PenK: 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.
PenK
Largest movements
- Tangible fixed assets -€6,715
no longer reported in 2025 (was €6,715)
- Stocks and contracts -€1,435
no longer reported in 2025 (was €1,435)
- Receivables within one year +€593
up €593 (+32.1%), from €1,849 to €2,442
of which Trade receivables: +€557
- Financial fixed assets -€500
no longer reported in 2025 (was €500)
- Profit (loss) carried forward -€9,805
down €9,805 (-46.5%), from -€21,076 to -€30,881
- Other debts +€1,803
up €1,803 (+15.0%), from €12,054 to €13,857
- Depreciation +€5,785
up €5,785 (+621.6%), from €931 to €6,715
- Gross operating margin +€1,214
up €1,214 (+51.6%), from -€2,353 to -€1,139
- Other operating charges +€443
new in 2025: €443
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 | €10,523 | €2,521 | -€8,002 | -76.0% |
| Fixed assets | 21/28 | €7,215 | - | -€7,215 | |
| Tangible fixed assets | 22/27 | €6,715 | - | -€6,715 | |
| Plant, machinery and equipment | 23 | €6,715 | - | -€6,715 | |
| Financial fixed assets | 28 | €500 | - | -€500 | |
| Current assets | 29/58 | €3,308 | €2,521 | -€787 | -23.8% |
| Stocks and contracts in progress | 3 | €1,435 | - | -€1,435 | |
| Stocks | 30/36 | €1,435 | - | -€1,435 | |
| Amounts receivable within one year | 40/41 | €1,849 | €2,442 | +€593 | +32.1% |
| Trade receivables | 40 | - | €557 | +€557 | |
| Other amounts receivable | 41 | €1,849 | €1,885 | +€36 | +2.0% |
| Cash at bank and in hand | 54/58 | €23 | €79 | +€56 | +240.2% |
| Total equity and liabilities | 10/49 | €10,523 | €2,521 | -€8,002 | -76.0% |
| Equity | 10/15 | -€11,531 | -€21,336 | -€9,805 | -85.0% |
| Contributions | 10/11 | €7,685 | €7,685 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | -€21,076 | -€30,881 | -€9,805 | -46.5% |
| Amounts payable | 17/49 | €22,054 | €23,857 | +€1,803 | +8.2% |
| Amounts payable after more than one year | 17 | €10,000 | €10,000 | = | 0.0% |
| Financial debts | 170/4 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €12,054 | €13,857 | +€1,803 | +15.0% |
| Other amounts payable | 47/48 | €12,054 | €13,857 | +€1,803 | +15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €931 | €6,715 | +€5,785 | +621.6% |
| Other operating charges | 640/8 | - | €443 | +€443 | |
| Non-recurring operating charges | 66A | - | €1,435 | +€1,435 | |
| Gross operating margin | 9900 | -€2,353 | -€1,139 | +€1,214 | +51.6% |
| Operating profit (loss) | 9901 | -€3,284 | -€9,733 | -€6,449 | -196.4% |
| Financial charges | 65/66B | €81 | €72 | -€9 | -10.9% |
| Recurring financial charges | 65 | €81 | €72 | -€9 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | -€3,365 | -€9,805 | -€6,440 | -191.4% |
| Profit (loss) for the period | 9904 | -€3,365 | -€9,805 | -€6,440 | -191.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,365 | -€9,805 | -€6,440 | -191.4% |
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 12 October 2026 via checked.be.