PAN TRANSFER: 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 TRANSFER
Largest movements
- Cash +€63,848
up €63,848 (+500.4%), from €12,760 to €76,608
mainly Other debts (+€56,375) and Net result for the year (+€42,840)
- Receivables within one year +€36,382
up €36,382 (+119.8%), from €30,377 to €66,759
of which Trade receivables: +€35,190
- Other debts +€56,375
up €56,375 (+74.8%), from €75,397 to €131,772
- Profit (loss) carried forward +€42,840
up €42,840 (+68.3%), from -€62,734 to -€19,894
- Gross operating margin +€99,407
up €99,407, from -€50,726 to €48,681
- Financial charges -€1,886
down €1,886 (-80.9%), from €2,331 to €445
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 | €49,796 | €148,946 | +€99,151 | +199.1% |
| Fixed assets | 21/28 | €6,659 | €5,402 | -€1,258 | -18.9% |
| Intangible fixed assets | 21 | €661 | €380 | -€281 | -42.5% |
| Tangible fixed assets | 22/27 | €5,635 | €4,659 | -€976 | -17.3% |
| Plant, machinery and equipment | 23 | €2,012 | €1,272 | -€740 | -36.8% |
| Furniture and vehicles | 24 | €3,623 | €3,387 | -€236 | -6.5% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €43,136 | €143,545 | +€100,408 | +232.8% |
| Amounts receivable within one year | 40/41 | €30,377 | €66,759 | +€36,382 | +119.8% |
| Trade receivables | 40 | €29,595 | €64,784 | +€35,190 | +118.9% |
| Other amounts receivable | 41 | €782 | €1,974 | +€1,192 | +152.4% |
| Cash at bank and in hand | 54/58 | €12,760 | €76,608 | +€63,848 | +500.4% |
| Deferred charges and accrued income | 490/1 | - | €179 | +€179 | |
| Total equity and liabilities | 10/49 | €49,796 | €148,946 | +€99,151 | +199.1% |
| Equity | 10/15 | -€60,234 | -€17,394 | +€42,840 | +71.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,734 | -€19,894 | +€42,840 | +68.3% |
| Amounts payable | 17/49 | €110,029 | €166,340 | +€56,311 | +51.2% |
| Amounts payable within one year | 42/48 | €110,029 | €166,340 | +€56,311 | +51.2% |
| Trade debts | 44 | €29,384 | €30,780 | +€1,396 | +4.8% |
| Suppliers | 440/4 | €29,384 | €30,780 | +€1,396 | +4.8% |
| Taxes, remuneration and social security | 45 | €5,249 | €3,788 | -€1,460 | -27.8% |
| Taxes | 450/3 | €5,249 | €3,788 | -€1,460 | -27.8% |
| Other amounts payable | 47/48 | €75,397 | €131,772 | +€56,375 | +74.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,967 | €3,899 | -€68 | -1.7% |
| Other operating charges | 640/8 | €790 | €1,118 | +€329 | +41.6% |
| Gross operating margin | 9900 | -€50,726 | €48,681 | +€99,407 | |
| Operating profit (loss) | 9901 | -€55,483 | €43,663 | +€99,146 | |
| Financial income | 75/76B | - | €44 | +€44 | |
| Recurring financial income | 75 | - | €44 | +€44 | |
| Financial charges | 65/66B | €2,331 | €445 | -€1,886 | -80.9% |
| Recurring financial charges | 65 | €2,331 | €445 | -€1,886 | -80.9% |
| Profit (loss) for the period before taxes | 9903 | -€57,815 | €43,261 | +€101,076 | |
| Income taxes | 67/77 | €140 | €421 | +€282 | +202.0% |
| Profit (loss) for the period | 9904 | -€57,954 | €42,840 | +€100,794 | |
| Profit (loss) for the period to be appropriated | 9905 | -€57,954 | €42,840 | +€100,794 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.