PEPNIN: 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.
PEPNIN
Largest movements
- Cash -€50,436
down €50,436 (-40.8%), from €123,510 to €73,073
mainly Contributions, distributions and other (-€190,065) and Current investments (-€30,000)
- Current investments +€30,000
new in 2025: €30,000
- Receivables within one year -€22,991
down €22,991 (-56.1%), from €40,973 to €17,982
of which Trade receivables: -€30,821
- Tangible fixed assets -€9,423
down €9,423 (-6.0%), from €156,475 to €147,052
of which Land and buildings: -€6,976
- Profit (loss) carried forward -€190,065
no longer reported in 2025 (was €190,065)
- Debts after one year +€131,283
up €131,283 (+200%), from €65,738 to €197,021
- Trade debts -€16,095
down €16,095 (-88.9%), from €18,096 to €2,002
- Tax, wage and social debts +€11,153
up €11,153 (+83.9%), from €13,298 to €24,451
- Reserves +€9,064
up €9,064 (+487%), from €1,860 to €10,924
- Gross operating margin -€40,120
down €40,120 (-53.8%), from €74,557 to €34,436
- Taxes -€16,360
down €16,360 (-81.2%), from €20,146 to €3,787
- Depreciation +€1,117
up €1,117 (+5.9%), from €19,056 to €20,174
- Financial charges -€930
down €930 (-49.4%), from €1,884 to €954
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 | €321,599 | €269,392 | -€52,206 | -16.2% |
| Fixed assets | 21/28 | €156,475 | €147,052 | -€9,423 | -6.0% |
| Tangible fixed assets | 22/27 | €156,475 | €147,052 | -€9,423 | -6.0% |
| Land and buildings | 22 | €132,185 | €125,209 | -€6,976 | -5.3% |
| Plant, machinery and equipment | 23 | €1,581 | €911 | -€671 | -42.4% |
| Furniture and vehicles | 24 | €22,709 | €20,932 | -€1,777 | -7.8% |
| Current assets | 29/58 | €165,123 | €122,340 | -€42,783 | -25.9% |
| Amounts receivable within one year | 40/41 | €40,973 | €17,982 | -€22,991 | -56.1% |
| Trade receivables | 40 | €40,973 | €10,153 | -€30,821 | -75.2% |
| Other amounts receivable | 41 | - | €7,830 | +€7,830 | |
| Current investments | 50/53 | - | €30,000 | +€30,000 | |
| Cash at bank and in hand | 54/58 | €123,510 | €73,073 | -€50,436 | -40.8% |
| Deferred charges and accrued income | 490/1 | €640 | €1,285 | +€645 | +101% |
| Total equity and liabilities | 10/49 | €321,599 | €269,392 | -€52,206 | -16.2% |
| Equity | 10/15 | €210,525 | €29,524 | -€181,001 | -86.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €10,924 | +€9,064 | +487% |
| Distributable reserves | 133 | €1,860 | €10,924 | +€9,064 | +487% |
| Profit (loss) carried forward | 14 | €190,065 | - | -€190,065 | |
| Amounts payable | 17/49 | €111,073 | €239,868 | +€128,795 | +116% |
| Amounts payable after more than one year | 17 | €65,738 | €197,021 | +€131,283 | +200% |
| Financial debts | 170/4 | €65,738 | €197,021 | +€131,283 | +200% |
| Amounts payable within one year | 42/48 | €45,336 | €42,848 | -€2,488 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €7,193 | €7,272 | +€79 | +1.1% |
| Trade debts | 44 | €18,096 | €2,002 | -€16,095 | -88.9% |
| Suppliers | 440/4 | €18,096 | €2,002 | -€16,095 | -88.9% |
| Taxes, remuneration and social security | 45 | €13,298 | €24,451 | +€11,153 | +83.9% |
| Taxes | 450/3 | €13,298 | €24,451 | +€11,153 | +83.9% |
| Other amounts payable | 47/48 | €6,748 | €9,123 | +€2,375 | +35.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,056 | €20,174 | +€1,117 | +5.9% |
| Other operating charges | 640/8 | €2,175 | €1,518 | -€657 | -30.2% |
| Gross operating margin | 9900 | €74,557 | €34,436 | -€40,120 | -53.8% |
| Operating profit (loss) | 9901 | €53,325 | €12,745 | -€40,581 | -76.1% |
| Financial income | 75/76B | €370 | €1,060 | +€690 | +186% |
| Recurring financial income | 75 | €370 | €1,060 | +€690 | +186% |
| Financial charges | 65/66B | €1,884 | €954 | -€930 | -49.4% |
| Recurring financial charges | 65 | €1,884 | €954 | -€930 | -49.4% |
| Profit (loss) for the period before taxes | 9903 | €51,811 | €12,851 | -€38,960 | -75.2% |
| Income taxes | 67/77 | €20,146 | €3,787 | -€16,360 | -81.2% |
| Profit (loss) for the period | 9904 | €31,665 | €9,064 | -€22,601 | -71.4% |
| Profit (loss) for the period to be appropriated | 9905 | €31,665 | €9,064 | -€22,601 | -71.4% |
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 21 October 2026 via checked.be.