Pennalux: 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.
Pennalux
Largest movements
- Receivables within one year -€154,147
down €154,147 (-47.9%), from €322,045 to €167,898
of which Trade receivables: -€152,687
- Cash +€147,630
up €147,630 (+670%), from €22,034 to €169,664
mainly Receivables within one year (+€154,147) and Net result for the year (+€58,338)
- Reserves +€58,338
up €58,338 (+206%), from €28,373 to €86,711
of which Distributable reserves: +€58,338
- Tax, wage and social debts -€27,628
down €27,628 (-19.9%), from €138,659 to €111,031
of which Remuneration and social security: -€20,836
- Other debts -€26,252
down €26,252 (-38.4%), from €68,441 to €42,189
- Trade debts -€9,491
down €9,491 (-44.9%), from €21,158 to €11,666
- Gross operating margin +€108,562
up €108,562 (+40.3%), from €269,254 to €377,815
- Staff costs +€54,352
up €54,352 (+24.0%), from €226,417 to €280,769
- Taxes +€16,435
up €16,435 (+167%), from €9,871 to €26,306
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 | €360,405 | €353,613 | -€6,792 | -1.9% |
| Fixed assets | 21/28 | €16,277 | €15,295 | -€983 | -6.0% |
| Tangible fixed assets | 22/27 | €16,147 | €15,165 | -€983 | -6.1% |
| Plant, machinery and equipment | 23 | €3,273 | €4,838 | +€1,564 | +47.8% |
| Furniture and vehicles | 24 | €2,709 | €3,553 | +€844 | +31.2% |
| Other tangible fixed assets | 26 | €10,165 | €6,774 | -€3,391 | -33.4% |
| Financial fixed assets | 28 | €130 | €130 | = | 0.0% |
| Current assets | 29/58 | €344,128 | €338,319 | -€5,809 | -1.7% |
| Amounts receivable within one year | 40/41 | €322,045 | €167,898 | -€154,147 | -47.9% |
| Trade receivables | 40 | €319,309 | €166,623 | -€152,687 | -47.8% |
| Other amounts receivable | 41 | €2,736 | €1,276 | -€1,460 | -53.4% |
| Cash at bank and in hand | 54/58 | €22,034 | €169,664 | +€147,630 | +670% |
| Deferred charges and accrued income | 490/1 | €49 | €757 | +€708 | +1,457% |
| Total equity and liabilities | 10/49 | €360,405 | €353,613 | -€6,792 | -1.9% |
| Equity | 10/15 | €130,389 | €188,727 | +€58,338 | +44.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €28,373 | €86,711 | +€58,338 | +206% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €116 | €116 | = | 0.0% |
| Distributable reserves | 133 | €26,403 | €84,741 | +€58,338 | +221% |
| Profit (loss) carried forward | 14 | €83,466 | €83,466 | = | 0.0% |
| Amounts payable | 17/49 | €230,016 | €164,886 | -€65,130 | -28.3% |
| Amounts payable within one year | 42/48 | €228,258 | €164,886 | -€63,372 | -27.8% |
| Trade debts | 44 | €21,158 | €11,666 | -€9,491 | -44.9% |
| Suppliers | 440/4 | €21,158 | €11,666 | -€9,491 | -44.9% |
| Taxes, remuneration and social security | 45 | €138,659 | €111,031 | -€27,628 | -19.9% |
| Taxes | 450/3 | €79,152 | €72,360 | -€6,792 | -8.6% |
| Remuneration and social security | 454/9 | €59,507 | €38,671 | -€20,836 | -35.0% |
| Other amounts payable | 47/48 | €68,441 | €42,189 | -€26,252 | -38.4% |
| Accrued charges and deferred income | 492/3 | €1,758 | - | -€1,758 | |
| Remuneration, social security and pensions | 62 | €226,417 | €280,769 | +€54,352 | +24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,807 | €7,512 | -€2,295 | -23.4% |
| Other operating charges | 640/8 | €1,166 | €1,068 | -€98 | -8.4% |
| Gross operating margin | 9900 | €269,254 | €377,815 | +€108,562 | +40.3% |
| Operating profit (loss) | 9901 | €31,864 | €88,467 | +€56,603 | +178% |
| Financial income | 75/76B | €6 | €34 | +€28 | +499% |
| Recurring financial income | 75 | €6 | €34 | +€28 | +499% |
| Financial charges | 65/66B | €5,366 | €3,857 | -€1,509 | -28.1% |
| Recurring financial charges | 65 | €5,366 | €3,857 | -€1,509 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €26,504 | €84,644 | +€58,140 | +219% |
| Income taxes | 67/77 | €9,871 | €26,306 | +€16,435 | +167% |
| Profit (loss) for the period | 9904 | €16,633 | €58,338 | +€41,705 | +251% |
| Profit (loss) for the period to be appropriated | 9905 | €16,633 | €58,338 | +€41,705 | +251% |
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 29 October 2026 via checked.be.