €560,861 | €3,539,529 | +€3.0m | +531.1% |
| Change in stocks: decrease (increase) | 609 | €2,321,457 | -€1,371,706 | -€3.7m | |
| Services and other goods | 61 | €770,787 | €703,227 | -€67,560 | -8.8% |
| Remuneration, social security and pensions | 62 | €11,007 | €11,620 | +€614 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €365,043 | €366,981 | +€1,938 | +0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €200,000 | - | -€200,000 | |
| Other operating charges | 640/8 | €52,445 | €63,074 | +€10,629 | +20.3% |
| Non-recurring operating charges | 66A | €8,574,049 | - | -€8.6m | |
| Operating profit (loss) | 9901 | -€9,581,715 | -€128,395 | +€9.5m | +98.7% |
| Financial income | 75/76B | €12,333,747 | €7,751,009 | -€4.6m | -37.2% |
| Recurring financial income | 75 | €3,875,309 | €3,974,462 | +€99,153 | +2.6% |
| Income from financial fixed assets | 750 | €1,691,381 | €2,190,696 | +€499,315 | +29.5% |
| Income from current assets | 751 | €818,777 | €1,069,340 | +€250,563 | +30.6% |
| Other financial income | 752/9 | €1,365,151 | €714,425 | -€650,725 | -47.7% |
| Non-recurring financial income | 76B | €8,458,438 | €3,776,547 | -€4.7m | -55.4% |
| Financial charges | 65/66B | €2,662,643 | €1,345,344 | -€1.3m | -49.5% |
| Recurring financial charges | 65 | €904,199 | €1,094,738 | +€190,539 | +21.1% |
| Debt charges | 650 | €1,255,986 | €132,936 | -€1.1m | -89.4% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€613,828 | €224,402 | +€838,230 | |
| Other financial charges | 652/9 | €262,042 | €737,400 | +€475,359 | +181.4% |
| Non-recurring financial charges | 66B | €1,758,444 | €250,606 | -€1.5m | -85.7% |
| Profit (loss) for the period before taxes | 9903 | €89,389 | €6,277,270 | +€6.2m | +6922.4% |
| Income taxes | 67/77 | €628,367 | €1,059,176 | +€430,809 | +68.6% |
| Taxes | 670/3 | €628,367 | €1,059,176 | +€430,809 | +68.6% |
| Profit (loss) for the period | 9904 | -€538,979 | €5,218,095 | +€5.8m | |
| Profit (loss) for the period to be appropriated | 9905 | -€538,979 | €5,218,095 | +€5.8m |
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 1 October 2026 via checked.be.