PANDO HOLDING: 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 HOLDING
Largest movements
- Receivables after one year +€735,522
up €735,522 (+454.0%), from €162,000 to €897,522
- Financial fixed assets +€224,669
up €224,669 (+5.4%), from €4.2m to €4.4m
- Profit (loss) carried forward +€1.6m
up €1.6m (+136.8%), from €1.2m to €2.8m
- Other debts -€556,237
down €556,237 (-28.0%), from €2.0m to €1.4m
- Debts after one year -€137,571
down €137,571 (-8.4%), from €1.6m to €1.5m
of which Financial debts: -€137,571
- Financial income +€887,884
up €887,884 (+401.3%), from €221,279 to €1.1m
- Gross operating margin +€524,707
up €524,707 (+1392.1%), from €37,691 to €562,398
- Taxes +€12,331
up €12,331, from €0 to €12,331
- Financial charges -€11,991
down €11,991 (-18.6%), from €64,552 to €52,561
of which Financial charges: -€12,241
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 | €4,985,461 | €5,918,184 | +€932,723 | +18.7% |
| Fixed assets | 21/28 | €4,180,791 | €4,405,460 | +€224,669 | +5.4% |
| Financial fixed assets | 28 | €4,180,791 | €4,405,460 | +€224,669 | +5.4% |
| Current assets | 29/58 | €804,670 | €1,512,724 | +€708,054 | +88.0% |
| Amounts receivable after more than one year | 29 | €162,000 | €897,522 | +€735,522 | +454.0% |
| Other amounts receivable | 291 | €162,000 | €897,522 | +€735,522 | +454.0% |
| Amounts receivable within one year | 40/41 | €406,561 | €351,350 | -€55,211 | -13.6% |
| Trade receivables | 40 | €34,850 | €62,999 | +€28,149 | +80.8% |
| Other amounts receivable | 41 | €371,711 | €288,351 | -€83,359 | -22.4% |
| Current investments | 50/53 | €200,000 | €200,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €16,174 | €21,180 | +€5,006 | +31.0% |
| Deferred charges and accrued income | 490/1 | €19,935 | €42,672 | +€22,737 | +114.1% |
| Total equity and liabilities | 10/49 | €4,985,461 | €5,918,184 | +€932,723 | +18.7% |
| Equity | 10/15 | €1,190,136 | €2,788,402 | +€1.6m | +134.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,168,136 | €2,766,402 | +€1.6m | +136.8% |
| Amounts payable | 17/49 | €3,795,325 | €3,129,782 | -€665,543 | -17.5% |
| Amounts payable after more than one year | 17 | €1,636,843 | €1,499,273 | -€137,571 | -8.4% |
| Financial debts | 170/4 | €1,249,329 | €1,111,759 | -€137,571 | -11.0% |
| Other amounts payable | 178/9 | €387,514 | €387,514 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,138,280 | €1,611,597 | -€526,683 | -24.6% |
| Current portion of amounts payable after more than one year | 42 | €128,033 | €135,400 | +€7,366 | +5.8% |
| Trade debts | 44 | €18,150 | €20,000 | +€1,850 | +10.2% |
| Suppliers | 440/4 | €18,150 | €20,000 | +€1,850 | +10.2% |
| Taxes, remuneration and social security | 45 | €2,902 | €23,239 | +€20,338 | +700.9% |
| Taxes | 450/3 | €2,902 | €23,239 | +€20,338 | +700.9% |
| Other amounts payable | 47/48 | €1,989,195 | €1,432,959 | -€556,237 | -28.0% |
| Accrued charges and deferred income | 492/3 | €20,201 | €18,912 | -€1,289 | -6.4% |
| Non-recurring operating income | 76A | - | €488,616 | +€488,616 | |
| Other operating charges | 640/8 | €3,764 | €8,403 | +€4,639 | +123.2% |
| Gross operating margin | 9900 | €37,691 | €562,398 | +€524,707 | +1392.1% |
| Operating profit (loss) | 9901 | €33,927 | €553,995 | +€520,068 | +1532.9% |
| Financial income | 75/76B | €221,279 | €1,109,163 | +€887,884 | +401.3% |
| Recurring financial income | 75 | €221,279 | €1,109,163 | +€887,884 | +401.3% |
| Financial charges | 65/66B | €64,552 | €52,561 | -€11,991 | -18.6% |
| Recurring financial charges | 65 | €64,552 | €52,311 | -€12,241 | -19.0% |
| Non-recurring financial charges | 66B | - | €250 | +€250 | |
| Profit (loss) for the period before taxes | 9903 | €190,654 | €1,610,597 | +€1.4m | +744.8% |
| Income taxes | 67/77 | €0 | €12,331 | +€12,331 | |
| Profit (loss) for the period | 9904 | €190,654 | €1,598,265 | +€1.4m | +738.3% |
| Profit (loss) for the period to be appropriated | 9905 | €190,654 | €1,598,265 | +€1.4m | +738.3% |
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.