PANDSER: 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.
PANDSER
Largest movements
- Receivables within one year +€30,414
up €30,414 (+604.7%), from €5,030 to €35,444
of which Trade receivables: +€29,137
- Tangible fixed assets +€8,572
up €8,572 (+298.8%), from €2,868 to €11,440
of which Furniture and vehicles: +€9,162
- Cash +€7,471
up €7,471 (+1050.2%), from €711 to €8,183
mainly Net result for the year (+€32,019) and Tax, wage and social debts (+€20,490)
- Reserves +€30,539
new in 2025: €30,539
- Tax, wage and social debts +€20,490
new in 2025: €20,490
- Trade debts -€2,609
down €2,609 (-49.2%), from €5,307 to €2,698
- Other debts -€2,440
no longer reported in 2025 (was €2,440)
- Contributions -€1,500
down €1,500 (-37.5%), from €4,000 to €2,500
- Gross operating margin +€46,909
up €46,909 (+1539.6%), from €3,047 to €49,955
- Taxes +€13,159
new in 2025: €13,159
- Depreciation +€3,348
up €3,348 (+579.6%), from €578 to €3,925
- Other operating charges +€654
new in 2025: €654
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 | €10,266 | €56,227 | +€45,960 | +447.7% |
| Fixed assets | 21/28 | €4,525 | €12,600 | +€8,075 | +178.4% |
| Intangible fixed assets | 21 | €1,657 | €1,160 | -€497 | -30.0% |
| Tangible fixed assets | 22/27 | €2,868 | €11,440 | +€8,572 | +298.8% |
| Plant, machinery and equipment | 23 | €2,868 | €2,279 | -€590 | -20.6% |
| Furniture and vehicles | 24 | - | €9,162 | +€9,162 | |
| Current assets | 29/58 | €5,741 | €43,627 | +€37,885 | +659.9% |
| Amounts receivable within one year | 40/41 | €5,030 | €35,444 | +€30,414 | +604.7% |
| Trade receivables | 40 | €4,235 | €33,373 | +€29,137 | +687.9% |
| Other amounts receivable | 41 | €794 | €2,071 | +€1,277 | +160.7% |
| Cash at bank and in hand | 54/58 | €711 | €8,183 | +€7,471 | +1050.2% |
| Total equity and liabilities | 10/49 | €10,266 | €56,227 | +€45,960 | +447.7% |
| Equity | 10/15 | €2,520 | €33,039 | +€30,519 | +1211.2% |
| Contributions | 10/11 | €4,000 | €2,500 | -€1,500 | -37.5% |
| Reserves | 13 | - | €30,539 | +€30,539 | |
| Distributable reserves | 133 | - | €30,539 | +€30,539 | |
| Profit (loss) carried forward | 14 | -€1,480 | - | +€1,480 | |
| Amounts payable | 17/49 | €7,747 | €23,188 | +€15,441 | +199.3% |
| Amounts payable within one year | 42/48 | €7,747 | €23,188 | +€15,441 | +199.3% |
| Trade debts | 44 | €5,307 | €2,698 | -€2,609 | -49.2% |
| Suppliers | 440/4 | €5,307 | €2,698 | -€2,609 | -49.2% |
| Taxes, remuneration and social security | 45 | - | €20,490 | +€20,490 | |
| Taxes | 450/3 | - | €20,490 | +€20,490 | |
| Other amounts payable | 47/48 | €2,440 | - | -€2,440 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €578 | €3,925 | +€3,348 | +579.6% |
| Other operating charges | 640/8 | - | €654 | +€654 | |
| Gross operating margin | 9900 | €3,047 | €49,955 | +€46,909 | +1539.6% |
| Operating profit (loss) | 9901 | €2,469 | €45,377 | +€42,908 | +1737.7% |
| Financial income | 75/76B | €3 | €57 | +€54 | +1604.2% |
| Recurring financial income | 75 | €3 | €57 | +€54 | +1604.2% |
| Financial charges | 65/66B | €197 | €256 | +€59 | +30.0% |
| Recurring financial charges | 65 | €197 | €256 | +€59 | +30.0% |
| Profit (loss) for the period before taxes | 9903 | €2,276 | €45,179 | +€42,903 | +1885.1% |
| Income taxes | 67/77 | - | €13,159 | +€13,159 | |
| Profit (loss) for the period | 9904 | €2,276 | €32,019 | +€29,743 | +1306.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,276 | €32,019 | +€29,743 | +1306.9% |
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 11 October 2026 via checked.be.