PENON: 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.
PENON
Largest movements
- Tangible fixed assets -€1.0m
down €1.0m (-22.5%), from €4.6m to €3.6m
of which Land and buildings: -€1.0m
- Receivables within one year -€203,242
down €203,242 (-58.5%), from €347,160 to €143,918
- Other debts -€804,392
down €804,392 (-92.4%), from €870,892 to €66,500
- Debts after one year -€643,318
down €643,318 (-22.7%), from €2.8m to €2.2m
- Profit (loss) carried forward +€260,297
up €260,297 (+114.4%), from €227,440 to €487,737
- Gross operating margin +€371,946
up €371,946 (+135.3%), from €275,002 to €646,948
- Depreciation -€94,534
down €94,534 (-24.3%), from €389,247 to €294,713
- Financial charges -€20,236
down €20,236 (-27.1%), from €74,570 to €54,334
- Other operating charges -€12,654
down €12,654 (-34.6%), from €36,583 to €23,929
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 | €4,986,265 | €3,736,176 | -€1.3m | -25.1% |
| Fixed assets | 21/28 | €4,612,567 | €3,573,223 | -€1.0m | -22.5% |
| Tangible fixed assets | 22/27 | €4,612,567 | €3,573,223 | -€1.0m | -22.5% |
| Land and buildings | 22 | €4,522,419 | €3,486,324 | -€1.0m | -22.9% |
| Plant, machinery and equipment | 23 | €88,979 | €86,316 | -€2,663 | -3.0% |
| Furniture and vehicles | 24 | €1,169 | €584 | -€585 | -50.0% |
| Current assets | 29/58 | €373,698 | €162,953 | -€210,745 | -56.4% |
| Amounts receivable within one year | 40/41 | €347,160 | €143,918 | -€203,242 | -58.5% |
| Other amounts receivable | 41 | €347,160 | €143,918 | -€203,242 | -58.5% |
| Cash at bank and in hand | 54/58 | €26,538 | €19,035 | -€7,503 | -28.3% |
| Total equity and liabilities | 10/49 | €4,986,265 | €3,736,176 | -€1.3m | -25.1% |
| Equity | 10/15 | €959,260 | €1,233,258 | +€273,998 | +28.6% |
| Contributions | 10/11 | €644,523 | €644,523 | +€0 | 0.0% |
| Capital | 10 | €644,523 | €644,523 | +€0 | 0.0% |
| Issued capital | 100 | €644,523 | €644,523 | +€0 | 0.0% |
| Reserves | 13 | €87,297 | €100,997 | +€13,700 | +15.7% |
| Non-distributable reserves | 130/1 | €37,297 | €50,997 | +€13,700 | +36.7% |
| Legal reserve | 130 | €37,297 | €50,997 | +€13,700 | +36.7% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €227,440 | €487,737 | +€260,297 | +114.4% |
| Amounts payable | 17/49 | €4,027,005 | €2,502,919 | -€1.5m | -37.8% |
| Amounts payable after more than one year | 17 | €2,835,043 | €2,191,725 | -€643,318 | -22.7% |
| Financial debts | 170/4 | €2,835,043 | €2,191,725 | -€643,318 | -22.7% |
| Amounts payable within one year | 42/48 | €1,191,962 | €311,194 | -€880,768 | -73.9% |
| Current portion of amounts payable after more than one year | 42 | €201,907 | €162,501 | -€39,406 | -19.5% |
| Financial debts | 43 | €68,059 | €26,605 | -€41,454 | -60.9% |
| Credit institutions | 430/8 | €68,059 | €26,605 | -€41,454 | -60.9% |
| Trade debts | 44 | €47,604 | €55,588 | +€7,984 | +16.8% |
| Suppliers | 440/4 | €47,604 | €55,588 | +€7,984 | +16.8% |
| Taxes, remuneration and social security | 45 | €3,500 | - | -€3,500 | |
| Taxes | 450/3 | €3,500 | - | -€3,500 | |
| Other amounts payable | 47/48 | €870,892 | €66,500 | -€804,392 | -92.4% |
| Non-recurring operating income | 76A | - | €298,467 | +€298,467 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €389,247 | €294,713 | -€94,534 | -24.3% |
| Other operating charges | 640/8 | €36,583 | €23,929 | -€12,654 | -34.6% |
| Gross operating margin | 9900 | €275,002 | €646,948 | +€371,946 | +135.3% |
| Operating profit (loss) | 9901 | -€150,828 | €328,306 | +€479,134 | |
| Financial income | 75/76B | €26 | €26 | -€0 | -1.1% |
| Recurring financial income | 75 | €26 | €26 | -€0 | -1.1% |
| Financial charges | 65/66B | €74,570 | €54,334 | -€20,236 | -27.1% |
| Recurring financial charges | 65 | €74,570 | €54,334 | -€20,236 | -27.1% |
| Profit (loss) for the period before taxes | 9903 | -€225,372 | €273,998 | +€499,370 | |
| Income taxes | 67/77 | €5,530 | - | -€5,530 | |
| Profit (loss) for the period | 9904 | -€230,902 | €273,998 | +€504,900 | |
| Profit (loss) for the period to be appropriated | 9905 | -€230,902 | €273,998 | +€504,900 |
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 2 October 2026 via checked.be.