PANKOEK: 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.
PANKOEK
Largest movements
- Financial fixed assets +€6.3m
up €6.3m (+932%), from €676,216 to €7.0m
- Receivables within one year +€143,327
up €143,327 (+39.7%), from €361,021 to €504,348
- Debts after one year +€3.4m
up €3.4m (+3,802%), from €88,509 to €3.5m
- Reserves +€1.8m
up €1.8m (+504%), from €347,027 to €2.1m
- Short-term financial debts +€735,000
new in 2025: €735,000
- Current portion of long-term debt +€556,922
up €556,922 (+1,725%), from €32,289 to €589,211
- Financial income +€1.5m
new in 2025: €1.5m
- Gross operating margin +€148,828
up €148,828 (+50.9%), from €292,654 to €441,483
- Financial charges +€34,113
up €34,113 (+1,381%), from €2,471 to €36,584
- Taxes +€29,024
up €29,024 (+41.9%), from €69,330 to €98,354
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 | €1,095,499 | €7,552,630 | +€6.5m | +589% |
| Fixed assets | 21/28 | €693,257 | €6,988,257 | +€6.3m | +908% |
| Tangible fixed assets | 22/27 | €17,041 | €12,041 | -€5,000 | -29.3% |
| Furniture and vehicles | 24 | €17,041 | €12,041 | -€5,000 | -29.3% |
| Financial fixed assets | 28 | €676,216 | €6,976,216 | +€6.3m | +932% |
| Current assets | 29/58 | €402,242 | €564,373 | +€162,131 | +40.3% |
| Amounts receivable within one year | 40/41 | €361,021 | €504,348 | +€143,327 | +39.7% |
| Other amounts receivable | 41 | €361,021 | €504,348 | +€143,327 | +39.7% |
| Cash at bank and in hand | 54/58 | €40,634 | €58,333 | +€17,699 | +43.6% |
| Deferred charges and accrued income | 490/1 | €587 | €1,692 | +€1,105 | +188% |
| Total equity and liabilities | 10/49 | €1,095,499 | €7,552,630 | +€6.5m | +589% |
| Equity | 10/15 | €367,027 | €2,117,665 | +€1.8m | +477% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €347,027 | €2,097,665 | +€1.8m | +504% |
| Distributable reserves | 133 | €347,027 | €2,097,665 | +€1.8m | +504% |
| Amounts payable | 17/49 | €728,472 | €5,434,964 | +€4.7m | +646% |
| Amounts payable after more than one year | 17 | €88,509 | €3,453,803 | +€3.4m | +3,802% |
| Financial debts | 170/4 | €88,509 | €3,453,803 | +€3.4m | +3,802% |
| Amounts payable within one year | 42/48 | €639,643 | €1,981,162 | +€1.3m | +210% |
| Current portion of amounts payable after more than one year | 42 | €32,289 | €589,211 | +€556,922 | +1,725% |
| Financial debts | 43 | - | €735,000 | +€735,000 | |
| Credit institutions | 430/8 | - | €735,000 | +€735,000 | |
| Trade debts | 44 | €11,367 | €7,039 | -€4,328 | -38.1% |
| Suppliers | 440/4 | €11,367 | €7,039 | -€4,328 | -38.1% |
| Taxes, remuneration and social security | 45 | €60,423 | €55,380 | -€5,043 | -8.3% |
| Taxes | 450/3 | €54,299 | €49,256 | -€5,043 | -9.3% |
| Remuneration and social security | 454/9 | €6,124 | €6,124 | = | 0.0% |
| Other amounts payable | 47/48 | €535,564 | €594,531 | +€58,968 | +11.0% |
| Accrued charges and deferred income | 492/3 | €320 | - | -€320 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,000 | €5,000 | = | 0.0% |
| Other operating charges | 640/8 | €1,862 | €906 | -€956 | -51.3% |
| Gross operating margin | 9900 | €292,654 | €441,483 | +€148,828 | +50.9% |
| Operating profit (loss) | 9901 | €285,792 | €435,576 | +€149,784 | +52.4% |
| Financial income | 75/76B | - | €1,450,000 | +€1.5m | |
| Recurring financial income | 75 | - | €1,450,000 | +€1.5m | |
| Financial charges | 65/66B | €2,471 | €36,584 | +€34,113 | +1,381% |
| Recurring financial charges | 65 | €2,471 | €36,584 | +€34,113 | +1,381% |
| Profit (loss) for the period before taxes | 9903 | €283,321 | €1,848,992 | +€1.6m | +553% |
| Income taxes | 67/77 | €69,330 | €98,354 | +€29,024 | +41.9% |
| Profit (loss) for the period | 9904 | €213,991 | €1,750,638 | +€1.5m | +718% |
| Profit (loss) for the period to be appropriated | 9905 | €213,991 | €1,750,638 | +€1.5m | +718% |
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 16 October 2026 via checked.be.