TAI - PAN: 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.
TAI - PAN
Largest movements
- Receivables after one year -€665,007
no longer reported in 2025 (was €665,007)
- Cash +€604,533
up €604,533 (+70,918%), from €852 to €605,386
mainly Receivables after one year (+€665,007) and Investment in fixed assets (net) (+€154,542)
- Tangible fixed assets -€154,810
down €154,810 (-99.4%), from €155,667 to €857
of which Land and buildings: -€151,042
- Receivables within one year -€81,332
down €81,332 (-81.8%), from €99,372 to €18,041
of which Other amounts receivable: -€91,012
- Debts after one year -€245,000
down €245,000 (-92.5%), from €265,000 to €20,000
- Other debts -€178,428
down €178,428 (-52.1%), from €342,221 to €163,792
- Profit (loss) carried forward +€74,215
no longer reported in 2025 (was -€74,215)
- Reserves +€39,470
up €39,470 (+13.7%), from €287,135 to €326,604
of which Distributable reserves: +€39,470
- Tax, wage and social debts +€12,651
up €12,651 (+4,482%), from €282 to €12,933
- Gross operating margin +€895,780
up €895,780, from -€9,719 to €886,061
- Financial charges +€742,286
up €742,286 (+103,075%), from €720 to €743,007
- Taxes +€12,602
new in 2025: €12,602
- Other operating charges +€10,734
up €10,734 (+186%), from €5,765 to €16,499
- Depreciation -€9,498
down €9,498 (-97.3%), from €9,766 to €268
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 | €923,737 | €625,796 | -€297,941 | -32.3% |
| Fixed assets | 21/28 | €155,667 | €857 | -€154,810 | -99.4% |
| Tangible fixed assets | 22/27 | €155,667 | €857 | -€154,810 | -99.4% |
| Land and buildings | 22 | €151,042 | - | -€151,042 | |
| Plant, machinery and equipment | 23 | €3,501 | - | -€3,501 | |
| Furniture and vehicles | 24 | €1,125 | €857 | -€268 | -23.8% |
| Current assets | 29/58 | €768,071 | €624,939 | -€143,131 | -18.6% |
| Amounts receivable after more than one year | 29 | €665,007 | - | -€665,007 | |
| Other amounts receivable | 291 | €665,007 | - | -€665,007 | |
| Stocks and contracts in progress | 3 | €1,513 | €1,513 | = | 0.0% |
| Stocks | 30/36 | €1,513 | €1,513 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €99,372 | €18,041 | -€81,332 | -81.8% |
| Trade receivables | 40 | €4,113 | €13,793 | +€9,680 | +235% |
| Other amounts receivable | 41 | €95,259 | €4,248 | -€91,012 | -95.5% |
| Cash at bank and in hand | 54/58 | €852 | €605,386 | +€604,533 | +70,918% |
| Deferred charges and accrued income | 490/1 | €1,326 | - | -€1,326 | |
| Total equity and liabilities | 10/49 | €923,737 | €625,796 | -€297,941 | -32.3% |
| Equity | 10/15 | €274,919 | €388,604 | +€113,685 | +41.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €287,135 | €326,604 | +€39,470 | +13.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €30,435 | €30,435 | = | 0.0% |
| Distributable reserves | 133 | €250,500 | €289,970 | +€39,470 | +15.8% |
| Profit (loss) carried forward | 14 | -€74,215 | - | +€74,215 | |
| Amounts payable | 17/49 | €648,818 | €237,192 | -€411,626 | -63.4% |
| Amounts payable after more than one year | 17 | €265,000 | €20,000 | -€245,000 | -92.5% |
| Other amounts payable | 178/9 | €265,000 | €20,000 | -€245,000 | -92.5% |
| Amounts payable within one year | 42/48 | €381,924 | €216,442 | -€165,482 | -43.3% |
| Trade debts | 44 | €39,421 | €39,716 | +€295 | +0.7% |
| Suppliers | 440/4 | €39,421 | €39,716 | +€295 | +0.7% |
| Taxes, remuneration and social security | 45 | €282 | €12,933 | +€12,651 | +4,482% |
| Taxes | 450/3 | €282 | €12,933 | +€12,651 | +4,482% |
| Other amounts payable | 47/48 | €342,221 | €163,792 | -€178,428 | -52.1% |
| Accrued charges and deferred income | 492/3 | €1,894 | €750 | -€1,144 | -60.4% |
| Non-recurring operating income | 76A | - | €945,458 | +€945,458 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,766 | €268 | -€9,498 | -97.3% |
| Other operating charges | 640/8 | €5,765 | €16,499 | +€10,734 | +186% |
| Gross operating margin | 9900 | -€9,719 | €886,061 | +€895,780 | |
| Operating profit (loss) | 9901 | -€25,249 | €869,294 | +€894,544 | |
| Financial income | 75/76B | €116 | - | -€116 | |
| Recurring financial income | 75 | €116 | - | -€116 | |
| Financial charges | 65/66B | €720 | €743,007 | +€742,286 | +103,075% |
| Recurring financial charges | 65 | €720 | €743,007 | +€742,286 | +103,075% |
| Profit (loss) for the period before taxes | 9903 | -€25,853 | €126,287 | +€152,141 | |
| Income taxes | 67/77 | - | €12,602 | +€12,602 | |
| Profit (loss) for the period | 9904 | -€25,853 | €113,685 | +€139,538 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,853 | €113,685 | +€139,538 |
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 19 October 2026 via checked.be.