LE PANACHE: 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.
LE PANACHE
Largest movements
- Receivables within one year +€12,621
up €12,621 (+15.0%), from €84,395 to €97,016
of which Trade receivables: +€16,717
- Tangible fixed assets -€9,437
down €9,437 (-26.7%), from €35,314 to €25,876
of which Furniture and vehicles: -€7,757
- Other debts +€26,360
up €26,360 (+28.2%), from €93,394 to €119,754
- Profit (loss) carried forward -€16,060
down €16,060 (-14.7%), from -€109,290 to -€125,350
- Trade debts -€6,666
down €6,666 (-65.3%), from €10,212 to €3,546
- Gross operating margin -€13,693
down €13,693, from €8,622 to -€5,071
- Depreciation +€1,253
up €1,253 (+15.3%), from €8,184 to €9,437
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 | €120,128 | €123,762 | +€3,634 | +3.0% |
| Fixed assets | 21/28 | €35,314 | €25,876 | -€9,437 | -26.7% |
| Tangible fixed assets | 22/27 | €35,314 | €25,876 | -€9,437 | -26.7% |
| Furniture and vehicles | 24 | €30,274 | €22,516 | -€7,757 | -25.6% |
| Other tangible fixed assets | 26 | €5,040 | €3,360 | -€1,680 | -33.3% |
| Current assets | 29/58 | €84,815 | €97,886 | +€13,071 | +15.4% |
| Amounts receivable within one year | 40/41 | €84,395 | €97,016 | +€12,621 | +15.0% |
| Trade receivables | 40 | €78,464 | €95,181 | +€16,717 | +21.3% |
| Other amounts receivable | 41 | €5,931 | €1,836 | -€4,096 | -69.1% |
| Cash at bank and in hand | 54/58 | €419 | €869 | +€450 | +107.3% |
| Total equity and liabilities | 10/49 | €120,128 | €123,762 | +€3,634 | +3.0% |
| Equity | 10/15 | €16,522 | €461 | -€16,060 | -97.2% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €5,811 | €5,811 | = | 0.0% |
| Distributable reserves | 133 | €5,811 | €5,811 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€109,290 | -€125,350 | -€16,060 | -14.7% |
| Amounts payable | 17/49 | €103,606 | €123,300 | +€19,694 | +19.0% |
| Amounts payable within one year | 42/48 | €103,606 | €123,300 | +€19,694 | +19.0% |
| Trade debts | 44 | €10,212 | €3,546 | -€6,666 | -65.3% |
| Suppliers | 440/4 | €10,212 | €3,546 | -€6,666 | -65.3% |
| Other amounts payable | 47/48 | €93,394 | €119,754 | +€26,360 | +28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,184 | €9,437 | +€1,253 | +15.3% |
| Other operating charges | 640/8 | €1,423 | €1,429 | +€5 | +0.4% |
| Gross operating margin | 9900 | €8,622 | -€5,071 | -€13,693 | |
| Operating profit (loss) | 9901 | -€986 | -€15,937 | -€14,952 | -1517.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €113 | €48 | -€65 | -57.3% |
| Recurring financial charges | 65 | €113 | €48 | -€65 | -57.3% |
| Profit (loss) for the period before taxes | 9903 | -€1,098 | -€15,985 | -€14,887 | -1355.4% |
| Income taxes | 67/77 | €79 | €75 | -€3 | -4.3% |
| Profit (loss) for the period | 9904 | -€1,177 | -€16,060 | -€14,884 | -1264.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,177 | -€16,060 | -€14,884 | -1264.7% |
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 3 October 2026 via checked.be.