PAN'S: 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'S
Largest movements
- Cash -€7,487
down €7,487 (-87.1%), from €8,600 to €1,112
mainly Tax, wage and social debts (-€8,352) and Net result for the year (-€6,890)
- Tangible fixed assets -€5,261
down €5,261 (-5.4%), from €98,169 to €92,907
of which Land and buildings: -€4,636
- Receivables within one year -€2,807
down €2,807 (-24.3%), from €11,539 to €8,732
of which Trade receivables: -€3,944
- Tax, wage and social debts -€8,352
down €8,352 (-88.7%), from €9,415 to €1,062
of which Taxes: -€6,167
- Profit (loss) carried forward -€6,890
down €6,890 (-8.7%), from €78,764 to €71,874
- Gross operating margin -€20,280
down €20,280 (-68.6%), from €29,559 to €9,279
- Staff costs -€13,479
down €13,479 (-99.7%), from €13,517 to €38
- Other operating charges +€6,121
up €6,121 (+211%), from €2,907 to €9,028
- Financial charges -€1,898
down €1,898 (-88.1%), from €2,155 to €257
- Taxes -€1,756
down €1,756 (-52.6%), from €3,339 to €1,584
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 | €131,482 | €115,927 | -€15,555 | -11.8% |
| Fixed assets | 21/28 | €100,431 | €95,170 | -€5,261 | -5.2% |
| Tangible fixed assets | 22/27 | €98,169 | €92,907 | -€5,261 | -5.4% |
| Land and buildings | 22 | €96,846 | €92,209 | -€4,636 | -4.8% |
| Plant, machinery and equipment | 23 | €1,053 | €446 | -€607 | -57.7% |
| Furniture and vehicles | 24 | - | €117 | +€117 | |
| Other tangible fixed assets | 26 | €270 | €135 | -€135 | -50.0% |
| Financial fixed assets | 28 | €2,262 | €2,262 | = | 0.0% |
| Current assets | 29/58 | €31,051 | €20,757 | -€10,294 | -33.2% |
| Stocks and contracts in progress | 3 | €10,913 | €10,913 | = | 0.0% |
| Stocks | 30/36 | €10,913 | €10,913 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €11,539 | €8,732 | -€2,807 | -24.3% |
| Trade receivables | 40 | €11,539 | €7,594 | -€3,944 | -34.2% |
| Other amounts receivable | 41 | - | €1,138 | +€1,138 | |
| Cash at bank and in hand | 54/58 | €8,600 | €1,112 | -€7,487 | -87.1% |
| Total equity and liabilities | 10/49 | €131,482 | €115,927 | -€15,555 | -11.8% |
| Equity | 10/15 | €118,952 | €112,062 | -€6,890 | -5.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €21,588 | €21,588 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €19,728 | €19,728 | = | 0.0% |
| Profit (loss) carried forward | 14 | €78,764 | €71,874 | -€6,890 | -8.7% |
| Amounts payable | 17/49 | €12,530 | €3,864 | -€8,665 | -69.2% |
| Amounts payable within one year | 42/48 | €12,530 | €3,864 | -€8,665 | -69.2% |
| Trade debts | 44 | €2,804 | €2,802 | -€2 | -0.1% |
| Suppliers | 440/4 | €2,804 | €2,802 | -€2 | -0.1% |
| Taxes, remuneration and social security | 45 | €9,415 | €1,062 | -€8,352 | -88.7% |
| Taxes | 450/3 | €7,229 | €1,062 | -€6,167 | -85.3% |
| Remuneration and social security | 454/9 | €2,185 | - | -€2,185 | |
| Other amounts payable | 47/48 | €311 | - | -€311 | |
| Remuneration, social security and pensions | 62 | €13,517 | €38 | -€13,479 | -99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,261 | €5,261 | = | 0.0% |
| Other operating charges | 640/8 | €2,907 | €9,028 | +€6,121 | +211% |
| Gross operating margin | 9900 | €29,559 | €9,279 | -€20,280 | -68.6% |
| Operating profit (loss) | 9901 | €7,873 | -€5,049 | -€12,922 | |
| Financial charges | 65/66B | €2,155 | €257 | -€1,898 | -88.1% |
| Recurring financial charges | 65 | €2,155 | €257 | -€1,898 | -88.1% |
| Profit (loss) for the period before taxes | 9903 | €5,718 | -€5,306 | -€11,024 | |
| Income taxes | 67/77 | €3,339 | €1,584 | -€1,756 | -52.6% |
| Profit (loss) for the period | 9904 | €2,379 | -€6,890 | -€9,269 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,379 | -€6,890 | -€9,269 |
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 24 October 2026 via checked.be.