PAND 13: 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 13
Largest movements
- Cash +€125,394
up €125,394 (+242%), from €51,780 to €177,174
mainly Stocks and contracts (+€51,115) and Depreciation (+€46,591)
- Stocks and contracts -€51,115
down €51,115 (-16.1%), from €316,895 to €265,779
- Tangible fixed assets -€46,591
down €46,591 (-11.1%), from €421,447 to €374,857
of which Land and buildings: -€27,823
- Profit (loss) carried forward +€149,591
no longer reported in 2025 (was -€149,591)
- Reserves -€114,326
down €114,326 (-29.1%), from €392,206 to €277,880
of which Distributable reserves: -€111,326
- Debts after one year -€64,060
down €64,060 (-17.8%), from €360,739 to €296,679
- Trade debts +€33,985
up €33,985 (+48.5%), from €70,016 to €104,001
- Tax, wage and social debts +€24,184
up €24,184 (+121%), from €19,972 to €44,156
of which Taxes: +€15,412
- Gross operating margin +€114,148
up €114,148 (+114%), from €100,308 to €214,456
- Staff costs +€33,240
up €33,240 (+48.4%), from €68,612 to €101,852
- Taxes +€6,031
up €6,031 (+86.6%), from €6,968 to €12,998
- Depreciation -€2,453
down €2,453 (-5.0%), from €49,044 to €46,591
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 | €794,819 | €823,575 | +€28,756 | +3.6% |
| Fixed assets | 21/28 | €421,447 | €374,857 | -€46,591 | -11.1% |
| Tangible fixed assets | 22/27 | €421,447 | €374,857 | -€46,591 | -11.1% |
| Land and buildings | 22 | €306,049 | €278,226 | -€27,823 | -9.1% |
| Plant, machinery and equipment | 23 | €115,399 | €96,631 | -€18,768 | -16.3% |
| Current assets | 29/58 | €373,372 | €448,718 | +€75,347 | +20.2% |
| Stocks and contracts in progress | 3 | €316,895 | €265,779 | -€51,115 | -16.1% |
| Stocks | 30/36 | €316,895 | €265,779 | -€51,115 | -16.1% |
| Amounts receivable within one year | 40/41 | €557 | €3,092 | +€2,535 | +455% |
| Trade receivables | 40 | - | €2,598 | +€2,598 | |
| Other amounts receivable | 41 | €557 | €494 | -€63 | -11.3% |
| Cash at bank and in hand | 54/58 | €51,780 | €177,174 | +€125,394 | +242% |
| Deferred charges and accrued income | 490/1 | €4,139 | €2,673 | -€1,467 | -35.4% |
| Total equity and liabilities | 10/49 | €794,819 | €823,575 | +€28,756 | +3.6% |
| Equity | 10/15 | €272,615 | €307,880 | +€35,265 | +12.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €392,206 | €277,880 | -€114,326 | -29.1% |
| Non-distributable reserves | 130/1 | €3,000 | - | -€3,000 | |
| Reserves not available under the articles | 1311 | €3,000 | - | -€3,000 | |
| Distributable reserves | 133 | €389,206 | €277,880 | -€111,326 | -28.6% |
| Profit (loss) carried forward | 14 | -€149,591 | - | +€149,591 | |
| Amounts payable | 17/49 | €522,204 | €515,695 | -€6,509 | -1.2% |
| Amounts payable after more than one year | 17 | €360,739 | €296,679 | -€64,060 | -17.8% |
| Financial debts | 170/4 | €360,739 | €296,679 | -€64,060 | -17.8% |
| Amounts payable within one year | 42/48 | €161,464 | €219,016 | +€57,551 | +35.6% |
| Current portion of amounts payable after more than one year | 42 | €62,040 | €62,446 | +€406 | +0.7% |
| Financial debts | 43 | €456 | €979 | +€523 | +115% |
| Credit institutions | 430/8 | €456 | €979 | +€523 | +115% |
| Trade debts | 44 | €70,016 | €104,001 | +€33,985 | +48.5% |
| Suppliers | 440/4 | €70,016 | €104,001 | +€33,985 | +48.5% |
| Taxes, remuneration and social security | 45 | €19,972 | €44,156 | +€24,184 | +121% |
| Taxes | 450/3 | €19,972 | €35,384 | +€15,412 | +77.2% |
| Remuneration and social security | 454/9 | - | €8,772 | +€8,772 | |
| Other amounts payable | 47/48 | €8,980 | €7,434 | -€1,546 | -17.2% |
| Remuneration, social security and pensions | 62 | €68,612 | €101,852 | +€33,240 | +48.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,044 | €46,591 | -€2,453 | -5.0% |
| Other operating charges | 640/8 | €4,923 | €4,083 | -€840 | -17.1% |
| Gross operating margin | 9900 | €100,308 | €214,456 | +€114,148 | +114% |
| Operating profit (loss) | 9901 | -€22,271 | €61,930 | +€84,201 | |
| Financial charges | 65/66B | €13,013 | €13,667 | +€653 | +5.0% |
| Recurring financial charges | 65 | €13,013 | €13,667 | +€653 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | -€35,285 | €48,263 | +€83,548 | |
| Income taxes | 67/77 | €6,968 | €12,998 | +€6,031 | +86.6% |
| Profit (loss) for the period | 9904 | -€42,252 | €35,265 | +€77,517 | |
| Profit (loss) for the period to be appropriated | 9905 | -€42,252 | €35,265 | +€77,517 |
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 23 October 2026 via checked.be.