PANDERIM: 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.
PANDERIM
Largest movements
- Stocks and contracts +€189,179
new in 2025: €189,179
- Receivables within one year +€42,843
up €42,843 (+299%), from €14,350 to €57,193
of which Other amounts receivable: +€42,843
- Tangible fixed assets +€16,415
new in 2025: €16,415
- Financial fixed assets +€15,000
new in 2025: €15,000
- Other debts +€182,886
up €182,886 (+27,956%), from €654 to €183,541
- Trade debts +€101,105
up €101,105 (+6,920%), from €1,461 to €102,566
- Profit (loss) carried forward -€19,564
new in 2025: -€19,564
- Tax, wage and social debts +€6,430
up €6,430 (+608%), from €1,057 to €7,487
of which Remuneration and social security: +€7,487
- Reserves -€5,087
down €5,087 (-100%), from €5,087 to €0
- Staff costs +€31,544
new in 2025: €31,544
- Gross operating margin +€20,474
up €20,474, from -€9,618 to €10,857
- Financial income -€7,648
down €7,648 (-100.0%), from €7,652 to €4
of which Non-recurring financial income: -€7,652
- Depreciation +€2,828
new in 2025: €2,828
- Financial charges +€806
up €806 (+242%), from €333 to €1,139
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.
Derived cash bridge
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 | €14,459 | €280,230 | +€265,771 | +1,838% |
| Fixed assets | 21/28 | - | €31,415 | +€31,415 | |
| Tangible fixed assets | 22/27 | - | €16,415 | +€16,415 | |
| Other tangible fixed assets | 26 | - | €16,415 | +€16,415 | |
| Financial fixed assets | 28 | - | €15,000 | +€15,000 | |
| Current assets | 29/58 | €14,459 | €248,815 | +€234,355 | +1,621% |
| Stocks and contracts in progress | 3 | - | €189,179 | +€189,179 | |
| Stocks | 30/36 | - | €189,179 | +€189,179 | |
| Amounts receivable within one year | 40/41 | €14,350 | €57,193 | +€42,843 | +299% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €14,350 | €57,193 | +€42,843 | +299% |
| Cash at bank and in hand | 54/58 | €109 | €2,443 | +€2,333 | +2,134% |
| Total equity and liabilities | 10/49 | €14,459 | €280,230 | +€265,771 | +1,838% |
| Equity | 10/15 | €11,287 | -€13,364 | -€24,650 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €5,087 | €0 | -€5,087 | -100% |
| Distributable reserves | 133 | €5,087 | €0 | -€5,087 | -100% |
| Profit (loss) carried forward | 14 | - | -€19,564 | -€19,564 | |
| Amounts payable | 17/49 | €3,173 | €293,594 | +€290,421 | +9,154% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €3,173 | €293,594 | +€290,421 | +9,154% |
| Trade debts | 44 | €1,461 | €102,566 | +€101,105 | +6,920% |
| Suppliers | 440/4 | €1,461 | €102,566 | +€101,105 | +6,920% |
| Taxes, remuneration and social security | 45 | €1,057 | €7,487 | +€6,430 | +608% |
| Taxes | 450/3 | €1,057 | €0 | -€1,057 | -100% |
| Remuneration and social security | 454/9 | - | €7,487 | +€7,487 | |
| Other amounts payable | 47/48 | €654 | €183,541 | +€182,886 | +27,956% |
| Remuneration, social security and pensions | 62 | - | €31,544 | +€31,544 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,828 | +€2,828 | |
| Other operating charges | 640/8 | €585 | €0 | -€585 | -100% |
| Gross operating margin | 9900 | -€9,618 | €10,857 | +€20,474 | |
| Operating profit (loss) | 9901 | -€10,202 | -€23,515 | -€13,313 | -130% |
| Financial income | 75/76B | €7,652 | €4 | -€7,648 | -100.0% |
| Recurring financial income | 75 | €7,652 | €4 | -€7,648 | -100.0% |
| Non-recurring financial income | 76B | €7,652 | €0 | -€7,652 | -100% |
| Financial charges | 65/66B | €333 | €1,139 | +€806 | +242% |
| Recurring financial charges | 65 | €333 | €1,139 | +€806 | +242% |
| Profit (loss) for the period before taxes | 9903 | -€2,883 | -€24,650 | -€21,767 | -755% |
| Profit (loss) for the period | 9904 | -€2,883 | -€24,650 | -€21,767 | -755% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,883 | -€24,650 | -€21,767 | -755% |
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 15 October 2026 via checked.be.