PENNEMAN-BOYEN: 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.
PENNEMAN-BOYEN
Largest movements
- Cash +€3,822
new in 2025: €3,822
mainly Net result for the year (+€16,871) and Trade debts (+€2,041)
- Receivables within one year +€3,720
up €3,720 (+31.9%), from €11,668 to €15,388
of which Trade receivables: +€3,280
- Tangible fixed assets +€3,544
up €3,544 (+686%), from €517 to €4,061
- Deferred charges and accrued income -€482
down €482 (-51.7%), from €932 to €450
- Profit (loss) carried forward +€16,871
up €16,871 (+53.6%), from -€31,492 to -€14,621
- Tax, wage and social debts -€6,044
down €6,044 (-41.7%), from €14,493 to €8,450
of which Remuneration and social security: -€4,360
- Trade debts +€2,041
up €2,041 (+71.3%), from €2,861 to €4,902
- Other debts -€1,900
no longer reported in 2025 (was €1,900)
- Short-term financial debts -€365
down €365 (-16.7%), from €2,189 to €1,824
- Gross operating margin +€15,125
up €15,125 (+365%), from €4,139 to €19,263
- Depreciation +€384
up €384 (+60.2%), from €637 to €1,021
- Financial charges -€354
down €354 (-64.5%), from €549 to €195
- Other operating charges +€236
up €236 (+30.7%), from €767 to €1,003
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 | €13,117 | €23,721 | +€10,604 | +80.8% |
| Fixed assets | 21/28 | €517 | €4,061 | +€3,544 | +686% |
| Tangible fixed assets | 22/27 | €517 | €4,061 | +€3,544 | +686% |
| Furniture and vehicles | 24 | €517 | €4,061 | +€3,544 | +686% |
| Current assets | 29/58 | €12,600 | €19,660 | +€7,060 | +56.0% |
| Amounts receivable within one year | 40/41 | €11,668 | €15,388 | +€3,720 | +31.9% |
| Trade receivables | 40 | €11,668 | €14,948 | +€3,280 | +28.1% |
| Other amounts receivable | 41 | - | €440 | +€440 | |
| Cash at bank and in hand | 54/58 | - | €3,822 | +€3,822 | |
| Deferred charges and accrued income | 490/1 | €932 | €450 | -€482 | -51.7% |
| Total equity and liabilities | 10/49 | €13,117 | €23,721 | +€10,604 | +80.8% |
| Equity | 10/15 | -€8,393 | €8,478 | +€16,871 | |
| Contributions | 10/11 | €23,099 | €23,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€31,492 | -€14,621 | +€16,871 | +53.6% |
| Amounts payable | 17/49 | €21,510 | €15,243 | -€6,267 | -29.1% |
| Amounts payable within one year | 42/48 | €21,444 | €15,176 | -€6,268 | -29.2% |
| Financial debts | 43 | €2,189 | €1,824 | -€365 | -16.7% |
| Credit institutions | 430/8 | €2,189 | €1,824 | -€365 | -16.7% |
| Trade debts | 44 | €2,861 | €4,902 | +€2,041 | +71.3% |
| Suppliers | 440/4 | €2,861 | €4,902 | +€2,041 | +71.3% |
| Taxes, remuneration and social security | 45 | €14,493 | €8,450 | -€6,044 | -41.7% |
| Taxes | 450/3 | €2,879 | €1,196 | -€1,683 | -58.5% |
| Remuneration and social security | 454/9 | €11,614 | €7,254 | -€4,360 | -37.5% |
| Other amounts payable | 47/48 | €1,900 | - | -€1,900 | |
| Accrued charges and deferred income | 492/3 | €66 | €67 | +€1 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €637 | €1,021 | +€384 | +60.2% |
| Other operating charges | 640/8 | €767 | €1,003 | +€236 | +30.7% |
| Gross operating margin | 9900 | €4,139 | €19,263 | +€15,125 | +365% |
| Operating profit (loss) | 9901 | €2,734 | €17,239 | +€14,505 | +531% |
| Financial charges | 65/66B | €549 | €195 | -€354 | -64.5% |
| Recurring financial charges | 65 | €549 | €195 | -€354 | -64.5% |
| Profit (loss) for the period before taxes | 9903 | €2,185 | €17,044 | +€14,859 | +680% |
| Income taxes | 67/77 | €270 | €173 | -€97 | -36.0% |
| Profit (loss) for the period | 9904 | €1,915 | €16,871 | +€14,956 | +781% |
| Profit (loss) for the period to be appropriated | 9905 | €1,915 | €16,871 | +€14,956 | +781% |
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 20 October 2026 via checked.be.