PANDT: 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.
PANDT
Largest movements
- Stocks and contracts +€1.2m
up €1.2m (+117%), from €1.0m to €2.2m
- Receivables within one year -€1.1m
down €1.1m (-98.2%), from €1.1m to €19,378
of which Other amounts receivable: -€1.1m
- Cash +€82,464
up €82,464 (+173%), from €47,573 to €130,036
mainly Receivables within one year (+€1.1m) and Short-term financial debts (+€298,499)
- Tangible fixed assets -€28,046
down €28,046 (-65.0%), from €43,144 to €15,098
of which Other tangible fixed assets: -€33,101
- Short-term financial debts +€298,499
up €298,499 (+28.1%), from €1.1m to €1.4m
- Reserves -€98,517
down €98,517 (-90.6%), from €108,793 to €10,276
- Other debts -€56,696
down €56,696 (-6.5%), from €871,015 to €814,319
- Tax, wage and social debts +€29,770
up €29,770 (+40.5%), from €73,592 to €103,362
of which Taxes: +€21,597
- Trade debts +€26,099
up €26,099 (+46.2%), from €56,463 to €82,562
- Gross operating margin -€136,303
down €136,303 (-63.8%), from €213,549 to €77,246
- Depreciation -€5,854
down €5,854 (-61.6%), from €9,511 to €3,657
- Financial charges +€4,782
up €4,782 (+4.5%), from €106,456 to €111,238
of which Non-recurring financial charges: +€33,101
- Financial income +€3,225
up €3,225 (+40.9%), from €7,879 to €11,104
- Staff costs +€3,037
up €3,037 (+3.3%), from €92,970 to €96,007
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.
Derived cash bridge
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 | €2,208,785 | €2,404,491 | +€195,706 | +8.9% |
| Fixed assets | 21/28 | €48,019 | €15,223 | -€32,796 | -68.3% |
| Tangible fixed assets | 22/27 | €43,144 | €15,098 | -€28,046 | -65.0% |
| Furniture and vehicles | 24 | €10,043 | €15,098 | +€5,055 | +50.3% |
| Other tangible fixed assets | 26 | €33,101 | - | -€33,101 | |
| Financial fixed assets | 28 | €4,875 | €125 | -€4,750 | -97.4% |
| Current assets | 29/58 | €2,160,765 | €2,389,268 | +€228,502 | +10.6% |
| Stocks and contracts in progress | 3 | €1,028,125 | €2,227,083 | +€1.2m | +117% |
| Stocks | 30/36 | €1,028,125 | €2,227,083 | +€1.2m | +117% |
| Amounts receivable within one year | 40/41 | €1,079,449 | €19,378 | -€1.1m | -98.2% |
| Trade receivables | 40 | €20,222 | €14,951 | -€5,271 | -26.1% |
| Other amounts receivable | 41 | €1,059,228 | €4,427 | -€1.1m | -99.6% |
| Cash at bank and in hand | 54/58 | €47,573 | €130,036 | +€82,464 | +173% |
| Deferred charges and accrued income | 490/1 | €5,618 | €12,771 | +€7,153 | +127% |
| Total equity and liabilities | 10/49 | €2,208,785 | €2,404,491 | +€195,706 | +8.9% |
| Equity | 10/15 | €138,793 | €40,276 | -€98,517 | -71.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €108,793 | €10,276 | -€98,517 | -90.6% |
| Distributable reserves | 133 | €108,793 | €10,276 | -€98,517 | -90.6% |
| Amounts payable | 17/49 | €2,069,992 | €2,364,215 | +€294,223 | +14.2% |
| Amounts payable within one year | 42/48 | €2,066,888 | €2,360,242 | +€293,354 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €4,318 | - | -€4,318 | |
| Financial debts | 43 | €1,061,500 | €1,359,999 | +€298,499 | +28.1% |
| Credit institutions | 430/8 | €1,061,500 | €1,359,999 | +€298,499 | +28.1% |
| Trade debts | 44 | €56,463 | €82,562 | +€26,099 | +46.2% |
| Suppliers | 440/4 | €56,463 | €82,562 | +€26,099 | +46.2% |
| Taxes, remuneration and social security | 45 | €73,592 | €103,362 | +€29,770 | +40.5% |
| Taxes | 450/3 | €59,169 | €80,766 | +€21,597 | +36.5% |
| Remuneration and social security | 454/9 | €14,423 | €22,596 | +€8,173 | +56.7% |
| Other amounts payable | 47/48 | €871,015 | €814,319 | -€56,696 | -6.5% |
| Accrued charges and deferred income | 492/3 | €3,104 | €3,973 | +€869 | +28.0% |
| Non-recurring operating income | 76A | - | €16,899 | +€16,899 | |
| Remuneration, social security and pensions | 62 | €92,970 | €96,007 | +€3,037 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,511 | €3,657 | -€5,854 | -61.6% |
| Other operating charges | 640/8 | €8,902 | €8,742 | -€160 | -1.8% |
| Non-recurring operating charges | 66A | - | -€33,101 | -€33,101 | |
| Gross operating margin | 9900 | €213,549 | €77,246 | -€136,303 | -63.8% |
| Operating profit (loss) | 9901 | €102,166 | €1,942 | -€100,224 | -98.1% |
| Financial income | 75/76B | €7,879 | €11,104 | +€3,225 | +40.9% |
| Recurring financial income | 75 | €7,879 | €11,104 | +€3,225 | +40.9% |
| Financial charges | 65/66B | €106,456 | €111,238 | +€4,782 | +4.5% |
| Recurring financial charges | 65 | €106,456 | €78,137 | -€28,319 | -26.6% |
| Non-recurring financial charges | 66B | - | €33,101 | +€33,101 | |
| Profit (loss) for the period before taxes | 9903 | €3,589 | -€98,192 | -€101,781 | |
| Income taxes | 67/77 | €2,810 | €325 | -€2,485 | -88.4% |
| Profit (loss) for the period | 9904 | €779 | -€98,517 | -€99,296 | |
| Profit (loss) for the period to be appropriated | 9905 | €779 | -€98,517 | -€99,296 |
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 15 October 2026 via checked.be.