PAND 11: 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.
PAND 11
Largest movements
- Stocks and contracts -€5,410
down €5,410 (-45.8%), from €11,807 to €6,397
- Tangible fixed assets -€3,703
down €3,703 (-36.6%), from €10,130 to €6,427
of which Plant, machinery and equipment: -€2,646
- Receivables within one year -€1,713
no longer reported in 2025 (was €1,713)
- Cash +€811
up €811 (+54.8%), from €1,478 to €2,289
mainly Other debts (+€6,418) and Stocks and contracts (+€5,410)
- Deferred charges and accrued income +€390
up €390 (+73.1%), from €533 to €923
- Profit (loss) carried forward -€15,514
down €15,514 (-65.4%), from -€23,727 to -€39,241
- Other debts +€6,418
up €6,418 (+133%), from €4,832 to €11,251
- Trade debts -€2,454
down €2,454 (-16.6%), from €14,743 to €12,289
- Accrued charges and deferred income +€1,419
up €1,419 (+87.8%), from €1,615 to €3,034
- Tax, wage and social debts +€705
up €705 (+29.4%), from €2,397 to €3,101
of which Remuneration and social security: +€434
- Staff costs +€9,401
up €9,401 (+37.5%), from €25,043 to €34,444
- Gross operating margin -€3,400
down €3,400 (-11.3%), from €30,111 to €26,711
- Depreciation -€551
down €551 (-11.6%), from €4,737 to €4,186
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 | €28,061 | €18,436 | -€9,625 | -34.3% |
| Fixed assets | 21/28 | €12,530 | €8,827 | -€3,703 | -29.6% |
| Tangible fixed assets | 22/27 | €10,130 | €6,427 | -€3,703 | -36.6% |
| Plant, machinery and equipment | 23 | €8,024 | €5,379 | -€2,646 | -33.0% |
| Furniture and vehicles | 24 | €1,436 | €827 | -€609 | -42.4% |
| Other tangible fixed assets | 26 | €670 | €221 | -€449 | -67.0% |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €15,531 | €9,609 | -€5,922 | -38.1% |
| Stocks and contracts in progress | 3 | €11,807 | €6,397 | -€5,410 | -45.8% |
| Stocks | 30/36 | €11,807 | €6,397 | -€5,410 | -45.8% |
| Amounts receivable within one year | 40/41 | €1,713 | - | -€1,713 | |
| Other amounts receivable | 41 | €1,713 | - | -€1,713 | |
| Cash at bank and in hand | 54/58 | €1,478 | €2,289 | +€811 | +54.8% |
| Deferred charges and accrued income | 490/1 | €533 | €923 | +€390 | +73.1% |
| Total equity and liabilities | 10/49 | €28,061 | €18,436 | -€9,625 | -34.3% |
| Equity | 10/15 | -€5,127 | -€20,641 | -€15,514 | -303% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,727 | -€39,241 | -€15,514 | -65.4% |
| Amounts payable | 17/49 | €33,188 | €39,077 | +€5,889 | +17.7% |
| Amounts payable within one year | 42/48 | €31,573 | €36,043 | +€4,470 | +14.2% |
| Financial debts | 43 | €9,601 | €9,402 | -€199 | -2.1% |
| Credit institutions | 430/8 | €9,601 | €9,402 | -€199 | -2.1% |
| Trade debts | 44 | €14,743 | €12,289 | -€2,454 | -16.6% |
| Suppliers | 440/4 | €14,743 | €12,289 | -€2,454 | -16.6% |
| Taxes, remuneration and social security | 45 | €2,397 | €3,101 | +€705 | +29.4% |
| Taxes | 450/3 | €2,074 | €2,346 | +€271 | +13.1% |
| Remuneration and social security | 454/9 | €322 | €756 | +€434 | +135% |
| Other amounts payable | 47/48 | €4,832 | €11,251 | +€6,418 | +133% |
| Accrued charges and deferred income | 492/3 | €1,615 | €3,034 | +€1,419 | +87.8% |
| Remuneration, social security and pensions | 62 | €25,043 | €34,444 | +€9,401 | +37.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,737 | €4,186 | -€551 | -11.6% |
| Other operating charges | 640/8 | €2,228 | €2,115 | -€113 | -5.1% |
| Gross operating margin | 9900 | €30,111 | €26,711 | -€3,400 | -11.3% |
| Operating profit (loss) | 9901 | -€1,896 | -€14,034 | -€12,137 | -640% |
| Financial income | 75/76B | €337 | €147 | -€190 | -56.4% |
| Recurring financial income | 75 | €337 | €147 | -€190 | -56.4% |
| Financial charges | 65/66B | €1,576 | €1,627 | +€51 | +3.2% |
| Recurring financial charges | 65 | €1,576 | €1,627 | +€51 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | -€3,136 | -€15,514 | -€12,379 | -395% |
| Profit (loss) for the period | 9904 | -€3,136 | -€15,514 | -€12,379 | -395% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,136 | -€15,514 | -€12,379 | -395% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.