Pandect: 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.
Pandect
Largest movements
- Financial fixed assets +€652,335
new in 2025: €652,335
- Tangible fixed assets -€56,691
down €56,691 (-22.4%), from €253,234 to €196,543
of which Land and buildings: -€63,122
- Cash +€33,841
up €33,841 (+622.9%), from €5,433 to €39,274
mainly Debts after one year (+€591,906) and Net result for the year (+€104,455)
- Receivables within one year -€10,871
down €10,871 (-68.6%), from €15,848 to €4,977
of which Trade receivables: -€14,032
- Debts after one year +€591,906
up €591,906 (+310.6%), from €190,571 to €782,476
- Current portion of long-term debt +€70,676
up €70,676 (+451.1%), from €15,668 to €86,344
- Other debts -€46,389
down €46,389 (-85.3%), from €54,379 to €7,990
- Tax, wage and social debts +€13,222
up €13,222 (+672.1%), from €1,967 to €15,189
- Gross operating margin +€82,071
up €82,071 (+99.7%), from €82,348 to €164,419
- Taxes +€22,783
up €22,783 (+174.5%), from €13,056 to €35,839
- Financial charges +€10,545
up €10,545 (+394.1%), from €2,676 to €13,221
- Depreciation -€3,913
down €3,913 (-28.0%), from €13,991 to €10,078
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 | €274,722 | €893,424 | +€618,702 | +225.2% |
| Fixed assets | 21/28 | €253,234 | €848,878 | +€595,644 | +235.2% |
| Tangible fixed assets | 22/27 | €253,234 | €196,543 | -€56,691 | -22.4% |
| Land and buildings | 22 | €252,917 | €189,796 | -€63,122 | -25.0% |
| Furniture and vehicles | 24 | €317 | €6,747 | +€6,430 | +2029.9% |
| Financial fixed assets | 28 | - | €652,335 | +€652,335 | |
| Current assets | 29/58 | €21,488 | €44,547 | +€23,058 | +107.3% |
| Amounts receivable within one year | 40/41 | €15,848 | €4,977 | -€10,871 | -68.6% |
| Trade receivables | 40 | €14,032 | €0 | -€14,032 | -100.0% |
| Other amounts receivable | 41 | €1,816 | €4,977 | +€3,161 | +174.1% |
| Cash at bank and in hand | 54/58 | €5,433 | €39,274 | +€33,841 | +622.9% |
| Deferred charges and accrued income | 490/1 | €208 | €296 | +€88 | +42.4% |
| Total equity and liabilities | 10/49 | €274,722 | €893,424 | +€618,702 | +225.2% |
| Equity | 10/15 | €10,323 | €1,100 | -€9,223 | -89.3% |
| Contributions | 10/11 | €10,000 | €1,100 | -€8,900 | -89.0% |
| Reserves | 13 | €323 | €0 | -€323 | -100.0% |
| Distributable reserves | 133 | €323 | €0 | -€323 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €264,399 | €892,324 | +€627,925 | +237.5% |
| Amounts payable after more than one year | 17 | €190,571 | €782,476 | +€591,906 | +310.6% |
| Financial debts | 170/4 | €190,571 | €782,476 | +€591,906 | +310.6% |
| Amounts payable within one year | 42/48 | €73,829 | €109,848 | +€36,019 | +48.8% |
| Current portion of amounts payable after more than one year | 42 | €15,668 | €86,344 | +€70,676 | +451.1% |
| Trade debts | 44 | €1,814 | €325 | -€1,489 | -82.1% |
| Suppliers | 440/4 | €1,814 | €325 | -€1,489 | -82.1% |
| Taxes, remuneration and social security | 45 | €1,967 | €15,189 | +€13,222 | +672.1% |
| Taxes | 450/3 | €1,967 | €15,189 | +€13,222 | +672.1% |
| Other amounts payable | 47/48 | €54,379 | €7,990 | -€46,389 | -85.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,991 | €10,078 | -€3,913 | -28.0% |
| Other operating charges | 640/8 | €1,805 | €844 | -€961 | -53.3% |
| Gross operating margin | 9900 | €82,348 | €164,419 | +€82,071 | +99.7% |
| Operating profit (loss) | 9901 | €66,552 | €153,497 | +€86,945 | +130.6% |
| Financial income | 75/76B | €2 | €17 | +€15 | +640.8% |
| Recurring financial income | 75 | €2 | €17 | +€15 | +640.8% |
| Financial charges | 65/66B | €2,676 | €13,221 | +€10,545 | +394.1% |
| Recurring financial charges | 65 | €2,676 | €13,221 | +€10,545 | +394.1% |
| Profit (loss) for the period before taxes | 9903 | €63,879 | €140,294 | +€76,415 | +119.6% |
| Income taxes | 67/77 | €13,056 | €35,839 | +€22,783 | +174.5% |
| Profit (loss) for the period | 9904 | €50,823 | €104,455 | +€53,632 | +105.5% |
| Profit (loss) for the period to be appropriated | 9905 | €50,823 | €104,455 | +€53,632 | +105.5% |
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 9 October 2026 via checked.be.