PANDARIS: 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.
PANDARIS
Largest movements
- Financial fixed assets +€66,000
new in 2025: €66,000
- Receivables after one year -€30,000
down €30,000 (-92.3%), from €32,500 to €2,500
- Intangible fixed assets +€27,048
new in 2025: €27,048
- Receivables within one year +€7,454
up €7,454 (+4223.6%), from €176 to €7,631
of which Other amounts receivable: +€7,454
- Tangible fixed assets -€4,954
down €4,954 (-60.5%), from €8,188 to €3,234
- Other debts +€63,462
up €63,462 (+1474.7%), from €4,303 to €67,766
- Reserves +€9,223
up €9,223 (+1118.7%), from €825 to €10,048
- Debts after one year -€3,814
down €3,814 (-49.7%), from €7,679 to €3,865
- Gross operating margin +€21,388
up €21,388, from -€5,055 to €16,333
- Depreciation +€1,366
up €1,366 (+27.1%), from €5,040 to €6,406
- Financial income -€738
down €738 (-44.8%), from €1,645 to €908
- Taxes +€199
up €199 (+12284.6%), from €2 to €201
- Financial charges -€198
down €198 (-42.4%), from €467 to €269
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.
Cash bridge derived
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 | €48,869 | €116,621 | +€67,752 | +138.6% |
| Fixed assets | 21/28 | €8,188 | €96,282 | +€88,094 | +1075.9% |
| Intangible fixed assets | 21 | - | €27,048 | +€27,048 | |
| Tangible fixed assets | 22/27 | €8,188 | €3,234 | -€4,954 | -60.5% |
| Furniture and vehicles | 24 | €8,188 | €3,234 | -€4,954 | -60.5% |
| Financial fixed assets | 28 | - | €66,000 | +€66,000 | |
| Current assets | 29/58 | €40,681 | €20,339 | -€20,342 | -50.0% |
| Amounts receivable after more than one year | 29 | €32,500 | €2,500 | -€30,000 | -92.3% |
| Other amounts receivable | 291 | €32,500 | €2,500 | -€30,000 | -92.3% |
| Amounts receivable within one year | 40/41 | €176 | €7,631 | +€7,454 | +4223.6% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €176 | €7,631 | +€7,454 | +4223.6% |
| Current investments | 50/53 | €1 | €1 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €6,222 | €9,937 | +€3,715 | +59.7% |
| Deferred charges and accrued income | 490/1 | €1,782 | €270 | -€1,512 | -84.8% |
| Total equity and liabilities | 10/49 | €48,869 | €116,621 | +€67,752 | +138.6% |
| Equity | 10/15 | €30,827 | €40,048 | +€9,221 | +29.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €825 | €10,048 | +€9,223 | +1118.7% |
| Distributable reserves | 133 | €825 | €10,048 | +€9,223 | +1118.7% |
| Profit (loss) carried forward | 14 | €2 | €0 | -€2 | -100.0% |
| Amounts payable | 17/49 | €18,043 | €76,573 | +€58,530 | +324.4% |
| Amounts payable after more than one year | 17 | €7,679 | €3,865 | -€3,814 | -49.7% |
| Financial debts | 170/4 | €7,679 | €3,865 | -€3,814 | -49.7% |
| Amounts payable within one year | 42/48 | €10,364 | €72,708 | +€62,344 | +601.5% |
| Current portion of amounts payable after more than one year | 42 | €3,763 | €3,814 | +€51 | +1.3% |
| Trade debts | 44 | €882 | €58 | -€824 | -93.4% |
| Suppliers | 440/4 | €882 | €58 | -€824 | -93.4% |
| Taxes, remuneration and social security | 45 | €1,415 | €1,070 | -€345 | -24.4% |
| Taxes | 450/3 | €1,415 | €1,070 | -€345 | -24.4% |
| Other amounts payable | 47/48 | €4,303 | €67,766 | +€63,462 | +1474.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,040 | €6,406 | +€1,366 | +27.1% |
| Other operating charges | 640/8 | €1,117 | €1,143 | +€27 | +2.4% |
| Gross operating margin | 9900 | -€5,055 | €16,333 | +€21,388 | |
| Operating profit (loss) | 9901 | -€11,212 | €8,784 | +€19,996 | |
| Financial income | 75/76B | €1,645 | €908 | -€738 | -44.8% |
| Recurring financial income | 75 | €1,645 | €908 | -€738 | -44.8% |
| Financial charges | 65/66B | €467 | €269 | -€198 | -42.4% |
| Recurring financial charges | 65 | €467 | €269 | -€198 | -42.4% |
| Profit (loss) for the period before taxes | 9903 | -€10,035 | €9,422 | +€19,457 | |
| Income taxes | 67/77 | €2 | €201 | +€199 | +12284.6% |
| Profit (loss) for the period | 9904 | -€10,036 | €9,221 | +€19,258 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,036 | €9,221 | +€19,258 |
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 12 October 2026 via checked.be.