DRIES PANNENKOEKEN: 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.
DRIES PANNENKOEKEN
Largest movements
- Cash -€155,908
down €155,908 (-46.8%), from €333,301 to €177,393
mainly Debts after one year (-€413,432) and Investment in fixed assets (net) (-€365,235)
- Tangible fixed assets -€109,088
down €109,088 (-2.1%), from €5.2m to €5.1m
of which Land and buildings: -€157,433
- Receivables within one year -€68,596
down €68,596 (-16.7%), from €411,139 to €342,543
of which Trade receivables: -€131,568
- Debts after one year -€413,432
down €413,432 (-13.7%), from €3.0m to €2.6m
of which Financial debts: -€413,432
- Reserves +€227,704
up €227,704 (+19.2%), from €1.2m to €1.4m
of which Distributable reserves: +€227,704
- Trade debts -€142,472
down €142,472 (-55.1%), from €258,773 to €116,301
- Gross operating margin -€55,436
down €55,436 (-4.7%), from €1.2m to €1.1m
- Taxes -€23,401
down €23,401 (-32.2%), from €72,600 to €49,199
- Depreciation +€21,512
up €21,512 (+4.7%), from €458,326 to €479,838
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 | €6,091,554 | €5,778,165 | -€313,388 | -5.1% |
| Fixed assets | 21/28 | €5,288,716 | €5,174,113 | -€114,603 | -2.2% |
| Intangible fixed assets | 21 | €38,475 | €32,960 | -€5,515 | -14.3% |
| Tangible fixed assets | 22/27 | €5,245,585 | €5,136,497 | -€109,088 | -2.1% |
| Land and buildings | 22 | €3,255,876 | €3,098,443 | -€157,433 | -4.8% |
| Plant, machinery and equipment | 23 | €1,528,012 | €1,591,183 | +€63,172 | +4.1% |
| Furniture and vehicles | 24 | €461,697 | €446,871 | -€14,826 | -3.2% |
| Financial fixed assets | 28 | €4,655 | €4,655 | = | 0.0% |
| Current assets | 29/58 | €802,838 | €604,052 | -€198,785 | -24.8% |
| Stocks and contracts in progress | 3 | €48,835 | €73,697 | +€24,862 | +50.9% |
| Stocks | 30/36 | €48,835 | €73,697 | +€24,862 | +50.9% |
| Amounts receivable within one year | 40/41 | €411,139 | €342,543 | -€68,596 | -16.7% |
| Trade receivables | 40 | €209,315 | €77,747 | -€131,568 | -62.9% |
| Other amounts receivable | 41 | €201,824 | €264,796 | +€62,972 | +31.2% |
| Cash at bank and in hand | 54/58 | €333,301 | €177,393 | -€155,908 | -46.8% |
| Deferred charges and accrued income | 490/1 | €9,563 | €10,419 | +€856 | +9.0% |
| Total equity and liabilities | 10/49 | €6,091,554 | €5,778,165 | -€313,388 | -5.1% |
| Equity | 10/15 | €1,863,592 | €2,091,296 | +€227,704 | +12.2% |
| Contributions | 10/11 | €675,000 | €675,000 | = | 0.0% |
| Reserves | 13 | €1,188,592 | €1,416,296 | +€227,704 | +19.2% |
| Non-distributable reserves | 130/1 | €14,250 | €14,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €14,250 | €14,250 | = | 0.0% |
| Distributable reserves | 133 | €1,174,342 | €1,402,046 | +€227,704 | +19.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €4,227,962 | €3,686,869 | -€541,093 | -12.8% |
| Amounts payable after more than one year | 17 | €3,021,689 | €2,608,258 | -€413,432 | -13.7% |
| Financial debts | 170/4 | €2,971,689 | €2,558,258 | -€413,432 | -13.9% |
| Other amounts payable | 178/9 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,206,273 | €1,078,612 | -€127,661 | -10.6% |
| Current portion of amounts payable after more than one year | 42 | €402,375 | €413,432 | +€11,057 | +2.7% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €258,773 | €116,301 | -€142,472 | -55.1% |
| Suppliers | 440/4 | €258,773 | €116,301 | -€142,472 | -55.1% |
| Taxes, remuneration and social security | 45 | €26,268 | €29,989 | +€3,721 | +14.2% |
| Taxes | 450/3 | €5,293 | €2,204 | -€3,090 | -58.4% |
| Remuneration and social security | 454/9 | €20,975 | €27,785 | +€6,810 | +32.5% |
| Other amounts payable | 47/48 | €418,857 | €418,890 | +€33 | 0.0% |
| Non-recurring operating income | 76A | - | €1,625 | +€1,625 | |
| Remuneration, social security and pensions | 62 | €212,556 | €205,930 | -€6,626 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €458,326 | €479,838 | +€21,512 | +4.7% |
| Other operating charges | 640/8 | €30,683 | €30,102 | -€581 | -1.9% |
| Gross operating margin | 9900 | €1,184,738 | €1,129,302 | -€55,436 | -4.7% |
| Operating profit (loss) | 9901 | €483,173 | €413,431 | -€69,742 | -14.4% |
| Financial income | 75/76B | €86 | €476 | +€390 | +453% |
| Recurring financial income | 75 | €86 | €476 | +€390 | +453% |
| Financial charges | 65/66B | €134,160 | €137,003 | +€2,844 | +2.1% |
| Recurring financial charges | 65 | €134,160 | €137,003 | +€2,844 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €349,099 | €276,903 | -€72,196 | -20.7% |
| Income taxes | 67/77 | €72,600 | €49,199 | -€23,401 | -32.2% |
| Profit (loss) for the period | 9904 | €276,499 | €227,704 | -€48,794 | -17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €276,499 | €227,704 | -€48,794 | -17.6% |
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 21 October 2026 via checked.be.