PAN-HOLDING: 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-HOLDING
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Other debts -€7,797
down €7,797 (-5.6%), from €139,937 to €132,140
- Profit (loss) carried forward +€7,642
up €7,642, from -€2,282 to €5,360
- Financial income +€15,000
new in 2026: €15,000
- Gross operating margin -€14,606
down €14,606, from €13,115 to -€1,490
- Purchases and services -€1,157
no longer reported in 2026 (was €1,157)
- Financial charges +€507
up €507 (+10.5%), from €4,811 to €5,318
- Other operating charges +€290
up €290 (+112%), from €259 to €549
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €539,428 | €539,199 | -€229 | 0.0% |
| Fixed assets | 21/28 | €539,097 | €539,097 | = | 0.0% |
| Financial fixed assets | 28 | €539,097 | €539,097 | = | 0.0% |
| Current assets | 29/58 | €331 | €102 | -€229 | -69.1% |
| Amounts receivable within one year | 40/41 | - | €102 | +€102 | |
| Other amounts receivable | 41 | - | €102 | +€102 | |
| Cash at bank and in hand | 54/58 | €331 | - | -€331 | |
| Total equity and liabilities | 10/49 | €539,428 | €539,199 | -€229 | 0.0% |
| Equity | 10/15 | €398,954 | €406,597 | +€7,642 | +1.9% |
| Contributions | 10/11 | €160,000 | €160,000 | = | 0.0% |
| Capital | 10 | €160,000 | €160,000 | = | 0.0% |
| Issued capital | 100 | €160,000 | €160,000 | = | 0.0% |
| Reserves | 13 | €241,237 | €241,237 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,000 | €16,000 | = | 0.0% |
| Legal reserve | 130 | €16,000 | €16,000 | = | 0.0% |
| Distributable reserves | 133 | €225,237 | €225,237 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,282 | €5,360 | +€7,642 | |
| Amounts payable | 17/49 | €140,473 | €132,602 | -€7,871 | -5.6% |
| Amounts payable within one year | 42/48 | €140,473 | €132,602 | -€7,871 | -5.6% |
| Trade debts | 44 | €536 | €462 | -€74 | -13.9% |
| Suppliers | 440/4 | €536 | €462 | -€74 | -13.9% |
| Other amounts payable | 47/48 | €139,937 | €132,140 | -€7,797 | -5.6% |
| Non-recurring operating income | 76A | €14,272 | - | -€14,272 | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,157 | - | -€1,157 | |
| Other operating charges | 640/8 | €259 | €549 | +€290 | +112% |
| Gross operating margin | 9900 | €13,115 | -€1,490 | -€14,606 | |
| Operating profit (loss) | 9901 | €12,856 | -€2,040 | -€14,896 | |
| Financial income | 75/76B | - | €15,000 | +€15,000 | |
| Recurring financial income | 75 | - | €15,000 | +€15,000 | |
| Financial charges | 65/66B | €4,811 | €5,318 | +€507 | +10.5% |
| Recurring financial charges | 65 | €4,811 | €5,318 | +€507 | +10.5% |
| Profit (loss) for the period before taxes | 9903 | €8,045 | €7,642 | -€403 | -5.0% |
| Profit (loss) for the period | 9904 | €8,045 | €7,642 | -€403 | -5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,045 | €7,642 | -€403 | -5.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.