Pandion: 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.
Pandion
Largest movements
- Tangible fixed assets -€316,787
down €316,787 (-27.4%), from €1.2m to €839,514
- Cash +€133,578
up €133,578 (+641.6%), from €20,821 to €154,398
mainly Investment in fixed assets (net) (+€293,894) and Net result for the year (+€163,765)
- Debts after one year -€347,628
down €347,628 (-33.2%), from €1.0m to €699,118
- Reserves +€153,762
up €153,762 (+2696.9%), from €5,702 to €159,464
- Current portion of long-term debt -€17,509
down €17,509 (-23.2%), from €75,566 to €58,056
- Tax, wage and social debts +€15,376
new in 2025: €15,376
- Gross operating margin +€193,001
up €193,001 (+174.5%), from €110,580 to €303,581
- Taxes +€76,525
new in 2025: €76,525
- Depreciation -€7,649
down €7,649 (-25.0%), from €30,542 to €22,894
- Financial charges +€3,932
up €3,932 (+16.1%), from €24,419 to €28,350
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 | €1,177,122 | €995,314 | -€181,807 | -15.4% |
| Fixed assets | 21/28 | €1,156,301 | €839,514 | -€316,787 | -27.4% |
| Tangible fixed assets | 22/27 | €1,156,301 | €839,514 | -€316,787 | -27.4% |
| Land and buildings | 22 | €1,156,301 | €839,514 | -€316,787 | -27.4% |
| Current assets | 29/58 | €20,821 | €155,801 | +€134,980 | +648.3% |
| Amounts receivable within one year | 40/41 | €0 | €1,402 | +€1,402 | |
| Trade receivables | 40 | - | €551 | +€551 | |
| Other amounts receivable | 41 | €0 | €851 | +€851 | |
| Cash at bank and in hand | 54/58 | €20,821 | €154,398 | +€133,578 | +641.6% |
| Total equity and liabilities | 10/49 | €1,177,122 | €995,314 | -€181,807 | -15.4% |
| Equity | 10/15 | €52,714 | €216,479 | +€163,765 | +310.7% |
| Contributions | 10/11 | €57,016 | €57,016 | = | 0.0% |
| Reserves | 13 | €5,702 | €159,464 | +€153,762 | +2696.9% |
| Distributable reserves | 133 | €5,702 | €159,464 | +€153,762 | +2696.9% |
| Profit (loss) carried forward | 14 | -€10,003 | €0 | +€10,003 | |
| Amounts payable | 17/49 | €1,124,407 | €778,835 | -€345,572 | -30.7% |
| Amounts payable after more than one year | 17 | €1,046,745 | €699,118 | -€347,628 | -33.2% |
| Financial debts | 170/4 | €1,046,745 | €699,118 | -€347,628 | -33.2% |
| Amounts payable within one year | 42/48 | €77,662 | €78,719 | +€1,057 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €75,566 | €58,056 | -€17,509 | -23.2% |
| Trade debts | 44 | €2,096 | €39 | -€2,057 | -98.1% |
| Suppliers | 440/4 | €2,096 | €39 | -€2,057 | -98.1% |
| Taxes, remuneration and social security | 45 | - | €15,376 | +€15,376 | |
| Taxes | 450/3 | - | €15,376 | +€15,376 | |
| Other amounts payable | 47/48 | - | €5,247 | +€5,247 | |
| Accrued charges and deferred income | 492/3 | €0 | €998 | +€998 | |
| Non-recurring operating income | 76A | - | €213,433 | +€213,433 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,542 | €22,894 | -€7,649 | -25.0% |
| Other operating charges | 640/8 | €11,798 | €12,047 | +€249 | +2.1% |
| Gross operating margin | 9900 | €110,580 | €303,581 | +€193,001 | +174.5% |
| Operating profit (loss) | 9901 | €68,239 | €268,640 | +€200,401 | +293.7% |
| Financial charges | 65/66B | €24,419 | €28,350 | +€3,932 | +16.1% |
| Recurring financial charges | 65 | €24,419 | €28,350 | +€3,932 | +16.1% |
| Profit (loss) for the period before taxes | 9903 | €43,821 | €240,290 | +€196,469 | +448.3% |
| Income taxes | 67/77 | - | €76,525 | +€76,525 | |
| Profit (loss) for the period | 9904 | €43,821 | €163,765 | +€119,944 | +273.7% |
| Profit (loss) for the period to be appropriated | 9905 | €43,821 | €163,765 | +€119,944 | +273.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.