PAND168: 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.
PAND168
Largest movements
- Receivables within one year -€110,120
no longer reported in 2025 (was €110,120)
of which Other amounts receivable: -€93,097
- Tangible fixed assets +€13,278
up €13,278 (+3.3%), from €401,149 to €414,426
of which Land and buildings: +€8,447
- Cash -€6,977
down €6,977 (-62.5%), from €11,156 to €4,179
mainly Net result for the year (-€76,461) and Investment in fixed assets (net) (-€40,832)
- Profit (loss) carried forward -€68,984
down €68,984 (-146%), from -€47,320 to -€116,304
- Debts after one year -€26,044
down €26,044 (-7.2%), from €360,154 to €334,110
- Reserves -€7,476
down €7,476 (-6.2%), from €119,621 to €112,144
- Financial charges +€76,640
up €76,640 (+390%), from €19,669 to €96,309
of which Non-recurring financial charges: +€84,280
- Gross operating margin -€10,722
down €10,722 (-17.1%), from €62,642 to €51,920
- Depreciation +€2,279
up €2,279 (+9.0%), from €25,276 to €27,554
- Other operating charges +€735
up €735 (+12.7%), from €5,795 to €6,529
- Staff costs +€663
new in 2025: €663
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 | €522,425 | €419,085 | -€103,339 | -19.8% |
| Fixed assets | 21/28 | €401,149 | €414,426 | +€13,278 | +3.3% |
| Tangible fixed assets | 22/27 | €401,149 | €414,426 | +€13,278 | +3.3% |
| Land and buildings | 22 | €401,149 | €409,596 | +€8,447 | +2.1% |
| Plant, machinery and equipment | 23 | - | €4,520 | +€4,520 | |
| Furniture and vehicles | 24 | - | €310 | +€310 | |
| Current assets | 29/58 | €121,276 | €4,659 | -€116,617 | -96.2% |
| Amounts receivable within one year | 40/41 | €110,120 | - | -€110,120 | |
| Trade receivables | 40 | €17,023 | - | -€17,023 | |
| Other amounts receivable | 41 | €93,097 | - | -€93,097 | |
| Cash at bank and in hand | 54/58 | €11,156 | €4,179 | -€6,977 | -62.5% |
| Deferred charges and accrued income | 490/1 | - | €480 | +€480 | |
| Total equity and liabilities | 10/49 | €522,425 | €419,085 | -€103,339 | -19.8% |
| Equity | 10/15 | €78,501 | €2,040 | -€76,461 | -97.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €119,621 | €112,144 | -€7,476 | -6.2% |
| Tax-exempt reserves | 132 | €119,621 | €112,144 | -€7,476 | -6.2% |
| Profit (loss) carried forward | 14 | -€47,320 | -€116,304 | -€68,984 | -146% |
| Provisions and deferred taxes | 16 | €39,874 | €37,381 | -€2,492 | -6.2% |
| Deferred taxes | 168 | €39,874 | €37,381 | -€2,492 | -6.2% |
| Amounts payable | 17/49 | €404,051 | €379,664 | -€24,387 | -6.0% |
| Amounts payable after more than one year | 17 | €360,154 | €334,110 | -€26,044 | -7.2% |
| Financial debts | 170/4 | €360,154 | €334,110 | -€26,044 | -7.2% |
| Amounts payable within one year | 42/48 | €43,896 | €45,554 | +€1,657 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €27,561 | €26,940 | -€621 | -2.3% |
| Trade debts | 44 | €2,336 | €499 | -€1,836 | -78.6% |
| Suppliers | 440/4 | €2,336 | €499 | -€1,836 | -78.6% |
| Other amounts payable | 47/48 | €14,000 | €18,114 | +€4,114 | +29.4% |
| Non-recurring operating income | 76A | €30,685 | - | -€30,685 | |
| Remuneration, social security and pensions | 62 | - | €663 | +€663 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,276 | €27,554 | +€2,279 | +9.0% |
| Other operating charges | 640/8 | €5,795 | €6,529 | +€735 | +12.7% |
| Gross operating margin | 9900 | €62,642 | €51,920 | -€10,722 | -17.1% |
| Operating profit (loss) | 9901 | €31,571 | €17,174 | -€14,398 | -45.6% |
| Financial income | 75/76B | - | €182 | +€182 | |
| Recurring financial income | 75 | - | €182 | +€182 | |
| Financial charges | 65/66B | €19,669 | €96,309 | +€76,640 | +390% |
| Recurring financial charges | 65 | €19,669 | €12,029 | -€7,640 | -38.8% |
| Non-recurring financial charges | 66B | - | €84,280 | +€84,280 | |
| Profit (loss) for the period before taxes | 9903 | €11,903 | -€78,953 | -€90,855 | |
| Transfer from deferred taxes | 780 | €2,492 | €2,492 | = | 0.0% |
| Income taxes | 67/77 | - | €0 | +€0 | |
| Profit (loss) for the period | 9904 | €14,395 | -€76,461 | -€90,856 | |
| Transfer from tax-exempt reserves | 789 | €7,476 | €7,476 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,871 | -€68,984 | -€90,856 |
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 13 October 2026 via checked.be.