PENUMBRA: 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.
PENUMBRA
Largest movements
- Cash +€58,807
up €58,807 (+709.6%), from €8,287 to €67,094
mainly Net result for the year (+€56,358) and Receivables within one year (+€46,761)
- Receivables within one year -€46,761
down €46,761 (-39.7%), from €117,905 to €71,144
of which Other amounts receivable: -€52,405
- Reserves +€45,158
up €45,158 (+139.7%), from €32,328 to €77,486
- Other debts -€38,296
down €38,296 (-77.4%), from €49,500 to €11,204
- Tax, wage and social debts +€14,639
up €14,639 (+61.3%), from €23,894 to €38,533
of which Taxes: +€7,569
- Trade debts -€8,901
down €8,901 (-51.5%), from €17,285 to €8,383
- Gross operating margin +€73,635
up €73,635 (+64.0%), from €115,022 to €188,657
- Staff costs +€69,117
up €69,117 (+144.5%), from €47,825 to €116,942
- Financial income -€2,791
down €2,791 (-97.2%), from €2,871 to €80
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 | €128,007 | €140,606 | +€12,599 | +9.8% |
| Fixed assets | 21/28 | €1,478 | €1,087 | -€391 | -26.5% |
| Tangible fixed assets | 22/27 | €1,478 | €1,087 | -€391 | -26.5% |
| Furniture and vehicles | 24 | €1,478 | €1,087 | -€391 | -26.5% |
| Current assets | 29/58 | €126,528 | €139,519 | +€12,991 | +10.3% |
| Amounts receivable within one year | 40/41 | €117,905 | €71,144 | -€46,761 | -39.7% |
| Trade receivables | 40 | €65,500 | €71,144 | +€5,644 | +8.6% |
| Other amounts receivable | 41 | €52,405 | €0 | -€52,405 | -100.0% |
| Cash at bank and in hand | 54/58 | €8,287 | €67,094 | +€58,807 | +709.6% |
| Deferred charges and accrued income | 490/1 | €336 | €1,281 | +€944 | +280.9% |
| Total equity and liabilities | 10/49 | €128,007 | €140,606 | +€12,599 | +9.8% |
| Equity | 10/15 | €37,328 | €82,486 | +€45,158 | +121.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €32,328 | €77,486 | +€45,158 | +139.7% |
| Distributable reserves | 133 | €32,328 | €77,486 | +€45,158 | +139.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €90,679 | €58,120 | -€32,559 | -35.9% |
| Amounts payable within one year | 42/48 | €90,679 | €58,120 | -€32,559 | -35.9% |
| Trade debts | 44 | €17,285 | €8,383 | -€8,901 | -51.5% |
| Suppliers | 440/4 | €17,285 | €8,383 | -€8,901 | -51.5% |
| Taxes, remuneration and social security | 45 | €23,894 | €38,533 | +€14,639 | +61.3% |
| Taxes | 450/3 | €23,894 | €31,463 | +€7,569 | +31.7% |
| Remuneration and social security | 454/9 | - | €7,069 | +€7,069 | |
| Other amounts payable | 47/48 | €49,500 | €11,204 | -€38,296 | -77.4% |
| Remuneration, social security and pensions | 62 | €47,825 | €116,942 | +€69,117 | +144.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €391 | €391 | = | 0.0% |
| Other operating charges | 640/8 | €708 | €544 | -€164 | -23.2% |
| Gross operating margin | 9900 | €115,022 | €188,657 | +€73,635 | +64.0% |
| Operating profit (loss) | 9901 | €66,098 | €70,780 | +€4,683 | +7.1% |
| Financial income | 75/76B | €2,871 | €80 | -€2,791 | -97.2% |
| Recurring financial income | 75 | €2,871 | €80 | -€2,791 | -97.2% |
| Financial charges | 65/66B | €301 | €117 | -€184 | -61.3% |
| Recurring financial charges | 65 | €301 | €117 | -€184 | -61.3% |
| Profit (loss) for the period before taxes | 9903 | €68,667 | €70,743 | +€2,076 | +3.0% |
| Income taxes | 67/77 | €13,733 | €14,385 | +€651 | +4.7% |
| Profit (loss) for the period | 9904 | €54,934 | €56,358 | +€1,424 | +2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €54,934 | €56,358 | +€1,424 | +2.6% |
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 12 October 2026 via checked.be.