Penny Benjamin: 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.
Penny Benjamin
Largest movements
- Tangible fixed assets -€212,237
down €212,237 (-2.1%), from €10.1m to €9.9m
- Cash -€103,791
down €103,791 (-59.3%), from €175,092 to €71,301
mainly Debts after one year (-€602,321) and Deferred charges and accrued income (-€13,104)
- Debts after one year -€602,321
down €602,321 (-9.8%), from €6.1m to €5.5m
of which Financial debts: -€502,321
- Profit (loss) carried forward +€181,302
no longer reported in 2025 (was -€181,302)
- Turnover +€857,138
new in 2025: €857,138
- Purchases and services +€173,712
new in 2025: €173,712
- Gross operating margin -€143,954
down €143,954 (-17.4%), from €827,379 to €683,425
- Financial charges -€38,808
down €38,808 (-38.6%), from €100,584 to €61,776
- Taxes -€23,659
down €23,659 (-20.9%), from €113,137 to €89,478
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 | €10,334,090 | €10,020,368 | -€313,722 | -3.0% |
| Fixed assets | 21/28 | €10,137,320 | €9,925,083 | -€212,237 | -2.1% |
| Tangible fixed assets | 22/27 | €10,137,320 | €9,925,083 | -€212,237 | -2.1% |
| Land and buildings | 22 | €10,137,320 | €9,925,083 | -€212,237 | -2.1% |
| Current assets | 29/58 | €196,770 | €95,285 | -€101,484 | -51.6% |
| Amounts receivable within one year | 40/41 | €21,678 | €10,880 | -€10,798 | -49.8% |
| Trade receivables | 40 | €5,184 | €5,184 | = | 0.0% |
| Other amounts receivable | 41 | €16,494 | €5,697 | -€10,798 | -65.5% |
| Cash at bank and in hand | 54/58 | €175,092 | €71,301 | -€103,791 | -59.3% |
| Deferred charges and accrued income | 490/1 | - | €13,104 | +€13,104 | |
| Total equity and liabilities | 10/49 | €10,334,090 | €10,020,368 | -€313,722 | -3.0% |
| Equity | 10/15 | €3,615,744 | €3,878,111 | +€262,367 | +7.3% |
| Contributions | 10/11 | €2,500,000 | €2,500,000 | = | 0.0% |
| Capital | 10 | €2,500,000 | €2,500,000 | = | 0.0% |
| Issued capital | 100 | €2,500,000 | €2,500,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,285,891 | €1,285,891 | = | 0.0% |
| Reserves | 13 | €11,155 | €92,220 | +€81,065 | +727% |
| Non-distributable reserves | 130/1 | €11,155 | €92,220 | +€81,065 | +727% |
| Legal reserve | 130 | €11,155 | €92,220 | +€81,065 | +727% |
| Profit (loss) carried forward | 14 | -€181,302 | - | +€181,302 | |
| Amounts payable | 17/49 | €6,718,345 | €6,142,257 | -€576,088 | -8.6% |
| Amounts payable after more than one year | 17 | €6,123,937 | €5,521,616 | -€602,321 | -9.8% |
| Financial debts | 170/4 | €4,723,937 | €4,221,616 | -€502,321 | -10.6% |
| Other amounts payable | 178/9 | €1,400,000 | €1,300,000 | -€100,000 | -7.1% |
| Amounts payable within one year | 42/48 | €580,480 | €601,486 | +€21,006 | +3.6% |
| Current portion of amounts payable after more than one year | 42 | €541,516 | €544,074 | +€2,558 | +0.5% |
| Trade debts | 44 | €1,930 | €10,512 | +€8,582 | +445% |
| Suppliers | 440/4 | €1,930 | €10,512 | +€8,582 | +445% |
| Taxes, remuneration and social security | 45 | - | €9,866 | +€9,866 | |
| Taxes | 450/3 | - | €9,866 | +€9,866 | |
| Other amounts payable | 47/48 | €37,034 | €37,034 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €13,928 | €19,155 | +€5,227 | +37.5% |
| Turnover | 70 | - | €857,138 | +€857,138 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €173,712 | +€173,712 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €226,191 | €212,237 | -€13,954 | -6.2% |
| Other operating charges | 640/8 | €56,569 | €57,593 | +€1,024 | +1.8% |
| Gross operating margin | 9900 | €827,379 | €683,425 | -€143,954 | -17.4% |
| Operating profit (loss) | 9901 | €544,619 | €413,595 | -€131,023 | -24.1% |
| Financial income | 75/76B | €8,000 | €25 | -€7,975 | -99.7% |
| Recurring financial income | 75 | €8,000 | €25 | -€7,975 | -99.7% |
| Financial charges | 65/66B | €100,584 | €61,776 | -€38,808 | -38.6% |
| Recurring financial charges | 65 | €100,584 | €61,776 | -€38,808 | -38.6% |
| Profit (loss) for the period before taxes | 9903 | €452,035 | €351,844 | -€100,190 | -22.2% |
| Income taxes | 67/77 | €113,137 | €89,478 | -€23,659 | -20.9% |
| Profit (loss) for the period | 9904 | €338,898 | €262,367 | -€76,531 | -22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €338,898 | €262,367 | -€76,531 | -22.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.