PAN: 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.
PAN
Largest movements
- Financial fixed assets -€1.4m
down €1.4m (-99.9%), from €1.4m to €748
- Tangible fixed assets +€1.3m
up €1.3m (+1,768%), from €73,145 to €1.4m
of which Land and buildings: +€1.3m
- Receivables after one year -€765,221
no longer reported in 2025 (was €765,221)
- Current investments -€100,000
no longer reported in 2025 (was €100,000)
- Cash +€94,464
up €94,464 (+50.2%), from €188,356 to €282,820
- Other debts -€1.3m
down €1.3m (-97.0%), from €1.3m to €39,884
- Revaluation surpluses -€459,672
no longer reported in 2025 (was €459,672)
- Debts after one year +€412,191
new in 2025: €412,191
- Reserves +€361,109
up €361,109 (+140%), from €257,700 to €618,809
of which Tax-exempt reserves: +€271,470
- Provisions +€67,867
new in 2025: €67,867
- Financial income +€846,507
up €846,507 (+2,305%), from €36,721 to €883,228
of which Non-recurring financial income: +€870,929
- Financial charges +€574,607
up €574,607 (+62,276%), from €923 to €575,530
of which Non-recurring financial charges: +€564,671
- Gross operating margin -€200,218
down €200,218, from €108,217 to -€92,000
- Depreciation +€58,455
up €58,455 (+342%), from €17,074 to €75,529
- Taxes -€25,096
down €25,096 (-72.5%), from €34,610 to €9,515
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,697,976 | €1,854,050 | -€843,926 | -31.3% |
| Fixed assets | 21/28 | €1,475,136 | €1,367,260 | -€107,876 | -7.3% |
| Tangible fixed assets | 22/27 | €73,145 | €1,366,512 | +€1.3m | +1,768% |
| Land and buildings | 22 | - | €1,274,599 | +€1.3m | |
| Plant, machinery and equipment | 23 | €2,116 | €2,848 | +€732 | +34.6% |
| Furniture and vehicles | 24 | €61,582 | €79,217 | +€17,635 | +28.6% |
| Other tangible fixed assets | 26 | €9,447 | €9,848 | +€401 | +4.2% |
| Financial fixed assets | 28 | €1,401,991 | €748 | -€1.4m | -99.9% |
| Current assets | 29/58 | €1,222,840 | €486,790 | -€736,050 | -60.2% |
| Amounts receivable after more than one year | 29 | €765,221 | - | -€765,221 | |
| Trade receivables | 290 | €765,221 | - | -€765,221 | |
| Stocks and contracts in progress | 3 | €156,484 | €160,853 | +€4,369 | +2.8% |
| Stocks | 30/36 | €156,484 | €160,853 | +€4,369 | +2.8% |
| Amounts receivable within one year | 40/41 | €5,899 | €36,611 | +€30,712 | +521% |
| Trade receivables | 40 | €5,899 | €36,611 | +€30,712 | +521% |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €188,356 | €282,820 | +€94,464 | +50.2% |
| Deferred charges and accrued income | 490/1 | €6,880 | €6,506 | -€375 | -5.4% |
| Total equity and liabilities | 10/49 | €2,697,976 | €1,854,050 | -€843,926 | -31.3% |
| Equity | 10/15 | €1,312,345 | €1,213,781 | -€98,563 | -7.5% |
| Contributions | 10/11 | €440,000 | €440,000 | = | 0.0% |
| Capital | 10 | €440,000 | €440,000 | = | 0.0% |
| Issued capital | 100 | €440,000 | €440,000 | = | 0.0% |
| Revaluation surpluses | 12 | €459,672 | - | -€459,672 | |
| Reserves | 13 | €257,700 | €618,809 | +€361,109 | +140% |
| Non-distributable reserves | 130/1 | €44,000 | €44,000 | = | 0.0% |
| Legal reserve | 130 | €44,000 | €44,000 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €271,470 | +€271,470 | |
| Distributable reserves | 133 | €213,700 | €303,339 | +€89,639 | +41.9% |
| Profit (loss) carried forward | 14 | €154,972 | €154,972 | = | 0.0% |
| Provisions and deferred taxes | 16 | - | €67,867 | +€67,867 | |
| Deferred taxes | 168 | - | €67,867 | +€67,867 | |
| Amounts payable | 17/49 | €1,385,632 | €572,402 | -€813,230 | -58.7% |
| Amounts payable after more than one year | 17 | - | €412,191 | +€412,191 | |
| Financial debts | 170/4 | - | €412,191 | +€412,191 | |
| Amounts payable within one year | 42/48 | €1,380,334 | €157,341 | -€1.2m | -88.6% |
| Current portion of amounts payable after more than one year | 42 | - | €55,832 | +€55,832 | |
| Trade debts | 44 | €10,759 | €42,691 | +€31,932 | +297% |
| Suppliers | 440/4 | €10,759 | €42,691 | +€31,932 | +297% |
| Advances received on contracts in progress | 46 | - | €5,450 | +€5,450 | |
| Taxes, remuneration and social security | 45 | €26,214 | €13,485 | -€12,730 | -48.6% |
| Taxes | 450/3 | €21,314 | €8,846 | -€12,468 | -58.5% |
| Remuneration and social security | 454/9 | €4,900 | €4,639 | -€261 | -5.3% |
| Other amounts payable | 47/48 | €1,343,361 | €39,884 | -€1.3m | -97.0% |
| Accrued charges and deferred income | 492/3 | €5,298 | €2,869 | -€2,428 | -45.8% |
| Remuneration, social security and pensions | 62 | €31,222 | €45,028 | +€13,806 | +44.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,074 | €75,529 | +€58,455 | +342% |
| Other operating charges | 640/8 | €3,791 | €17,593 | +€13,802 | +364% |
| Gross operating margin | 9900 | €108,217 | -€92,000 | -€200,218 | |
| Operating profit (loss) | 9901 | €56,129 | -€230,151 | -€286,280 | |
| Financial income | 75/76B | €36,721 | €883,228 | +€846,507 | +2,305% |
| Recurring financial income | 75 | €36,721 | €12,299 | -€24,422 | -66.5% |
| Non-recurring financial income | 76B | - | €870,929 | +€870,929 | |
| Financial charges | 65/66B | €923 | €575,530 | +€574,607 | +62,276% |
| Recurring financial charges | 65 | €923 | €10,859 | +€9,936 | +1,077% |
| Non-recurring financial charges | 66B | - | €564,671 | +€564,671 | |
| Profit (loss) for the period before taxes | 9903 | €91,928 | €77,547 | -€14,381 | -15.6% |
| Transfer from deferred taxes | 780 | - | €4,321 | +€4,321 | |
| Income taxes | 67/77 | €34,610 | €9,515 | -€25,096 | -72.5% |
| Profit (loss) for the period | 9904 | €57,318 | €72,354 | +€15,036 | +26.2% |
| Transfer from tax-exempt reserves | 789 | - | €17,285 | +€17,285 | |
| Profit (loss) for the period to be appropriated | 9905 | €57,318 | €89,639 | +€32,322 | +56.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.