PANA MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year +€10,852
up €10,852 (+25.6%), from €42,361 to €53,213
of which Trade receivables: +€10,852
- Tangible fixed assets -€10,685
down €10,685 (-26.3%), from €40,602 to €29,917
- Cash +€5,695
up €5,695 (+867.9%), from €656 to €6,351
mainly Other debts (+€40,775) and Depreciation (+€10,685)
- Other debts +€40,775
up €40,775 (+69.1%), from €59,009 to €99,784
- Profit (loss) carried forward -€32,917
new in 2025: -€32,917
- Tax, wage and social debts -€2,459
down €2,459 (-24.1%), from €10,192 to €7,733
- Short-term financial debts +€1,047
new in 2025: €1,047
- Gross operating margin -€49,927
down €49,927, from €29,517 to -€20,411
- Taxes -€2,767
no longer reported in 2025 (was €2,767)
- Depreciation -€2,137
down €2,137 (-16.7%), from €12,822 to €10,685
- Financial charges -€1,964
down €1,964 (-72.6%), from €2,707 to €743
- Other operating charges -€660
down €660 (-35.5%), from €1,857 to €1,197
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 | €84,407 | €90,298 | +€5,891 | +7.0% |
| Fixed assets | 21/28 | €40,602 | €29,917 | -€10,685 | -26.3% |
| Tangible fixed assets | 22/27 | €40,602 | €29,917 | -€10,685 | -26.3% |
| Furniture and vehicles | 24 | €40,602 | €29,917 | -€10,685 | -26.3% |
| Current assets | 29/58 | €43,805 | €60,381 | +€16,576 | +37.8% |
| Amounts receivable within one year | 40/41 | €42,361 | €53,213 | +€10,852 | +25.6% |
| Trade receivables | 40 | €42,350 | €53,202 | +€10,852 | +25.6% |
| Other amounts receivable | 41 | €11 | €11 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €656 | €6,351 | +€5,695 | +867.9% |
| Deferred charges and accrued income | 490/1 | €788 | €816 | +€29 | +3.7% |
| Total equity and liabilities | 10/49 | €84,407 | €90,298 | +€5,891 | +7.0% |
| Equity | 10/15 | €14,364 | -€18,554 | -€32,917 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €9,364 | €9,364 | = | 0.0% |
| Distributable reserves | 133 | €9,364 | €9,364 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€32,917 | -€32,917 | |
| Amounts payable | 17/49 | €70,043 | €108,852 | +€38,809 | +55.4% |
| Amounts payable within one year | 42/48 | €70,043 | €108,852 | +€38,809 | +55.4% |
| Financial debts | 43 | - | €1,047 | +€1,047 | |
| Credit institutions | 430/8 | - | €1,047 | +€1,047 | |
| Trade debts | 44 | €842 | €288 | -€554 | -65.8% |
| Suppliers | 440/4 | €842 | €288 | -€554 | -65.8% |
| Taxes, remuneration and social security | 45 | €10,192 | €7,733 | -€2,459 | -24.1% |
| Taxes | 450/3 | €10,192 | €7,733 | -€2,459 | -24.1% |
| Other amounts payable | 47/48 | €59,009 | €99,784 | +€40,775 | +69.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,822 | €10,685 | -€2,137 | -16.7% |
| Other operating charges | 640/8 | €1,857 | €1,197 | -€660 | -35.5% |
| Gross operating margin | 9900 | €29,517 | -€20,411 | -€49,927 | |
| Operating profit (loss) | 9901 | €14,838 | -€32,292 | -€47,131 | |
| Financial income | 75/76B | - | €118 | +€118 | |
| Recurring financial income | 75 | - | €118 | +€118 | |
| Financial charges | 65/66B | €2,707 | €743 | -€1,964 | -72.6% |
| Recurring financial charges | 65 | €2,707 | €743 | -€1,964 | -72.6% |
| Profit (loss) for the period before taxes | 9903 | €12,131 | -€32,917 | -€45,048 | |
| Income taxes | 67/77 | €2,767 | - | -€2,767 | |
| Profit (loss) for the period | 9904 | €9,364 | -€32,917 | -€42,281 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,364 | -€32,917 | -€42,281 |
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 4 October 2026 via checked.be.