PAND 87: 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 87
Largest movements
- Stocks and contracts +€24,498
up €24,498 (+5.9%), from €413,244 to €437,742
- Receivables within one year -€16,575
down €16,575 (-40.7%), from €40,716 to €24,140
of which Other amounts receivable: -€22,277
- Cash +€5,379
up €5,379 (+23.5%), from €22,903 to €28,282
mainly Trade debts (+€33,222) and Receivables within one year (+€16,575)
- Trade debts +€33,222
up €33,222 (+90.4%), from €36,766 to €69,988
- Profit (loss) carried forward -€14,153
down €14,153 (-4.3%), from -€330,257 to -€344,411
- Tax, wage and social debts -€7,989
down €7,989 (-24.7%), from €32,357 to €24,368
of which Taxes: -€9,132
- Gross operating margin +€45,658
up €45,658 (+57.4%), from €79,576 to €125,234
- Staff costs +€6,089
up €6,089 (+4.9%), from €123,400 to €129,489
- Write-downs +€4,340
new in 2025: €4,340
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 | €501,733 | €517,782 | +€16,049 | +3.2% |
| Fixed assets | 21/28 | €19,075 | €21,651 | +€2,576 | +13.5% |
| Tangible fixed assets | 22/27 | €6,271 | €5,447 | -€824 | -13.1% |
| Other tangible fixed assets | 26 | €6,271 | €5,447 | -€824 | -13.1% |
| Financial fixed assets | 28 | €12,804 | €16,204 | +€3,400 | +26.6% |
| Current assets | 29/58 | €482,658 | €496,131 | +€13,473 | +2.8% |
| Stocks and contracts in progress | 3 | €413,244 | €437,742 | +€24,498 | +5.9% |
| Stocks | 30/36 | €413,244 | €437,742 | +€24,498 | +5.9% |
| Amounts receivable within one year | 40/41 | €40,716 | €24,140 | -€16,575 | -40.7% |
| Trade receivables | 40 | €603 | €6,305 | +€5,702 | +946% |
| Other amounts receivable | 41 | €40,113 | €17,835 | -€22,277 | -55.5% |
| Cash at bank and in hand | 54/58 | €22,903 | €28,282 | +€5,379 | +23.5% |
| Deferred charges and accrued income | 490/1 | €5,796 | €5,967 | +€172 | +3.0% |
| Total equity and liabilities | 10/49 | €501,733 | €517,782 | +€16,049 | +3.2% |
| Equity | 10/15 | -€236,164 | -€250,317 | -€14,153 | -6.0% |
| Contributions | 10/11 | €68,750 | €68,750 | = | 0.0% |
| Contributions outside capital | 11 | €68,750 | €68,750 | = | 0.0% |
| Other | 1109/19 | €68,750 | €68,750 | = | 0.0% |
| Reserves | 13 | €25,344 | €25,344 | = | 0.0% |
| Distributable reserves | 133 | €25,344 | €25,344 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€330,257 | -€344,411 | -€14,153 | -4.3% |
| Amounts payable | 17/49 | €737,897 | €768,099 | +€30,202 | +4.1% |
| Amounts payable within one year | 42/48 | €737,897 | €768,099 | +€30,202 | +4.1% |
| Financial debts | 43 | €141 | €80 | -€61 | -43.4% |
| Credit institutions | 430/8 | €141 | €80 | -€61 | -43.4% |
| Trade debts | 44 | €36,766 | €69,988 | +€33,222 | +90.4% |
| Suppliers | 440/4 | €36,766 | €69,988 | +€33,222 | +90.4% |
| Advances received on contracts in progress | 46 | - | €17 | +€17 | |
| Taxes, remuneration and social security | 45 | €32,357 | €24,368 | -€7,989 | -24.7% |
| Taxes | 450/3 | €18,012 | €8,880 | -€9,132 | -50.7% |
| Remuneration and social security | 454/9 | €14,345 | €15,488 | +€1,143 | +8.0% |
| Other amounts payable | 47/48 | €668,633 | €673,647 | +€5,014 | +0.7% |
| Remuneration, social security and pensions | 62 | €123,400 | €129,489 | +€6,089 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,940 | €824 | -€1,116 | -57.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,340 | +€4,340 | |
| Other operating charges | 640/8 | €243 | €251 | +€8 | +3.2% |
| Gross operating margin | 9900 | €79,576 | €125,234 | +€45,658 | +57.4% |
| Operating profit (loss) | 9901 | -€46,009 | -€9,670 | +€36,338 | +79.0% |
| Financial income | 75/76B | €1 | €1 | -€0 | -32.6% |
| Recurring financial income | 75 | €1 | €1 | -€0 | -32.6% |
| Financial charges | 65/66B | €4,108 | €4,218 | +€110 | +2.7% |
| Recurring financial charges | 65 | €4,108 | €4,218 | +€110 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | -€50,116 | -€13,888 | +€36,228 | +72.3% |
| Income taxes | 67/77 | €247 | €266 | +€18 | +7.5% |
| Profit (loss) for the period | 9904 | -€50,363 | -€14,153 | +€36,210 | +71.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€50,363 | -€14,153 | +€36,210 | +71.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.