PANA PROJECTS: 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 PROJECTS
Largest movements
- Receivables within one year +€3,490
up €3,490 (+9.3%), from €37,648 to €41,138
of which Other amounts receivable: +€8,680
- Deferred charges and accrued income -€1,304
no longer reported in 2025 (was €1,304)
- Tangible fixed assets -€707
down €707 (-47.0%), from €1,506 to €799
- Short-term financial debts -€6,064
down €6,064 (-30.9%), from €19,655 to €13,591
- Trade debts +€4,684
up €4,684 (+117.7%), from €3,980 to €8,664
- Tax, wage and social debts +€1,732
up €1,732 (+41.4%), from €4,180 to €5,912
- Profit (loss) carried forward +€1,127
up €1,127 (+11.8%), from -€9,557 to -€8,430
- Gross operating margin +€9,881
up €9,881 (+1180.5%), from €837 to €10,718
- Financial charges +€7,360
up €7,360 (+693.4%), from €1,061 to €8,422
- Financial income -€1,304
no longer reported in 2025 (was €1,304)
- Other operating charges -€722
down €722 (-61.0%), from €1,184 to €462
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €40,458 | €41,937 | +€1,479 | +3.7% |
| Fixed assets | 21/28 | €1,506 | €799 | -€707 | -47.0% |
| Tangible fixed assets | 22/27 | €1,506 | €799 | -€707 | -47.0% |
| Furniture and vehicles | 24 | €1,506 | €799 | -€707 | -47.0% |
| Current assets | 29/58 | €38,952 | €41,138 | +€2,186 | +5.6% |
| Amounts receivable within one year | 40/41 | €37,648 | €41,138 | +€3,490 | +9.3% |
| Trade receivables | 40 | €7,823 | €2,632 | -€5,190 | -66.3% |
| Other amounts receivable | 41 | €29,826 | €38,506 | +€8,680 | +29.1% |
| Deferred charges and accrued income | 490/1 | €1,304 | - | -€1,304 | |
| Total equity and liabilities | 10/49 | €40,458 | €41,937 | +€1,479 | +3.7% |
| Equity | 10/15 | €8,643 | €9,770 | +€1,127 | +13.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €16,200 | €16,200 | = | 0.0% |
| Distributable reserves | 133 | €16,200 | €16,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,557 | -€8,430 | +€1,127 | +11.8% |
| Amounts payable | 17/49 | €31,816 | €32,167 | +€352 | +1.1% |
| Amounts payable within one year | 42/48 | €31,816 | €32,167 | +€352 | +1.1% |
| Financial debts | 43 | €19,655 | €13,591 | -€6,064 | -30.9% |
| Credit institutions | 430/8 | €19,655 | €13,591 | -€6,064 | -30.9% |
| Trade debts | 44 | €3,980 | €8,664 | +€4,684 | +117.7% |
| Suppliers | 440/4 | €3,980 | €8,664 | +€4,684 | +117.7% |
| Taxes, remuneration and social security | 45 | €4,180 | €5,912 | +€1,732 | +41.4% |
| Taxes | 450/3 | €4,180 | €5,912 | +€1,732 | +41.4% |
| Other amounts payable | 47/48 | €4,000 | €4,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €802 | €707 | -€95 | -11.8% |
| Other operating charges | 640/8 | €1,184 | €462 | -€722 | -61.0% |
| Gross operating margin | 9900 | €837 | €10,718 | +€9,881 | +1180.5% |
| Operating profit (loss) | 9901 | -€1,149 | €9,549 | +€10,698 | |
| Financial income | 75/76B | €1,304 | - | -€1,304 | |
| Recurring financial income | 75 | €1,304 | - | -€1,304 | |
| Financial charges | 65/66B | €1,061 | €8,422 | +€7,360 | +693.4% |
| Recurring financial charges | 65 | €1,061 | €8,422 | +€7,360 | +693.4% |
| Profit (loss) for the period before taxes | 9903 | -€906 | €1,127 | +€2,033 | |
| Profit (loss) for the period | 9904 | -€906 | €1,127 | +€2,033 | |
| Profit (loss) for the period to be appropriated | 9905 | -€906 | €1,127 | +€2,033 |
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 10 October 2026 via checked.be.