PENIJULLINE: 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.
PENIJULLINE
Largest movements
- Current investments -€123,749
down €123,749 (-15.3%), from €807,500 to €683,751
- Receivables within one year +€78,420
up €78,420 (+29.3%), from €267,508 to €345,927
- Cash +€27,412
up €27,412 (+70.7%), from €38,752 to €66,164
mainly Other debts (+€707,408) and Net result for the year (+€585,567)
- Tangible fixed assets -€23,524
down €23,524 (-21.0%), from €111,847 to €88,323
- Reserves -€749,923
down €749,923 (-100%), from €749,923 to €0
- Other debts +€707,408
up €707,408 (+153%), from €461,162 to €1.2m
- Gross operating margin +€56,287
up €56,287 (+7.7%), from €732,138 to €788,425
- Financial income -€55,730
down €55,730 (-56.3%), from €99,024 to €43,294
- Financial charges +€12,920
up €12,920 (+84.1%), from €15,359 to €28,279
- Taxes +€11,197
up €11,197 (+6.2%), from €179,247 to €190,444
- Depreciation +€11,075
up €11,075 (+73.2%), from €15,124 to €26,198
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.
Derived cash bridge
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 | €1,243,782 | €1,213,318 | -€30,463 | -2.4% |
| Fixed assets | 21/28 | €114,550 | €91,026 | -€23,524 | -20.5% |
| Tangible fixed assets | 22/27 | €111,847 | €88,323 | -€23,524 | -21.0% |
| Furniture and vehicles | 24 | €111,847 | €88,323 | -€23,524 | -21.0% |
| Financial fixed assets | 28 | €2,703 | €2,703 | = | 0.0% |
| Current assets | 29/58 | €1,129,232 | €1,122,293 | -€6,939 | -0.6% |
| Amounts receivable within one year | 40/41 | €267,508 | €345,927 | +€78,420 | +29.3% |
| Other amounts receivable | 41 | €267,508 | €345,927 | +€78,420 | +29.3% |
| Current investments | 50/53 | €807,500 | €683,751 | -€123,749 | -15.3% |
| Cash at bank and in hand | 54/58 | €38,752 | €66,164 | +€27,412 | +70.7% |
| Deferred charges and accrued income | 490/1 | €15,472 | €26,451 | +€10,979 | +71.0% |
| Total equity and liabilities | 10/49 | €1,243,782 | €1,213,318 | -€30,463 | -2.4% |
| Equity | 10/15 | €768,473 | €18,550 | -€749,923 | -97.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €749,923 | €0 | -€749,923 | -100% |
| Distributable reserves | 133 | €749,923 | €0 | -€749,923 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €475,309 | €1,194,768 | +€719,460 | +151% |
| Amounts payable within one year | 42/48 | €473,943 | €1,190,312 | +€716,369 | +151% |
| Trade debts | 44 | €181 | €741 | +€560 | +309% |
| Suppliers | 440/4 | €181 | €741 | +€560 | +309% |
| Taxes, remuneration and social security | 45 | €12,600 | €21,000 | +€8,400 | +66.7% |
| Taxes | 450/3 | €12,600 | €21,000 | +€8,400 | +66.7% |
| Other amounts payable | 47/48 | €461,162 | €1,168,571 | +€707,408 | +153% |
| Accrued charges and deferred income | 492/3 | €1,366 | €4,457 | +€3,091 | +226% |
| Non-recurring operating income | 76A | €15,000 | €0 | -€15,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,124 | €26,198 | +€11,075 | +73.2% |
| Other operating charges | 640/8 | €2,080 | €1,231 | -€849 | -40.8% |
| Gross operating margin | 9900 | €732,138 | €788,425 | +€56,287 | +7.7% |
| Operating profit (loss) | 9901 | €714,934 | €760,996 | +€46,062 | +6.4% |
| Financial income | 75/76B | €99,024 | €43,294 | -€55,730 | -56.3% |
| Recurring financial income | 75 | €99,024 | €43,294 | -€55,730 | -56.3% |
| Financial charges | 65/66B | €15,359 | €28,279 | +€12,920 | +84.1% |
| Recurring financial charges | 65 | €15,359 | €28,279 | +€12,920 | +84.1% |
| Profit (loss) for the period before taxes | 9903 | €798,598 | €776,011 | -€22,587 | -2.8% |
| Income taxes | 67/77 | €179,247 | €190,444 | +€11,197 | +6.2% |
| Profit (loss) for the period | 9904 | €619,352 | €585,567 | -€33,784 | -5.5% |
| Profit (loss) for the period to be appropriated | 9905 | €619,352 | €585,567 | -€33,784 | -5.5% |
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 13 October 2026 via checked.be.