PENNE: 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.
What changed
PENNE
NACE 25.999, Manufacture of fabricated metal products, except machinery and equipment
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · €2.4m-€1.2m
Equity
€8.0m
2024 · €9.2m-€1.2m
Cash
€3.5m
2024 · €1.8m+€1.6m
Balance sheet total
€37.7m
2024 · €34.8m+€2.9m
Largest movements
Assets
- Tangible fixed assets +€4.8m
up €4.8m (+31.0%), from €15.5m to €20.3m
of which Land and buildings: +€4.2m
- Stocks and contracts -€2.8m
down €2.8m (-35.8%), from €7.7m to €5.0m
of which Contracts in progress: -€2.3m
- Current investments -€2.0m
down €2.0m (-100%), from €2.0m to €0
- Receivables within one year +€1.7m
up €1.7m (+27.6%), from €6.1m to €7.8m
of which Other amounts receivable: +€1.1m
- Cash +€1.6m
up €1.6m (+89.0%), from €1.8m to €3.5m
mainly Depreciation (+€3.4m) and Stocks and contracts (+€2.8m)
Equity and liabilities
- Debts after one year +€2.1m
up €2.1m (+14.9%), from €14.2m to €16.3m
- Other debts +€1.9m
up €1.9m (+75.8%), from €2.5m to €4.3m
- Reserves -€1.2m
down €1.2m (-13.3%), from €8.9m to €7.7m
of which Distributable reserves: -€909,575
Income statement
- Turnover +€3.6m
up €3.6m (+9.4%), from €37.9m to €41.5m
- Goods and materials -€877,366
down €877,366 (-4.2%), from €21.1m to €20.2m
of which Purchases: -€992,947
- Services and other goods +€700,378
up €700,378 (+12.9%), from €5.4m to €6.1m
- Staff costs +€528,481
up €528,481 (+7.9%), from €6.7m to €7.2m
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
€2.4m
Turnover
+€3.6m
Other operating income
+€82,194
Goods and materials
+€877,366
Services and other goods
-€700,378
Staff costs
-€528,481
Depreciation
-€222,507
Provisions
-€1,983
Other operating charges
-€30,067
Other operating items
-€4.2m
Financial income
+€32,957
Financial charges
-€320,413
Taxes
+€233,575
Result 2025
€1.2m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€7.4m
Investment
-€5.7m
Financing
-€85,946
Cash 2024
€1.8m
From operations (derived)
+€7.4m
Net result for the year
+€1.2m
Depreciation
+€3.4m
Receivables after one year
+€2,400
Stocks and contracts
+€2.8m
Receivables within one year
-€1.7m
Deferred charges and accrued income
-€58,454
Trade debts
-€208,057
Tax, wage and social debts
+€79,461
Other debts
+€1.9m
Accrued charges and deferred income
+€27,844
Investment (derived)
-€5.7m
Investment in fixed assets (net)
-€7.7m
Current investments
+€2.0m
Financing
-€85,946
Debts after one year
+€2.1m
Current portion of long-term debt
+€197,789
Contributions, distributions and other
-€2.4m
Cash 2025
€3.5m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €34,774,444 | €37,683,045 | +€2.9m | +8.4% |
| Fixed assets | 21/28 | €16,995,768 | €21,290,735 | +€4.3m | +25.3% |
| Intangible fixed assets | 21 | €1,481,415 | €963,353 | -€518,062 | -35.0% |
| Tangible fixed assets | 22/27 | €15,514,353 | €20,327,382 | +€4.8m | +31.0% |
| Land and buildings | 22 | €7,567,565 | €11,719,622 | +€4.2m | +54.9% |
| Plant, machinery and equipment | 23 | €3,267,340 | €3,942,024 | +€674,684 | +20.6% |
| Furniture and vehicles | 24 | €88,635 | €74,152 | -€14,483 | -16.3% |
| Leasing and similar rights | 25 | €4,364,913 | €4,591,584 | +€226,671 | +5.2% |
| Assets under construction and advance payments | 27 | €225,900 | €0 | -€225,900 | -100% |
| Current assets | 29/58 | €17,778,676 | €16,392,310 | -€1.4m | -7.8% |
| Amounts receivable after more than one year | 29 | €9,800 | €7,400 | -€2,400 | -24.5% |
| Other amounts receivable | 291 | €9,800 | €7,400 | -€2,400 | -24.5% |
| Stocks and contracts in progress | 3 | €7,718,002 | €4,956,468 | -€2.8m | -35.8% |
| Stocks | 30/36 | €5,417,760 | €4,956,468 | -€461,292 | -8.5% |
| Raw materials and consumables | 30/31 | €1,881,370 | €1,539,673 | -€341,696 | -18.2% |
| Finished goods | 33 | €3,536,390 | €3,416,794 | -€119,596 | -3.4% |
| Contracts in progress | 37 | €2,300,243 | €0 | -€2.3m | -100% |
| Amounts receivable within one year | 40/41 | €6,101,818 | €7,786,222 | +€1.7m | +27.6% |
| Trade receivables | 40 | €5,544,547 | €6,157,978 | +€613,431 | +11.1% |
| Other amounts receivable | 41 | €557,270 | €1,628,244 | +€1.1m | +192% |
| Current investments | 50/53 | €2,000,000 | €0 | -€2.0m | -100% |
| Other investments | 51/53 | €2,000,000 | €0 | -€2.0m | -100% |
| Cash at bank and in hand | 54/58 | €1,837,633 | €3,472,341 | +€1.6m | +89.0% |
| Deferred charges and accrued income | 490/1 | €111,424 | €169,878 | +€58,454 | +52.5% |
| Total equity and liabilities | 10/49 | €34,774,444 | €37,683,045 | +€2.9m | +8.4% |
| Equity | 10/15 | €9,155,229 | €7,977,564 | -€1.2m | -12.9% |
| Contributions | 10/11 | €270,000 | €270,000 | = | 0.0% |
| Capital | 10 | €270,000 | €270,000 | = | 0.0% |
| Issued capital | 100 | €270,000 | €270,000 | = | 0.0% |
| Reserves | 13 | €8,885,229 | €7,707,564 | -€1.2m | -13.3% |
| Non-distributable reserves | 130/1 | €27,000 | €27,000 | = | 0.0% |
| Legal reserve | 130 | €27,000 | €27,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €320,039 | €51,949 | -€268,090 | -83.8% |
| Distributable reserves | 133 | €8,538,190 | €7,628,615 | -€909,575 | -10.7% |
| Amounts payable | 17/49 | €25,619,215 | €29,705,480 | +€4.1m | +16.0% |
| Amounts payable after more than one year | 17 | €14,220,159 | €16,336,424 | +€2.1m | +14.9% |
| Financial debts | 170/4 | €14,220,159 | €16,336,424 | +€2.1m | +14.9% |
| Leasing and similar obligations | 172 | €3,459,786 | €3,875,043 | +€415,257 | +12.0% |
| Credit institutions | 173 | €10,760,373 | €12,461,380 | +€1.7m | +15.8% |
| Amounts payable within one year | 42/48 | €11,212,619 | €13,154,776 | +€1.9m | +17.3% |
| Current portion of amounts payable after more than one year | 42 | €3,087,261 | €3,285,050 | +€197,789 | +6.4% |
| Trade debts | 44 | €4,569,815 | €4,361,758 | -€208,057 | -4.6% |
| Suppliers | 440/4 | €4,569,815 | €4,361,758 | -€208,057 | -4.6% |
| Taxes, remuneration and social security | 45 | €1,084,155 | €1,163,616 | +€79,461 | +7.3% |
| Taxes | 450/3 | €196,963 | €204,083 | +€7,121 | +3.6% |
| Remuneration and social security | 454/9 | €887,192 | €959,532 | +€72,340 | +8.2% |
| Other amounts payable | 47/48 | €2,471,388 | €4,344,352 | +€1.9m | +75.8% |
| Accrued charges and deferred income | 492/3 | €186,437 | €214,281 | +€27,844 | +14.9% |
| Operating income | 70/76A | €40,015,529 | €39,478,529 | -€537,000 | -1.3% |
| Turnover | 70 | €37,884,961 | €41,461,021 | +€3.6m | +9.4% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €1,784,957 | -€2,419,838 | -€4.2m | |
| Other operating income | 74 | €339,811 | €422,005 | +€82,194 | +24.2% |
| Non-recurring operating income | 76A | €5,800 | €15,342 | +€9,542 | +165% |
| Operating charges | 60/66A | €36,504,822 | €37,110,872 | +€606,050 | +1.7% |
| Goods for resale, raw materials and consumables | 60 | €21,058,718 | €20,181,352 | -€877,366 | -4.2% |
| Purchases | 600/8 | €20,832,603 | €19,839,655 | -€992,947 | -4.8% |
| Change in stocks: decrease (increase) | 609 | €226,115 | €341,696 | +€115,581 | +51.1% |
| Services and other goods | 61 | €5,435,295 | €6,135,673 | +€700,378 | +12.9% |
| Remuneration, social security and pensions | 62 | €6,658,211 | €7,186,692 | +€528,481 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,145,557 | €3,368,064 | +€222,507 | +7.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€1,983 | €0 | +€1,983 | |
| Other operating charges | 640/8 | €208,961 | €239,028 | +€30,067 | +14.4% |
| Non-recurring operating charges | 66A | €63 | €63 | +€0 | +0.5% |
| Operating profit (loss) | 9901 | €3,510,708 | €2,367,657 | -€1.1m | -32.6% |
| Financial income | 75/76B | €38,106 | €71,062 | +€32,957 | +86.5% |
| Recurring financial income | 75 | €36,769 | €71,062 | +€34,293 | +93.3% |
| Income from current assets | 751 | €10,094 | €11,569 | +€1,475 | +14.6% |
| Other financial income | 752/9 | €26,675 | €59,493 | +€32,818 | +123% |
| Non-recurring financial income | 76B | €1,336 | €0 | -€1,336 | -100% |
| Financial charges | 65/66B | €364,754 | €685,167 | +€320,413 | +87.8% |
| Recurring financial charges | 65 | €364,754 | €685,167 | +€320,413 | +87.8% |
| Debt charges | 650 | €331,701 | €671,646 | +€339,945 | +102% |
| Other financial charges | 652/9 | €33,052 | €13,521 | -€19,532 | -59.1% |
| Profit (loss) for the period before taxes | 9903 | €3,184,060 | €1,753,552 | -€1.4m | -44.9% |
| Income taxes | 67/77 | €764,792 | €531,217 | -€233,575 | -30.5% |
| Taxes | 670/3 | €764,792 | €531,217 | -€233,575 | -30.5% |
| Profit (loss) for the period | 9904 | €2,419,268 | €1,222,335 | -€1.2m | -49.5% |
| Transfer from tax-exempt reserves | 789 | €300,260 | €268,090 | -€32,171 | -10.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,719,528 | €1,490,425 | -€1.2m | -45.2% |
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 14 October 2026 via checked.be.