PAND 23: 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 23
Largest movements
- Receivables within one year +€16,180
up €16,180 (+41.8%), from €38,671 to €54,851
- Cash +€7,424
up €7,424 (+78.4%), from €9,475 to €16,899
mainly Net result for the year (+€22,824) and Trade debts (+€7,597)
- Deferred charges and accrued income +€3,709
up €3,709 (+1,280%), from €290 to €3,999
- Tangible fixed assets -€1,555
down €1,555 (-22.0%), from €7,055 to €5,500
- Reserves +€17,824
up €17,824 (+63.5%), from €28,085 to €45,909
- Trade debts +€7,597
up €7,597 (+282%), from €2,695 to €10,292
- Gross operating margin +€11,571
up €11,571 (+12.1%), from €95,501 to €107,072
- Staff costs +€5,641
up €5,641 (+7.9%), from €71,454 to €77,095
- Financial charges +€3,028
up €3,028 (+533%), from €568 to €3,596
- Financial income +€2,595
up €2,595 (+157%), from €1,653 to €4,248
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 | €57,750 | €83,828 | +€26,078 | +45.2% |
| Fixed assets | 21/28 | €7,252 | €5,597 | -€1,655 | -22.8% |
| Intangible fixed assets | 21 | €197 | €97 | -€100 | -50.8% |
| Tangible fixed assets | 22/27 | €7,055 | €5,500 | -€1,555 | -22.0% |
| Plant, machinery and equipment | 23 | €7,055 | €5,500 | -€1,555 | -22.0% |
| Current assets | 29/58 | €50,498 | €78,231 | +€27,733 | +54.9% |
| Stocks and contracts in progress | 3 | €2,062 | €2,481 | +€419 | +20.3% |
| Stocks | 30/36 | €2,062 | €2,481 | +€419 | +20.3% |
| Amounts receivable within one year | 40/41 | €38,671 | €54,851 | +€16,180 | +41.8% |
| Other amounts receivable | 41 | €38,671 | €54,851 | +€16,180 | +41.8% |
| Cash at bank and in hand | 54/58 | €9,475 | €16,899 | +€7,424 | +78.4% |
| Deferred charges and accrued income | 490/1 | €290 | €3,999 | +€3,709 | +1,280% |
| Total equity and liabilities | 10/49 | €57,750 | €83,828 | +€26,078 | +45.2% |
| Equity | 10/15 | €33,085 | €50,909 | +€17,824 | +53.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €28,085 | €45,909 | +€17,824 | +63.5% |
| Distributable reserves | 133 | €28,085 | €45,909 | +€17,824 | +63.5% |
| Amounts payable | 17/49 | €24,665 | €32,918 | +€8,253 | +33.5% |
| Amounts payable within one year | 42/48 | €24,665 | €32,918 | +€8,253 | +33.5% |
| Trade debts | 44 | €2,695 | €10,292 | +€7,597 | +282% |
| Suppliers | 440/4 | €2,695 | €10,292 | +€7,597 | +282% |
| Taxes, remuneration and social security | 45 | €21,910 | €22,627 | +€717 | +3.3% |
| Taxes | 450/3 | €15,611 | €15,198 | -€414 | -2.6% |
| Remuneration and social security | 454/9 | €6,298 | €7,429 | +€1,130 | +17.9% |
| Other amounts payable | 47/48 | €60 | - | -€60 | |
| Remuneration, social security and pensions | 62 | €71,454 | €77,095 | +€5,641 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,579 | €2,941 | +€362 | +14.0% |
| Other operating charges | 640/8 | €156 | €129 | -€27 | -17.6% |
| Gross operating margin | 9900 | €95,501 | €107,072 | +€11,571 | +12.1% |
| Operating profit (loss) | 9901 | €21,311 | €26,906 | +€5,595 | +26.3% |
| Financial income | 75/76B | €1,653 | €4,248 | +€2,595 | +157% |
| Recurring financial income | 75 | €1,653 | €4,248 | +€2,595 | +157% |
| Financial charges | 65/66B | €568 | €3,596 | +€3,028 | +533% |
| Recurring financial charges | 65 | €568 | €3,596 | +€3,028 | +533% |
| Profit (loss) for the period before taxes | 9903 | €22,396 | €27,558 | +€5,162 | +23.0% |
| Income taxes | 67/77 | €4,547 | €4,734 | +€187 | +4.1% |
| Profit (loss) for the period | 9904 | €17,849 | €22,824 | +€4,975 | +27.9% |
| Profit (loss) for the period to be appropriated | 9905 | €17,849 | €22,824 | +€4,975 | +27.9% |
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 30 October 2026 via checked.be.