PANDELE: 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.
PANDELE
Largest movements
- Receivables within one year -€23,525
down €23,525 (-24.3%), from €96,768 to €73,243
of which Trade receivables: -€26,137
- Tangible fixed assets -€22,319
down €22,319 (-25.7%), from €86,914 to €64,594
of which Leasing and similar rights: -€18,250
- Trade debts -€24,418
down €24,418 (-74.2%), from €32,916 to €8,497
- Debts after one year -€20,432
down €20,432 (-27.9%), from €73,184 to €52,752
- Profit (loss) carried forward -€13,818
down €13,818 (-43.7%), from €31,583 to €17,766
- Tax, wage and social debts +€5,686
up €5,686 (+61.0%), from €9,324 to €15,010
of which Taxes: +€6,215
- Short-term financial debts +€5,314
up €5,314 (+4305.3%), from €123 to €5,437
- Turnover -€30,010
down €30,010 (-7.9%), from €379,857 to €349,847
- Gross operating margin -€29,506
down €29,506 (-29.9%), from €98,677 to €69,170
- Purchases and services +€4,097
up €4,097 (+1.5%), from €281,181 to €285,278
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €187,132 | €140,403 | -€46,729 | -25.0% |
| Fixed assets | 21/28 | €89,034 | €66,714 | -€22,319 | -25.1% |
| Tangible fixed assets | 22/27 | €86,914 | €64,594 | -€22,319 | -25.7% |
| Furniture and vehicles | 24 | €16,955 | €12,886 | -€4,069 | -24.0% |
| Leasing and similar rights | 25 | €69,958 | €51,708 | -€18,250 | -26.1% |
| Financial fixed assets | 28 | €2,120 | €2,120 | = | 0.0% |
| Current assets | 29/58 | €98,098 | €73,689 | -€24,410 | -24.9% |
| Amounts receivable within one year | 40/41 | €96,768 | €73,243 | -€23,525 | -24.3% |
| Trade receivables | 40 | €94,556 | €68,419 | -€26,137 | -27.6% |
| Other amounts receivable | 41 | €2,211 | €4,823 | +€2,612 | +118.1% |
| Cash at bank and in hand | 54/58 | €1,096 | €446 | -€650 | -59.3% |
| Deferred charges and accrued income | 490/1 | €235 | - | -€235 | |
| Total equity and liabilities | 10/49 | €187,132 | €140,403 | -€46,729 | -25.0% |
| Equity | 10/15 | €52,043 | €38,226 | -€13,818 | -26.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,583 | €17,766 | -€13,818 | -43.7% |
| Amounts payable | 17/49 | €135,088 | €102,177 | -€32,911 | -24.4% |
| Amounts payable after more than one year | 17 | €73,184 | €52,752 | -€20,432 | -27.9% |
| Financial debts | 170/4 | €73,184 | €52,752 | -€20,432 | -27.9% |
| Amounts payable within one year | 42/48 | €61,904 | €49,425 | -€12,479 | -20.2% |
| Current portion of amounts payable after more than one year | 42 | €19,493 | €20,432 | +€939 | +4.8% |
| Financial debts | 43 | €123 | €5,437 | +€5,314 | +4305.3% |
| Credit institutions | 430/8 | €123 | €5,437 | +€5,314 | +4305.3% |
| Trade debts | 44 | €32,916 | €8,497 | -€24,418 | -74.2% |
| Suppliers | 440/4 | €32,916 | €8,497 | -€24,418 | -74.2% |
| Taxes, remuneration and social security | 45 | €9,324 | €15,010 | +€5,686 | +61.0% |
| Taxes | 450/3 | €2,894 | €9,109 | +€6,215 | +214.8% |
| Remuneration and social security | 454/9 | €6,431 | €5,901 | -€529 | -8.2% |
| Other amounts payable | 47/48 | €48 | €48 | = | 0.0% |
| Turnover | 70 | €379,857 | €349,847 | -€30,010 | -7.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €281,181 | €285,278 | +€4,097 | +1.5% |
| Remuneration, social security and pensions | 62 | €53,368 | €54,156 | +€788 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,641 | €22,319 | +€678 | +3.1% |
| Gross operating margin | 9900 | €98,677 | €69,170 | -€29,506 | -29.9% |
| Operating profit (loss) | 9901 | €23,667 | -€7,305 | -€30,973 | |
| Financial income | 75/76B | €46 | €0 | -€46 | -100.0% |
| Recurring financial income | 75 | €46 | €0 | -€46 | -100.0% |
| Financial charges | 65/66B | €7,875 | €6,336 | -€1,539 | -19.5% |
| Recurring financial charges | 65 | €7,875 | €6,336 | -€1,539 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | €15,838 | -€13,641 | -€29,479 | |
| Income taxes | 67/77 | €3,893 | €177 | -€3,716 | -95.5% |
| Profit (loss) for the period | 9904 | €11,945 | -€13,818 | -€25,763 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,945 | -€13,818 | -€25,763 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.