PENNEMAN: 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.
PENNEMAN
Largest movements
- Receivables within one year +€280,801
up €280,801 (+34.7%), from €810,234 to €1.1m
of which Other amounts receivable: +€154,770
- Cash +€220,635
up €220,635 (+84.0%), from €262,678 to €483,313
mainly Net result for the year (+€599,763) and Depreciation (+€83,811)
- Tangible fixed assets -€67,877
down €67,877 (-7.7%), from €882,402 to €814,525
of which Land and buildings: -€57,791
- Reserves +€599,763
up €599,763 (+24.9%), from €2.4m to €3.0m
- Tax, wage and social debts -€86,259
down €86,259 (-51.7%), from €166,769 to €80,510
of which Taxes: -€90,276
- Trade debts -€77,001
down €77,001 (-18.0%), from €426,600 to €349,599
- Gross operating margin -€52,260
down €52,260 (-4.7%), from €1.1m to €1.1m
- Other operating charges +€31,441
up €31,441 (+164.6%), from €19,106 to €50,547
- Taxes -€28,861
down €28,861 (-9.5%), from €304,739 to €275,878
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 | €3,746,008 | €4,185,749 | +€439,741 | +11.7% |
| Fixed assets | 21/28 | €882,402 | €814,525 | -€67,877 | -7.7% |
| Tangible fixed assets | 22/27 | €882,402 | €814,525 | -€67,877 | -7.7% |
| Land and buildings | 22 | €828,687 | €770,896 | -€57,791 | -7.0% |
| Plant, machinery and equipment | 23 | €11,575 | €17,583 | +€6,009 | +51.9% |
| Furniture and vehicles | 24 | €42,140 | €26,046 | -€16,094 | -38.2% |
| Current assets | 29/58 | €2,863,606 | €3,371,223 | +€507,618 | +17.7% |
| Stocks and contracts in progress | 3 | €47,525 | €53,072 | +€5,546 | +11.7% |
| Stocks | 30/36 | €47,525 | €53,072 | +€5,546 | +11.7% |
| Amounts receivable within one year | 40/41 | €810,234 | €1,091,035 | +€280,801 | +34.7% |
| Trade receivables | 40 | €809,259 | €935,290 | +€126,031 | +15.6% |
| Other amounts receivable | 41 | €975 | €155,745 | +€154,770 | +15870.2% |
| Current investments | 50/53 | €1,735,000 | €1,735,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €262,678 | €483,313 | +€220,635 | +84.0% |
| Deferred charges and accrued income | 490/1 | €8,169 | €8,804 | +€636 | +7.8% |
| Total equity and liabilities | 10/49 | €3,746,008 | €4,185,749 | +€439,741 | +11.7% |
| Equity | 10/15 | €3,132,731 | €3,732,494 | +€599,763 | +19.1% |
| Contributions | 10/11 | €727,552 | €727,552 | = | 0.0% |
| Reserves | 13 | €2,405,179 | €3,004,942 | +€599,763 | +24.9% |
| Distributable reserves | 133 | €2,405,179 | €3,004,942 | +€599,763 | +24.9% |
| Amounts payable | 17/49 | €613,277 | €453,254 | -€160,022 | -26.1% |
| Amounts payable within one year | 42/48 | €611,853 | €452,392 | -€159,461 | -26.1% |
| Financial debts | 43 | - | €2 | +€2 | |
| Credit institutions | 430/8 | - | €2 | +€2 | |
| Trade debts | 44 | €426,600 | €349,599 | -€77,001 | -18.0% |
| Suppliers | 440/4 | €426,600 | €349,599 | -€77,001 | -18.0% |
| Taxes, remuneration and social security | 45 | €166,769 | €80,510 | -€86,259 | -51.7% |
| Taxes | 450/3 | €159,500 | €69,223 | -€90,276 | -56.6% |
| Remuneration and social security | 454/9 | €7,270 | €11,287 | +€4,017 | +55.3% |
| Other amounts payable | 47/48 | €18,484 | €22,281 | +€3,797 | +20.5% |
| Accrued charges and deferred income | 492/3 | €1,424 | €863 | -€561 | -39.4% |
| Remuneration, social security and pensions | 62 | €81,637 | €83,858 | +€2,221 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,243 | €83,811 | -€8,432 | -9.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,777 | -€4,470 | -€10,246 | |
| Other operating charges | 640/8 | €19,106 | €50,547 | +€31,441 | +164.6% |
| Gross operating margin | 9900 | €1,102,413 | €1,050,153 | -€52,260 | -4.7% |
| Operating profit (loss) | 9901 | €903,651 | €836,407 | -€67,244 | -7.4% |
| Financial income | 75/76B | €44,596 | €40,615 | -€3,981 | -8.9% |
| Recurring financial income | 75 | €44,596 | €40,615 | -€3,981 | -8.9% |
| Financial charges | 65/66B | €1,722 | €1,381 | -€341 | -19.8% |
| Recurring financial charges | 65 | €1,722 | €1,381 | -€341 | -19.8% |
| Profit (loss) for the period before taxes | 9903 | €946,524 | €875,641 | -€70,883 | -7.5% |
| Income taxes | 67/77 | €304,739 | €275,878 | -€28,861 | -9.5% |
| Profit (loss) for the period | 9904 | €641,785 | €599,763 | -€42,022 | -6.5% |
| Profit (loss) for the period to be appropriated | 9905 | €641,785 | €599,763 | -€42,022 | -6.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.