Penne Enterprises: what changed
Two fiscal 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 Enterprises
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€9.3m
2024 · -€607,177+€9.9m
Equity
€32.7m
2024 · €23.4m+€9.3m
Cash
€105,469
2024 · €118,248-€12,779
Balance sheet total
€41.4m
2024 · €40.1m+€1.2m
Largest movements
Assets
- Receivables within one year +€1.2m
up €1.2m (+4681.8%), from €25,000 to €1.2m
of which Other amounts receivable: +€1.2m
Equity and liabilities
- Profit (loss) carried forward +€8.9m
up €8.9m, from -€958,235 to €7.9m
- Other debts -€7.1m
down €7.1m (-82.8%), from €8.6m to €1.5m
- Debts after one year -€648,129
down €648,129 (-9.8%), from €6.6m to €6.0m
- Reserves +€415,546
new in 2025: €415,546
Income statement
- Financial income +€9.5m
up €9.5m, from €0 to €9.5m
- Financial charges -€371,402
down €371,402 (-53.4%), from €695,794 to €324,391
- Services and other goods -€83,637
down €83,637 (-6.8%), from €1.2m to €1.1m
- Turnover -€79,918
down €79,918 (-6.1%), from €1.3m to €1.2m
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
-€607,177
Turnover
-€79,918
Services and other goods
+€83,637
Other operating charges
-€619
Financial income
+€9.5m
Financial charges
+€371,402
Result 2025
€9.3m
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.
From operations
+€610,343
Investment
€0
Financing
-€623,122
Cash 2024
€118,248
From operations (derived)
+€610,343
Net result for the year
+€9.3m
Receivables within one year
-€1.2m
Deferred charges and accrued income
-€53,144
Trade debts
-€250,669
Tax, wage and social debts
-€5,530
Other debts
-€7.1m
Accrued charges and deferred income
-€56,325
Financing
-€623,122
Debts after one year
-€648,129
Current portion of long-term debt
+€25,007
Cash 2025
€105,469
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €40,143,476 | €41,354,279 | +€1.2m | +3.0% |
| Fixed assets | 21/28 | €40,000,000 | €40,000,000 | = | 0.0% |
| Financial fixed assets | 28 | €40,000,000 | €40,000,000 | = | 0.0% |
| Affiliated companies | 280/1 | €40,000,000 | €40,000,000 | = | 0.0% |
| Participating interests | 280 | €40,000,000 | €40,000,000 | = | 0.0% |
| Current assets | 29/58 | €143,476 | €1,354,279 | +€1.2m | +843.9% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €25,000 | €1,195,439 | +€1.2m | +4681.8% |
| Trade receivables | 40 | €0 | €13,788 | +€13,788 | |
| Other amounts receivable | 41 | €25,000 | €1,181,651 | +€1.2m | +4626.6% |
| Cash at bank and in hand | 54/58 | €118,248 | €105,469 | -€12,779 | -10.8% |
| Deferred charges and accrued income | 490/1 | €228 | €53,372 | +€53,144 | +23348.7% |
| Total equity and liabilities | 10/49 | €40,143,476 | €41,354,279 | +€1.2m | +3.0% |
| Equity | 10/15 | €23,441,765 | €32,710,925 | +€9.3m | +39.5% |
| Contributions | 10/11 | €24,400,000 | €24,400,000 | = | 0.0% |
| Capital | 10 | €24,400,000 | €24,400,000 | = | 0.0% |
| Issued capital | 100 | €24,400,000 | €24,400,000 | = | 0.0% |
| Reserves | 13 | - | €415,546 | +€415,546 | |
| Non-distributable reserves | 130/1 | - | €415,546 | +€415,546 | |
| Legal reserve | 130 | - | €415,546 | +€415,546 | |
| Profit (loss) carried forward | 14 | -€958,235 | €7,895,379 | +€8.9m | |
| Amounts payable | 17/49 | €16,701,710 | €8,643,354 | -€8.1m | -48.2% |
| Amounts payable after more than one year | 17 | €6,627,798 | €5,979,669 | -€648,129 | -9.8% |
| Financial debts | 170/4 | €6,627,798 | €5,979,669 | -€648,129 | -9.8% |
| Credit institutions | 173 | €6,627,798 | €5,979,669 | -€648,129 | -9.8% |
| Amounts payable within one year | 42/48 | €9,951,406 | €2,597,505 | -€7.4m | -73.9% |
| Current portion of amounts payable after more than one year | 42 | €623,122 | €648,129 | +€25,007 | +4.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €715,354 | €464,686 | -€250,669 | -35.0% |
| Suppliers | 440/4 | €715,354 | €464,686 | -€250,669 | -35.0% |
| Taxes, remuneration and social security | 45 | €5,530 | €0 | -€5,530 | -100.0% |
| Taxes | 450/3 | €5,530 | €0 | -€5,530 | -100.0% |
| Other amounts payable | 47/48 | €8,607,400 | €1,484,690 | -€7.1m | -82.8% |
| Accrued charges and deferred income | 492/3 | €122,506 | €66,181 | -€56,325 | -46.0% |
| Operating income | 70/76A | €1,318,706 | €1,238,788 | -€79,918 | -6.1% |
| Turnover | 70 | €1,318,706 | €1,238,788 | -€79,918 | -6.1% |
| Operating charges | 60/66A | €1,230,089 | €1,147,071 | -€83,018 | -6.7% |
| Services and other goods | 61 | €1,229,562 | €1,145,925 | -€83,637 | -6.8% |
| Other operating charges | 640/8 | €527 | €1,147 | +€619 | +117.4% |
| Operating profit (loss) | 9901 | €88,617 | €91,717 | +€3,100 | +3.5% |
| Financial income | 75/76B | €0 | €9,501,834 | +€9.5m | |
| Recurring financial income | 75 | €0 | €9,501,834 | +€9.5m | |
| Income from financial fixed assets | 750 | - | €9,501,834 | +€9.5m | |
| Income from current assets | 751 | €0 | - | = | |
| Other financial income | 752/9 | €0 | - | = | |
| Financial charges | 65/66B | €695,794 | €324,391 | -€371,402 | -53.4% |
| Recurring financial charges | 65 | €695,794 | €324,391 | -€371,402 | -53.4% |
| Debt charges | 650 | €694,489 | €323,910 | -€370,579 | -53.4% |
| Other financial charges | 652/9 | €1,305 | €481 | -€824 | -63.1% |
| Profit (loss) for the period before taxes | 9903 | -€607,177 | €9,269,159 | +€9.9m | |
| Profit (loss) for the period | 9904 | -€607,177 | €9,269,159 | +€9.9m | |
| Profit (loss) for the period to be appropriated | 9905 | -€607,177 | €9,269,159 | +€9.9m |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.