PANDO: 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.
PANDO
Largest movements
- Receivables within one year -€389,450
down €389,450 (-30.7%), from €1.3m to €880,283
of which Other amounts receivable: -€444,626
- Tangible fixed assets -€184,566
down €184,566 (-14.2%), from €1.3m to €1.1m
of which Plant, machinery and equipment: -€165,536
- Current investments -€50,000
down €50,000 (-20.0%), from €250,000 to €200,000
- Trade debts -€314,161
down €314,161 (-23.4%), from €1.3m to €1.0m
- Debts after one year -€192,537
down €192,537 (-24.5%), from €785,592 to €593,055
- Reserves -€130,895
down €130,895 (-14.9%), from €876,621 to €745,726
- Other operating charges +€250,983
up €250,983 (+61.7%), from €406,814 to €657,797
- Gross operating margin +€209,194
up €209,194 (+32.1%), from €652,219 to €861,412
- Taxes -€11,450
down €11,450 (-90.5%), from €12,649 to €1,199
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 | €3,345,194 | €2,732,918 | -€612,276 | -18.3% |
| Fixed assets | 21/28 | €1,299,005 | €1,114,439 | -€184,566 | -14.2% |
| Tangible fixed assets | 22/27 | €1,298,105 | €1,113,539 | -€184,566 | -14.2% |
| Land and buildings | 22 | €383,029 | €365,819 | -€17,209 | -4.5% |
| Plant, machinery and equipment | 23 | €910,628 | €745,092 | -€165,536 | -18.2% |
| Furniture and vehicles | 24 | €4,449 | €2,628 | -€1,820 | -40.9% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €2,046,189 | €1,618,479 | -€427,710 | -20.9% |
| Amounts receivable after more than one year | 29 | €405,476 | €399,132 | -€6,344 | -1.6% |
| Other amounts receivable | 291 | €405,476 | €399,132 | -€6,344 | -1.6% |
| Amounts receivable within one year | 40/41 | €1,269,732 | €880,283 | -€389,450 | -30.7% |
| Trade receivables | 40 | €428,482 | €483,658 | +€55,176 | +12.9% |
| Other amounts receivable | 41 | €841,251 | €396,625 | -€444,626 | -52.9% |
| Current investments | 50/53 | €250,000 | €200,000 | -€50,000 | -20.0% |
| Cash at bank and in hand | 54/58 | €118,783 | €137,759 | +€18,976 | +16.0% |
| Deferred charges and accrued income | 490/1 | €2,198 | €1,306 | -€892 | -40.6% |
| Total equity and liabilities | 10/49 | €3,345,194 | €2,732,918 | -€612,276 | -18.3% |
| Equity | 10/15 | €936,621 | €806,357 | -€130,263 | -13.9% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €876,621 | €745,726 | -€130,895 | -14.9% |
| Distributable reserves | 133 | €876,621 | €745,726 | -€130,895 | -14.9% |
| Profit (loss) carried forward | 14 | €0 | €631 | +€631 | |
| Amounts payable | 17/49 | €2,408,573 | €1,926,561 | -€482,012 | -20.0% |
| Amounts payable after more than one year | 17 | €785,592 | €593,055 | -€192,537 | -24.5% |
| Financial debts | 170/4 | €785,592 | €593,055 | -€192,537 | -24.5% |
| Amounts payable within one year | 42/48 | €1,617,676 | €1,329,017 | -€288,659 | -17.8% |
| Current portion of amounts payable after more than one year | 42 | €208,016 | €206,898 | -€1,117 | -0.5% |
| Trade debts | 44 | €1,342,778 | €1,028,617 | -€314,161 | -23.4% |
| Suppliers | 440/4 | €1,342,778 | €1,028,617 | -€314,161 | -23.4% |
| Taxes, remuneration and social security | 45 | €2,213 | €9,034 | +€6,821 | +308.2% |
| Taxes | 450/3 | €2,213 | €9,034 | +€6,821 | +308.2% |
| Other amounts payable | 47/48 | €64,669 | €84,468 | +€19,798 | +30.6% |
| Accrued charges and deferred income | 492/3 | €5,305 | €4,489 | -€815 | -15.4% |
| Non-recurring operating income | 76A | - | €33,090 | +€33,090 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185,747 | €184,566 | -€1,181 | -0.6% |
| Other operating charges | 640/8 | €406,814 | €657,797 | +€250,983 | +61.7% |
| Gross operating margin | 9900 | €652,219 | €861,412 | +€209,194 | +32.1% |
| Operating profit (loss) | 9901 | €59,658 | €19,050 | -€40,608 | -68.1% |
| Financial income | 75/76B | €7,353 | €4,643 | -€2,709 | -36.8% |
| Recurring financial income | 75 | €7,353 | €4,643 | -€2,709 | -36.8% |
| Financial charges | 65/66B | €29,032 | €21,863 | -€7,169 | -24.7% |
| Recurring financial charges | 65 | €29,032 | €21,863 | -€7,169 | -24.7% |
| Profit (loss) for the period before taxes | 9903 | €37,978 | €1,830 | -€36,149 | -95.2% |
| Income taxes | 67/77 | €12,649 | €1,199 | -€11,450 | -90.5% |
| Profit (loss) for the period | 9904 | €25,329 | €631 | -€24,698 | -97.5% |
| Profit (loss) for the period to be appropriated | 9905 | €25,329 | €631 | -€24,698 | -97.5% |
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 8 October 2026 via checked.be.