PENSER: what changed
PENSER
Largest movements
- Cash -€38,814
down €38,814 (-58.4%), from €66,447 to €27,633
mainly Net result for the year (-€43,392) and Investment in fixed assets (net) (-€12,550)
- Tangible fixed assets +€9,656
up €9,656 (+5,091%), from €190 to €9,846
of which Furniture and vehicles: +€9,846
- Receivables within one year -€2,350
down €2,350 (-23.0%), from €10,215 to €7,865
of which Trade receivables: -€5,002
- Profit (loss) carried forward -€43,392
down €43,392, from €36,269 to -€7,123
- Debts after one year +€7,050
new in 2025: €7,050
- Current portion of long-term debt +€3,028
new in 2025: €3,028
- Trade debts +€1,790
up €1,790 (+10.8%), from €16,536 to €18,326
- Gross operating margin -€101,070
down €101,070, from €63,363 to -€37,707
- Other operating charges -€62,987
down €62,987 (-98.5%), from €63,964 to €977
- Depreciation +€1,602
up €1,602 (+129%), from €1,242 to €2,844
- Financial charges +€1,272
up €1,272 (+214%), from €593 to €1,865
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €76,902 | €45,444 | -€31,458 | -40.9% |
| Fixed assets | 21/28 | €240 | €9,946 | +€9,706 | +4,050% |
| Tangible fixed assets | 22/27 | €190 | €9,846 | +€9,656 | +5,091% |
| Furniture and vehicles | 24 | - | €9,846 | +€9,846 | |
| Other tangible fixed assets | 26 | €190 | - | -€190 | |
| Financial fixed assets | 28 | €50 | €100 | +€50 | +100% |
| Current assets | 29/58 | €76,663 | €35,498 | -€41,164 | -53.7% |
| Amounts receivable within one year | 40/41 | €10,215 | €7,865 | -€2,350 | -23.0% |
| Trade receivables | 40 | €5,093 | €91 | -€5,002 | -98.2% |
| Other amounts receivable | 41 | €5,123 | €7,775 | +€2,652 | +51.8% |
| Cash at bank and in hand | 54/58 | €66,447 | €27,633 | -€38,814 | -58.4% |
| Total equity and liabilities | 10/49 | €76,902 | €45,444 | -€31,458 | -40.9% |
| Equity | 10/15 | €56,729 | €13,337 | -€43,392 | -76.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,269 | -€7,123 | -€43,392 | |
| Amounts payable | 17/49 | €20,173 | €32,107 | +€11,934 | +59.2% |
| Amounts payable after more than one year | 17 | - | €7,050 | +€7,050 | |
| Financial debts | 170/4 | - | €7,050 | +€7,050 | |
| Amounts payable within one year | 42/48 | €20,173 | €25,058 | +€4,885 | +24.2% |
| Current portion of amounts payable after more than one year | 42 | - | €3,028 | +€3,028 | |
| Trade debts | 44 | €16,536 | €18,326 | +€1,790 | +10.8% |
| Suppliers | 440/4 | €16,536 | €18,326 | +€1,790 | +10.8% |
| Taxes, remuneration and social security | 45 | €3,211 | €3,324 | +€113 | +3.5% |
| Taxes | 450/3 | €3,211 | €3,324 | +€113 | +3.5% |
| Other amounts payable | 47/48 | €426 | €380 | -€46 | -10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,242 | €2,844 | +€1,602 | +129% |
| Other operating charges | 640/8 | €63,964 | €977 | -€62,987 | -98.5% |
| Gross operating margin | 9900 | €63,363 | -€37,707 | -€101,070 | |
| Operating profit (loss) | 9901 | -€1,843 | -€41,527 | -€39,685 | -2,153% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €593 | €1,865 | +€1,272 | +214% |
| Recurring financial charges | 65 | €593 | €1,865 | +€1,272 | +214% |
| Profit (loss) for the period before taxes | 9903 | -€2,436 | -€43,392 | -€40,956 | -1,681% |
| Profit (loss) for the period | 9904 | -€2,436 | -€43,392 | -€40,956 | -1,681% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,436 | -€43,392 | -€40,956 | -1,681% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.