PENSAERT & PARTNERS: 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 & PARTNERS
Largest movements
- Current investments +€752,232
up €752,232, from €0 to €752,232
- Cash -€657,224
down €657,224 (-59.2%), from €1.1m to €452,588
mainly Current investments (-€752,232) and Contributions, distributions and other (-€500,000)
- Receivables within one year +€94,526
up €94,526 (+21.7%), from €435,210 to €529,737
of which Other amounts receivable: +€60,699
- Receivables after one year -€44,885
down €44,885 (-100%), from €44,885 to €0
- Trade debts +€617,355
up €617,355 (+206%), from €299,480 to €916,835
- Reserves -€336,025
down €336,025 (-41.8%), from €804,427 to €468,402
- Other debts -€246,076
down €246,076 (-99.3%), from €247,855 to €1,779
- Tax, wage and social debts +€110,051
up €110,051 (+41.6%), from €264,356 to €374,407
of which Taxes: +€112,219
- Staff costs +€508,148
up €508,148 (+78.4%), from €647,776 to €1.2m
- Gross operating margin +€111,116
up €111,116 (+8.7%), from €1.3m to €1.4m
- Taxes -€30,780
down €30,780 (-34.6%), from €89,017 to €58,237
From the 31-03-2025 result to the 31-12-2025 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 31-03-2025 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-03-2025 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,648,424 | €1,793,710 | +€145,286 | +8.8% |
| Fixed assets | 21/28 | €41,489 | €41,729 | +€241 | +0.6% |
| Tangible fixed assets | 22/27 | €12,869 | €13,109 | +€241 | +1.9% |
| Plant, machinery and equipment | 23 | €1,910 | €1,398 | -€512 | -26.8% |
| Furniture and vehicles | 24 | €10,959 | €11,711 | +€752 | +6.9% |
| Financial fixed assets | 28 | €28,620 | €28,620 | = | 0.0% |
| Current assets | 29/58 | €1,606,936 | €1,751,980 | +€145,045 | +9.0% |
| Amounts receivable after more than one year | 29 | €44,885 | €0 | -€44,885 | -100% |
| Other amounts receivable | 291 | €44,885 | €0 | -€44,885 | -100% |
| Amounts receivable within one year | 40/41 | €435,210 | €529,737 | +€94,526 | +21.7% |
| Trade receivables | 40 | €434,040 | €467,867 | +€33,827 | +7.8% |
| Other amounts receivable | 41 | €1,170 | €61,870 | +€60,699 | +5,187% |
| Current investments | 50/53 | €0 | €752,232 | +€752,232 | |
| Cash at bank and in hand | 54/58 | €1,109,812 | €452,588 | -€657,224 | -59.2% |
| Deferred charges and accrued income | 490/1 | €17,028 | €17,424 | +€396 | +2.3% |
| Total equity and liabilities | 10/49 | €1,648,424 | €1,793,710 | +€145,286 | +8.8% |
| Equity | 10/15 | €834,427 | €498,402 | -€336,025 | -40.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €804,427 | €468,402 | -€336,025 | -41.8% |
| Distributable reserves | 133 | €804,427 | €468,402 | -€336,025 | -41.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €813,997 | €1,295,308 | +€481,311 | +59.1% |
| Amounts payable within one year | 42/48 | €811,691 | €1,293,021 | +€481,330 | +59.3% |
| Trade debts | 44 | €299,480 | €916,835 | +€617,355 | +206% |
| Suppliers | 440/4 | €299,480 | €916,835 | +€617,355 | +206% |
| Taxes, remuneration and social security | 45 | €264,356 | €374,407 | +€110,051 | +41.6% |
| Taxes | 450/3 | €207,994 | €320,213 | +€112,219 | +54.0% |
| Remuneration and social security | 454/9 | €56,362 | €54,194 | -€2,168 | -3.8% |
| Other amounts payable | 47/48 | €247,855 | €1,779 | -€246,076 | -99.3% |
| Accrued charges and deferred income | 492/3 | €2,306 | €2,287 | -€19 | -0.8% |
| Remuneration, social security and pensions | 62 | €647,776 | €1,155,924 | +€508,148 | +78.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,119 | €5,059 | -€1,060 | -17.3% |
| Other operating charges | 640/8 | €963 | €892 | -€72 | -7.4% |
| Gross operating margin | 9900 | €1,274,497 | €1,385,612 | +€111,116 | +8.7% |
| Operating profit (loss) | 9901 | €619,638 | €223,737 | -€395,901 | -63.9% |
| Financial income | 75/76B | €9,973 | €7,255 | -€2,718 | -27.3% |
| Recurring financial income | 75 | €9,973 | €7,255 | -€2,718 | -27.3% |
| Financial charges | 65/66B | €8,089 | €8,781 | +€691 | +8.5% |
| Recurring financial charges | 65 | €8,089 | €8,781 | +€691 | +8.5% |
| Profit (loss) for the period before taxes | 9903 | €621,522 | €222,212 | -€399,311 | -64.2% |
| Income taxes | 67/77 | €89,017 | €58,237 | -€30,780 | -34.6% |
| Profit (loss) for the period | 9904 | €532,505 | €163,975 | -€368,530 | -69.2% |
| Profit (loss) for the period to be appropriated | 9905 | €532,505 | €163,975 | -€368,530 | -69.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.