PANSAERTS: 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.
PANSAERTS
Largest movements
- Tangible fixed assets +€68,609
up €68,609 (+9.8%), from €703,590 to €772,199
of which Other tangible fixed assets: +€82,223
- Financial fixed assets +€61,119
up €61,119 (+74.1%), from €82,530 to €143,649
- Receivables within one year +€53,058
up €53,058 (+56.6%), from €93,743 to €146,801
of which Trade receivables: +€67,430
- Cash -€52,972
down €52,972 (-24.5%), from €216,586 to €163,614
mainly Contributions, distributions and other (-€306,694) and Investment in fixed assets (net) (-€170,731)
- Reserves +€118,457
new in 2025: €118,457
- Profit (loss) carried forward -€118,457
no longer reported in 2025 (was €118,457)
- Other debts +€78,593
up €78,593 (+23.0%), from €341,848 to €420,441
- Trade debts +€38,062
up €38,062 (+1389.7%), from €2,739 to €40,801
- Financial income +€163,851
up €163,851 (+3012.6%), from €5,439 to €169,290
- Gross operating margin +€57,631
up €57,631 (+28.1%), from €204,851 to €262,482
- Financial charges +€17,242
up €17,242 (+128.0%), from €13,467 to €30,709
- Taxes +€11,219
up €11,219 (+30.8%), from €36,411 to €47,630
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 | €1,099,438 | €1,231,115 | +€131,676 | +12.0% |
| Fixed assets | 21/28 | €786,120 | €915,848 | +€129,728 | +16.5% |
| Tangible fixed assets | 22/27 | €703,590 | €772,199 | +€68,609 | +9.8% |
| Land and buildings | 22 | €680,771 | €647,459 | -€33,311 | -4.9% |
| Furniture and vehicles | 24 | €1,895 | €21,593 | +€19,697 | +1039.2% |
| Other tangible fixed assets | 26 | €20,924 | €103,147 | +€82,223 | +393.0% |
| Financial fixed assets | 28 | €82,530 | €143,649 | +€61,119 | +74.1% |
| Current assets | 29/58 | €313,319 | €315,267 | +€1,949 | +0.6% |
| Amounts receivable within one year | 40/41 | €93,743 | €146,801 | +€53,058 | +56.6% |
| Trade receivables | 40 | €69,323 | €136,754 | +€67,430 | +97.3% |
| Other amounts receivable | 41 | €24,420 | €10,047 | -€14,372 | -58.9% |
| Cash at bank and in hand | 54/58 | €216,586 | €163,614 | -€52,972 | -24.5% |
| Deferred charges and accrued income | 490/1 | €2,989 | €4,852 | +€1,863 | +62.3% |
| Total equity and liabilities | 10/49 | €1,099,438 | €1,231,115 | +€131,676 | +12.0% |
| Equity | 10/15 | €137,057 | €137,057 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €118,457 | +€118,457 | |
| Distributable reserves | 133 | - | €118,457 | +€118,457 | |
| Profit (loss) carried forward | 14 | €118,457 | - | -€118,457 | |
| Amounts payable | 17/49 | €962,382 | €1,094,058 | +€131,676 | +13.7% |
| Amounts payable after more than one year | 17 | €508,252 | €509,047 | +€796 | +0.2% |
| Financial debts | 170/4 | €508,252 | €509,047 | +€796 | +0.2% |
| Amounts payable within one year | 42/48 | €454,130 | €584,163 | +€130,033 | +28.6% |
| Current portion of amounts payable after more than one year | 42 | €89,862 | €97,195 | +€7,333 | +8.2% |
| Trade debts | 44 | €2,739 | €40,801 | +€38,062 | +1389.7% |
| Suppliers | 440/4 | €2,739 | €40,801 | +€38,062 | +1389.7% |
| Taxes, remuneration and social security | 45 | €19,681 | €25,725 | +€6,044 | +30.7% |
| Taxes | 450/3 | €19,681 | €25,725 | +€6,044 | +30.7% |
| Other amounts payable | 47/48 | €341,848 | €420,441 | +€78,593 | +23.0% |
| Accrued charges and deferred income | 492/3 | - | €848 | +€848 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,494 | €41,003 | +€2,509 | +6.5% |
| Other operating charges | 640/8 | €3,398 | €4,268 | +€870 | +25.6% |
| Non-recurring operating charges | 66A | €63 | €1,467 | +€1,404 | +2225.2% |
| Gross operating margin | 9900 | €204,851 | €262,482 | +€57,631 | +28.1% |
| Operating profit (loss) | 9901 | €162,896 | €215,744 | +€52,848 | +32.4% |
| Financial income | 75/76B | €5,439 | €169,290 | +€163,851 | +3012.6% |
| Recurring financial income | 75 | €5,439 | €169,290 | +€163,851 | +3012.6% |
| Financial charges | 65/66B | €13,467 | €30,709 | +€17,242 | +128.0% |
| Recurring financial charges | 65 | €13,467 | €30,709 | +€17,242 | +128.0% |
| Profit (loss) for the period before taxes | 9903 | €154,867 | €354,324 | +€199,456 | +128.8% |
| Income taxes | 67/77 | €36,411 | €47,630 | +€11,219 | +30.8% |
| Profit (loss) for the period | 9904 | €118,457 | €306,694 | +€188,237 | +158.9% |
| Profit (loss) for the period to be appropriated | 9905 | €118,457 | €306,694 | +€188,237 | +158.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.