PENSERO: 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.
PENSERO
Largest movements
- Receivables within one year +€138,398
up €138,398 (+401%), from €34,498 to €172,896
of which Other amounts receivable: +€101,044
- Financial fixed assets -€97,945
down €97,945 (-99.7%), from €98,193 to €248
- Tangible fixed assets +€19,408
up €19,408 (+12.9%), from €150,972 to €170,379
of which Other tangible fixed assets: +€18,000
- Cash -€16,242
down €16,242 (-15.7%), from €103,676 to €87,434
mainly Receivables within one year (-€138,398) and Contributions, distributions and other (-€83,839)
- Reserves +€59,743
up €59,743 (+16.4%), from €363,638 to €423,381
- Short-term financial debts -€16,979
no longer reported in 2025 (was €16,979)
- Other debts -€8,800
no longer reported in 2025 (was €8,800)
- Tax, wage and social debts +€6,226
up €6,226 (+68.6%), from €9,074 to €15,300
- Financial income +€145,350
up €145,350 (+3,349,068%), from €4 to €145,354
- Taxes +€38,470
up €38,470 (+106%), from €36,182 to €74,651
- Gross operating margin -€31,006
down €31,006 (-24.4%), from €127,250 to €96,245
- Depreciation +€3,169
up €3,169 (+21.8%), from €14,533 to €17,702
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 | €388,415 | €430,958 | +€42,543 | +11.0% |
| Fixed assets | 21/28 | €249,165 | €170,627 | -€78,537 | -31.5% |
| Tangible fixed assets | 22/27 | €150,972 | €170,379 | +€19,408 | +12.9% |
| Land and buildings | 22 | €121,852 | €112,761 | -€9,091 | -7.5% |
| Plant, machinery and equipment | 23 | €27,407 | €24,300 | -€3,107 | -11.3% |
| Furniture and vehicles | 24 | €200 | €13,806 | +€13,605 | +6,787% |
| Other tangible fixed assets | 26 | €1,512 | €19,512 | +€18,000 | +1,191% |
| Financial fixed assets | 28 | €98,193 | €248 | -€97,945 | -99.7% |
| Current assets | 29/58 | €139,250 | €260,330 | +€121,080 | +87.0% |
| Amounts receivable within one year | 40/41 | €34,498 | €172,896 | +€138,398 | +401% |
| Trade receivables | 40 | €33,196 | €70,551 | +€37,355 | +113% |
| Other amounts receivable | 41 | €1,301 | €102,345 | +€101,044 | +7,764% |
| Cash at bank and in hand | 54/58 | €103,676 | €87,434 | -€16,242 | -15.7% |
| Deferred charges and accrued income | 490/1 | €1,076 | - | -€1,076 | |
| Total equity and liabilities | 10/49 | €388,415 | €430,958 | +€42,543 | +11.0% |
| Equity | 10/15 | €349,555 | €409,298 | +€59,743 | +17.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €363,638 | €423,381 | +€59,743 | +16.4% |
| Distributable reserves | 133 | €363,638 | €423,381 | +€59,743 | +16.4% |
| Profit (loss) carried forward | 14 | -€20,283 | -€20,283 | = | 0.0% |
| Amounts payable | 17/49 | €38,860 | €21,660 | -€17,201 | -44.3% |
| Amounts payable within one year | 42/48 | €38,860 | €21,660 | -€17,201 | -44.3% |
| Financial debts | 43 | €16,979 | - | -€16,979 | |
| Credit institutions | 430/8 | €16,979 | - | -€16,979 | |
| Trade debts | 44 | €4,007 | €6,360 | +€2,353 | +58.7% |
| Suppliers | 440/4 | €4,007 | €6,360 | +€2,353 | +58.7% |
| Taxes, remuneration and social security | 45 | €9,074 | €15,300 | +€6,226 | +68.6% |
| Taxes | 450/3 | €9,074 | €15,300 | +€6,226 | +68.6% |
| Other amounts payable | 47/48 | €8,800 | - | -€8,800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,533 | €17,702 | +€3,169 | +21.8% |
| Other operating charges | 640/8 | €1,478 | €2,418 | +€940 | +63.6% |
| Gross operating margin | 9900 | €127,250 | €96,245 | -€31,006 | -24.4% |
| Operating profit (loss) | 9901 | €111,240 | €76,125 | -€35,115 | -31.6% |
| Financial income | 75/76B | €4 | €145,354 | +€145,350 | +3,349,068% |
| Recurring financial income | 75 | €4 | €145,354 | +€145,350 | +3,349,068% |
| Financial charges | 65/66B | €3,520 | €3,246 | -€275 | -7.8% |
| Recurring financial charges | 65 | €3,520 | €3,246 | -€275 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €107,724 | €218,233 | +€110,509 | +103% |
| Income taxes | 67/77 | €36,182 | €74,651 | +€38,470 | +106% |
| Profit (loss) for the period | 9904 | €71,542 | €143,582 | +€72,040 | +101% |
| Profit (loss) for the period to be appropriated | 9905 | €71,542 | €143,582 | +€72,040 | +101% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.