Orange Pangolin: 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.
Orange Pangolin
Largest movements
- Current investments +€511,997
up €511,997 (+227.6%), from €225,000 to €736,997
- Cash +€51,100
up €51,100 (+824.0%), from €6,201 to €57,301
mainly Net result for the year (+€425,722) and Tax, wage and social debts (+€195,002)
- Receivables within one year -€46,880
down €46,880 (-46.3%), from €101,273 to €54,393
of which Trade receivables: -€47,640
- Reserves +€425,722
up €425,722 (+194.0%), from €219,413 to €645,135
- Tax, wage and social debts +€195,002
up €195,002 (+174.8%), from €111,581 to €306,584
of which Taxes: +€190,152
- Other debts -€72,660
down €72,660 (-8.4%), from €862,907 to €790,247
- Gross operating margin +€336,776
up €336,776 (+84.3%), from €399,693 to €736,469
- Taxes +€106,477
up €106,477 (+105.7%), from €100,739 to €207,217
- Staff costs +€22,395
up €22,395 (+234.4%), from €9,554 to €31,949
- Financial charges -€12,325
down €12,325 (-16.9%), from €73,033 to €60,708
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 | €2,335,625 | €2,849,043 | +€513,418 | +22.0% |
| Fixed assets | 21/28 | €2,001,070 | €1,997,911 | -€3,159 | -0.2% |
| Tangible fixed assets | 22/27 | €67,444 | €64,285 | -€3,159 | -4.7% |
| Plant, machinery and equipment | 23 | €2,637 | €2,546 | -€92 | -3.5% |
| Furniture and vehicles | 24 | €48,964 | €40,541 | -€8,422 | -17.2% |
| Other tangible fixed assets | 26 | €15,843 | €21,198 | +€5,355 | +33.8% |
| Financial fixed assets | 28 | €1,933,626 | €1,933,626 | = | 0.0% |
| Current assets | 29/58 | €334,556 | €851,133 | +€516,577 | +154.4% |
| Amounts receivable within one year | 40/41 | €101,273 | €54,393 | -€46,880 | -46.3% |
| Trade receivables | 40 | €98,585 | €50,944 | -€47,640 | -48.3% |
| Other amounts receivable | 41 | €2,689 | €3,449 | +€760 | +28.3% |
| Current investments | 50/53 | €225,000 | €736,997 | +€511,997 | +227.6% |
| Cash at bank and in hand | 54/58 | €6,201 | €57,301 | +€51,100 | +824.0% |
| Deferred charges and accrued income | 490/1 | €2,081 | €2,442 | +€361 | +17.3% |
| Total equity and liabilities | 10/49 | €2,335,625 | €2,849,043 | +€513,418 | +22.0% |
| Equity | 10/15 | €1,219,413 | €1,645,135 | +€425,722 | +34.9% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €219,413 | €645,135 | +€425,722 | +194.0% |
| Distributable reserves | 133 | €219,413 | €645,135 | +€425,722 | +194.0% |
| Amounts payable | 17/49 | €1,116,212 | €1,203,909 | +€87,696 | +7.9% |
| Amounts payable after more than one year | 17 | €31,220 | €20,289 | -€10,931 | -35.0% |
| Financial debts | 170/4 | €31,220 | €20,289 | -€10,931 | -35.0% |
| Amounts payable within one year | 42/48 | €990,998 | €1,110,559 | +€119,560 | +12.1% |
| Current portion of amounts payable after more than one year | 42 | €10,474 | €10,931 | +€457 | +4.4% |
| Trade debts | 44 | €6,036 | €2,797 | -€3,239 | -53.7% |
| Suppliers | 440/4 | €6,036 | €2,797 | -€3,239 | -53.7% |
| Taxes, remuneration and social security | 45 | €111,581 | €306,584 | +€195,002 | +174.8% |
| Taxes | 450/3 | €108,330 | €298,482 | +€190,152 | +175.5% |
| Remuneration and social security | 454/9 | €3,252 | €8,102 | +€4,850 | +149.2% |
| Other amounts payable | 47/48 | €862,907 | €790,247 | -€72,660 | -8.4% |
| Accrued charges and deferred income | 492/3 | €93,994 | €73,061 | -€20,933 | -22.3% |
| Remuneration, social security and pensions | 62 | €9,554 | €31,949 | +€22,395 | +234.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,345 | €15,530 | +€2,185 | +16.4% |
| Other operating charges | 640/8 | €818 | €81 | -€737 | -90.1% |
| Gross operating margin | 9900 | €399,693 | €736,469 | +€336,776 | +84.3% |
| Operating profit (loss) | 9901 | €375,976 | €688,909 | +€312,933 | +83.2% |
| Financial income | 75/76B | €1,652 | €4,738 | +€3,086 | +186.7% |
| Recurring financial income | 75 | €1,652 | €4,738 | +€3,086 | +186.7% |
| Financial charges | 65/66B | €73,033 | €60,708 | -€12,325 | -16.9% |
| Recurring financial charges | 65 | €73,033 | €60,708 | -€12,325 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €304,595 | €632,939 | +€328,343 | +107.8% |
| Income taxes | 67/77 | €100,739 | €207,217 | +€106,477 | +105.7% |
| Profit (loss) for the period | 9904 | €203,856 | €425,722 | +€221,866 | +108.8% |
| Profit (loss) for the period to be appropriated | 9905 | €203,856 | €425,722 | +€221,866 | +108.8% |
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 6 October 2026 via checked.be.