PANA CONSULT: 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 CONSULT
Largest movements
- Tangible fixed assets +€86,379
up €86,379 (+973%), from €8,875 to €95,254
of which Furniture and vehicles: +€86,620
- Cash -€34,750
down €34,750 (-9.6%), from €363,855 to €329,106
mainly Investment in fixed assets (net) (-€91,176) and Receivables within one year (-€25,985)
- Receivables within one year +€25,985
up €25,985 (+111%), from €23,391 to €49,376
of which Trade receivables: +€21,559
- Debts after one year +€46,564
new in 2025: €46,564
- Short-term financial debts +€24,429
new in 2025: €24,429
- Profit (loss) carried forward +€11,008
up €11,008 (+12.2%), from -€90,271 to -€79,263
- Trade debts -€4,848
down €4,848 (-70.9%), from €6,837 to €1,989
- Gross operating margin -€287,300
down €287,300 (-92.4%), from €310,919 to €23,619
- Financial charges -€6,289
down €6,289 (-82.9%), from €7,589 to €1,300
- Financial income +€3,452
up €3,452 (+287%), from €1,202 to €4,654
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 | €396,361 | €473,785 | +€77,423 | +19.5% |
| Fixed assets | 21/28 | €8,924 | €95,303 | +€86,379 | +968% |
| Tangible fixed assets | 22/27 | €8,875 | €95,254 | +€86,379 | +973% |
| Plant, machinery and equipment | 23 | €1,112 | €872 | -€240 | -21.6% |
| Furniture and vehicles | 24 | €7,762 | €94,382 | +€86,620 | +1,116% |
| Financial fixed assets | 28 | €49 | €49 | = | 0.0% |
| Current assets | 29/58 | €387,438 | €378,481 | -€8,956 | -2.3% |
| Amounts receivable within one year | 40/41 | €23,391 | €49,376 | +€25,985 | +111% |
| Trade receivables | 40 | €9,075 | €30,634 | +€21,559 | +238% |
| Other amounts receivable | 41 | €14,316 | €18,742 | +€4,426 | +30.9% |
| Cash at bank and in hand | 54/58 | €363,855 | €329,106 | -€34,750 | -9.6% |
| Deferred charges and accrued income | 490/1 | €191 | - | -€191 | |
| Total equity and liabilities | 10/49 | €396,361 | €473,785 | +€77,423 | +19.5% |
| Equity | 10/15 | €385,325 | €396,333 | +€11,008 | +2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €456,996 | €456,996 | = | 0.0% |
| Tax-exempt reserves | 132 | €50,293 | €50,293 | = | 0.0% |
| Distributable reserves | 133 | €406,703 | €406,703 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€90,271 | -€79,263 | +€11,008 | +12.2% |
| Amounts payable | 17/49 | €11,037 | €77,451 | +€66,415 | +602% |
| Amounts payable after more than one year | 17 | - | €46,564 | +€46,564 | |
| Financial debts | 170/4 | - | €46,564 | +€46,564 | |
| Amounts payable within one year | 42/48 | €9,305 | €26,418 | +€17,113 | +184% |
| Financial debts | 43 | - | €24,429 | +€24,429 | |
| Credit institutions | 430/8 | - | €24,429 | +€24,429 | |
| Trade debts | 44 | €6,837 | €1,989 | -€4,848 | -70.9% |
| Suppliers | 440/4 | €6,837 | €1,989 | -€4,848 | -70.9% |
| Taxes, remuneration and social security | 45 | €2,468 | - | -€2,468 | |
| Taxes | 450/3 | €2,468 | - | -€2,468 | |
| Accrued charges and deferred income | 492/3 | €1,732 | €4,469 | +€2,737 | +158% |
| Non-recurring operating income | 76A | €304,647 | €10,955 | -€293,692 | -96.4% |
| Remuneration, social security and pensions | 62 | €3,012 | - | -€3,012 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,852 | €4,797 | -€3,055 | -38.9% |
| Other operating charges | 640/8 | €4,200 | €1,610 | -€2,590 | -61.7% |
| Non-recurring operating charges | 66A | €6,931 | €9,342 | +€2,411 | +34.8% |
| Gross operating margin | 9900 | €310,919 | €23,619 | -€287,300 | -92.4% |
| Operating profit (loss) | 9901 | €288,924 | €7,870 | -€281,054 | -97.3% |
| Financial income | 75/76B | €1,202 | €4,654 | +€3,452 | +287% |
| Recurring financial income | 75 | €1,202 | €4,654 | +€3,452 | +287% |
| Financial charges | 65/66B | €7,589 | €1,300 | -€6,289 | -82.9% |
| Recurring financial charges | 65 | €7,589 | €1,300 | -€6,289 | -82.9% |
| Profit (loss) for the period before taxes | 9903 | €282,537 | €11,224 | -€271,313 | -96.0% |
| Income taxes | 67/77 | €354 | €216 | -€139 | -39.1% |
| Profit (loss) for the period | 9904 | €282,183 | €11,008 | -€271,175 | -96.1% |
| Profit (loss) for the period to be appropriated | 9905 | €282,183 | €11,008 | -€271,175 | -96.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.