Pand 18: 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 18
Largest movements
- Cash +€6,780
up €6,780 (+6.0%), from €112,820 to €119,600
mainly Other debts (+€34,206) and Net result for the year (+€5,472)
- Receivables within one year -€2,000
down €2,000 (-55.3%), from €3,615 to €1,615
- Other debts +€34,206
up €34,206 (+166%), from €20,577 to €54,784
- Reserves -€33,948
down €33,948 (-42.8%), from €79,370 to €45,422
of which Distributable reserves: -€33,948
- Profit (loss) carried forward +€2,835
no longer reported in 2025 (was -€2,835)
- Tax, wage and social debts +€2,100
up €2,100 (+49.9%), from €4,210 to €6,310
- Other operating charges -€6,044
down €6,044 (-69.5%), from €8,695 to €2,650
- Taxes +€1,728
up €1,728 (+173%), from €1,000 to €2,728
- Gross operating margin -€964
down €964 (-8.1%), from €11,834 to €10,871
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 | €181,887 | €187,201 | +€5,314 | +2.9% |
| Fixed assets | 21/28 | €64,452 | €64,452 | = | 0.0% |
| Tangible fixed assets | 22/27 | €64,452 | €64,452 | = | 0.0% |
| Land and buildings | 22 | €64,452 | €64,452 | = | 0.0% |
| Current assets | 29/58 | €117,435 | €122,749 | +€5,314 | +4.5% |
| Amounts receivable within one year | 40/41 | €3,615 | €1,615 | -€2,000 | -55.3% |
| Other amounts receivable | 41 | €3,615 | €1,615 | -€2,000 | -55.3% |
| Cash at bank and in hand | 54/58 | €112,820 | €119,600 | +€6,780 | +6.0% |
| Deferred charges and accrued income | 490/1 | €1,000 | €1,534 | +€534 | +53.4% |
| Total equity and liabilities | 10/49 | €181,887 | €187,201 | +€5,314 | +2.9% |
| Equity | 10/15 | €157,100 | €125,987 | -€31,113 | -19.8% |
| Contributions | 10/11 | €80,565 | €80,565 | = | 0.0% |
| Capital | 10 | €80,565 | €80,565 | = | 0.0% |
| Issued capital | 100 | €80,565 | €80,565 | = | 0.0% |
| Reserves | 13 | €79,370 | €45,422 | -€33,948 | -42.8% |
| Non-distributable reserves | 130/1 | €8,057 | €8,057 | = | 0.0% |
| Legal reserve | 130 | €8,057 | €8,057 | = | 0.0% |
| Distributable reserves | 133 | €71,313 | €37,365 | -€33,948 | -47.6% |
| Profit (loss) carried forward | 14 | -€2,835 | - | +€2,835 | |
| Amounts payable | 17/49 | €24,787 | €61,214 | +€36,426 | +147% |
| Amounts payable within one year | 42/48 | €24,787 | €61,214 | +€36,426 | +147% |
| Trade debts | 44 | - | €120 | +€120 | |
| Suppliers | 440/4 | - | €120 | +€120 | |
| Taxes, remuneration and social security | 45 | €4,210 | €6,310 | +€2,100 | +49.9% |
| Taxes | 450/3 | €4,210 | €6,310 | +€2,100 | +49.9% |
| Other amounts payable | 47/48 | €20,577 | €54,784 | +€34,206 | +166% |
| Other operating charges | 640/8 | €8,695 | €2,650 | -€6,044 | -69.5% |
| Gross operating margin | 9900 | €11,834 | €10,871 | -€964 | -8.1% |
| Operating profit (loss) | 9901 | €3,140 | €8,221 | +€5,081 | +162% |
| Financial charges | 65/66B | €30 | €21 | -€9 | -29.2% |
| Recurring financial charges | 65 | €30 | €21 | -€9 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | €3,110 | €8,199 | +€5,089 | +164% |
| Income taxes | 67/77 | €1,000 | €2,728 | +€1,728 | +173% |
| Profit (loss) for the period | 9904 | €2,110 | €5,472 | +€3,362 | +159% |
| Profit (loss) for the period to be appropriated | 9905 | €2,110 | €5,472 | +€3,362 | +159% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.