PANDENFONDS: what changed
What changed
PANDENFONDS
NACE 71.121, Engineering and related technical consultancy, excluding land surveyors
filed annual accounts (NBB)
Net result for the year
-€295,346
2024 · -€163,163-€132,183
Equity
€947,827
2024 · €1.2m-€295,346
Cash
€257,177
2024 · €552,934-€295,758
Balance sheet total
€6.4m
2024 · €7.2m-€764,101
Largest movements
Assets
- Tangible fixed assets -€404,784
down €404,784 (-8.3%), from €4.9m to €4.5m
- Receivables within one year -€310,170
down €310,170 (-91.2%), from €340,053 to €29,883
of which Trade receivables: -€336,617
- Cash -€295,758
down €295,758 (-53.5%), from €552,934 to €257,177
mainly Net result for the year (-€295,346) and Trade debts (-€282,086)
- Stocks and contracts +€215,562
up €215,562 (+15.7%), from €1.4m to €1.6m
Equity and liabilities
- Profit (loss) carried forward -€295,346
down €295,346 (-70.8%), from -€416,887 to -€712,233
- Trade debts -€282,086
down €282,086 (-61.4%), from €459,729 to €177,643
- Tax, wage and social debts -€242,732
no longer reported in 2025 (was €242,732)
Income statement
- Write-downs +€110,192
up €110,192, from -€53,299 to €56,893
- Gross operating margin +€72,178
up €72,178, from -€47,491 to €24,687
- Depreciation +€64,943
up €64,943 (+209%), from €31,068 to €96,011
- Provisions +€32,000
no longer reported in 2025 (was -€32,000)
- Financial charges +€22,009
up €22,009 (+17.3%), from €126,992 to €149,001
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
-€163,163
Gross operating margin
+€72,178
Depreciation
-€64,943
Write-downs
-€110,192
Provisions
-€32,000
Other operating charges
-€10,443
Other operating items
+€35,225
Financial income
-€0
Financial charges
-€22,009
Result 2025
-€295,346
raises the resultlowers the resultnot broken down further in the accounts
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
-€661,526
Investment
+€308,773
Financing
+€56,995
Cash 2024
€552,934
From operations (derived)
-€661,526
Net result for the year
-€295,346
Depreciation
+€96,011
Stocks and contracts
-€215,562
Receivables within one year
+€310,170
Deferred charges and accrued income
-€31,048
Trade debts
-€282,086
Tax, wage and social debts
-€242,732
Accrued charges and deferred income
-€932
Investment (derived)
+€308,773
Investment in fixed assets (net)
+€308,773
Financing
+€56,995
Debts after one year
+€56,995
Cash 2025
€257,177
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,160,037 | €6,395,936 | -€764,101 | -10.7% |
| Fixed assets | 21/28 | €4,895,370 | €4,490,587 | -€404,784 | -8.3% |
| Tangible fixed assets | 22/27 | €4,895,370 | €4,490,587 | -€404,784 | -8.3% |
| Land and buildings | 22 | €4,895,370 | €4,490,587 | -€404,784 | -8.3% |
| Current assets | 29/58 | €2,264,666 | €1,905,349 | -€359,317 | -15.9% |
| Stocks and contracts in progress | 3 | €1,369,438 | €1,585,000 | +€215,562 | +15.7% |
| Stocks | 30/36 | €1,369,438 | €1,585,000 | +€215,562 | +15.7% |
| Amounts receivable within one year | 40/41 | €340,053 | €29,883 | -€310,170 | -91.2% |
| Trade receivables | 40 | €340,053 | €3,435 | -€336,617 | -99.0% |
| Other amounts receivable | 41 | - | €26,448 | +€26,448 | |
| Cash at bank and in hand | 54/58 | €552,934 | €257,177 | -€295,758 | -53.5% |
| Deferred charges and accrued income | 490/1 | €2,242 | €33,290 | +€31,048 | +1,385% |
| Total equity and liabilities | 10/49 | €7,160,037 | €6,395,936 | -€764,101 | -10.7% |
| Equity | 10/15 | €1,243,173 | €947,827 | -€295,346 | -23.8% |
| Contributions | 10/11 | €1,658,068 | €1,658,068 | = | 0.0% |
| Capital | 10 | €1,658,068 | €1,658,068 | = | 0.0% |
| Issued capital | 100 | €1,658,068 | €1,658,068 | = | 0.0% |
| Reserves | 13 | €1,992 | €1,992 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,992 | €1,992 | = | 0.0% |
| Legal reserve | 130 | €1,992 | €1,992 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€416,887 | -€712,233 | -€295,346 | -70.8% |
| Amounts payable | 17/49 | €5,916,864 | €5,448,109 | -€468,755 | -7.9% |
| Amounts payable after more than one year | 17 | €1,851,383 | €1,908,378 | +€56,995 | +3.1% |
| Financial debts | 170/4 | €1,851,383 | €1,908,378 | +€56,995 | +3.1% |
| Amounts payable within one year | 42/48 | €4,052,461 | €3,527,643 | -€524,818 | -13.0% |
| Financial debts | 43 | €3,350,000 | €3,350,000 | = | 0.0% |
| Credit institutions | 430/8 | €3,350,000 | €3,350,000 | = | 0.0% |
| Trade debts | 44 | €459,729 | €177,643 | -€282,086 | -61.4% |
| Suppliers | 440/4 | €459,729 | €177,643 | -€282,086 | -61.4% |
| Taxes, remuneration and social security | 45 | €242,732 | - | -€242,732 | |
| Taxes | 450/3 | €242,732 | - | -€242,732 | |
| Accrued charges and deferred income | 492/3 | €13,021 | €12,089 | -€932 | -7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,068 | €96,011 | +€64,943 | +209% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€53,299 | €56,893 | +€110,192 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€32,000 | - | +€32,000 | |
| Other operating charges | 640/8 | €7,686 | €18,128 | +€10,443 | +136% |
| Non-recurring operating charges | 66A | €35,225 | - | -€35,225 | |
| Gross operating margin | 9900 | -€47,491 | €24,687 | +€72,178 | |
| Operating profit (loss) | 9901 | -€36,170 | -€146,345 | -€110,174 | -305% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €126,992 | €149,001 | +€22,009 | +17.3% |
| Recurring financial charges | 65 | €126,992 | €149,001 | +€22,009 | +17.3% |
| Profit (loss) for the period before taxes | 9903 | -€163,163 | -€295,346 | -€132,183 | -81.0% |
| Profit (loss) for the period | 9904 | -€163,163 | -€295,346 | -€132,183 | -81.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€163,163 | -€295,346 | -€132,183 | -81.0% |
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 8 November 2026 via checked.be.