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
- Financial fixed assets +€19.2m
new in 2025: €19.2m
- Receivables within one year +€770,752
up €770,752 (+640.2%), from €120,397 to €891,149
of which Other amounts receivable: +€771,149
- Cash +€240,643
up €240,643 (+267.1%), from €90,107 to €330,750
mainly Contributions, distributions and other (+€8.6m) and Other debts (+€8.6m)
- Contributions +€8.6m
up €8.6m (+43103.7%), from €20,000 to €8.6m
- Other debts +€8.6m
up €8.6m (+3415882.0%), from €251 to €8.6m
- Reserves +€2.8m
new in 2025: €2.8m
- Tax, wage and social debts +€228,173
up €228,173 (+284.7%), from €80,151 to €308,324
of which Taxes: +€228,173
- Financial income +€3.0m
new in 2025: €3.0m
- Taxes +€252,339
up €252,339 (+573.5%), from €44,000 to €296,339
of which Taxes: +€296,400
- Gross operating margin -€199,005
no longer reported in 2025 (was €199,005)
- Turnover +€177,500
new in 2025: €177,500
- Services and other goods +€78,725
new in 2025: €78,725
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 | €252,568 | €20,447,376 | +€20.2m | +7995.8% |
| Fixed assets | 21/28 | €39,858 | €19,223,230 | +€19.2m | +48129.3% |
| Tangible fixed assets | 22/27 | €39,858 | €31,231 | -€8,627 | -21.6% |
| Furniture and vehicles | 24 | €39,858 | €31,231 | -€8,627 | -21.6% |
| Financial fixed assets | 28 | - | €19,191,999 | +€19.2m | |
| Affiliated companies | 280/1 | - | €19,191,999 | +€19.2m | |
| Participating interests | 280 | - | €19,191,999 | +€19.2m | |
| Current assets | 29/58 | €212,710 | €1,224,146 | +€1.0m | +475.5% |
| Amounts receivable within one year | 40/41 | €120,397 | €891,149 | +€770,752 | +640.2% |
| Trade receivables | 40 | €397 | - | -€397 | |
| Other amounts receivable | 41 | €120,000 | €891,149 | +€771,149 | +642.6% |
| Cash at bank and in hand | 54/58 | €90,107 | €330,750 | +€240,643 | +267.1% |
| Deferred charges and accrued income | 490/1 | €2,206 | €2,247 | +€41 | +1.9% |
| Total equity and liabilities | 10/49 | €252,568 | €20,447,376 | +€20.2m | +7995.8% |
| Equity | 10/15 | €170,249 | €11,560,489 | +€11.4m | +6690.3% |
| Contributions | 10/11 | €20,000 | €8,640,733 | +€8.6m | +43103.7% |
| Reserves | 13 | - | €2,760,000 | +€2.8m | |
| Distributable reserves | 133 | - | €2,760,000 | +€2.8m | |
| Profit (loss) carried forward | 14 | €150,249 | €159,756 | +€9,507 | +6.3% |
| Amounts payable | 17/49 | €82,319 | €8,886,887 | +€8.8m | +10695.7% |
| Amounts payable within one year | 42/48 | €80,776 | €8,883,299 | +€8.8m | +10897.4% |
| Trade debts | 44 | €374 | €861 | +€486 | +130.1% |
| Suppliers | 440/4 | €374 | €861 | +€486 | +130.1% |
| Taxes, remuneration and social security | 45 | €80,151 | €308,324 | +€228,173 | +284.7% |
| Taxes | 450/3 | €77,164 | €305,337 | +€228,173 | +295.7% |
| Remuneration and social security | 454/9 | €2,987 | €2,987 | = | 0.0% |
| Other amounts payable | 47/48 | €251 | €8,574,115 | +€8.6m | +3415882.0% |
| Accrued charges and deferred income | 492/3 | €1,543 | €3,588 | +€2,045 | +132.6% |
| Operating income | 70/76A | - | €179,875 | +€179,875 | |
| Turnover | 70 | - | €177,500 | +€177,500 | |
| Other operating income | 74 | - | €2,375 | +€2,375 | |
| Operating charges | 60/66A | - | €87,729 | +€87,729 | |
| Services and other goods | 61 | - | €78,725 | +€78,725 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,543 | €8,627 | +€4,084 | +89.9% |
| Other operating charges | 640/8 | €166 | €378 | +€212 | +127.2% |
| Gross operating margin | 9900 | €199,005 | - | -€199,005 | |
| Operating profit (loss) | 9901 | €194,296 | €92,145 | -€102,150 | -52.6% |
| Financial income | 75/76B | - | €2,974,460 | +€3.0m | |
| Recurring financial income | 75 | - | €2,974,460 | +€3.0m | |
| Income from financial fixed assets | 750 | - | €2,974,460 | +€3.0m | |
| Financial charges | 65/66B | €47 | €759 | +€712 | +1532.2% |
| Recurring financial charges | 65 | €47 | €759 | +€712 | +1532.2% |
| Other financial charges | 652/9 | - | €759 | +€759 | |
| Profit (loss) for the period before taxes | 9903 | €194,249 | €3,065,846 | +€2.9m | +1478.3% |
| Income taxes | 67/77 | €44,000 | €296,339 | +€252,339 | +573.5% |
| Taxes | 670/3 | - | €296,400 | +€296,400 | |
| Tax adjustments and reversals of tax provisions | 77 | - | €61 | +€61 | |
| Profit (loss) for the period | 9904 | €150,249 | €2,769,507 | +€2.6m | +1743.3% |
| Profit (loss) for the period to be appropriated | 9905 | €150,249 | €2,769,507 | +€2.6m | +1743.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.