LE PANORAMA: 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.
LE PANORAMA
Largest movements
- Cash -€30,452
down €30,452 (-83.6%), from €36,416 to €5,964
mainly Investment in fixed assets (net) (-€22,729) and Deferred charges and accrued income (-€15,037)
- Deferred charges and accrued income +€15,037
up €15,037 (+592%), from €2,538 to €17,575
- Tangible fixed assets +€7,144
up €7,144 (+10.7%), from €66,897 to €74,041
of which Plant, machinery and equipment: +€9,696
- Debts after one year -€14,270
down €14,270 (-53.1%), from €26,899 to €12,629
- Profit (loss) carried forward +€12,639
up €12,639, from -€11,409 to €1,230
- Trade debts -€8,618
down €8,618 (-81.6%), from €10,557 to €1,940
- Current portion of long-term debt -€6,653
down €6,653 (-12.2%), from €54,513 to €47,860
- Tax, wage and social debts +€6,585
up €6,585 (+359%), from €1,834 to €8,419
- Taxes +€5,104
up €5,104 (+673%), from €758 to €5,863
- Financial income +€1,206
up €1,206 (+39.7%), from €3,037 to €4,243
- Financial charges -€880
down €880 (-27.3%), from €3,225 to €2,345
- Gross operating margin +€620
up €620 (+1.7%), from €37,505 to €38,125
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 | €108,557 | €99,781 | -€8,776 | -8.1% |
| Fixed assets | 21/28 | €66,897 | €74,041 | +€7,144 | +10.7% |
| Tangible fixed assets | 22/27 | €66,897 | €74,041 | +€7,144 | +10.7% |
| Plant, machinery and equipment | 23 | €55,697 | €65,393 | +€9,696 | +17.4% |
| Furniture and vehicles | 24 | €11,199 | €8,647 | -€2,552 | -22.8% |
| Current assets | 29/58 | €41,660 | €25,740 | -€15,920 | -38.2% |
| Stocks and contracts in progress | 3 | €2,706 | €2,201 | -€505 | -18.7% |
| Stocks | 30/36 | €2,706 | €2,201 | -€505 | -18.7% |
| Cash at bank and in hand | 54/58 | €36,416 | €5,964 | -€30,452 | -83.6% |
| Deferred charges and accrued income | 490/1 | €2,538 | €17,575 | +€15,037 | +592% |
| Total equity and liabilities | 10/49 | €108,557 | €99,781 | -€8,776 | -8.1% |
| Equity | 10/15 | €14,050 | €28,226 | +€14,176 | +101% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Capital | 10 | €6,197 | - | -€6,197 | |
| Issued capital | 100 | €18,592 | - | -€18,592 | |
| Uncalled capital | 101 | €12,395 | - | -€12,395 | |
| Reserves | 13 | €5,093 | €5,093 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,093 | €4,383 | -€710 | -13.9% |
| Legal reserve | 130 | €710 | - | -€710 | |
| Other | 1319 | €4,383 | €4,383 | = | 0.0% |
| Distributable reserves | 133 | - | €710 | +€710 | |
| Profit (loss) carried forward | 14 | -€11,409 | €1,230 | +€12,639 | |
| Investment grants | 15 | €14,169 | €15,706 | +€1,537 | +10.8% |
| Amounts payable | 17/49 | €94,506 | €71,555 | -€22,951 | -24.3% |
| Amounts payable after more than one year | 17 | €26,899 | €12,629 | -€14,270 | -53.1% |
| Financial debts | 170/4 | €26,899 | €12,629 | -€14,270 | -53.1% |
| Amounts payable within one year | 42/48 | €67,504 | €58,676 | -€8,828 | -13.1% |
| Current portion of amounts payable after more than one year | 42 | €54,513 | €47,860 | -€6,653 | -12.2% |
| Trade debts | 44 | €10,557 | €1,940 | -€8,618 | -81.6% |
| Suppliers | 440/4 | €10,557 | €1,940 | -€8,618 | -81.6% |
| Advances received on contracts in progress | 46 | €600 | €458 | -€142 | -23.7% |
| Taxes, remuneration and social security | 45 | €1,834 | €8,419 | +€6,585 | +359% |
| Taxes | 450/3 | €1,834 | €8,419 | +€6,585 | +359% |
| Accrued charges and deferred income | 492/3 | €104 | €250 | +€147 | +142% |
| Remuneration, social security and pensions | 62 | - | €73 | +€73 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,417 | €15,585 | +€167 | +1.1% |
| Other operating charges | 640/8 | €5,578 | €5,863 | +€285 | +5.1% |
| Gross operating margin | 9900 | €37,505 | €38,125 | +€620 | +1.7% |
| Operating profit (loss) | 9901 | €16,509 | €16,604 | +€94 | +0.6% |
| Financial income | 75/76B | €3,037 | €4,243 | +€1,206 | +39.7% |
| Recurring financial income | 75 | €3,037 | €4,243 | +€1,206 | +39.7% |
| Financial charges | 65/66B | €3,225 | €2,345 | -€880 | -27.3% |
| Recurring financial charges | 65 | €3,225 | €2,345 | -€880 | -27.3% |
| Profit (loss) for the period before taxes | 9903 | €16,322 | €18,502 | +€2,180 | +13.4% |
| Income taxes | 67/77 | €758 | €5,863 | +€5,104 | +673% |
| Profit (loss) for the period | 9904 | €15,563 | €12,639 | -€2,924 | -18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,563 | €12,639 | -€2,924 | -18.8% |
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 24 October 2026 via checked.be.