PENOIT: what changed
Two fiscal 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.
PENOIT
Largest movements
- Cash +€194,311
up €194,311 (+1534.1%), from €12,666 to €206,977
mainly Net result for the year (+€224,333) and Depreciation (+€53,820)
- Tangible fixed assets -€38,264
down €38,264 (-25.9%), from €147,603 to €109,339
of which Furniture and vehicles: -€31,829
- Receivables within one year -€17,118
down €17,118 (-17.8%), from €96,256 to €79,138
of which Other amounts receivable: -€23,733
- Reserves +€224,333
up €224,333 (+36.1%), from €620,821 to €845,154
of which Distributable reserves: +€224,333
- Other debts -€132,995
down €132,995 (-94.2%), from €141,216 to €8,221
- Tax, wage and social debts +€44,108
up €44,108 (+94.2%), from €46,800 to €90,908
of which Taxes: +€34,440
- Gross operating margin +€163,057
up €163,057 (+30.1%), from €541,985 to €705,042
- Taxes +€42,555
up €42,555 (+62.7%), from €67,895 to €110,451
- Financial income -€21,435
down €21,435 (-69.1%), from €31,036 to €9,601
- Depreciation +€17,946
up €17,946 (+50.0%), from €35,875 to €53,820
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.
Cash bridge derived
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 | €1,000,175 | €1,139,092 | +€138,917 | +13.9% |
| Fixed assets | 21/28 | €159,296 | €123,546 | -€35,750 | -22.4% |
| Intangible fixed assets | 21 | €11,693 | €14,207 | +€2,513 | +21.5% |
| Tangible fixed assets | 22/27 | €147,603 | €109,339 | -€38,264 | -25.9% |
| Plant, machinery and equipment | 23 | €27,968 | €21,533 | -€6,435 | -23.0% |
| Furniture and vehicles | 24 | €119,635 | €87,806 | -€31,829 | -26.6% |
| Current assets | 29/58 | €840,879 | €1,015,546 | +€174,667 | +20.8% |
| Amounts receivable within one year | 40/41 | €96,256 | €79,138 | -€17,118 | -17.8% |
| Trade receivables | 40 | €71,815 | €78,430 | +€6,615 | +9.2% |
| Other amounts receivable | 41 | €24,441 | €708 | -€23,733 | -97.1% |
| Current investments | 50/53 | €720,000 | €720,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €12,666 | €206,977 | +€194,311 | +1534.1% |
| Deferred charges and accrued income | 490/1 | €11,957 | €9,431 | -€2,525 | -21.1% |
| Total equity and liabilities | 10/49 | €1,000,175 | €1,139,092 | +€138,917 | +13.9% |
| Equity | 10/15 | €777,061 | €1,001,394 | +€224,333 | +28.9% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €620,821 | €845,154 | +€224,333 | +36.1% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €618,821 | €843,154 | +€224,333 | +36.3% |
| Profit (loss) carried forward | 14 | €143,740 | €143,740 | = | 0.0% |
| Amounts payable | 17/49 | €223,114 | €137,698 | -€85,416 | -38.3% |
| Amounts payable after more than one year | 17 | €13,397 | €7,484 | -€5,913 | -44.1% |
| Financial debts | 170/4 | €13,397 | €7,484 | -€5,913 | -44.1% |
| Amounts payable within one year | 42/48 | €209,313 | €130,214 | -€79,100 | -37.8% |
| Current portion of amounts payable after more than one year | 42 | €5,848 | €5,913 | +€65 | +1.1% |
| Trade debts | 44 | €15,448 | €25,171 | +€9,723 | +62.9% |
| Suppliers | 440/4 | €15,448 | €25,171 | +€9,723 | +62.9% |
| Taxes, remuneration and social security | 45 | €46,800 | €90,908 | +€44,108 | +94.2% |
| Taxes | 450/3 | €18,489 | €52,929 | +€34,440 | +186.3% |
| Remuneration and social security | 454/9 | €28,311 | €37,979 | +€9,668 | +34.1% |
| Other amounts payable | 47/48 | €141,216 | €8,221 | -€132,995 | -94.2% |
| Accrued charges and deferred income | 492/3 | €403 | - | -€403 | |
| Non-recurring operating income | 76A | - | €2,715 | +€2,715 | |
| Remuneration, social security and pensions | 62 | €313,546 | €309,141 | -€4,405 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,875 | €53,820 | +€17,946 | +50.0% |
| Other operating charges | 640/8 | €3,936 | €2,753 | -€1,184 | -30.1% |
| Non-recurring operating charges | 66A | - | €12,381 | +€12,381 | |
| Gross operating margin | 9900 | €541,985 | €705,042 | +€163,057 | +30.1% |
| Operating profit (loss) | 9901 | €188,628 | €326,947 | +€138,319 | +73.3% |
| Financial income | 75/76B | €31,036 | €9,601 | -€21,435 | -69.1% |
| Recurring financial income | 75 | €31,036 | €9,601 | -€21,435 | -69.1% |
| Financial charges | 65/66B | €550 | €1,764 | +€1,214 | +220.7% |
| Recurring financial charges | 65 | €550 | €1,764 | +€1,214 | +220.7% |
| Profit (loss) for the period before taxes | 9903 | €219,114 | €334,784 | +€115,670 | +52.8% |
| Income taxes | 67/77 | €67,895 | €110,451 | +€42,555 | +62.7% |
| Profit (loss) for the period | 9904 | €151,218 | €224,333 | +€73,115 | +48.4% |
| Profit (loss) for the period to be appropriated | 9905 | €151,218 | €224,333 | +€73,115 | +48.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.