PANDORA: 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.
PANDORA
Largest movements
- Cash +€33,800
up €33,800 (+219.5%), from €15,401 to €49,201
mainly Debts after one year (+€77,909) and Depreciation (+€28,831)
- Tangible fixed assets +€14,760
up €14,760 (+3.5%), from €427,121 to €441,881
of which Assets under construction and advance payments: +€32,425
- Debts after one year +€77,909
up €77,909 (+24.8%), from €314,349 to €392,258
- Other debts -€30,000
down €30,000 (-23.8%), from €125,950 to €95,950
- Current portion of long-term debt +€21,236
new in 2025: €21,236
- Short-term financial debts -€18,272
no longer reported in 2025 (was €18,272)
- Gross operating margin +€6,429
up €6,429 (+21.6%), from €29,765 to €36,194
- Depreciation -€2,715
down €2,715 (-8.6%), from €31,545 to €28,831
- Financial income +€1,588
new in 2025: €1,588
- Financial charges -€472
down €472 (-16.5%), from €2,864 to €2,393
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 | €512,183 | €562,174 | +€49,991 | +9.8% |
| Fixed assets | 21/28 | €427,121 | €441,881 | +€14,760 | +3.5% |
| Tangible fixed assets | 22/27 | €427,121 | €441,881 | +€14,760 | +3.5% |
| Land and buildings | 22 | €427,121 | €409,456 | -€17,665 | -4.1% |
| Assets under construction and advance payments | 27 | - | €32,425 | +€32,425 | |
| Current assets | 29/58 | €85,062 | €120,293 | +€35,231 | +41.4% |
| Amounts receivable within one year | 40/41 | €68,045 | €69,383 | +€1,338 | +2.0% |
| Other amounts receivable | 41 | €68,045 | €69,383 | +€1,338 | +2.0% |
| Cash at bank and in hand | 54/58 | €15,401 | €49,201 | +€33,800 | +219.5% |
| Deferred charges and accrued income | 490/1 | €1,617 | €1,709 | +€93 | +5.7% |
| Total equity and liabilities | 10/49 | €512,183 | €562,174 | +€49,991 | +9.8% |
| Equity | 10/15 | €49,449 | €52,730 | +€3,281 | +6.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €36,812 | €36,812 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €36,812 | €36,812 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,963 | -€2,682 | +€3,281 | +55.0% |
| Amounts payable | 17/49 | €462,735 | €509,444 | +€46,710 | +10.1% |
| Amounts payable after more than one year | 17 | €314,349 | €392,258 | +€77,909 | +24.8% |
| Financial debts | 170/4 | €314,349 | €392,258 | +€77,909 | +24.8% |
| Amounts payable within one year | 42/48 | €148,386 | €117,186 | -€31,200 | -21.0% |
| Current portion of amounts payable after more than one year | 42 | - | €21,236 | +€21,236 | |
| Financial debts | 43 | €18,272 | - | -€18,272 | |
| Credit institutions | 430/8 | €18,272 | - | -€18,272 | |
| Taxes, remuneration and social security | 45 | €4,164 | €0 | -€4,164 | -100.0% |
| Taxes | 450/3 | €4,164 | €0 | -€4,164 | -100.0% |
| Other amounts payable | 47/48 | €125,950 | €95,950 | -€30,000 | -23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,545 | €28,831 | -€2,715 | -8.6% |
| Other operating charges | 640/8 | €3,178 | €3,277 | +€99 | +3.1% |
| Gross operating margin | 9900 | €29,765 | €36,194 | +€6,429 | +21.6% |
| Operating profit (loss) | 9901 | -€4,958 | €4,087 | +€9,045 | |
| Financial income | 75/76B | - | €1,588 | +€1,588 | |
| Recurring financial income | 75 | - | €1,588 | +€1,588 | |
| Financial charges | 65/66B | €2,864 | €2,393 | -€472 | -16.5% |
| Recurring financial charges | 65 | €2,864 | €2,393 | -€472 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | -€7,823 | €3,281 | +€11,104 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€7,823 | €3,281 | +€11,104 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,823 | €3,281 | +€11,104 |
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 10 October 2026 via checked.be.