PAND 113: 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 113
Largest movements
- Receivables within one year +€14,140
up €14,140 (+159%), from €8,880 to €23,020
of which Other amounts receivable: +€14,140
- Tangible fixed assets -€9,706
down €9,706 (-43.0%), from €22,569 to €12,862
of which Plant, machinery and equipment: -€5,940
- Cash +€7,510
up €7,510 (+30.6%), from €24,576 to €32,087
mainly Other debts (+€23,500) and Net result for the year (+€18,564)
- Intangible fixed assets -€3,000
down €3,000 (-50.0%), from €6,000 to €3,000
- Reserves -€23,500
down €23,500 (-48.9%), from €48,060 to €24,560
- Other debts +€23,500
up €23,500, from €0 to €23,500
- Profit (loss) carried forward +€18,564
up €18,564, from -€16,061 to €2,503
- Short-term financial debts -€10,696
down €10,696 (-100%), from €10,696 to €0
- Trade debts +€4,116
up €4,116 (+71.9%), from €5,726 to €9,842
- Gross operating margin +€17,742
up €17,742 (+66.4%), from €26,709 to €44,451
- Depreciation -€6,113
down €6,113 (-29.1%), from €20,979 to €14,866
- Taxes +€4,450
up €4,450 (+231%), from €1,926 to €6,376
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 | €71,617 | €81,572 | +€9,955 | +13.9% |
| Fixed assets | 21/28 | €30,187 | €17,404 | -€12,783 | -42.3% |
| Intangible fixed assets | 21 | €6,000 | €3,000 | -€3,000 | -50.0% |
| Tangible fixed assets | 22/27 | €22,569 | €12,862 | -€9,706 | -43.0% |
| Plant, machinery and equipment | 23 | €17,095 | €11,155 | -€5,940 | -34.7% |
| Furniture and vehicles | 24 | €5,474 | €1,707 | -€3,767 | -68.8% |
| Financial fixed assets | 28 | €1,618 | €1,541 | -€77 | -4.8% |
| Current assets | 29/58 | €41,430 | €64,168 | +€22,739 | +54.9% |
| Stocks and contracts in progress | 3 | €7,800 | €8,541 | +€741 | +9.5% |
| Stocks | 30/36 | €7,800 | €8,541 | +€741 | +9.5% |
| Amounts receivable within one year | 40/41 | €8,880 | €23,020 | +€14,140 | +159% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €8,880 | €23,020 | +€14,140 | +159% |
| Cash at bank and in hand | 54/58 | €24,576 | €32,087 | +€7,510 | +30.6% |
| Deferred charges and accrued income | 490/1 | €173 | €521 | +€348 | +201% |
| Total equity and liabilities | 10/49 | €71,617 | €81,572 | +€9,955 | +13.9% |
| Equity | 10/15 | €50,299 | €45,363 | -€4,936 | -9.8% |
| Contributions | 10/11 | €18,300 | €18,300 | = | 0.0% |
| Reserves | 13 | €48,060 | €24,560 | -€23,500 | -48.9% |
| Distributable reserves | 133 | €48,060 | €24,560 | -€23,500 | -48.9% |
| Profit (loss) carried forward | 14 | -€16,061 | €2,503 | +€18,564 | |
| Amounts payable | 17/49 | €21,318 | €36,209 | +€14,891 | +69.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €20,635 | €36,209 | +€15,575 | +75.5% |
| Financial debts | 43 | €10,696 | €0 | -€10,696 | -100% |
| Credit institutions | 430/8 | €10,696 | €0 | -€10,696 | -100% |
| Trade debts | 44 | €5,726 | €9,842 | +€4,116 | +71.9% |
| Suppliers | 440/4 | €5,726 | €9,842 | +€4,116 | +71.9% |
| Taxes, remuneration and social security | 45 | €4,212 | €2,867 | -€1,344 | -31.9% |
| Taxes | 450/3 | €4,212 | €2,867 | -€1,344 | -31.9% |
| Other amounts payable | 47/48 | €0 | €23,500 | +€23,500 | |
| Accrued charges and deferred income | 492/3 | €684 | €0 | -€684 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,979 | €14,866 | -€6,113 | -29.1% |
| Other operating charges | 640/8 | €1,337 | €1,524 | +€186 | +13.9% |
| Gross operating margin | 9900 | €26,709 | €44,451 | +€17,742 | +66.4% |
| Operating profit (loss) | 9901 | €4,392 | €28,061 | +€23,669 | +539% |
| Financial income | 75/76B | €402 | €770 | +€368 | +91.6% |
| Recurring financial income | 75 | €402 | €770 | +€368 | +91.6% |
| Financial charges | 65/66B | €3,970 | €3,890 | -€80 | -2.0% |
| Recurring financial charges | 65 | €3,970 | €3,890 | -€80 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €824 | €24,940 | +€24,116 | +2,927% |
| Income taxes | 67/77 | €1,926 | €6,376 | +€4,450 | +231% |
| Profit (loss) for the period | 9904 | -€1,102 | €18,564 | +€19,667 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,102 | €18,564 | +€19,667 |
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 26 October 2026 via checked.be.