PAN - TILT: 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 - TILT
Largest movements
- Cash +€70,513
up €70,513 (+105.3%), from €66,977 to €137,490
mainly Net result for the year (+€43,476) and Receivables within one year (+€22,905)
- Receivables within one year -€22,905
down €22,905 (-60.0%), from €38,151 to €15,246
of which Trade receivables: -€22,900
- Tangible fixed assets -€14,682
down €14,682 (-73.4%), from €19,996 to €5,314
of which Plant, machinery and equipment: -€13,876
- Deferred charges and accrued income +€4,041
up €4,041 (+320.8%), from €1,260 to €5,300
- Reserves +€43,476
up €43,476 (+34.2%), from €127,147 to €170,623
- Current portion of long-term debt -€10,521
no longer reported in 2025 (was €10,521)
- Tax, wage and social debts +€6,113
up €6,113 (+65.0%), from €9,401 to €15,515
of which Taxes: +€8,601
- Trade debts -€1,729
down €1,729 (-25.5%), from €6,786 to €5,057
- Gross operating margin +€49,820
up €49,820 (+291.2%), from €17,107 to €66,927
- Taxes +€17,153
up €17,153 (+11630.8%), from €147 to €17,301
- Depreciation -€13,328
down €13,328 (-79.5%), from €16,759 to €3,431
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 | €126,384 | €163,350 | +€36,967 | +29.2% |
| Fixed assets | 21/28 | €19,996 | €5,314 | -€14,682 | -73.4% |
| Tangible fixed assets | 22/27 | €19,996 | €5,314 | -€14,682 | -73.4% |
| Plant, machinery and equipment | 23 | €16,090 | €2,214 | -€13,876 | -86.2% |
| Furniture and vehicles | 24 | €3,906 | €3,100 | -€806 | -20.6% |
| Current assets | 29/58 | €106,388 | €158,036 | +€51,649 | +48.5% |
| Amounts receivable within one year | 40/41 | €38,151 | €15,246 | -€22,905 | -60.0% |
| Trade receivables | 40 | €38,146 | €15,246 | -€22,900 | -60.0% |
| Other amounts receivable | 41 | €5 | - | -€5 | |
| Cash at bank and in hand | 54/58 | €66,977 | €137,490 | +€70,513 | +105.3% |
| Deferred charges and accrued income | 490/1 | €1,260 | €5,300 | +€4,041 | +320.8% |
| Total equity and liabilities | 10/49 | €126,384 | €163,350 | +€36,967 | +29.2% |
| Equity | 10/15 | €91,001 | €134,477 | +€43,476 | +47.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €127,147 | €170,623 | +€43,476 | +34.2% |
| Distributable reserves | 133 | €127,147 | €170,623 | +€43,476 | +34.2% |
| Profit (loss) carried forward | 14 | -€54,746 | -€54,746 | = | 0.0% |
| Amounts payable | 17/49 | €35,383 | €28,874 | -€6,509 | -18.4% |
| Amounts payable within one year | 42/48 | €35,047 | €28,651 | -€6,396 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | €10,521 | - | -€10,521 | |
| Trade debts | 44 | €6,786 | €5,057 | -€1,729 | -25.5% |
| Suppliers | 440/4 | €6,786 | €5,057 | -€1,729 | -25.5% |
| Taxes, remuneration and social security | 45 | €9,401 | €15,515 | +€6,113 | +65.0% |
| Taxes | 450/3 | €6,069 | €14,670 | +€8,601 | +141.7% |
| Remuneration and social security | 454/9 | €3,333 | €845 | -€2,488 | -74.6% |
| Other amounts payable | 47/48 | €8,338 | €8,079 | -€259 | -3.1% |
| Accrued charges and deferred income | 492/3 | €336 | €222 | -€114 | -33.8% |
| Non-recurring operating income | 76A | - | €7,304 | +€7,304 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,759 | €3,431 | -€13,328 | -79.5% |
| Other operating charges | 640/8 | €876 | €1,132 | +€257 | +29.3% |
| Gross operating margin | 9900 | €17,107 | €66,927 | +€49,820 | +291.2% |
| Operating profit (loss) | 9901 | -€528 | €62,363 | +€62,891 | |
| Financial income | 75/76B | €22 | - | -€22 | |
| Recurring financial income | 75 | €22 | - | -€22 | |
| Financial charges | 65/66B | €1,060 | €1,586 | +€526 | +49.6% |
| Recurring financial charges | 65 | €1,060 | €1,586 | +€526 | +49.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,566 | €60,777 | +€62,343 | |
| Income taxes | 67/77 | €147 | €17,301 | +€17,153 | +11630.8% |
| Profit (loss) for the period | 9904 | -€1,714 | €43,476 | +€45,190 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,714 | €43,476 | +€45,190 |
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 12 October 2026 via checked.be.