Pan-See: 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-See
Largest movements
- Cash +€653,809
up €653,809 (+4,393%), from €14,882 to €668,692
mainly Net result for the year (+€485,938) and Investment in fixed assets (net) (+€102,871)
- Tangible fixed assets -€102,871
down €102,871 (-31.4%), from €327,533 to €224,662
- Reserves +€414,030
up €414,030 (+93,286%), from €444 to €414,474
of which Distributable reserves: +€414,030
- Profit (loss) carried forward +€71,908
no longer reported in 2025 (was -€71,908)
- Tax, wage and social debts +€44,724
new in 2025: €44,724
- Other debts +€12,195
up €12,195 (+6.0%), from €203,170 to €215,365
- Gross operating margin +€775,786
up €775,786 (+4,611%), from €16,823 to €792,609
- Taxes +€209,724
new in 2025: €209,724
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 | €342,415 | €893,353 | +€550,938 | +161% |
| Fixed assets | 21/28 | €327,533 | €224,662 | -€102,871 | -31.4% |
| Tangible fixed assets | 22/27 | €327,533 | €224,662 | -€102,871 | -31.4% |
| Land and buildings | 22 | €327,533 | €224,662 | -€102,871 | -31.4% |
| Current assets | 29/58 | €14,882 | €668,692 | +€653,809 | +4,393% |
| Cash at bank and in hand | 54/58 | €14,882 | €668,692 | +€653,809 | +4,393% |
| Total equity and liabilities | 10/49 | €342,415 | €893,353 | +€550,938 | +161% |
| Equity | 10/15 | €139,245 | €625,183 | +€485,938 | +349% |
| Contributions | 10/11 | €210,709 | €210,709 | = | 0.0% |
| Capital | 10 | €210,709 | €210,709 | = | 0.0% |
| Issued capital | 100 | €210,709 | €210,709 | = | 0.0% |
| Reserves | 13 | €444 | €414,474 | +€414,030 | +93,286% |
| Non-distributable reserves | 130/1 | €444 | €444 | = | 0.0% |
| Legal reserve | 130 | €444 | €444 | = | 0.0% |
| Distributable reserves | 133 | - | €414,030 | +€414,030 | |
| Profit (loss) carried forward | 14 | -€71,908 | - | +€71,908 | |
| Amounts payable | 17/49 | €203,170 | €268,170 | +€65,000 | +32.0% |
| Amounts payable within one year | 42/48 | €203,170 | €268,170 | +€65,000 | +32.0% |
| Trade debts | 44 | - | €8,081 | +€8,081 | |
| Suppliers | 440/4 | - | €8,081 | +€8,081 | |
| Taxes, remuneration and social security | 45 | - | €44,724 | +€44,724 | |
| Taxes | 450/3 | - | €44,724 | +€44,724 | |
| Other amounts payable | 47/48 | €203,170 | €215,365 | +€12,195 | +6.0% |
| Non-recurring operating income | 76A | - | €797,479 | +€797,479 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,617 | - | -€7,617 | |
| Other operating charges | 640/8 | €18,667 | €17,309 | -€1,359 | -7.3% |
| Non-recurring operating charges | 66A | - | €79,000 | +€79,000 | |
| Gross operating margin | 9900 | €16,823 | €792,609 | +€775,786 | +4,611% |
| Operating profit (loss) | 9901 | -€9,461 | €696,301 | +€705,762 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €644 | €638 | -€6 | -0.9% |
| Recurring financial charges | 65 | €644 | €638 | -€6 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | -€10,106 | €695,662 | +€705,768 | |
| Income taxes | 67/77 | - | €209,724 | +€209,724 | |
| Profit (loss) for the period | 9904 | -€10,106 | €485,938 | +€496,044 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,106 | €485,938 | +€496,044 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.