PANA: 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.
PANA
Largest movements
- Tangible fixed assets +€5.5m
up €5.5m (+143.1%), from €3.9m to €9.4m
of which Land and buildings: +€5.5m
- Cash +€295,875
up €295,875 (+331.9%), from €89,150 to €385,025
mainly Debts after one year (+€3.9m) and Short-term financial debts (+€1.8m)
- Debts after one year +€3.9m
up €3.9m (+147.1%), from €2.6m to €6.5m
- Short-term financial debts +€1.8m
new in 2025: €1.8m
- Gross operating margin -€93,747
down €93,747 (-30.9%), from €303,373 to €209,626
- Depreciation +€88,515
up €88,515 (+121.6%), from €72,810 to €161,325
- Taxes -€36,127
down €36,127 (-81.9%), from €44,100 to €7,973
- Other operating charges -€16,947
down €16,947 (-40.1%), from €42,274 to €25,327
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 | €4,479,596 | €10,197,747 | +€5.7m | +127.6% |
| Fixed assets | 21/28 | €3,914,100 | €9,379,710 | +€5.5m | +139.6% |
| Tangible fixed assets | 22/27 | €3,858,660 | €9,379,710 | +€5.5m | +143.1% |
| Land and buildings | 22 | €3,530,521 | €9,059,345 | +€5.5m | +156.6% |
| Plant, machinery and equipment | 23 | €1,343 | €1,062 | -€281 | -20.9% |
| Furniture and vehicles | 24 | €8,062 | €570 | -€7,493 | -92.9% |
| Other tangible fixed assets | 26 | €318,734 | €318,734 | = | 0.0% |
| Financial fixed assets | 28 | €55,440 | - | -€55,440 | |
| Current assets | 29/58 | €565,497 | €818,037 | +€252,540 | +44.7% |
| Amounts receivable within one year | 40/41 | €468,379 | €420,025 | -€48,354 | -10.3% |
| Trade receivables | 40 | €155,377 | €107,022 | -€48,354 | -31.1% |
| Other amounts receivable | 41 | €313,003 | €313,003 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €89,150 | €385,025 | +€295,875 | +331.9% |
| Deferred charges and accrued income | 490/1 | €7,967 | €12,987 | +€5,020 | +63.0% |
| Total equity and liabilities | 10/49 | €4,479,596 | €10,197,747 | +€5.7m | +127.6% |
| Equity | 10/15 | €1,741,273 | €1,746,194 | +€4,920 | +0.3% |
| Contributions | 10/11 | €1,429,600 | €1,429,600 | = | 0.0% |
| Revaluation surpluses | 12 | €109,666 | €109,666 | = | 0.0% |
| Reserves | 13 | €202,007 | €206,927 | +€4,920 | +2.4% |
| Distributable reserves | 133 | €202,007 | €206,927 | +€4,920 | +2.4% |
| Amounts payable | 17/49 | €2,738,323 | €8,451,553 | +€5.7m | +208.6% |
| Amounts payable after more than one year | 17 | €2,630,191 | €6,499,328 | +€3.9m | +147.1% |
| Financial debts | 170/4 | €2,630,191 | €6,499,328 | +€3.9m | +147.1% |
| Amounts payable within one year | 42/48 | €92,368 | €1,943,348 | +€1.9m | +2003.9% |
| Current portion of amounts payable after more than one year | 42 | €21,845 | €75,378 | +€53,533 | +245.1% |
| Financial debts | 43 | - | €1,800,000 | +€1.8m | |
| Credit institutions | 430/8 | - | €1,800,000 | +€1.8m | |
| Trade debts | 44 | €18,658 | €8,348 | -€10,310 | -55.3% |
| Suppliers | 440/4 | €18,658 | €8,348 | -€10,310 | -55.3% |
| Taxes, remuneration and social security | 45 | €51,864 | €58,391 | +€6,527 | +12.6% |
| Taxes | 450/3 | €51,864 | €58,391 | +€6,527 | +12.6% |
| Other amounts payable | 47/48 | - | €1,231 | +€1,231 | |
| Accrued charges and deferred income | 492/3 | €15,764 | €8,877 | -€6,886 | -43.7% |
| Non-recurring operating income | 76A | €78,142 | €29,754 | -€48,388 | -61.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,810 | €161,325 | +€88,515 | +121.6% |
| Other operating charges | 640/8 | €42,274 | €25,327 | -€16,947 | -40.1% |
| Non-recurring operating charges | 66A | €33,202 | - | -€33,202 | |
| Gross operating margin | 9900 | €303,373 | €209,626 | -€93,747 | -30.9% |
| Operating profit (loss) | 9901 | €155,087 | €22,973 | -€132,113 | -85.2% |
| Financial income | 75/76B | €21,000 | €21,000 | = | 0.0% |
| Recurring financial income | 75 | €21,000 | €21,000 | = | 0.0% |
| Financial charges | 65/66B | €28,972 | €31,080 | +€2,108 | +7.3% |
| Recurring financial charges | 65 | €28,972 | €31,080 | +€2,108 | +7.3% |
| Profit (loss) for the period before taxes | 9903 | €147,114 | €12,893 | -€134,221 | -91.2% |
| Income taxes | 67/77 | €44,100 | €7,973 | -€36,127 | -81.9% |
| Profit (loss) for the period | 9904 | €103,014 | €4,920 | -€98,094 | -95.2% |
| Profit (loss) for the period to be appropriated | 9905 | €103,014 | €4,920 | -€98,094 | -95.2% |
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 5 October 2026 via checked.be.