PANGEA: 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.
PANGEA
Largest movements
- Cash -€3.0m
down €3.0m (-52.7%), from €5.6m to €2.7m
mainly Contributions, distributions and other (-€1.9m) and Trade debts (-€1.5m)
- Current investments +€848,710
new in 2026: €848,710
- Receivables within one year -€346,837
down €346,837 (-62.3%), from €556,808 to €209,970
of which Trade receivables: -€276,410
- Tangible fixed assets -€73,758
down €73,758 (-28.5%), from €259,082 to €185,324
of which Other tangible fixed assets: -€45,249
- Trade debts -€1.5m
down €1.5m (-99.2%), from €1.5m to €11,217
- Reserves -€1.0m
down €1.0m (-21.2%), from €4.9m to €3.9m
- Gross operating margin -€113,394
down €113,394 (-10.0%), from €1.1m to €1.0m
- Depreciation +€37,495
up €37,495 (+103.4%), from €36,263 to €73,758
- Financial income +€33,039
up €33,039 (+8.6%), from €383,118 to €416,157
- Financial charges +€18,580
up €18,580 (+228.1%), from €8,146 to €26,727
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,438,221 | €3,904,433 | -€2.5m | -39.4% |
| Fixed assets | 21/28 | €259,082 | €185,324 | -€73,758 | -28.5% |
| Tangible fixed assets | 22/27 | €259,082 | €185,324 | -€73,758 | -28.5% |
| Land and buildings | 22 | €77,366 | €76,408 | -€958 | -1.2% |
| Plant, machinery and equipment | 23 | €3,266 | €2,938 | -€328 | -10.1% |
| Furniture and vehicles | 24 | €133,201 | €105,978 | -€27,223 | -20.4% |
| Other tangible fixed assets | 26 | €45,249 | - | -€45,249 | |
| Current assets | 29/58 | €6,179,139 | €3,719,108 | -€2.5m | -39.8% |
| Amounts receivable within one year | 40/41 | €556,808 | €209,970 | -€346,837 | -62.3% |
| Trade receivables | 40 | €276,410 | - | -€276,410 | |
| Other amounts receivable | 41 | €280,398 | €209,970 | -€70,427 | -25.1% |
| Current investments | 50/53 | - | €848,710 | +€848,710 | |
| Cash at bank and in hand | 54/58 | €5,620,027 | €2,658,890 | -€3.0m | -52.7% |
| Deferred charges and accrued income | 490/1 | €2,305 | €1,537 | -€768 | -33.3% |
| Total equity and liabilities | 10/49 | €6,438,221 | €3,904,433 | -€2.5m | -39.4% |
| Equity | 10/15 | €4,919,526 | €3,877,478 | -€1.0m | -21.2% |
| Contributions | 10/11 | €750 | €750 | = | 0.0% |
| Reserves | 13 | €4,918,776 | €3,876,728 | -€1.0m | -21.2% |
| Distributable reserves | 133 | €4,918,776 | €3,876,728 | -€1.0m | -21.2% |
| Amounts payable | 17/49 | €1,518,695 | €26,954 | -€1.5m | -98.2% |
| Amounts payable within one year | 42/48 | €1,517,805 | €26,954 | -€1.5m | -98.2% |
| Trade debts | 44 | €1,481,175 | €11,217 | -€1.5m | -99.2% |
| Suppliers | 440/4 | €1,481,175 | €11,217 | -€1.5m | -99.2% |
| Taxes, remuneration and social security | 45 | €1,815 | - | -€1,815 | |
| Remuneration and social security | 454/9 | €1,815 | - | -€1,815 | |
| Other amounts payable | 47/48 | €34,814 | €15,737 | -€19,077 | -54.8% |
| Accrued charges and deferred income | 492/3 | €891 | - | -€891 | |
| Non-recurring operating income | 76A | €14,876 | - | -€14,876 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,263 | €73,758 | +€37,495 | +103.4% |
| Other operating charges | 640/8 | €6,356 | €2,937 | -€3,420 | -53.8% |
| Gross operating margin | 9900 | €1,136,375 | €1,022,981 | -€113,394 | -10.0% |
| Operating profit (loss) | 9901 | €1,093,756 | €946,286 | -€147,470 | -13.5% |
| Financial income | 75/76B | €383,118 | €416,157 | +€33,039 | +8.6% |
| Recurring financial income | 75 | €383,118 | €416,157 | +€33,039 | +8.6% |
| Financial charges | 65/66B | €8,146 | €26,727 | +€18,580 | +228.1% |
| Recurring financial charges | 65 | €8,146 | €26,727 | +€18,580 | +228.1% |
| Profit (loss) for the period before taxes | 9903 | €1,468,728 | €1,335,716 | -€133,012 | -9.1% |
| Income taxes | 67/77 | €463,635 | €471,542 | +€7,907 | +1.7% |
| Profit (loss) for the period | 9904 | €1,005,093 | €864,174 | -€140,918 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,005,093 | €864,174 | -€140,918 | -14.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.