PANDAVA: what changed
Two fiscal 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.
PANDAVA
Largest movements
- Stocks and contracts -€126,966
down €126,966 (-13.7%), from €928,498 to €801,532
- Receivables within one year +€69,422
up €69,422 (+19.8%), from €350,274 to €419,697
of which Other amounts receivable: +€69,114
- Tangible fixed assets -€54,195
down €54,195 (-7.2%), from €747,692 to €693,496
of which Furniture and vehicles: -€29,950
- Cash -€33,234
down €33,234 (-32.1%), from €103,379 to €70,145
mainly Investment in fixed assets (net) (-€118,473) and Short-term financial debts (-€85,000)
- Short-term financial debts -€85,000
down €85,000 (-14.8%), from €575,000 to €490,000
- Profit (loss) carried forward -€42,348
new in 2025: -€42,348
- Current portion of long-term debt +€26,844
up €26,844 (+22.6%), from €118,995 to €145,839
- Other debts -€24,850
no longer reported in 2025 (was €24,850)
- Tax, wage and social debts -€22,760
down €22,760 (-25.6%), from €88,900 to €66,140
of which Remuneration and social security: -€25,993
- Gross operating margin -€50,975
down €50,975 (-6.0%), from €844,079 to €793,103
- Staff costs +€25,097
up €25,097 (+4.1%), from €605,424 to €630,521
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 | €2,197,065 | €2,052,833 | -€144,232 | -6.6% |
| Fixed assets | 21/28 | €747,692 | €693,496 | -€54,195 | -7.2% |
| Tangible fixed assets | 22/27 | €747,692 | €693,496 | -€54,195 | -7.2% |
| Plant, machinery and equipment | 23 | €545,848 | €539,142 | -€6,706 | -1.2% |
| Furniture and vehicles | 24 | €158,736 | €128,786 | -€29,950 | -18.9% |
| Leasing and similar rights | 25 | €43,107 | €25,568 | -€17,539 | -40.7% |
| Current assets | 29/58 | €1,449,373 | €1,359,337 | -€90,036 | -6.2% |
| Amounts receivable after more than one year | 29 | €60,960 | €60,960 | = | 0.0% |
| Other amounts receivable | 291 | €60,960 | €60,960 | = | 0.0% |
| Stocks and contracts in progress | 3 | €928,498 | €801,532 | -€126,966 | -13.7% |
| Stocks | 30/36 | €928,498 | €801,532 | -€126,966 | -13.7% |
| Amounts receivable within one year | 40/41 | €350,274 | €419,697 | +€69,422 | +19.8% |
| Trade receivables | 40 | €328,022 | €328,331 | +€308 | +0.1% |
| Other amounts receivable | 41 | €22,252 | €91,366 | +€69,114 | +310.6% |
| Cash at bank and in hand | 54/58 | €103,379 | €70,145 | -€33,234 | -32.1% |
| Deferred charges and accrued income | 490/1 | €6,262 | €7,003 | +€742 | +11.8% |
| Total equity and liabilities | 10/49 | €2,197,065 | €2,052,833 | -€144,232 | -6.6% |
| Equity | 10/15 | €632,439 | €590,092 | -€42,348 | -6.7% |
| Contributions | 10/11 | €496,800 | €496,800 | = | 0.0% |
| Capital | 10 | €496,800 | €496,800 | = | 0.0% |
| Issued capital | 100 | €496,800 | €496,800 | = | 0.0% |
| Reserves | 13 | €135,639 | €135,639 | = | 0.0% |
| Non-distributable reserves | 130/1 | €49,680 | €49,680 | = | 0.0% |
| Legal reserve | 130 | €49,680 | €49,680 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,051 | €11,051 | = | 0.0% |
| Distributable reserves | 133 | €74,908 | €74,908 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€42,348 | -€42,348 | |
| Amounts payable | 17/49 | €1,564,626 | €1,462,742 | -€101,884 | -6.5% |
| Amounts payable after more than one year | 17 | €373,216 | €369,345 | -€3,871 | -1.0% |
| Financial debts | 170/4 | €342,234 | €369,345 | +€27,112 | +7.9% |
| Other amounts payable | 178/9 | €30,983 | - | -€30,983 | |
| Amounts payable within one year | 42/48 | €1,191,409 | €1,093,396 | -€98,013 | -8.2% |
| Current portion of amounts payable after more than one year | 42 | €118,995 | €145,839 | +€26,844 | +22.6% |
| Financial debts | 43 | €575,000 | €490,000 | -€85,000 | -14.8% |
| Credit institutions | 430/8 | €575,000 | €490,000 | -€85,000 | -14.8% |
| Trade debts | 44 | €383,664 | €391,417 | +€7,753 | +2.0% |
| Suppliers | 440/4 | €383,664 | €391,417 | +€7,753 | +2.0% |
| Taxes, remuneration and social security | 45 | €88,900 | €66,140 | -€22,760 | -25.6% |
| Taxes | 450/3 | €31,551 | €34,783 | +€3,233 | +10.2% |
| Remuneration and social security | 454/9 | €57,350 | €31,357 | -€25,993 | -45.3% |
| Other amounts payable | 47/48 | €24,850 | - | -€24,850 | |
| Remuneration, social security and pensions | 62 | €605,424 | €630,521 | +€25,097 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €167,719 | €172,669 | +€4,950 | +3.0% |
| Other operating charges | 640/8 | €3,922 | €4,746 | +€823 | +21.0% |
| Gross operating margin | 9900 | €844,079 | €793,103 | -€50,975 | -6.0% |
| Operating profit (loss) | 9901 | €67,013 | -€14,833 | -€81,846 | |
| Financial income | 75/76B | €36,709 | €36,391 | -€318 | -0.9% |
| Recurring financial income | 75 | €36,709 | €36,391 | -€318 | -0.9% |
| Financial charges | 65/66B | €65,683 | €63,906 | -€1,777 | -2.7% |
| Recurring financial charges | 65 | €65,683 | €63,906 | -€1,777 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | €38,039 | -€42,348 | -€80,387 | |
| Income taxes | 67/77 | €5,501 | - | -€5,501 | |
| Profit (loss) for the period | 9904 | €32,538 | -€42,348 | -€74,885 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,538 | -€42,348 | -€74,885 |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.