DE PANDER: 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.
DE PANDER
Largest movements
- Cash -€23,038
down €23,038 (-35.1%), from €65,565 to €42,527
mainly Debts after one year (-€35,681) and Investment in fixed assets (net) (-€27,057)
- Receivables within one year -€6,108
down €6,108 (-66.3%), from €9,219 to €3,111
- Stocks and contracts -€4,455
down €4,455 (-5.2%), from €85,126 to €80,671
- Tangible fixed assets +€3,305
up €3,305 (+4.4%), from €74,923 to €78,228
of which Plant, machinery and equipment: +€6,132
- Debts after one year -€35,681
down €35,681 (-42.0%), from €84,886 to €49,205
- Reserves +€12,250
up €12,250 (+12.0%), from €102,000 to €114,250
- Trade debts -€7,230
down €7,230 (-26.5%), from €27,317 to €20,087
- Current portion of long-term debt -€5,451
down €5,451 (-49.0%), from €11,132 to €5,681
- Tax, wage and social debts +€5,432
up €5,432 (+76.2%), from €7,127 to €12,559
of which Remuneration and social security: +€3,941
- Gross operating margin +€73,558
up €73,558 (+434.2%), from €16,940 to €90,498
- Depreciation +€8,045
up €8,045 (+56.6%), from €14,207 to €22,252
- Staff costs +€3,061
up €3,061 (+6.4%), from €48,046 to €51,108
- Taxes -€1,756
down €1,756 (-69.9%), from €2,514 to €758
- Financial charges +€1,157
up €1,157 (+59.0%), from €1,962 to €3,119
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 | €234,833 | €206,037 | -€28,796 | -12.3% |
| Fixed assets | 21/28 | €74,923 | €79,728 | +€4,805 | +6.4% |
| Tangible fixed assets | 22/27 | €74,923 | €78,228 | +€3,305 | +4.4% |
| Plant, machinery and equipment | 23 | €68,468 | €74,600 | +€6,132 | +9.0% |
| Furniture and vehicles | 24 | €6,455 | €3,628 | -€2,827 | -43.8% |
| Financial fixed assets | 28 | - | €1,500 | +€1,500 | |
| Current assets | 29/58 | €159,910 | €126,309 | -€33,601 | -21.0% |
| Stocks and contracts in progress | 3 | €85,126 | €80,671 | -€4,455 | -5.2% |
| Stocks | 30/36 | €85,126 | €80,671 | -€4,455 | -5.2% |
| Amounts receivable within one year | 40/41 | €9,219 | €3,111 | -€6,108 | -66.3% |
| Other amounts receivable | 41 | €9,219 | €3,111 | -€6,108 | -66.3% |
| Cash at bank and in hand | 54/58 | €65,565 | €42,527 | -€23,038 | -35.1% |
| Total equity and liabilities | 10/49 | €234,833 | €206,037 | -€28,796 | -12.3% |
| Equity | 10/15 | €104,267 | €116,296 | +€12,029 | +11.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €102,000 | €114,250 | +€12,250 | +12.0% |
| Distributable reserves | 133 | €102,000 | €114,250 | +€12,250 | +12.0% |
| Profit (loss) carried forward | 14 | €267 | €46 | -€221 | -82.9% |
| Amounts payable | 17/49 | €130,567 | €89,741 | -€40,825 | -31.3% |
| Amounts payable after more than one year | 17 | €84,886 | €49,205 | -€35,681 | -42.0% |
| Financial debts | 170/4 | €84,886 | €49,205 | -€35,681 | -42.0% |
| Amounts payable within one year | 42/48 | €45,681 | €40,537 | -€5,144 | -11.3% |
| Current portion of amounts payable after more than one year | 42 | €11,132 | €5,681 | -€5,451 | -49.0% |
| Trade debts | 44 | €27,317 | €20,087 | -€7,230 | -26.5% |
| Suppliers | 440/4 | €27,317 | €20,087 | -€7,230 | -26.5% |
| Taxes, remuneration and social security | 45 | €7,127 | €12,559 | +€5,432 | +76.2% |
| Taxes | 450/3 | €643 | €2,134 | +€1,491 | +232.0% |
| Remuneration and social security | 454/9 | €6,484 | €10,425 | +€3,941 | +60.8% |
| Other amounts payable | 47/48 | €106 | €2,210 | +€2,104 | +1994.4% |
| Remuneration, social security and pensions | 62 | €48,046 | €51,108 | +€3,061 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,207 | €22,252 | +€8,045 | +56.6% |
| Other operating charges | 640/8 | €1,478 | €1,242 | -€235 | -15.9% |
| Gross operating margin | 9900 | €16,940 | €90,498 | +€73,558 | +434.2% |
| Operating profit (loss) | 9901 | -€46,790 | €15,896 | +€62,687 | |
| Financial income | 75/76B | €835 | €9 | -€826 | -98.9% |
| Recurring financial income | 75 | €835 | €9 | -€826 | -98.9% |
| Financial charges | 65/66B | €1,962 | €3,119 | +€1,157 | +59.0% |
| Recurring financial charges | 65 | €1,962 | €3,119 | +€1,157 | +59.0% |
| Profit (loss) for the period before taxes | 9903 | -€47,917 | €12,787 | +€60,703 | |
| Income taxes | 67/77 | €2,514 | €758 | -€1,756 | -69.9% |
| Profit (loss) for the period | 9904 | -€50,430 | €12,029 | +€62,459 | |
| Profit (loss) for the period to be appropriated | 9905 | -€50,430 | €12,029 | +€62,459 |
Source: filed annual accounts (NBB), fiscal years ended 29 September 2024 and 29 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.