PENNIGER: 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.
PENNIGER
Largest movements
- Current investments -€101,027
down €101,027 (-100%), from €101,027 to €0
- Receivables within one year +€66,062
up €66,062 (+120%), from €54,913 to €120,975
of which Other amounts receivable: +€81,608
- Cash -€38,145
down €38,145 (-33.8%), from €113,020 to €74,875
mainly Debts after one year (-€290,136) and Investment in fixed assets (net) (-€136,256)
- Other debts +€299,612
up €299,612 (+64,375%), from €465 to €300,077
- Debts after one year -€290,136
down €290,136 (-39.0%), from €744,135 to €453,999
of which Financial debts: -€290,136
- Profit (loss) carried forward -€51,113
down €51,113 (-11.1%), from €460,689 to €409,576
- Trade debts +€18,173
up €18,173 (+34.2%), from €53,210 to €71,383
- Current portion of long-term debt -€17,195
down €17,195 (-10.9%), from €157,331 to €140,136
- Gross operating margin -€86,457
down €86,457 (-38.8%), from €222,987 to €136,530
- Taxes -€7,446
down €7,446 (-96.2%), from €7,742 to €296
- Financial charges -€5,667
down €5,667 (-24.5%), from €23,097 to €17,430
- Depreciation +€4,146
up €4,146 (+3.3%), from €127,126 to €131,273
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 | €1,640,557 | €1,576,494 | -€64,063 | -3.9% |
| Fixed assets | 21/28 | €1,345,098 | €1,350,082 | +€4,983 | +0.4% |
| Intangible fixed assets | 21 | €20,379 | €15,283 | -€5,096 | -25.0% |
| Tangible fixed assets | 22/27 | €1,300,986 | €1,311,066 | +€10,080 | +0.8% |
| Land and buildings | 22 | €1,129,551 | €1,183,100 | +€53,548 | +4.7% |
| Furniture and vehicles | 24 | €53,123 | €38,475 | -€14,648 | -27.6% |
| Other tangible fixed assets | 26 | €118,312 | €89,491 | -€28,821 | -24.4% |
| Financial fixed assets | 28 | €23,733 | €23,733 | = | 0.0% |
| Current assets | 29/58 | €295,458 | €226,412 | -€69,046 | -23.4% |
| Amounts receivable within one year | 40/41 | €54,913 | €120,975 | +€66,062 | +120% |
| Trade receivables | 40 | €22,872 | €7,325 | -€15,546 | -68.0% |
| Other amounts receivable | 41 | €32,041 | €113,650 | +€81,608 | +255% |
| Current investments | 50/53 | €101,027 | €0 | -€101,027 | -100% |
| Cash at bank and in hand | 54/58 | €113,020 | €74,875 | -€38,145 | -33.8% |
| Deferred charges and accrued income | 490/1 | €26,499 | €30,562 | +€4,064 | +15.3% |
| Total equity and liabilities | 10/49 | €1,640,557 | €1,576,494 | -€64,063 | -3.9% |
| Equity | 10/15 | €661,839 | €610,726 | -€51,113 | -7.7% |
| Contributions | 10/11 | €196,500 | €196,500 | = | 0.0% |
| Reserves | 13 | €4,650 | €4,650 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,650 | €4,650 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,650 | €4,650 | = | 0.0% |
| Profit (loss) carried forward | 14 | €460,689 | €409,576 | -€51,113 | -11.1% |
| Amounts payable | 17/49 | €978,717 | €965,768 | -€12,950 | -1.3% |
| Amounts payable after more than one year | 17 | €744,135 | €453,999 | -€290,136 | -39.0% |
| Financial debts | 170/4 | €719,229 | €429,093 | -€290,136 | -40.3% |
| Other amounts payable | 178/9 | €24,906 | €24,906 | = | 0.0% |
| Amounts payable within one year | 42/48 | €224,237 | €511,596 | +€287,359 | +128% |
| Current portion of amounts payable after more than one year | 42 | €157,331 | €140,136 | -€17,195 | -10.9% |
| Trade debts | 44 | €53,210 | €71,383 | +€18,173 | +34.2% |
| Suppliers | 440/4 | €53,210 | €71,383 | +€18,173 | +34.2% |
| Taxes, remuneration and social security | 45 | €13,230 | €0 | -€13,230 | -100% |
| Taxes | 450/3 | €13,230 | €0 | -€13,230 | -100% |
| Other amounts payable | 47/48 | €465 | €300,077 | +€299,612 | +64,375% |
| Accrued charges and deferred income | 492/3 | €10,345 | €172 | -€10,173 | -98.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,126 | €131,273 | +€4,146 | +3.3% |
| Other operating charges | 640/8 | €40,748 | €41,930 | +€1,181 | +2.9% |
| Gross operating margin | 9900 | €222,987 | €136,530 | -€86,457 | -38.8% |
| Operating profit (loss) | 9901 | €55,112 | -€36,672 | -€91,784 | |
| Financial income | 75/76B | €1,908 | €3,285 | +€1,377 | +72.2% |
| Recurring financial income | 75 | €1,908 | €3,285 | +€1,377 | +72.2% |
| Financial charges | 65/66B | €23,097 | €17,430 | -€5,667 | -24.5% |
| Recurring financial charges | 65 | €23,097 | €17,430 | -€5,667 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | €33,923 | -€50,817 | -€84,740 | |
| Income taxes | 67/77 | €7,742 | €296 | -€7,446 | -96.2% |
| Profit (loss) for the period | 9904 | €26,181 | -€51,113 | -€77,294 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,181 | -€51,113 | -€77,294 |
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 16 October 2026 via checked.be.