PENNA: 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.
PENNA
Largest movements
- Tangible fixed assets -€44,327
down €44,327 (-25.8%), from €171,481 to €127,154
- Cash -€13,697
down €13,697 (-59.3%), from €23,079 to €9,382
mainly Net result for the year (-€63,680) and Smaller working-capital items (-€178)
- Profit (loss) carried forward -€63,680
down €63,680 (-13.3%), from -€478,755 to -€542,436
- Other debts +€5,000
up €5,000 (+1.0%), from €487,481 to €492,481
- Gross operating margin -€3,586
down €3,586 (-27.1%), from -€13,237 to -€16,823
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 | €208,979 | €150,190 | -€58,790 | -28.1% |
| Fixed assets | 21/28 | €171,666 | €127,439 | -€44,227 | -25.8% |
| Tangible fixed assets | 22/27 | €171,481 | €127,154 | -€44,327 | -25.8% |
| Plant, machinery and equipment | 23 | €171,481 | €127,154 | -€44,327 | -25.8% |
| Financial fixed assets | 28 | €185 | €285 | +€100 | +54.1% |
| Current assets | 29/58 | €37,314 | €22,751 | -€14,563 | -39.0% |
| Amounts receivable within one year | 40/41 | €9,683 | €8,749 | -€934 | -9.6% |
| Trade receivables | 40 | €4,041 | €2,473 | -€1,568 | -38.8% |
| Other amounts receivable | 41 | €5,642 | €6,276 | +€634 | +11.2% |
| Cash at bank and in hand | 54/58 | €23,079 | €9,382 | -€13,697 | -59.3% |
| Deferred charges and accrued income | 490/1 | €4,552 | €4,620 | +€68 | +1.5% |
| Total equity and liabilities | 10/49 | €208,979 | €150,190 | -€58,790 | -28.1% |
| Equity | 10/15 | -€278,755 | -€342,436 | -€63,680 | -22.8% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€478,755 | -€542,436 | -€63,680 | -13.3% |
| Amounts payable | 17/49 | €487,735 | €492,625 | +€4,890 | +1.0% |
| Amounts payable within one year | 42/48 | €487,735 | €492,625 | +€4,890 | +1.0% |
| Trade debts | 44 | €253 | €144 | -€110 | -43.3% |
| Suppliers | 440/4 | €253 | €144 | -€110 | -43.3% |
| Taxes, remuneration and social security | 45 | - | €0 | = | |
| Taxes | 450/3 | - | €0 | = | |
| Other amounts payable | 47/48 | €487,481 | €492,481 | +€5,000 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,327 | €44,327 | = | 0.0% |
| Other operating charges | 640/8 | €2,655 | €2,501 | -€154 | -5.8% |
| Gross operating margin | 9900 | -€13,237 | -€16,823 | -€3,586 | -27.1% |
| Operating profit (loss) | 9901 | -€60,218 | -€63,650 | -€3,432 | -5.7% |
| Financial charges | 65/66B | €24 | €30 | +€6 | +25.0% |
| Recurring financial charges | 65 | €24 | €30 | +€6 | +25.0% |
| Profit (loss) for the period before taxes | 9903 | -€60,242 | -€63,680 | -€3,438 | -5.7% |
| Profit (loss) for the period | 9904 | -€60,242 | -€63,680 | -€3,438 | -5.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€60,242 | -€63,680 | -€3,438 | -5.7% |
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.