PANA & CO: 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.
PANA & CO
Largest movements
- Tangible fixed assets +€2.6m
up €2.6m (+683%), from €387,536 to €3.0m
of which Land and buildings: +€1.4m
- Stocks and contracts +€200,724
up €200,724 (+39.7%), from €505,052 to €705,776
- Formation expenses +€194,355
up €194,355 (+2,096%), from €9,272 to €203,627
- Deferred charges and accrued income +€111,419
up €111,419 (+1,415%), from €7,874 to €119,293
- Debts after one year +€2.5m
up €2.5m (+1,835%), from €138,753 to €2.7m
of which Financial debts: +€2.5m
- Trade debts +€844,294
up €844,294 (+174%), from €484,406 to €1.3m
- Profit (loss) carried forward -€255,461
down €255,461 (-38.8%), from €658,321 to €402,860
- Current portion of long-term debt +€71,682
up €71,682 (+122%), from €58,956 to €130,638
- Reserves -€58,940
down €58,940 (-16.0%), from €369,074 to €310,134
of which Tax-exempt reserves: -€58,940
- Staff costs +€94,229
up €94,229 (+11.7%), from €804,265 to €898,493
- Gross operating margin -€66,993
down €66,993 (-7.3%), from €916,153 to €849,159
- Depreciation +€44,718
up €44,718 (+59.4%), from €75,265 to €119,983
- Financial charges +€41,239
up €41,239 (+120%), from €34,236 to €75,475
of which Non-recurring financial charges: +€26,413
- Taxes -€31,663
down €31,663 (-98.3%), from €32,212 to €549
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 | €1,982,507 | €5,125,537 | +€3.1m | +159% |
| Formation expenses | 20 | €9,272 | €203,627 | +€194,355 | +2,096% |
| Fixed assets | 21/28 | €418,325 | €3,058,044 | +€2.6m | +631% |
| Tangible fixed assets | 22/27 | €387,536 | €3,035,872 | +€2.6m | +683% |
| Land and buildings | 22 | €66,674 | €1,440,005 | +€1.4m | +2,060% |
| Plant, machinery and equipment | 23 | €277,624 | €1,200,063 | +€922,439 | +332% |
| Furniture and vehicles | 24 | €26,653 | €383,257 | +€356,603 | +1,338% |
| Leasing and similar rights | 25 | €16,585 | €12,547 | -€4,039 | -24.4% |
| Financial fixed assets | 28 | €30,789 | €22,173 | -€8,617 | -28.0% |
| Current assets | 29/58 | €1,554,909 | €1,863,866 | +€308,957 | +19.9% |
| Stocks and contracts in progress | 3 | €505,052 | €705,776 | +€200,724 | +39.7% |
| Stocks | 30/36 | €505,052 | €705,776 | +€200,724 | +39.7% |
| Amounts receivable within one year | 40/41 | €108,503 | €104,374 | -€4,128 | -3.8% |
| Trade receivables | 40 | €41,495 | €16,103 | -€25,392 | -61.2% |
| Other amounts receivable | 41 | €67,008 | €88,272 | +€21,264 | +31.7% |
| Cash at bank and in hand | 54/58 | €933,481 | €934,423 | +€942 | +0.1% |
| Deferred charges and accrued income | 490/1 | €7,874 | €119,293 | +€111,419 | +1,415% |
| Total equity and liabilities | 10/49 | €1,982,507 | €5,125,537 | +€3.1m | +159% |
| Equity | 10/15 | €1,127,395 | €812,994 | -€314,401 | -27.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €369,074 | €310,134 | -€58,940 | -16.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €58,940 | €0 | -€58,940 | -100% |
| Distributable reserves | 133 | €300,134 | €300,134 | = | 0.0% |
| Profit (loss) carried forward | 14 | €658,321 | €402,860 | -€255,461 | -38.8% |
| Amounts payable | 17/49 | €855,112 | €4,312,543 | +€3.5m | +404% |
| Amounts payable after more than one year | 17 | €138,753 | €2,684,445 | +€2.5m | +1,835% |
| Financial debts | 170/4 | €134,953 | €2,680,645 | +€2.5m | +1,886% |
| Other amounts payable | 178/9 | €3,800 | €3,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €716,358 | €1,622,362 | +€906,003 | +126% |
| Current portion of amounts payable after more than one year | 42 | €58,956 | €130,638 | +€71,682 | +122% |
| Financial debts | 43 | €21,977 | €0 | -€21,977 | -100% |
| Credit institutions | 430/8 | €21,977 | €0 | -€21,977 | -100% |
| Trade debts | 44 | €484,406 | €1,328,701 | +€844,294 | +174% |
| Suppliers | 440/4 | €484,406 | €1,328,701 | +€844,294 | +174% |
| Taxes, remuneration and social security | 45 | €143,449 | €162,484 | +€19,034 | +13.3% |
| Taxes | 450/3 | €1,478 | €102 | -€1,376 | -93.1% |
| Remuneration and social security | 454/9 | €141,972 | €162,382 | +€20,410 | +14.4% |
| Other amounts payable | 47/48 | €7,569 | €539 | -€7,031 | -92.9% |
| Accrued charges and deferred income | 492/3 | €0 | €5,737 | +€5,737 | |
| Non-recurring operating income | 76A | €30 | €49,045 | +€49,015 | +163,383% |
| Remuneration, social security and pensions | 62 | €804,265 | €898,493 | +€94,229 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,265 | €119,983 | +€44,718 | +59.4% |
| Other operating charges | 640/8 | €26,204 | €26,596 | +€393 | +1.5% |
| Non-recurring operating charges | 66A | - | €81,428 | +€81,428 | |
| Gross operating margin | 9900 | €916,153 | €849,159 | -€66,993 | -7.3% |
| Operating profit (loss) | 9901 | €10,419 | -€277,341 | -€287,760 | |
| Financial income | 75/76B | €28,747 | €38,964 | +€10,218 | +35.5% |
| Recurring financial income | 75 | €28,747 | €38,964 | +€10,218 | +35.5% |
| Financial charges | 65/66B | €34,236 | €75,475 | +€41,239 | +120% |
| Recurring financial charges | 65 | €34,236 | €49,062 | +€14,826 | +43.3% |
| Non-recurring financial charges | 66B | €0 | €26,413 | +€26,413 | |
| Profit (loss) for the period before taxes | 9903 | €4,930 | -€313,852 | -€318,781 | |
| Income taxes | 67/77 | €32,212 | €549 | -€31,663 | -98.3% |
| Profit (loss) for the period | 9904 | -€27,282 | -€314,401 | -€287,118 | -1,052% |
| Transfer from tax-exempt reserves | 789 | €63,150 | €58,940 | -€4,210 | -6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €35,868 | -€255,461 | -€291,328 |
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 26 October 2026 via checked.be.