PAN IMMO: 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 IMMO
Largest movements
- Cash -€36,708
down €36,708 (-40.0%), from €91,744 to €55,036
mainly Other debts (-€24,843) and Debts after one year (-€18,389)
- Tangible fixed assets -€15,763
down €15,763 (-1.5%), from €1.1m to €1.0m
- Other debts -€24,843
down €24,843 (-66.9%), from €37,143 to €12,301
- Debts after one year -€18,389
down €18,389 (-6.1%), from €299,118 to €280,729
of which Financial debts: -€12,000
- Gross operating margin -€88,348
down €88,348 (-69.7%), from €126,704 to €38,355
- Financial charges -€28,978
down €28,978 (-56.0%), from €51,722 to €22,744
- Financial income +€2,180
up €2,180 (+331.1%), from €658 to €2,838
- Other operating charges -€2,081
down €2,081 (-13.4%), from €15,585 to €13,504
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 | €1,208,371 | €1,143,752 | -€64,619 | -5.3% |
| Fixed assets | 21/28 | €1,052,634 | €1,036,871 | -€15,763 | -1.5% |
| Tangible fixed assets | 22/27 | €1,052,634 | €1,036,871 | -€15,763 | -1.5% |
| Land and buildings | 22 | €1,052,634 | €1,036,871 | -€15,763 | -1.5% |
| Current assets | 29/58 | €155,737 | €106,881 | -€48,856 | -31.4% |
| Amounts receivable after more than one year | 29 | €48,000 | €36,000 | -€12,000 | -25.0% |
| Other amounts receivable | 291 | €48,000 | €36,000 | -€12,000 | -25.0% |
| Amounts receivable within one year | 40/41 | €12,000 | €12,000 | = | 0.0% |
| Other amounts receivable | 41 | €12,000 | €12,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €91,744 | €55,036 | -€36,708 | -40.0% |
| Deferred charges and accrued income | 490/1 | €3,993 | €3,845 | -€148 | -3.7% |
| Total equity and liabilities | 10/49 | €1,208,371 | €1,143,752 | -€64,619 | -5.3% |
| Equity | 10/15 | €837,809 | €826,992 | -€10,817 | -1.3% |
| Contributions | 10/11 | €210,710 | €210,710 | = | 0.0% |
| Capital | 10 | €210,710 | €210,710 | = | 0.0% |
| Issued capital | 100 | €210,710 | €210,710 | = | 0.0% |
| Revaluation surpluses | 12 | €829,256 | €829,256 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€202,156 | -€212,973 | -€10,817 | -5.4% |
| Amounts payable | 17/49 | €370,562 | €316,760 | -€53,801 | -14.5% |
| Amounts payable after more than one year | 17 | €299,118 | €280,729 | -€18,389 | -6.1% |
| Financial debts | 170/4 | €48,000 | €36,000 | -€12,000 | -25.0% |
| Other amounts payable | 178/9 | €251,118 | €244,729 | -€6,389 | -2.5% |
| Amounts payable within one year | 42/48 | €69,534 | €36,031 | -€33,503 | -48.2% |
| Financial debts | 43 | €12,000 | €12,000 | = | 0.0% |
| Other loans | 439 | €12,000 | €12,000 | = | 0.0% |
| Trade debts | 44 | €5,302 | €4,974 | -€328 | -6.2% |
| Suppliers | 440/4 | €5,302 | €4,974 | -€328 | -6.2% |
| Taxes, remuneration and social security | 45 | €15,089 | €6,757 | -€8,333 | -55.2% |
| Taxes | 450/3 | €15,089 | €6,757 | -€8,333 | -55.2% |
| Other amounts payable | 47/48 | €37,143 | €12,301 | -€24,843 | -66.9% |
| Accrued charges and deferred income | 492/3 | €1,909 | - | -€1,909 | |
| Non-recurring operating income | 76A | €106,157 | - | -€106,157 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,801 | €15,763 | -€1,038 | -6.2% |
| Other operating charges | 640/8 | €15,585 | €13,504 | -€2,081 | -13.4% |
| Gross operating margin | 9900 | €126,704 | €38,355 | -€88,348 | -69.7% |
| Operating profit (loss) | 9901 | €94,318 | €9,089 | -€85,229 | -90.4% |
| Financial income | 75/76B | €658 | €2,838 | +€2,180 | +331.1% |
| Recurring financial income | 75 | €658 | €2,838 | +€2,180 | +331.1% |
| Financial charges | 65/66B | €51,722 | €22,744 | -€28,978 | -56.0% |
| Recurring financial charges | 65 | €51,722 | €22,744 | -€28,978 | -56.0% |
| Profit (loss) for the period before taxes | 9903 | €43,255 | -€10,817 | -€54,072 | |
| Profit (loss) for the period | 9904 | €43,255 | -€10,817 | -€54,072 | |
| Profit (loss) for the period to be appropriated | 9905 | €43,255 | -€10,817 | -€54,072 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.