PENNINCK: 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.
What changed
PENNINCK
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.4m
2024 · €2.7m-€355,581
Equity
€36.7m
2024 · €34.3m+€2.4m
Cash
€2.1m
2024 · €2.7m-€650,245
Balance sheet total
€36.7m
2024 · €34.8m+€1.9m
Largest movements
Assets
- Current investments +€2.5m
up €2.5m (+18.6%), from €13.3m to €15.7m
- Cash -€650,245
down €650,245 (-23.7%), from €2.7m to €2.1m
mainly Current investments (-€2.5m) and Other debts (-€496,636)
Equity and liabilities
- Reserves +€2.4m
up €2.4m (+10.3%), from €23.1m to €25.4m
of which Distributable reserves: +€2.4m
- Other debts -€496,636
down €496,636 (-100%), from €496,636 to €0
Income statement
- Financial income -€364,553
down €364,553 (-13.5%), from €2.7m to €2.3m
- Financial charges -€27,820
down €27,820 (-77.9%), from €35,734 to €7,914
- Taxes +€15,500
up €15,500 (+11.5%), from €134,521 to €150,021
- Services and other goods -€6,821
down €6,821 (-3.4%), from €202,967 to €196,146
- Other operating income -€6,137
down €6,137 (-42.1%), from €14,567 to €8,430
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
€2.7m
Other operating income
-€6,137
Services and other goods
+€6,821
Other operating charges
-€4,032
Financial income
-€364,553
Financial charges
+€27,820
Taxes
-€15,500
Result 2025
€2.4m
raises the resultlowers the result
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.
From operations
+€1.8m
Investment
-€2.5m
Financing
€0
Cash 2024
€2.7m
From operations (derived)
+€1.8m
Net result for the year
+€2.4m
Depreciation
+€8,137
Receivables after one year
+€30,000
Receivables within one year
+€68,040
Deferred charges and accrued income
-€203,351
Trade debts
-€107
Tax, wage and social debts
+€22,610
Other debts
-€496,636
Accrued charges and deferred income
+€9,634
Investment (derived)
-€2.5m
Current investments
-€2.5m
Cash 2025
€2.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €34,790,621 | €36,705,882 | +€1.9m | +5.5% |
| Fixed assets | 21/28 | €18,541,430 | €18,533,293 | -€8,137 | 0.0% |
| Tangible fixed assets | 22/27 | €32,280 | €24,143 | -€8,137 | -25.2% |
| Furniture and vehicles | 24 | €32,280 | €24,143 | -€8,137 | -25.2% |
| Financial fixed assets | 28 | €18,509,150 | €18,509,150 | = | 0.0% |
| Affiliated companies | 280/1 | €18,509,150 | €18,509,150 | = | 0.0% |
| Participating interests | 280 | €18,509,150 | €18,509,150 | = | 0.0% |
| Current assets | 29/58 | €16,249,192 | €18,172,589 | +€1.9m | +11.8% |
| Amounts receivable after more than one year | 29 | €89,000 | €59,000 | -€30,000 | -33.7% |
| Other amounts receivable | 291 | €89,000 | €59,000 | -€30,000 | -33.7% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €71,645 | €3,605 | -€68,040 | -95.0% |
| Other amounts receivable | 41 | €71,645 | €3,605 | -€68,040 | -95.0% |
| Current investments | 50/53 | €13,264,919 | €15,733,251 | +€2.5m | +18.6% |
| Other investments | 51/53 | €13,264,919 | €15,733,251 | +€2.5m | +18.6% |
| Cash at bank and in hand | 54/58 | €2,745,474 | €2,095,229 | -€650,245 | -23.7% |
| Deferred charges and accrued income | 490/1 | €78,153 | €281,504 | +€203,351 | +260% |
| Total equity and liabilities | 10/49 | €34,790,621 | €36,705,882 | +€1.9m | +5.5% |
| Equity | 10/15 | €34,273,188 | €36,652,948 | +€2.4m | +6.9% |
| Contributions | 10/11 | €11,220,000 | €11,220,000 | = | 0.0% |
| Capital | 10 | €11,220,000 | €11,220,000 | = | 0.0% |
| Issued capital | 100 | €11,220,000 | €11,220,000 | = | 0.0% |
| Reserves | 13 | €23,053,188 | €25,432,948 | +€2.4m | +10.3% |
| Non-distributable reserves | 130/1 | €2,193,000 | €2,193,000 | = | 0.0% |
| Legal reserve | 130 | €2,193,000 | €2,193,000 | = | 0.0% |
| Distributable reserves | 133 | €20,860,188 | €23,239,948 | +€2.4m | +11.4% |
| Amounts payable | 17/49 | €517,433 | €52,934 | -€464,499 | -89.8% |
| Amounts payable within one year | 42/48 | €510,420 | €36,287 | -€474,133 | -92.9% |
| Trade debts | 44 | €13,785 | €13,677 | -€107 | -0.8% |
| Suppliers | 440/4 | €13,785 | €13,677 | -€107 | -0.8% |
| Taxes, remuneration and social security | 45 | - | €22,610 | +€22,610 | |
| Taxes | 450/3 | - | €22,610 | +€22,610 | |
| Other amounts payable | 47/48 | €496,636 | €0 | -€496,636 | -100% |
| Accrued charges and deferred income | 492/3 | €7,013 | €16,647 | +€9,634 | +137% |
| Operating income | 70/76A | €414,567 | €408,430 | -€6,137 | -1.5% |
| Turnover | 70 | €400,000 | €400,000 | = | 0.0% |
| Other operating income | 74 | €14,567 | €8,430 | -€6,137 | -42.1% |
| Operating charges | 60/66A | €213,391 | €210,602 | -€2,789 | -1.3% |
| Services and other goods | 61 | €202,967 | €196,146 | -€6,821 | -3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,137 | €8,137 | = | 0.0% |
| Other operating charges | 640/8 | €2,287 | €6,319 | +€4,032 | +176% |
| Operating profit (loss) | 9901 | €201,176 | €197,828 | -€3,348 | -1.7% |
| Financial income | 75/76B | €2,704,419 | €2,339,867 | -€364,553 | -13.5% |
| Recurring financial income | 75 | €2,704,419 | €2,339,867 | -€364,553 | -13.5% |
| Income from financial fixed assets | 750 | €2,341,247 | €1,937,005 | -€404,243 | -17.3% |
| Income from current assets | 751 | €363,172 | €402,862 | +€39,690 | +10.9% |
| Financial charges | 65/66B | €35,734 | €7,914 | -€27,820 | -77.9% |
| Recurring financial charges | 65 | €35,734 | €7,914 | -€27,820 | -77.9% |
| Debt charges | 650 | €29,838 | €16,647 | -€13,192 | -44.2% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €5,527 | -€9,103 | -€14,630 | |
| Other financial charges | 652/9 | €369 | €370 | +€1 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | €2,869,861 | €2,529,781 | -€340,080 | -11.9% |
| Income taxes | 67/77 | €134,521 | €150,021 | +€15,500 | +11.5% |
| Taxes | 670/3 | €134,521 | €150,021 | +€15,500 | +11.5% |
| Profit (loss) for the period | 9904 | €2,735,340 | €2,379,760 | -€355,581 | -13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,735,340 | €2,379,760 | -€355,581 | -13.0% |
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 31 October 2026 via checked.be.