PANDOX ROYALE: what changed
What changed
PANDOX ROYALE
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
filed annual accounts (NBB)
Net result for the year
-€275,928
2024 · -€616,887+€340,959
Equity
-€1.4m
2024 · -€1.2m-€276,346
Cash
-
not filed
Balance sheet total
€31.5m
2024 · €31.8m-€285,861
Largest movements
Assets
- Deferred charges and accrued income -€395,830
down €395,830 (-7.7%), from €5.1m to €4.7m
- Receivables within one year +€363,096
up €363,096 (+2.1%), from €17.7m to €18.0m
of which Other amounts receivable: +€318,363
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial charges -€586,252
down €586,252 (-24.5%), from €2.4m to €1.8m
of which Financial charges: -€566,849
- Financial income -€514,550
down €514,550 (-80.5%), from €639,332 to €124,781
- Taxes -€360,407
no longer reported in 2025 (was €360,407)
- Gross operating margin -€61,785
down €61,785 (-2.1%), from €3.0m to €2.9m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€616,887
Gross operating margin
-€61,785
Depreciation
-€12,888
Other operating charges
-€16,476
Financial income
-€514,550
Financial charges
+€586,252
Taxes
+€360,407
Result 2025
-€275,928
raises the resultlowers the result
Derived cash bridge
Cash or the result is not a separate line in both sets of accounts. So the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €31,823,567 | €31,537,706 | -€285,861 | -0.9% |
| Fixed assets | 21/28 | €9,021,786 | €8,768,658 | -€253,128 | -2.8% |
| Intangible fixed assets | 21 | €23,399 | €10,186 | -€13,213 | -56.5% |
| Tangible fixed assets | 22/27 | €8,980,023 | €8,740,108 | -€239,915 | -2.7% |
| Land and buildings | 22 | €6,202,392 | €5,856,130 | -€346,262 | -5.6% |
| Plant, machinery and equipment | 23 | €1,485,339 | €1,795,498 | +€310,159 | +20.9% |
| Furniture and vehicles | 24 | €942,907 | €464,193 | -€478,714 | -50.8% |
| Assets under construction and advance payments | 27 | €349,386 | €624,287 | +€274,902 | +78.7% |
| Financial fixed assets | 28 | €18,365 | €18,365 | = | 0.0% |
| Current assets | 29/58 | €22,801,781 | €22,769,048 | -€32,733 | -0.1% |
| Amounts receivable within one year | 40/41 | €17,655,997 | €18,019,093 | +€363,096 | +2.1% |
| Trade receivables | 40 | €316,752 | €361,485 | +€44,733 | +14.1% |
| Other amounts receivable | 41 | €17,339,245 | €17,657,608 | +€318,363 | +1.8% |
| Deferred charges and accrued income | 490/1 | €5,145,784 | €4,749,955 | -€395,830 | -7.7% |
| Total equity and liabilities | 10/49 | €31,823,567 | €31,537,706 | -€285,861 | -0.9% |
| Equity | 10/15 | -€1,167,703 | -€1,444,049 | -€276,346 | -23.7% |
| Contributions | 10/11 | €2,814,046 | €2,814,046 | = | 0.0% |
| Capital | 10 | €2,814,046 | €2,814,046 | = | 0.0% |
| Issued capital | 100 | €2,814,046 | €2,814,046 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,982,725 | -€4,258,653 | -€275,928 | -6.9% |
| Investment grants | 15 | €976 | €558 | -€418 | -42.8% |
| Amounts payable | 17/49 | €32,991,270 | €32,981,755 | -€9,516 | 0.0% |
| Amounts payable after more than one year | 17 | €32,658,000 | €32,658,000 | = | 0.0% |
| Financial debts | 170/4 | €32,658,000 | €32,658,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €59,336 | €99,988 | +€40,652 | +68.5% |
| Trade debts | 44 | €9,845 | €26,508 | +€16,663 | +169% |
| Suppliers | 440/4 | €9,845 | €26,508 | +€16,663 | +169% |
| Taxes, remuneration and social security | 45 | €9,976 | €33,965 | +€23,989 | +240% |
| Taxes | 450/3 | €9,976 | €33,965 | +€23,989 | +240% |
| Other amounts payable | 47/48 | €39,515 | €39,515 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €273,934 | €223,766 | -€50,168 | -18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,106,654 | €1,119,542 | +€12,888 | +1.2% |
| Other operating charges | 640/8 | €353,922 | €370,398 | +€16,476 | +4.7% |
| Gross operating margin | 9900 | €2,959,873 | €2,898,088 | -€61,785 | -2.1% |
| Operating profit (loss) | 9901 | €1,499,296 | €1,408,147 | -€91,149 | -6.1% |
| Financial income | 75/76B | €639,332 | €124,781 | -€514,550 | -80.5% |
| Recurring financial income | 75 | €639,332 | €124,781 | -€514,550 | -80.5% |
| Financial charges | 65/66B | €2,395,108 | €1,808,856 | -€586,252 | -24.5% |
| Recurring financial charges | 65 | €2,375,705 | €1,808,856 | -€566,849 | -23.9% |
| Non-recurring financial charges | 66B | €19,403 | - | -€19,403 | |
| Profit (loss) for the period before taxes | 9903 | -€256,480 | -€275,928 | -€19,447 | -7.6% |
| Income taxes | 67/77 | €360,407 | - | -€360,407 | |
| Profit (loss) for the period | 9904 | -€616,887 | -€275,928 | +€340,959 | +55.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€616,887 | -€275,928 | +€340,959 | +55.3% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.