PANDO: 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.
PANDO
Largest movements
- Receivables within one year +€28,590
up €28,590 (+22.8%), from €125,195 to €153,786
of which Trade receivables: +€35,090
- Tax, wage and social debts +€19,377
up €19,377 (+103%), from €18,749 to €38,126
of which Remuneration and social security: +€29,051
- Trade debts +€8,141
up €8,141 (+226%), from €3,597 to €11,738
- Gross operating margin -€11,454
down €11,454 (-53.7%), from €21,338 to €9,884
- Other operating charges +€587
up €587 (+23.6%), from €2,486 to €3,073
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 | €186,355 | €214,124 | +€27,768 | +14.9% |
| Fixed assets | 21/28 | €61,126 | €59,984 | -€1,142 | -1.9% |
| Tangible fixed assets | 22/27 | €6,373 | €5,231 | -€1,142 | -17.9% |
| Furniture and vehicles | 24 | €2,229 | €1,681 | -€548 | -24.6% |
| Other tangible fixed assets | 26 | €4,143 | €3,549 | -€594 | -14.3% |
| Financial fixed assets | 28 | €54,753 | €54,753 | = | 0.0% |
| Current assets | 29/58 | €125,230 | €154,140 | +€28,910 | +23.1% |
| Amounts receivable within one year | 40/41 | €125,195 | €153,786 | +€28,590 | +22.8% |
| Trade receivables | 40 | €37,244 | €72,335 | +€35,090 | +94.2% |
| Other amounts receivable | 41 | €87,951 | €81,451 | -€6,500 | -7.4% |
| Cash at bank and in hand | 54/58 | €34 | €354 | +€320 | +934% |
| Total equity and liabilities | 10/49 | €186,355 | €214,124 | +€27,768 | +14.9% |
| Equity | 10/15 | €62,009 | €62,260 | +€250 | +0.4% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36 | €286 | +€250 | +697% |
| Amounts payable | 17/49 | €124,346 | €151,864 | +€27,518 | +22.1% |
| Amounts payable within one year | 42/48 | €124,346 | €151,864 | +€27,518 | +22.1% |
| Trade debts | 44 | €3,597 | €11,738 | +€8,141 | +226% |
| Suppliers | 440/4 | €3,597 | €11,738 | +€8,141 | +226% |
| Taxes, remuneration and social security | 45 | €18,749 | €38,126 | +€19,377 | +103% |
| Taxes | 450/3 | €18,749 | €9,075 | -€9,674 | -51.6% |
| Remuneration and social security | 454/9 | - | €29,051 | +€29,051 | |
| Other amounts payable | 47/48 | €102,000 | €102,000 | = | 0.0% |
| Non-recurring operating income | 76A | €14,671 | - | -€14,671 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,104 | €1,142 | +€38 | +3.4% |
| Other operating charges | 640/8 | €2,486 | €3,073 | +€587 | +23.6% |
| Gross operating margin | 9900 | €21,338 | €9,884 | -€11,454 | -53.7% |
| Operating profit (loss) | 9901 | €17,747 | €5,669 | -€12,078 | -68.1% |
| Financial charges | 65/66B | €4,490 | €4,688 | +€198 | +4.4% |
| Recurring financial charges | 65 | €4,490 | €4,688 | +€198 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | €13,257 | €981 | -€12,276 | -92.6% |
| Income taxes | 67/77 | €781 | €730 | -€51 | -6.5% |
| Profit (loss) for the period | 9904 | €12,476 | €250 | -€12,225 | -98.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,476 | €250 | -€12,225 | -98.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.