PENSIVE IBEX: 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.
PENSIVE IBEX
Largest movements
- Cash +€39,032
up €39,032 (+169.6%), from €23,010 to €62,042
mainly Net result for the year (+€31,432) and Receivables within one year (+€26,170)
- Receivables within one year -€26,170
down €26,170 (-94.3%), from €27,752 to €1,582
of which Trade receivables: -€25,998
- Stocks and contracts +€8,000
new in 2025: €8,000
- Tangible fixed assets +€1,278
up €1,278 (+31.9%), from €4,002 to €5,280
of which Furniture and vehicles: +€1,718
- Profit (loss) carried forward +€31,753
up €31,753 (+94.2%), from €33,707 to €65,461
- Tax, wage and social debts -€10,795
down €10,795 (-59.5%), from €18,152 to €7,357
of which Taxes: -€9,244
- Other debts +€1,237
new in 2025: €1,237
- Short-term financial debts -€887
down €887 (-98.1%), from €905 to €18
- Trade debts +€832
new in 2025: €832
- Gross operating margin -€1,174
down €1,174 (-2.7%), from €43,116 to €41,942
- Depreciation +€712
up €712 (+243.5%), from €292 to €1,004
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 | €54,764 | €76,904 | +€22,140 | +40.4% |
| Fixed assets | 21/28 | €4,002 | €5,280 | +€1,278 | +31.9% |
| Tangible fixed assets | 22/27 | €4,002 | €5,280 | +€1,278 | +31.9% |
| Plant, machinery and equipment | 23 | €2,088 | €1,648 | -€440 | -21.1% |
| Furniture and vehicles | 24 | €1,914 | €3,632 | +€1,718 | +89.8% |
| Current assets | 29/58 | €50,762 | €71,624 | +€20,862 | +41.1% |
| Stocks and contracts in progress | 3 | - | €8,000 | +€8,000 | |
| Contracts in progress | 37 | - | €8,000 | +€8,000 | |
| Amounts receivable within one year | 40/41 | €27,752 | €1,582 | -€26,170 | -94.3% |
| Trade receivables | 40 | €25,998 | - | -€25,998 | |
| Other amounts receivable | 41 | €1,754 | €1,582 | -€172 | -9.8% |
| Cash at bank and in hand | 54/58 | €23,010 | €62,042 | +€39,032 | +169.6% |
| Total equity and liabilities | 10/49 | €54,764 | €76,904 | +€22,140 | +40.4% |
| Equity | 10/15 | €35,707 | €67,461 | +€31,753 | +88.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Capital | 10 | €2,000 | €2,000 | = | 0.0% |
| Issued capital | 100 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,707 | €65,461 | +€31,753 | +94.2% |
| Amounts payable | 17/49 | €19,056 | €9,443 | -€9,613 | -50.4% |
| Amounts payable within one year | 42/48 | €19,056 | €9,443 | -€9,613 | -50.4% |
| Financial debts | 43 | €905 | €18 | -€887 | -98.1% |
| Credit institutions | 430/8 | €905 | €18 | -€887 | -98.1% |
| Trade debts | 44 | - | €832 | +€832 | |
| Suppliers | 440/4 | - | €832 | +€832 | |
| Taxes, remuneration and social security | 45 | €18,152 | €7,357 | -€10,795 | -59.5% |
| Taxes | 450/3 | €14,601 | €5,357 | -€9,244 | -63.3% |
| Remuneration and social security | 454/9 | €3,550 | €2,000 | -€1,550 | -43.7% |
| Other amounts payable | 47/48 | - | €1,237 | +€1,237 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €292 | €1,004 | +€712 | +243.5% |
| Other operating charges | 640/8 | €449 | €400 | -€50 | -11.0% |
| Gross operating margin | 9900 | €43,116 | €41,942 | -€1,174 | -2.7% |
| Operating profit (loss) | 9901 | €42,375 | €40,538 | -€1,836 | -4.3% |
| Financial income | 75/76B | €53 | - | -€53 | |
| Recurring financial income | 75 | €53 | - | -€53 | |
| Financial charges | 65/66B | €11 | €75 | +€64 | +557.8% |
| Recurring financial charges | 65 | €11 | €75 | +€64 | +557.8% |
| Profit (loss) for the period before taxes | 9903 | €42,416 | €40,463 | -€1,953 | -4.6% |
| Income taxes | 67/77 | €8,709 | €9,032 | +€323 | +3.7% |
| Profit (loss) for the period | 9904 | €33,707 | €31,432 | -€2,276 | -6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €33,707 | €31,432 | -€2,276 | -6.8% |
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 5 October 2026 via checked.be.