PANSAM: 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.
PANSAM
Largest movements
- Tangible fixed assets +€40,369
up €40,369 (+555.3%), from €7,269 to €47,639
of which Furniture and vehicles: +€41,129
- Receivables within one year -€23,310
down €23,310 (-48.0%), from €48,594 to €25,284
of which Trade receivables: -€27,205
- Cash -€11,135
down €11,135 (-9.0%), from €123,986 to €112,851
mainly Investment in fixed assets (net) (-€42,300) and Tax, wage and social debts (-€5,415)
- Profit (loss) carried forward +€10,059
up €10,059 (+7.4%), from €135,589 to €145,648
- Tax, wage and social debts -€5,415
down €5,415 (-98.2%), from €5,512 to €97
- Gross operating margin -€31,880
down €31,880 (-67.2%), from €47,464 to €15,585
- Taxes -€6,883
down €6,883 (-73.0%), from €9,433 to €2,550
- Depreciation -€3,424
down €3,424 (-63.9%), from €5,355 to €1,931
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 | €180,972 | €186,823 | +€5,851 | +3.2% |
| Fixed assets | 21/28 | €7,269 | €47,639 | +€40,369 | +555.3% |
| Tangible fixed assets | 22/27 | €7,269 | €47,639 | +€40,369 | +555.3% |
| Plant, machinery and equipment | 23 | €3,748 | €2,988 | -€760 | -20.3% |
| Furniture and vehicles | 24 | €3,521 | €44,650 | +€41,129 | +1168.0% |
| Current assets | 29/58 | €173,702 | €139,184 | -€34,518 | -19.9% |
| Amounts receivable within one year | 40/41 | €48,594 | €25,284 | -€23,310 | -48.0% |
| Trade receivables | 40 | €43,899 | €16,693 | -€27,205 | -62.0% |
| Other amounts receivable | 41 | €4,696 | €8,591 | +€3,895 | +82.9% |
| Cash at bank and in hand | 54/58 | €123,986 | €112,851 | -€11,135 | -9.0% |
| Deferred charges and accrued income | 490/1 | €1,122 | €1,049 | -€73 | -6.5% |
| Total equity and liabilities | 10/49 | €180,972 | €186,823 | +€5,851 | +3.2% |
| Equity | 10/15 | €170,394 | €180,453 | +€10,059 | +5.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Outside capital | 11 | €18,550 | €18,550 | = | 0.0% |
| Other | 1109/19 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €16,255 | €16,255 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,400 | €14,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €135,589 | €145,648 | +€10,059 | +7.4% |
| Amounts payable | 17/49 | €10,578 | €6,370 | -€4,208 | -39.8% |
| Amounts payable within one year | 42/48 | €10,578 | €6,370 | -€4,208 | -39.8% |
| Current portion of amounts payable after more than one year | 42 | €718 | €715 | -€3 | -0.4% |
| Trade debts | 44 | €3,148 | €4,938 | +€1,790 | +56.9% |
| Suppliers | 440/4 | €3,148 | €4,938 | +€1,790 | +56.9% |
| Taxes, remuneration and social security | 45 | €5,512 | €97 | -€5,415 | -98.2% |
| Taxes | 450/3 | €5,512 | €97 | -€5,415 | -98.2% |
| Other amounts payable | 47/48 | €1,200 | €620 | -€580 | -48.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,355 | €1,931 | -€3,424 | -63.9% |
| Other operating charges | 640/8 | €487 | €794 | +€307 | +63.1% |
| Gross operating margin | 9900 | €47,464 | €15,585 | -€31,880 | -67.2% |
| Operating profit (loss) | 9901 | €41,622 | €12,860 | -€28,763 | -69.1% |
| Financial charges | 65/66B | €139 | €251 | +€112 | +80.9% |
| Recurring financial charges | 65 | €139 | €251 | +€112 | +80.9% |
| Profit (loss) for the period before taxes | 9903 | €41,484 | €12,609 | -€28,875 | -69.6% |
| Income taxes | 67/77 | €9,433 | €2,550 | -€6,883 | -73.0% |
| Profit (loss) for the period | 9904 | €32,050 | €10,059 | -€21,992 | -68.6% |
| Profit (loss) for the period to be appropriated | 9905 | €32,050 | €10,059 | -€21,992 | -68.6% |
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 5 October 2026 via checked.be.