PANGEA CONNECTIONS: what changed
PANGEA CONNECTIONS
Largest movements
- Cash +€41,671
up €41,671 (+267%), from €15,623 to €57,294
mainly Other debts (+€31,570) and Net result for the year (+€28,881)
- Receivables within one year +€16,687
up €16,687 (+83.9%), from €19,888 to €36,575
of which Trade receivables: +€9,854
- Other debts +€31,570
up €31,570 (+23.0%), from €137,011 to €168,581
- Reserves +€28,881
up €28,881 (+16.4%), from €176,622 to €205,503
of which Distributable reserves: +€28,881
- Gross operating margin +€56,221
up €56,221, from -€28,465 to €27,755
- Financial income +€901
up €901 (+59.6%), from €1,511 to €2,412
- Taxes +€891
new in 2025: €891
- Financial charges -€333
down €333 (-45.7%), from €729 to €396
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.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €337,752 | €397,799 | +€60,047 | +17.8% |
| Current assets | 29/58 | €337,752 | €397,799 | +€60,047 | +17.8% |
| Amounts receivable within one year | 40/41 | €19,888 | €36,575 | +€16,687 | +83.9% |
| Trade receivables | 40 | €15,934 | €25,788 | +€9,854 | +61.8% |
| Other amounts receivable | 41 | €3,953 | €10,787 | +€6,833 | +173% |
| Current investments | 50/53 | €302,242 | €303,930 | +€1,688 | +0.6% |
| Cash at bank and in hand | 54/58 | €15,623 | €57,294 | +€41,671 | +267% |
| Total equity and liabilities | 10/49 | €337,752 | €397,799 | +€60,047 | +17.8% |
| Equity | 10/15 | €195,222 | €224,103 | +€28,881 | +14.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €176,622 | €205,503 | +€28,881 | +16.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €174,762 | €203,643 | +€28,881 | +16.5% |
| Amounts payable | 17/49 | €142,530 | €173,696 | +€31,166 | +21.9% |
| Amounts payable within one year | 42/48 | €142,530 | €173,696 | +€31,166 | +21.9% |
| Financial debts | 43 | €1,167 | €1,167 | = | 0.0% |
| Credit institutions | 430/8 | €1,167 | €1,167 | = | 0.0% |
| Trade debts | 44 | - | €271 | +€271 | |
| Suppliers | 440/4 | - | €271 | +€271 | |
| Taxes, remuneration and social security | 45 | €4,353 | €3,677 | -€675 | -15.5% |
| Taxes | 450/3 | €4,353 | €3,677 | -€675 | -15.5% |
| Other amounts payable | 47/48 | €137,011 | €168,581 | +€31,570 | +23.0% |
| Other operating charges | 640/8 | €0 | €1 | +€0 | +102% |
| Gross operating margin | 9900 | -€28,465 | €27,755 | +€56,221 | |
| Operating profit (loss) | 9901 | -€28,466 | €27,754 | +€56,220 | |
| Financial income | 75/76B | €1,511 | €2,412 | +€901 | +59.6% |
| Recurring financial income | 75 | €1,511 | €2,412 | +€901 | +59.6% |
| Financial charges | 65/66B | €729 | €396 | -€333 | -45.7% |
| Recurring financial charges | 65 | €729 | €396 | -€333 | -45.7% |
| Profit (loss) for the period before taxes | 9903 | -€27,683 | €29,771 | +€57,454 | |
| Income taxes | 67/77 | - | €891 | +€891 | |
| Profit (loss) for the period | 9904 | -€27,683 | €28,881 | +€56,564 | |
| Profit (loss) for the period to be appropriated | 9905 | -€27,683 | €28,881 | +€56,564 |
Next steps
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.