Pensaert Advisory: 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.
Pensaert Advisory
Largest movements
- Cash +€59,116
up €59,116 (+53.0%), from €111,532 to €170,648
mainly Net result for the year (+€61,256) and Trade debts (+€4,095)
- Financial fixed assets +€5,000
new in 2025: €5,000
- Reserves +€61,000
up €61,000 (+72.6%), from €84,000 to €145,000
- Trade debts +€4,095
up €4,095 (+866%), from €473 to €4,568
- Tax, wage and social debts -€3,312
down €3,312 (-13.6%), from €24,349 to €21,037
- Gross operating margin -€28,436
down €28,436 (-25.9%), from €109,674 to €81,238
- Taxes -€5,538
down €5,538 (-25.0%), from €22,113 to €16,575
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 | €116,156 | €178,736 | +€62,581 | +53.9% |
| Fixed assets | 21/28 | €4,624 | €8,088 | +€3,465 | +74.9% |
| Tangible fixed assets | 22/27 | €4,624 | €3,088 | -€1,535 | -33.2% |
| Plant, machinery and equipment | 23 | €1,130 | €834 | -€296 | -26.2% |
| Furniture and vehicles | 24 | €3,494 | €2,254 | -€1,240 | -35.5% |
| Financial fixed assets | 28 | - | €5,000 | +€5,000 | |
| Current assets | 29/58 | €111,532 | €170,648 | +€59,116 | +53.0% |
| Cash at bank and in hand | 54/58 | €111,532 | €170,648 | +€59,116 | +53.0% |
| Total equity and liabilities | 10/49 | €116,156 | €178,736 | +€62,581 | +53.9% |
| Equity | 10/15 | €89,483 | €150,739 | +€61,256 | +68.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €84,000 | €145,000 | +€61,000 | +72.6% |
| Distributable reserves | 133 | €84,000 | €145,000 | +€61,000 | +72.6% |
| Profit (loss) carried forward | 14 | €483 | €739 | +€256 | +53.1% |
| Amounts payable | 17/49 | €26,673 | €27,998 | +€1,325 | +5.0% |
| Amounts payable within one year | 42/48 | €26,673 | €27,998 | +€1,325 | +5.0% |
| Trade debts | 44 | €473 | €4,568 | +€4,095 | +866% |
| Suppliers | 440/4 | €473 | €4,568 | +€4,095 | +866% |
| Taxes, remuneration and social security | 45 | €24,349 | €21,037 | -€3,312 | -13.6% |
| Taxes | 450/3 | €24,349 | €21,037 | -€3,312 | -13.6% |
| Other amounts payable | 47/48 | €1,851 | €2,393 | +€542 | +29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €573 | €1,535 | +€962 | +168% |
| Other operating charges | 640/8 | €639 | €210 | -€429 | -67.2% |
| Gross operating margin | 9900 | €109,674 | €81,238 | -€28,436 | -25.9% |
| Operating profit (loss) | 9901 | €108,461 | €79,492 | -€28,969 | -26.7% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,865 | €1,661 | -€205 | -11.0% |
| Recurring financial charges | 65 | €1,865 | €1,661 | -€205 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €106,596 | €77,832 | -€28,764 | -27.0% |
| Income taxes | 67/77 | €22,113 | €16,575 | -€5,538 | -25.0% |
| Profit (loss) for the period | 9904 | €84,483 | €61,256 | -€23,226 | -27.5% |
| Profit (loss) for the period to be appropriated | 9905 | €84,483 | €61,256 | -€23,226 | -27.5% |
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.