PANDAS: what changed
What changed
PANDAS
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€10,809
2024 · €9,620-€20,429
Equity
€798,811
2024 · €809,620-€10,809
Cash
€10,142
2024 · €12,920-€2,778
Balance sheet total
€1.5m
2024 · €1.5m-€34,312
Largest movements
Assets
- Receivables within one year -€31,549
down €31,549 (-100%), from €31,549 to €0
of which Trade receivables: -€29,040
Equity and liabilities
- Other debts +€128,320
up €128,320 (+2,619%), from €4,900 to €133,220
- Debts after one year -€114,399
down €114,399 (-20.0%), from €570,648 to €456,249
- Trade debts -€41,919
down €41,919 (-93.0%), from €45,063 to €3,144
Income statement
- Gross operating margin -€35,443
down €35,443 (-60.9%), from €58,193 to €22,750
- Financial charges -€11,809
down €11,809 (-26.1%), from €45,173 to €33,364
- Taxes -€3,207
down €3,207 (-100%), from €3,207 to €0
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.
Result 2024
€9,620
Gross operating margin
-€35,443
Other operating charges
-€2
Financial income
+€0
Financial charges
+€11,809
Taxes
+€3,207
Result 2025
-€10,809
raises the resultlowers the result
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.
From operations
+€106,154
Investment
€0
Financing
-€108,932
Cash 2024
€12,920
From operations (derived)
+€106,154
Net result for the year
-€10,809
Receivables within one year
+€31,549
Deferred charges and accrued income
-€15
Trade debts
-€41,919
Tax, wage and social debts
-€2,971
Other debts
+€128,320
Accrued charges and deferred income
+€2,000
Financing
-€108,932
Debts after one year
-€114,399
Current portion of long-term debt
+€5,467
Cash 2025
€10,142
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,544,469 | €1,510,157 | -€34,312 | -2.2% |
| Fixed assets | 21/28 | €1,500,000 | €1,500,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,500,000 | €1,500,000 | = | 0.0% |
| Current assets | 29/58 | €44,469 | €10,157 | -€34,312 | -77.2% |
| Amounts receivable within one year | 40/41 | €31,549 | €0 | -€31,549 | -100% |
| Trade receivables | 40 | €29,040 | €0 | -€29,040 | -100% |
| Other amounts receivable | 41 | €2,509 | €0 | -€2,509 | -100% |
| Cash at bank and in hand | 54/58 | €12,920 | €10,142 | -€2,778 | -21.5% |
| Deferred charges and accrued income | 490/1 | - | €15 | +€15 | |
| Total equity and liabilities | 10/49 | €1,544,469 | €1,510,157 | -€34,312 | -2.2% |
| Equity | 10/15 | €809,620 | €798,811 | -€10,809 | -1.3% |
| Contributions | 10/11 | €800,000 | €800,000 | = | 0.0% |
| Reserves | 13 | €9,620 | €9,620 | = | 0.0% |
| Distributable reserves | 133 | €9,620 | €9,620 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€10,809 | -€10,809 | |
| Amounts payable | 17/49 | €734,849 | €711,347 | -€23,502 | -3.2% |
| Amounts payable after more than one year | 17 | €570,648 | €456,249 | -€114,399 | -20.0% |
| Financial debts | 170/4 | €570,648 | €456,249 | -€114,399 | -20.0% |
| Amounts payable within one year | 42/48 | €164,201 | €253,098 | +€88,897 | +54.1% |
| Current portion of amounts payable after more than one year | 42 | €108,932 | €114,399 | +€5,467 | +5.0% |
| Trade debts | 44 | €45,063 | €3,144 | -€41,919 | -93.0% |
| Suppliers | 440/4 | €45,063 | €3,144 | -€41,919 | -93.0% |
| Taxes, remuneration and social security | 45 | €5,307 | €2,335 | -€2,971 | -56.0% |
| Taxes | 450/3 | €5,307 | €2,335 | -€2,971 | -56.0% |
| Other amounts payable | 47/48 | €4,900 | €133,220 | +€128,320 | +2,619% |
| Accrued charges and deferred income | 492/3 | - | €2,000 | +€2,000 | |
| Other operating charges | 640/8 | €193 | €195 | +€2 | +1.0% |
| Gross operating margin | 9900 | €58,193 | €22,750 | -€35,443 | -60.9% |
| Operating profit (loss) | 9901 | €58,000 | €22,555 | -€35,445 | -61.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €45,173 | €33,364 | -€11,809 | -26.1% |
| Recurring financial charges | 65 | €45,173 | €33,364 | -€11,809 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | €12,827 | -€10,809 | -€23,636 | |
| Income taxes | 67/77 | €3,207 | €0 | -€3,207 | -100% |
| Profit (loss) for the period | 9904 | €9,620 | -€10,809 | -€20,429 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,620 | -€10,809 | -€20,429 |
Next steps
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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 2 November 2026 via checked.be.