Pennetreau & Associés: what changed
Pennetreau & Associés
Largest movements
- Current investments +€70,303
up €70,303 (+240%), from €29,251 to €99,554
- Cash -€29,278
down €29,278 (-79.4%), from €36,873 to €7,595
- Receivables within one year -€11,906
down €11,906 (-50.9%), from €23,377 to €11,471
of which Trade receivables: -€8,362
- Tangible fixed assets +€1,893
up €1,893 (+153%), from €1,238 to €3,131
of which Furniture and vehicles: +€2,959
- Other debts +€90,356
new in 2025: €90,356
- Reserves -€50,170
no longer reported in 2025 (was €50,170)
- Advances received -€20,265
no longer reported in 2025 (was €20,265)
- Tax, wage and social debts +€9,275
up €9,275 (+53.6%), from €17,303 to €26,578
- Trade debts +€1,817
new in 2025: €1,817
- Gross operating margin +€13,672
up €13,672 (+22.6%), from €60,587 to €74,259
- Taxes +€2,259
up €2,259 (+17.7%), from €12,774 to €15,033
- Depreciation +€1,144
up €1,144 (+354%), from €323 to €1,467
Change in the result, 2023 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
A cash bridge needs two consecutive financial years. One year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €90,739 | €121,751 | +€31,012 | +34.2% |
| Fixed assets | 21/28 | €1,238 | €3,131 | +€1,893 | +153% |
| Tangible fixed assets | 22/27 | €1,238 | €3,131 | +€1,893 | +153% |
| Plant, machinery and equipment | 23 | €1,238 | €172 | -€1,065 | -86.1% |
| Furniture and vehicles | 24 | - | €2,959 | +€2,959 | |
| Current assets | 29/58 | €89,501 | €118,620 | +€29,119 | +32.5% |
| Amounts receivable within one year | 40/41 | €23,377 | €11,471 | -€11,906 | -50.9% |
| Trade receivables | 40 | €16,538 | €8,176 | -€8,362 | -50.6% |
| Other amounts receivable | 41 | €6,839 | €3,294 | -€3,544 | -51.8% |
| Current investments | 50/53 | €29,251 | €99,554 | +€70,303 | +240% |
| Cash at bank and in hand | 54/58 | €36,873 | €7,595 | -€29,278 | -79.4% |
| Total equity and liabilities | 10/49 | €90,739 | €121,751 | +€31,012 | +34.2% |
| Equity | 10/15 | €53,170 | €3,000 | -€50,170 | -94.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €50,170 | - | -€50,170 | |
| Distributable reserves | 133 | €50,170 | - | -€50,170 | |
| Amounts payable | 17/49 | €37,569 | €118,751 | +€81,182 | +216% |
| Amounts payable within one year | 42/48 | €37,569 | €118,751 | +€81,182 | +216% |
| Trade debts | 44 | - | €1,817 | +€1,817 | |
| Suppliers | 440/4 | - | €1,817 | +€1,817 | |
| Advances received on contracts in progress | 46 | €20,265 | - | -€20,265 | |
| Taxes, remuneration and social security | 45 | €17,303 | €26,578 | +€9,275 | +53.6% |
| Taxes | 450/3 | €17,303 | €26,578 | +€9,275 | +53.6% |
| Other amounts payable | 47/48 | - | €90,356 | +€90,356 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €323 | €1,467 | +€1,144 | +354% |
| Gross operating margin | 9900 | €60,587 | €74,259 | +€13,672 | +22.6% |
| Operating profit (loss) | 9901 | €60,264 | €72,792 | +€12,528 | +20.8% |
| Financial charges | 65/66B | €45 | €53 | +€8 | +18.8% |
| Recurring financial charges | 65 | €45 | €53 | +€8 | +18.8% |
| Profit (loss) for the period before taxes | 9903 | €60,219 | €72,738 | +€12,519 | +20.8% |
| Income taxes | 67/77 | €12,774 | €15,033 | +€2,259 | +17.7% |
| Profit (loss) for the period | 9904 | €47,445 | €57,705 | +€10,260 | +21.6% |
| Profit (loss) for the period to be appropriated | 9905 | €47,445 | €57,705 | +€10,260 | +21.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.