PAN-ONTWIKKELING: 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-ONTWIKKELING
Largest movements
- Current investments +€300,000
new in 2025: €300,000
- Stocks and contracts +€293,934
up €293,934 (+9.7%), from €3.0m to €3.3m
of which Contracts in progress: +€286,254
- Receivables within one year -€117,662
down €117,662 (-32.5%), from €361,667 to €244,005
of which Trade receivables: -€212,698
- Cash +€41,348
up €41,348 (+373%), from €11,095 to €52,443
mainly Debts after one year (+€1.0m) and Other debts (+€440,975)
- Debts after one year +€1.0m
up €1.0m (+648%), from €160,000 to €1.2m
- Trade debts -€915,478
down €915,478 (-93.6%), from €978,068 to €62,590
- Other debts +€440,975
up €440,975 (+25.4%), from €1.7m to €2.2m
- Gross operating margin -€245,020
down €245,020 (-90.3%), from €271,347 to €26,327
- Financial charges -€82,673
down €82,673 (-74.0%), from €111,692 to €29,019
- Other operating charges -€59,047
down €59,047 (-95.3%), from €61,975 to €2,928
- Taxes -€24,455
no longer reported in 2025 (was €24,455)
- Financial income +€4,537
up €4,537 (+360,068%), from €1 to €4,538
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
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 | €3,400,906 | €3,934,600 | +€533,694 | +15.7% |
| Fixed assets | 21/28 | - | €1,250 | +€1,250 | |
| Financial fixed assets | 28 | - | €1,250 | +€1,250 | |
| Current assets | 29/58 | €3,400,906 | €3,933,350 | +€532,444 | +15.7% |
| Stocks and contracts in progress | 3 | €3,017,604 | €3,311,538 | +€293,934 | +9.7% |
| Stocks | 30/36 | €320,148 | €327,828 | +€7,680 | +2.4% |
| Contracts in progress | 37 | €2,697,456 | €2,983,710 | +€286,254 | +10.6% |
| Amounts receivable within one year | 40/41 | €361,667 | €244,005 | -€117,662 | -32.5% |
| Trade receivables | 40 | €323,325 | €110,627 | -€212,698 | -65.8% |
| Other amounts receivable | 41 | €38,341 | €133,378 | +€95,036 | +248% |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €11,095 | €52,443 | +€41,348 | +373% |
| Deferred charges and accrued income | 490/1 | €10,540 | €25,364 | +€14,824 | +141% |
| Total equity and liabilities | 10/49 | €3,400,906 | €3,934,600 | +€533,694 | +15.7% |
| Equity | 10/15 | €494,082 | €493,001 | -€1,081 | -0.2% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €5,500 | €5,500 | = | 0.0% |
| Distributable reserves | 133 | €5,500 | €5,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €88,582 | €87,501 | -€1,081 | -1.2% |
| Amounts payable | 17/49 | €2,906,824 | €3,441,599 | +€534,775 | +18.4% |
| Amounts payable after more than one year | 17 | €160,000 | €1,196,750 | +€1.0m | +648% |
| Financial debts | 170/4 | €160,000 | €1,196,750 | +€1.0m | +648% |
| Amounts payable within one year | 42/48 | €2,746,824 | €2,242,873 | -€503,951 | -18.3% |
| Financial debts | 43 | €29,448 | - | -€29,448 | |
| Credit institutions | 430/8 | €29,448 | - | -€29,448 | |
| Trade debts | 44 | €978,068 | €62,590 | -€915,478 | -93.6% |
| Suppliers | 440/4 | €978,068 | €62,590 | -€915,478 | -93.6% |
| Other amounts payable | 47/48 | €1,739,308 | €2,180,283 | +€440,975 | +25.4% |
| Accrued charges and deferred income | 492/3 | - | €1,976 | +€1,976 | |
| Other operating charges | 640/8 | €61,975 | €2,928 | -€59,047 | -95.3% |
| Gross operating margin | 9900 | €271,347 | €26,327 | -€245,020 | -90.3% |
| Operating profit (loss) | 9901 | €209,373 | €23,400 | -€185,973 | -88.8% |
| Financial income | 75/76B | €1 | €4,538 | +€4,537 | +360,068% |
| Recurring financial income | 75 | €1 | €4,538 | +€4,537 | +360,068% |
| Financial charges | 65/66B | €111,692 | €29,019 | -€82,673 | -74.0% |
| Recurring financial charges | 65 | €111,692 | €29,019 | -€82,673 | -74.0% |
| Profit (loss) for the period before taxes | 9903 | €97,682 | -€1,081 | -€98,763 | |
| Income taxes | 67/77 | €24,455 | - | -€24,455 | |
| Profit (loss) for the period | 9904 | €73,226 | -€1,081 | -€74,308 | |
| Profit (loss) for the period to be appropriated | 9905 | €73,226 | -€1,081 | -€74,308 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.