JAN PANIS: 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.
JAN PANIS
Largest movements
- Receivables after one year -€410,000
down €410,000 (-98.8%), from €414,812 to €4,812
- Cash +€197,922
up €197,922 (+32.8%), from €603,712 to €801,633
mainly Receivables after one year (+€410,000) and Depreciation (+€20,489)
- Reserves -€200,000
down €200,000 (-7.2%), from €2.8m to €2.6m
of which Distributable reserves: -€200,000
- Gross operating margin -€6,880
down €6,880, from €1,503 to -€5,377
- Financial income -€5,196
down €5,196 (-46.7%), from €11,126 to €5,930
- Depreciation +€3,161
up €3,161 (+18.2%), from €17,328 to €20,489
- Taxes -€2,919
down €2,919, from €1,856 to -€1,063
- Other operating charges -€408
down €408 (-32.2%), from €1,267 to €860
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 | €9,833,699 | €9,619,714 | -€213,985 | -2.2% |
| Fixed assets | 21/28 | €8,764,943 | €8,747,617 | -€17,326 | -0.2% |
| Tangible fixed assets | 22/27 | €81,488 | €64,162 | -€17,326 | -21.3% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €76,117 | €60,025 | -€16,092 | -21.1% |
| Other tangible fixed assets | 26 | €5,371 | €4,137 | -€1,233 | -23.0% |
| Financial fixed assets | 28 | €8,683,455 | €8,683,455 | = | 0.0% |
| Current assets | 29/58 | €1,068,757 | €872,097 | -€196,659 | -18.4% |
| Amounts receivable after more than one year | 29 | €414,812 | €4,812 | -€410,000 | -98.8% |
| Other amounts receivable | 291 | €414,812 | €4,812 | -€410,000 | -98.8% |
| Stocks and contracts in progress | 3 | €11,500 | €0 | -€11,500 | -100% |
| Stocks | 30/36 | €11,500 | €0 | -€11,500 | -100% |
| Amounts receivable within one year | 40/41 | €35,172 | €65,223 | +€30,051 | +85.4% |
| Trade receivables | 40 | €21,603 | €15,239 | -€6,364 | -29.5% |
| Other amounts receivable | 41 | €13,570 | €49,984 | +€36,414 | +268% |
| Cash at bank and in hand | 54/58 | €603,712 | €801,633 | +€197,922 | +32.8% |
| Deferred charges and accrued income | 490/1 | €3,561 | €429 | -€3,132 | -87.9% |
| Total equity and liabilities | 10/49 | €9,833,699 | €9,619,714 | -€213,985 | -2.2% |
| Equity | 10/15 | €9,826,851 | €9,606,969 | -€219,882 | -2.2% |
| Contributions | 10/11 | €6,945,328 | €6,945,328 | = | 0.0% |
| Reserves | 13 | €2,793,629 | €2,593,629 | -€200,000 | -7.2% |
| Non-distributable reserves | 130/1 | €164,469 | €164,469 | = | 0.0% |
| Reserves not available under the articles | 1311 | €164,469 | €164,469 | = | 0.0% |
| Distributable reserves | 133 | €2,629,160 | €2,429,160 | -€200,000 | -7.6% |
| Profit (loss) carried forward | 14 | €87,894 | €68,012 | -€19,882 | -22.6% |
| Amounts payable | 17/49 | €6,848 | €12,745 | +€5,897 | +86.1% |
| Amounts payable within one year | 42/48 | €3,890 | €12,745 | +€8,855 | +228% |
| Trade debts | 44 | €2,139 | €7,638 | +€5,499 | +257% |
| Suppliers | 440/4 | €2,139 | €7,638 | +€5,499 | +257% |
| Taxes, remuneration and social security | 45 | €1,751 | €0 | -€1,751 | -100% |
| Taxes | 450/3 | €1,751 | €0 | -€1,751 | -100% |
| Other amounts payable | 47/48 | €0 | €5,107 | +€5,107 | |
| Accrued charges and deferred income | 492/3 | €2,958 | €0 | -€2,958 | -100% |
| Non-recurring operating income | 76A | - | €100 | +€100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,328 | €20,489 | +€3,161 | +18.2% |
| Other operating charges | 640/8 | €1,267 | €860 | -€408 | -32.2% |
| Non-recurring operating charges | 66A | - | €35 | +€35 | |
| Gross operating margin | 9900 | €1,503 | -€5,377 | -€6,880 | |
| Operating profit (loss) | 9901 | -€17,092 | -€26,760 | -€9,668 | -56.6% |
| Financial income | 75/76B | €11,126 | €5,930 | -€5,196 | -46.7% |
| Recurring financial income | 75 | €11,126 | €5,930 | -€5,196 | -46.7% |
| Financial charges | 65/66B | €188 | €116 | -€73 | -38.6% |
| Recurring financial charges | 65 | €188 | €116 | -€73 | -38.6% |
| Profit (loss) for the period before taxes | 9903 | -€6,154 | -€20,945 | -€14,792 | -240% |
| Income taxes | 67/77 | €1,856 | -€1,063 | -€2,919 | |
| Profit (loss) for the period | 9904 | -€8,009 | -€19,882 | -€11,872 | -148% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,009 | -€19,882 | -€11,872 | -148% |
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 31 October 2026 via checked.be.