PAN: 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.
PAN
Largest movements
- Receivables within one year +€32,475
up €32,475 (+153.1%), from €21,207 to €53,682
of which Other amounts receivable: +€32,046
- Tangible fixed assets -€16,918
down €16,918 (-46.8%), from €36,132 to €19,214
of which Plant, machinery and equipment: -€16,495
- Cash +€2,523
up €2,523 (+5.2%), from €48,615 to €51,139
mainly Net result for the year (+€25,873) and Depreciation (+€19,509)
- Deferred charges and accrued income +€1,946
up €1,946 (+71.6%), from €2,718 to €4,665
- Reserves +€26,838
up €26,838 (+53.7%), from €50,000 to €76,838
- Other debts -€12,301
down €12,301 (-100.0%), from €12,301 to €0
- Tax, wage and social debts +€9,352
up €9,352 (+195.5%), from €4,784 to €14,135
of which Taxes: +€9,191
- Debts after one year -€3,928
down €3,928 (-85.5%), from €4,597 to €668
- Gross operating margin +€10,505
up €10,505 (+19.9%), from €52,707 to €63,212
- Taxes +€7,084
up €7,084 (+150.3%), from €4,713 to €11,797
- Other operating charges +€1,725
up €1,725 (+139.6%), from €1,236 to €2,962
- Financial charges -€655
down €655 (-32.1%), from €2,037 to €1,382
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 | €116,066 | €134,580 | +€18,515 | +16.0% |
| Fixed assets | 21/28 | €38,732 | €20,814 | -€17,918 | -46.3% |
| Intangible fixed assets | 21 | €1,250 | €250 | -€1,000 | -80.0% |
| Tangible fixed assets | 22/27 | €36,132 | €19,214 | -€16,918 | -46.8% |
| Land and buildings | 22 | €11,765 | €10,307 | -€1,458 | -12.4% |
| Plant, machinery and equipment | 23 | €23,522 | €7,027 | -€16,495 | -70.1% |
| Furniture and vehicles | 24 | €846 | €1,880 | +€1,034 | +122.2% |
| Financial fixed assets | 28 | €1,350 | €1,350 | = | 0.0% |
| Current assets | 29/58 | €77,333 | €113,767 | +€36,433 | +47.1% |
| Stocks and contracts in progress | 3 | €4,793 | €4,281 | -€512 | -10.7% |
| Stocks | 30/36 | €4,793 | €4,281 | -€512 | -10.7% |
| Amounts receivable within one year | 40/41 | €21,207 | €53,682 | +€32,475 | +153.1% |
| Trade receivables | 40 | €20,431 | €20,860 | +€429 | +2.1% |
| Other amounts receivable | 41 | €776 | €32,822 | +€32,046 | +4131.1% |
| Cash at bank and in hand | 54/58 | €48,615 | €51,139 | +€2,523 | +5.2% |
| Deferred charges and accrued income | 490/1 | €2,718 | €4,665 | +€1,946 | +71.6% |
| Total equity and liabilities | 10/49 | €116,066 | €134,580 | +€18,515 | +16.0% |
| Equity | 10/15 | €70,965 | €96,838 | +€25,873 | +36.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €50,000 | €76,838 | +€26,838 | +53.7% |
| Distributable reserves | 133 | €50,000 | €76,838 | +€26,838 | +53.7% |
| Profit (loss) carried forward | 14 | €965 | €0 | -€965 | -100.0% |
| Amounts payable | 17/49 | €45,101 | €37,742 | -€7,359 | -16.3% |
| Amounts payable after more than one year | 17 | €4,597 | €668 | -€3,928 | -85.5% |
| Financial debts | 170/4 | €4,597 | €668 | -€3,928 | -85.5% |
| Amounts payable within one year | 42/48 | €40,505 | €37,074 | -€3,431 | -8.5% |
| Current portion of amounts payable after more than one year | 42 | €3,792 | €3,928 | +€137 | +3.6% |
| Trade debts | 44 | €19,629 | €19,010 | -€618 | -3.1% |
| Suppliers | 440/4 | €19,629 | €19,010 | -€618 | -3.1% |
| Taxes, remuneration and social security | 45 | €4,784 | €14,135 | +€9,352 | +195.5% |
| Taxes | 450/3 | €4,713 | €13,905 | +€9,191 | +195.0% |
| Remuneration and social security | 454/9 | €70 | €231 | +€160 | +228.4% |
| Other amounts payable | 47/48 | €12,301 | €0 | -€12,301 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,458 | €2,085 | +€627 | +43.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,210 | €19,509 | +€300 | +1.6% |
| Other operating charges | 640/8 | €1,236 | €2,962 | +€1,725 | +139.6% |
| Gross operating margin | 9900 | €52,707 | €63,212 | +€10,505 | +19.9% |
| Operating profit (loss) | 9901 | €30,802 | €38,656 | +€7,854 | +25.5% |
| Financial income | 75/76B | €0 | €398 | +€397 | +3974900.0% |
| Recurring financial income | 75 | €0 | €398 | +€397 | +3974900.0% |
| Financial charges | 65/66B | €2,037 | €1,382 | -€655 | -32.1% |
| Recurring financial charges | 65 | €2,037 | €1,382 | -€655 | -32.1% |
| Profit (loss) for the period before taxes | 9903 | €28,765 | €37,671 | +€8,906 | +31.0% |
| Income taxes | 67/77 | €4,713 | €11,797 | +€7,084 | +150.3% |
| Profit (loss) for the period | 9904 | €24,052 | €25,873 | +€1,822 | +7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €24,052 | €25,873 | +€1,822 | +7.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.