PAND Immo: 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 Immo
Largest movements
- Tangible fixed assets -€244,948
down €244,948 (-20.9%), from €1.2m to €929,040
- Cash +€163,539
up €163,539 (+955%), from €17,129 to €180,668
- Receivables within one year +€23,040
up €23,040 (+39.1%), from €58,958 to €81,998
of which Trade receivables: +€57,623
- Debts after one year -€164,992
down €164,992 (-52.2%), from €315,858 to €150,866
- Other debts +€48,500
up €48,500 (+19.4%), from €250,000 to €298,500
- Current portion of long-term debt -€42,106
down €42,106 (-7.9%), from €529,795 to €487,689
- Reserves +€40,340
up €40,340 (+30.5%), from €132,474 to €172,814
- Profit (loss) carried forward +€36,512
no longer reported in 2025 (was -€36,512)
- Gross operating margin +€152,129
up €152,129 (+403%), from €37,775 to €189,903
- Taxes +€14,685
new in 2025: €14,685
- Depreciation +€10,229
up €10,229 (+33.3%), from €30,697 to €40,926
- Financial charges +€10,131
up €10,131 (+30.2%), from €33,493 to €43,623
- Other operating charges +€3,720
up €3,720 (+36.8%), from €10,097 to €13,817
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,251,114 | €1,192,186 | -€58,929 | -4.7% |
| Fixed assets | 21/28 | €1,173,988 | €929,040 | -€244,948 | -20.9% |
| Tangible fixed assets | 22/27 | €1,173,988 | €929,040 | -€244,948 | -20.9% |
| Land and buildings | 22 | €1,173,988 | €929,040 | -€244,948 | -20.9% |
| Current assets | 29/58 | €77,127 | €263,145 | +€186,019 | +241% |
| Amounts receivable within one year | 40/41 | €58,958 | €81,998 | +€23,040 | +39.1% |
| Trade receivables | 40 | €24,375 | €81,998 | +€57,623 | +236% |
| Other amounts receivable | 41 | €34,583 | - | -€34,583 | |
| Cash at bank and in hand | 54/58 | €17,129 | €180,668 | +€163,539 | +955% |
| Deferred charges and accrued income | 490/1 | €1,040 | €479 | -€560 | -53.9% |
| Total equity and liabilities | 10/49 | €1,251,114 | €1,192,186 | -€58,929 | -4.7% |
| Equity | 10/15 | €155,462 | €232,314 | +€76,852 | +49.4% |
| Contributions | 10/11 | €59,500 | €59,500 | = | 0.0% |
| Reserves | 13 | €132,474 | €172,814 | +€40,340 | +30.5% |
| Distributable reserves | 133 | €132,474 | €172,814 | +€40,340 | +30.5% |
| Profit (loss) carried forward | 14 | -€36,512 | - | +€36,512 | |
| Amounts payable | 17/49 | €1,095,653 | €959,872 | -€135,781 | -12.4% |
| Amounts payable after more than one year | 17 | €315,858 | €150,866 | -€164,992 | -52.2% |
| Financial debts | 170/4 | €315,858 | €150,866 | -€164,992 | -52.2% |
| Amounts payable within one year | 42/48 | €779,795 | €807,826 | +€28,031 | +3.6% |
| Current portion of amounts payable after more than one year | 42 | €529,795 | €487,689 | -€42,106 | -7.9% |
| Financial debts | 43 | - | €6,430 | +€6,430 | |
| Credit institutions | 430/8 | - | €6,430 | +€6,430 | |
| Trade debts | 44 | - | €523 | +€523 | |
| Suppliers | 440/4 | - | €523 | +€523 | |
| Taxes, remuneration and social security | 45 | - | €14,685 | +€14,685 | |
| Taxes | 450/3 | - | €14,685 | +€14,685 | |
| Other amounts payable | 47/48 | €250,000 | €298,500 | +€48,500 | +19.4% |
| Accrued charges and deferred income | 492/3 | - | €1,180 | +€1,180 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,697 | €40,926 | +€10,229 | +33.3% |
| Other operating charges | 640/8 | €10,097 | €13,817 | +€3,720 | +36.8% |
| Gross operating margin | 9900 | €37,775 | €189,903 | +€152,129 | +403% |
| Operating profit (loss) | 9901 | -€3,019 | €135,161 | +€138,180 | |
| Financial charges | 65/66B | €33,493 | €43,623 | +€10,131 | +30.2% |
| Recurring financial charges | 65 | €33,493 | €43,623 | +€10,131 | +30.2% |
| Profit (loss) for the period before taxes | 9903 | -€36,512 | €91,537 | +€128,049 | |
| Income taxes | 67/77 | - | €14,685 | +€14,685 | |
| Profit (loss) for the period | 9904 | -€36,512 | €76,852 | +€113,364 | |
| Profit (loss) for the period to be appropriated | 9905 | -€36,512 | €76,852 | +€113,364 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.