PANS D'OR: 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.
PANS D'OR
Largest movements
- Cash +€29,903
up €29,903 (+33.5%), from €89,267 to €119,170
mainly Net result for the year (+€30,168) and Depreciation (+€24,277)
- Tangible fixed assets -€24,277
down €24,277 (-6.3%), from €386,851 to €362,573
of which Land and buildings: -€13,240
- Receivables within one year +€7,777
up €7,777 (+70.4%), from €11,043 to €18,820
of which Trade receivables: +€9,777
- Reserves +€30,168
up €30,168 (+16.8%), from €179,485 to €209,653
of which Distributable reserves: +€37,168
- Debts after one year -€19,541
down €19,541 (-17.4%), from €112,423 to €92,882
- Gross operating margin +€45,131
up €45,131 (+181%), from €24,904 to €70,034
- Other operating charges -€4,481
down €4,481 (-72.6%), from €6,169 to €1,688
- Taxes +€2,260
up €2,260 (+262%), from €862 to €3,122
- Financial charges -€760
down €760 (-6.6%), from €11,546 to €10,786
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 | €495,775 | €507,179 | +€11,404 | +2.3% |
| Fixed assets | 21/28 | €386,851 | €362,573 | -€24,277 | -6.3% |
| Tangible fixed assets | 22/27 | €386,851 | €362,573 | -€24,277 | -6.3% |
| Land and buildings | 22 | €367,539 | €354,299 | -€13,240 | -3.6% |
| Furniture and vehicles | 24 | €2,220 | €993 | -€1,227 | -55.3% |
| Other tangible fixed assets | 26 | €17,091 | €7,282 | -€9,810 | -57.4% |
| Current assets | 29/58 | €108,924 | €144,605 | +€35,681 | +32.8% |
| Amounts receivable within one year | 40/41 | €11,043 | €18,820 | +€7,777 | +70.4% |
| Trade receivables | 40 | €2,910 | €12,687 | +€9,777 | +336% |
| Other amounts receivable | 41 | €8,133 | €6,133 | -€2,000 | -24.6% |
| Cash at bank and in hand | 54/58 | €89,267 | €119,170 | +€29,903 | +33.5% |
| Deferred charges and accrued income | 490/1 | €8,614 | €6,616 | -€1,999 | -23.2% |
| Total equity and liabilities | 10/49 | €495,775 | €507,179 | +€11,404 | +2.3% |
| Equity | 10/15 | €241,853 | €272,022 | +€30,168 | +12.5% |
| Contributions | 10/11 | €58,000 | €58,000 | = | 0.0% |
| Reserves | 13 | €179,485 | €209,653 | +€30,168 | +16.8% |
| Non-distributable reserves | 130/1 | €7,000 | - | -€7,000 | |
| Reserves not available under the articles | 1311 | €7,000 | - | -€7,000 | |
| Distributable reserves | 133 | €172,485 | €209,653 | +€37,168 | +21.5% |
| Profit (loss) carried forward | 14 | €4,369 | €4,369 | = | 0.0% |
| Amounts payable | 17/49 | €253,922 | €235,157 | -€18,765 | -7.4% |
| Amounts payable after more than one year | 17 | €112,423 | €92,882 | -€19,541 | -17.4% |
| Financial debts | 170/4 | €112,423 | €92,882 | -€19,541 | -17.4% |
| Amounts payable within one year | 42/48 | €141,498 | €142,275 | +€777 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €19,159 | €19,541 | +€383 | +2.0% |
| Trade debts | 44 | €2,058 | €1,742 | -€317 | -15.4% |
| Suppliers | 440/4 | €2,058 | €1,742 | -€317 | -15.4% |
| Taxes, remuneration and social security | 45 | €7,827 | €7,019 | -€808 | -10.3% |
| Taxes | 450/3 | €7,827 | €7,019 | -€808 | -10.3% |
| Other amounts payable | 47/48 | €112,454 | €113,973 | +€1,519 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,570 | €24,277 | -€293 | -1.2% |
| Other operating charges | 640/8 | €6,169 | €1,688 | -€4,481 | -72.6% |
| Gross operating margin | 9900 | €24,904 | €70,034 | +€45,131 | +181% |
| Operating profit (loss) | 9901 | -€5,835 | €44,069 | +€49,905 | |
| Financial income | 75/76B | €11 | €7 | -€4 | -37.8% |
| Recurring financial income | 75 | €11 | €7 | -€4 | -37.8% |
| Financial charges | 65/66B | €11,546 | €10,786 | -€760 | -6.6% |
| Recurring financial charges | 65 | €11,546 | €10,786 | -€760 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | -€17,370 | €33,290 | +€50,660 | |
| Income taxes | 67/77 | €862 | €3,122 | +€2,260 | +262% |
| Profit (loss) for the period | 9904 | -€18,232 | €30,168 | +€48,400 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,232 | €30,168 | +€48,400 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.