DR. N. PANNEMANS: what changed
DR. N. PANNEMANS
Largest movements
- Tangible fixed assets +€21,617
up €21,617 (+87.2%), from €24,787 to €46,404
of which Plant, machinery and equipment: +€23,500
- Cash +€10,135
up €10,135 (+16.4%), from €61,640 to €71,775
mainly Net result for the year (+€16,042) and Other debts (+€6,403)
- Current investments -€3,000
down €3,000 (-7.5%), from €40,000 to €37,000
- Deferred charges and accrued income -€2,873
down €2,873 (-38.4%), from €7,475 to €4,601
- Receivables within one year -€2,023
no longer reported in 2025 (was €2,023)
- Reserves +€16,042
up €16,042 (+20.3%), from €79,028 to €95,070
- Other debts +€6,403
up €6,403 (+19.0%), from €33,705 to €40,109
- Taxes +€3,533
up €3,533 (+87.0%), from €4,060 to €7,594
- Gross operating margin -€1,758
down €1,758 (-5.2%), from €34,005 to €32,247
- Financial charges -€379
down €379 (-6.6%), from €5,727 to €5,348
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 | €135,969 | €159,825 | +€23,857 | +17.5% |
| Fixed assets | 21/28 | €24,832 | €46,449 | +€21,617 | +87.1% |
| Tangible fixed assets | 22/27 | €24,787 | €46,404 | +€21,617 | +87.2% |
| Land and buildings | 22 | €12,101 | €9,969 | -€2,132 | -17.6% |
| Plant, machinery and equipment | 23 | €6,750 | €30,250 | +€23,500 | +348% |
| Furniture and vehicles | 24 | €5,936 | €6,186 | +€250 | +4.2% |
| Financial fixed assets | 28 | €45 | €45 | = | 0.0% |
| Current assets | 29/58 | €111,137 | €113,376 | +€2,239 | +2.0% |
| Amounts receivable within one year | 40/41 | €2,023 | - | -€2,023 | |
| Other amounts receivable | 41 | €2,023 | - | -€2,023 | |
| Current investments | 50/53 | €40,000 | €37,000 | -€3,000 | -7.5% |
| Cash at bank and in hand | 54/58 | €61,640 | €71,775 | +€10,135 | +16.4% |
| Deferred charges and accrued income | 490/1 | €7,475 | €4,601 | -€2,873 | -38.4% |
| Total equity and liabilities | 10/49 | €135,969 | €159,825 | +€23,857 | +17.5% |
| Equity | 10/15 | €97,628 | €113,670 | +€16,042 | +16.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €79,028 | €95,070 | +€16,042 | +20.3% |
| Distributable reserves | 133 | €79,028 | €95,070 | +€16,042 | +20.3% |
| Amounts payable | 17/49 | €38,340 | €46,155 | +€7,814 | +20.4% |
| Amounts payable within one year | 42/48 | €38,340 | €46,155 | +€7,814 | +20.4% |
| Trade debts | 44 | €4,635 | €5,550 | +€915 | +19.7% |
| Suppliers | 440/4 | €4,635 | €5,550 | +€915 | +19.7% |
| Taxes, remuneration and social security | 45 | - | €496 | +€496 | |
| Taxes | 450/3 | - | €496 | +€496 | |
| Other amounts payable | 47/48 | €33,705 | €40,109 | +€6,403 | +19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,031 | €3,833 | -€198 | -4.9% |
| Other operating charges | 640/8 | €1,373 | €1,426 | +€53 | +3.9% |
| Gross operating margin | 9900 | €34,005 | €32,247 | -€1,758 | -5.2% |
| Operating profit (loss) | 9901 | €28,601 | €26,988 | -€1,613 | -5.6% |
| Financial income | 75/76B | €2,181 | €1,996 | -€185 | -8.5% |
| Recurring financial income | 75 | €2,181 | €1,996 | -€185 | -8.5% |
| Financial charges | 65/66B | €5,727 | €5,348 | -€379 | -6.6% |
| Recurring financial charges | 65 | €5,727 | €5,348 | -€379 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €25,055 | €23,636 | -€1,419 | -5.7% |
| Income taxes | 67/77 | €4,060 | €7,594 | +€3,533 | +87.0% |
| Profit (loss) for the period | 9904 | €20,995 | €16,042 | -€4,952 | -23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €20,995 | €16,042 | -€4,952 | -23.6% |
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.