Pangolin: 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.
Pangolin
Largest movements
- Receivables within one year -€523,439
down €523,439 (-82.3%), from €636,224 to €112,784
- Deferred charges and accrued income +€195,126
up €195,126 (+445.0%), from €43,850 to €238,976
- Current investments -€174,742
down €174,742 (-7.1%), from €2.4m to €2.3m
- Other debts -€636,000
down €636,000 (-50.5%), from €1.3m to €623,280
- Tax, wage and social debts +€168,616
up €168,616 (+404.5%), from €41,684 to €210,301
- Financial income -€228,374
down €228,374 (-80.0%), from €285,565 to €57,191
of which Non-recurring financial income: -€229,690
- Financial charges -€70,126
down €70,126 (-60.8%), from €115,379 to €45,253
of which Non-recurring financial charges: -€63,352
- Taxes -€38,854
no longer reported in 2025 (was €38,854)
- Gross operating margin -€18,661
down €18,661 (-223.9%), from -€8,336 to -€26,997
- Other operating charges -€968
no longer reported in 2025 (was €968)
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 | €5,058,175 | €4,557,512 | -€500,663 | -9.9% |
| Fixed assets | 21/28 | €1,869,106 | €1,869,106 | = | 0.0% |
| Financial fixed assets | 28 | €1,869,106 | €1,869,106 | = | 0.0% |
| Current assets | 29/58 | €3,189,069 | €2,688,406 | -€500,663 | -15.7% |
| Amounts receivable within one year | 40/41 | €636,224 | €112,784 | -€523,439 | -82.3% |
| Other amounts receivable | 41 | €636,224 | €112,784 | -€523,439 | -82.3% |
| Current investments | 50/53 | €2,448,248 | €2,273,507 | -€174,742 | -7.1% |
| Cash at bank and in hand | 54/58 | €60,747 | €63,140 | +€2,393 | +3.9% |
| Deferred charges and accrued income | 490/1 | €43,850 | €238,976 | +€195,126 | +445.0% |
| Total equity and liabilities | 10/49 | €5,058,175 | €4,557,512 | -€500,663 | -9.9% |
| Equity | 10/15 | €3,736,113 | €3,721,054 | -€15,059 | -0.4% |
| Contributions | 10/11 | €3,009,106 | €3,009,106 | = | 0.0% |
| Reserves | 13 | €32,402 | €32,402 | = | 0.0% |
| Non-distributable reserves | 130/1 | €32,402 | €32,402 | = | 0.0% |
| Reserves not available under the articles | 1311 | €32,402 | €32,402 | = | 0.0% |
| Profit (loss) carried forward | 14 | €694,604 | €679,545 | -€15,059 | -2.2% |
| Amounts payable | 17/49 | €1,322,062 | €836,459 | -€485,604 | -36.7% |
| Amounts payable within one year | 42/48 | €1,306,954 | €836,459 | -€470,495 | -36.0% |
| Current portion of amounts payable after more than one year | 42 | - | €10 | +€10 | |
| Trade debts | 44 | €5,990 | €2,868 | -€3,122 | -52.1% |
| Suppliers | 440/4 | €5,990 | €2,868 | -€3,122 | -52.1% |
| Taxes, remuneration and social security | 45 | €41,684 | €210,301 | +€168,616 | +404.5% |
| Taxes | 450/3 | €41,684 | €210,301 | +€168,616 | +404.5% |
| Other amounts payable | 47/48 | €1,259,280 | €623,280 | -€636,000 | -50.5% |
| Accrued charges and deferred income | 492/3 | €15,108 | - | -€15,108 | |
| Other operating charges | 640/8 | €968 | - | -€968 | |
| Gross operating margin | 9900 | -€8,336 | -€26,997 | -€18,661 | -223.9% |
| Operating profit (loss) | 9901 | -€9,304 | -€26,997 | -€17,693 | -190.2% |
| Financial income | 75/76B | €285,565 | €57,191 | -€228,374 | -80.0% |
| Recurring financial income | 75 | €471 | €1,787 | +€1,316 | +279.2% |
| Non-recurring financial income | 76B | €285,094 | €55,404 | -€229,690 | -80.6% |
| Financial charges | 65/66B | €115,379 | €45,253 | -€70,126 | -60.8% |
| Recurring financial charges | 65 | €30,117 | €23,342 | -€6,774 | -22.5% |
| Non-recurring financial charges | 66B | €85,262 | €21,911 | -€63,352 | -74.3% |
| Profit (loss) for the period before taxes | 9903 | €160,882 | -€15,059 | -€175,941 | |
| Income taxes | 67/77 | €38,854 | - | -€38,854 | |
| Profit (loss) for the period | 9904 | €122,028 | -€15,059 | -€137,087 | |
| Profit (loss) for the period to be appropriated | 9905 | €122,028 | -€15,059 | -€137,087 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.