PAND-X: what changed
PAND-X
Largest movements
- Cash -€30,086
down €30,086 (-62.8%), from €47,923 to €17,837
mainly Receivables within one year (-€25,643) and Investment in fixed assets (net) (-€19,878)
- Receivables within one year +€25,643
up €25,643 (+58.9%), from €43,545 to €69,187
of which Other amounts receivable: +€13,173
- Tangible fixed assets +€12,293
up €12,293 (+59.3%), from €20,744 to €33,037
of which Furniture and vehicles: +€11,635
- Deferred charges and accrued income +€5,045
up €5,045 (+358%), from €1,407 to €6,453
- Profit (loss) carried forward +€19,676
up €19,676 (+39.7%), from €49,552 to €69,228
- Tax, wage and social debts -€18,233
down €18,233 (-61.2%), from €29,770 to €11,537
of which Taxes: -€17,102
- Trade debts +€12,064
up €12,064 (+60.7%), from €19,867 to €31,931
- Gross operating margin -€41,152
down €41,152 (-30.1%), from €136,859 to €95,707
- Taxes -€8,240
down €8,240 (-53.5%), from €15,410 to €7,170
- Depreciation +€3,023
up €3,023 (+66.3%), from €4,562 to €7,585
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €113,619 | €126,515 | +€12,895 | +11.3% |
| Fixed assets | 21/28 | €20,744 | €33,037 | +€12,293 | +59.3% |
| Tangible fixed assets | 22/27 | €20,744 | €33,037 | +€12,293 | +59.3% |
| Plant, machinery and equipment | 23 | €478 | €1,137 | +€658 | +138% |
| Furniture and vehicles | 24 | €20,265 | €31,900 | +€11,635 | +57.4% |
| Current assets | 29/58 | €92,875 | €93,478 | +€602 | +0.6% |
| Amounts receivable within one year | 40/41 | €43,545 | €69,187 | +€25,643 | +58.9% |
| Trade receivables | 40 | €18,279 | €30,749 | +€12,470 | +68.2% |
| Other amounts receivable | 41 | €25,265 | €38,438 | +€13,173 | +52.1% |
| Cash at bank and in hand | 54/58 | €47,923 | €17,837 | -€30,086 | -62.8% |
| Deferred charges and accrued income | 490/1 | €1,407 | €6,453 | +€5,045 | +358% |
| Total equity and liabilities | 10/49 | €113,619 | €126,515 | +€12,895 | +11.3% |
| Equity | 10/15 | €62,302 | €81,978 | +€19,676 | +31.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €10,750 | €10,750 | = | 0.0% |
| Distributable reserves | 133 | €10,750 | €10,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,552 | €69,228 | +€19,676 | +39.7% |
| Amounts payable | 17/49 | €51,317 | €44,537 | -€6,781 | -13.2% |
| Amounts payable within one year | 42/48 | €51,167 | €44,387 | -€6,781 | -13.3% |
| Trade debts | 44 | €19,867 | €31,931 | +€12,064 | +60.7% |
| Suppliers | 440/4 | €19,867 | €31,931 | +€12,064 | +60.7% |
| Taxes, remuneration and social security | 45 | €29,770 | €11,537 | -€18,233 | -61.2% |
| Taxes | 450/3 | €23,421 | €6,320 | -€17,102 | -73.0% |
| Remuneration and social security | 454/9 | €6,349 | €5,217 | -€1,132 | -17.8% |
| Other amounts payable | 47/48 | €1,529 | €918 | -€611 | -40.0% |
| Accrued charges and deferred income | 492/3 | €150 | €150 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €59,427 | €58,373 | -€1,054 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,562 | €7,585 | +€3,023 | +66.3% |
| Other operating charges | 640/8 | €1,084 | €1,828 | +€745 | +68.7% |
| Non-recurring operating charges | 66A | - | €295 | +€295 | |
| Gross operating margin | 9900 | €136,859 | €95,707 | -€41,152 | -30.1% |
| Operating profit (loss) | 9901 | €71,787 | €27,626 | -€44,161 | -61.5% |
| Financial income | 75/76B | €524 | €1,180 | +€657 | +125% |
| Recurring financial income | 75 | €524 | €1,180 | +€657 | +125% |
| Financial charges | 65/66B | €274 | €1,127 | +€853 | +312% |
| Recurring financial charges | 65 | €274 | €1,127 | +€853 | +312% |
| Profit (loss) for the period before taxes | 9903 | €72,037 | €27,679 | -€44,357 | -61.6% |
| Income taxes | 67/77 | €15,410 | €7,170 | -€8,240 | -53.5% |
| Profit (loss) for the period | 9904 | €56,627 | €20,509 | -€36,118 | -63.8% |
| Profit (loss) for the period to be appropriated | 9905 | €56,627 | €20,509 | -€36,118 | -63.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.