PANDERIM: what changed
PANDERIM
Largest movements
- Stocks and contracts +€189,179
new in 2025: €189,179
- Receivables within one year +€42,843
up €42,843 (+299%), from €14,350 to €57,193
of which Other amounts receivable: +€42,843
- Tangible fixed assets +€16,415
new in 2025: €16,415
- Financial fixed assets +€15,000
new in 2025: €15,000
- Other debts +€182,886
up €182,886 (+27,956%), from €654 to €183,541
- Trade debts +€101,105
up €101,105 (+6,920%), from €1,461 to €102,566
- Profit (loss) carried forward -€19,564
new in 2025: -€19,564
- Tax, wage and social debts +€6,430
up €6,430 (+608%), from €1,057 to €7,487
of which Remuneration and social security: +€7,487
- Reserves -€5,087
down €5,087 (-100%), from €5,087 to €0
- Staff costs +€31,544
new in 2025: €31,544
- Gross operating margin +€20,474
up €20,474, from -€9,618 to €10,857
- Financial income -€7,648
down €7,648 (-100.0%), from €7,652 to €4
of which Non-recurring financial income: -€7,652
- Depreciation +€2,828
new in 2025: €2,828
- Financial charges +€806
up €806 (+242%), from €333 to €1,139
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,459 | €280,230 | +€265,771 | +1,838% |
| Fixed assets | 21/28 | - | €31,415 | +€31,415 | |
| Tangible fixed assets | 22/27 | - | €16,415 | +€16,415 | |
| Other tangible fixed assets | 26 | - | €16,415 | +€16,415 | |
| Financial fixed assets | 28 | - | €15,000 | +€15,000 | |
| Current assets | 29/58 | €14,459 | €248,815 | +€234,355 | +1,621% |
| Stocks and contracts in progress | 3 | - | €189,179 | +€189,179 | |
| Stocks | 30/36 | - | €189,179 | +€189,179 | |
| Amounts receivable within one year | 40/41 | €14,350 | €57,193 | +€42,843 | +299% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €14,350 | €57,193 | +€42,843 | +299% |
| Cash at bank and in hand | 54/58 | €109 | €2,443 | +€2,333 | +2,134% |
| Total equity and liabilities | 10/49 | €14,459 | €280,230 | +€265,771 | +1,838% |
| Equity | 10/15 | €11,287 | -€13,364 | -€24,650 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €5,087 | €0 | -€5,087 | -100% |
| Distributable reserves | 133 | €5,087 | €0 | -€5,087 | -100% |
| Profit (loss) carried forward | 14 | - | -€19,564 | -€19,564 | |
| Amounts payable | 17/49 | €3,173 | €293,594 | +€290,421 | +9,154% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €3,173 | €293,594 | +€290,421 | +9,154% |
| Trade debts | 44 | €1,461 | €102,566 | +€101,105 | +6,920% |
| Suppliers | 440/4 | €1,461 | €102,566 | +€101,105 | +6,920% |
| Taxes, remuneration and social security | 45 | €1,057 | €7,487 | +€6,430 | +608% |
| Taxes | 450/3 | €1,057 | €0 | -€1,057 | -100% |
| Remuneration and social security | 454/9 | - | €7,487 | +€7,487 | |
| Other amounts payable | 47/48 | €654 | €183,541 | +€182,886 | +27,956% |
| Remuneration, social security and pensions | 62 | - | €31,544 | +€31,544 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,828 | +€2,828 | |
| Other operating charges | 640/8 | €585 | €0 | -€585 | -100% |
| Gross operating margin | 9900 | -€9,618 | €10,857 | +€20,474 | |
| Operating profit (loss) | 9901 | -€10,202 | -€23,515 | -€13,313 | -130% |
| Financial income | 75/76B | €7,652 | €4 | -€7,648 | -100.0% |
| Recurring financial income | 75 | €7,652 | €4 | -€7,648 | -100.0% |
| Non-recurring financial income | 76B | €7,652 | €0 | -€7,652 | -100% |
| Financial charges | 65/66B | €333 | €1,139 | +€806 | +242% |
| Recurring financial charges | 65 | €333 | €1,139 | +€806 | +242% |
| Profit (loss) for the period before taxes | 9903 | -€2,883 | -€24,650 | -€21,767 | -755% |
| Profit (loss) for the period | 9904 | -€2,883 | -€24,650 | -€21,767 | -755% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,883 | -€24,650 | -€21,767 | -755% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.