PANA-VET: what changed
PANA-VET
Largest movements
- Receivables within one year +€96,797
up €96,797 (+633%), from €15,299 to €112,097
of which Trade receivables: +€94,817
- Receivables after one year +€41,200
new in 2025: €41,200
- Tangible fixed assets +€30,996
up €30,996 (+176%), from €17,600 to €48,596
of which Furniture and vehicles: +€34,789
- Cash -€11,755
down €11,755 (-28.9%), from €40,618 to €28,864
mainly Receivables within one year (-€96,797) and Investment in fixed assets (net) (-€50,000)
- Trade debts +€86,277
up €86,277 (+1,656%), from €5,211 to €91,488
- Reserves +€46,160
up €46,160 (+102%), from €45,109 to €91,269
- Debts after one year +€21,804
up €21,804, from €0 to €21,804
of which Financial debts: +€21,804
- Contributions -€10,000
down €10,000 (-20.0%), from €50,000 to €40,000
- Current portion of long-term debt +€9,920
new in 2025: €9,920
- Gross operating margin +€25,038
up €25,038 (+35.8%), from €69,907 to €94,945
- Depreciation +€10,993
up €10,993 (+137%), from €8,011 to €19,004
- Taxes +€7,548
up €7,548 (+42.7%), from €17,677 to €25,225
- Other operating charges +€2,864
up €2,864 (+186%), from €1,541 to €4,405
- Financial income +€1,192
up €1,192 (+13,075%), from €9 to €1,202
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €77,057 | €233,476 | +€156,419 | +203% |
| Fixed assets | 21/28 | €17,600 | €48,596 | +€30,996 | +176% |
| Tangible fixed assets | 22/27 | €17,600 | €48,596 | +€30,996 | +176% |
| Plant, machinery and equipment | 23 | €6,301 | €5,508 | -€793 | -12.6% |
| Furniture and vehicles | 24 | €2,414 | €37,203 | +€34,789 | +1,441% |
| Other tangible fixed assets | 26 | €8,885 | €5,885 | -€3,000 | -33.8% |
| Current assets | 29/58 | €59,458 | €184,880 | +€125,423 | +211% |
| Amounts receivable after more than one year | 29 | - | €41,200 | +€41,200 | |
| Other amounts receivable | 291 | - | €41,200 | +€41,200 | |
| Stocks and contracts in progress | 3 | €3,540 | €2,720 | -€820 | -23.2% |
| Stocks | 30/36 | €3,540 | €2,720 | -€820 | -23.2% |
| Amounts receivable within one year | 40/41 | €15,299 | €112,097 | +€96,797 | +633% |
| Trade receivables | 40 | €14,772 | €109,589 | +€94,817 | +642% |
| Other amounts receivable | 41 | €527 | €2,508 | +€1,981 | +376% |
| Cash at bank and in hand | 54/58 | €40,618 | €28,864 | -€11,755 | -28.9% |
| Total equity and liabilities | 10/49 | €77,057 | €233,476 | +€156,419 | +203% |
| Equity | 10/15 | €37,612 | €73,772 | +€36,160 | +96.1% |
| Contributions | 10/11 | €50,000 | €40,000 | -€10,000 | -20.0% |
| Reserves | 13 | €45,109 | €91,269 | +€46,160 | +102% |
| Distributable reserves | 133 | €45,109 | €91,269 | +€46,160 | +102% |
| Profit (loss) carried forward | 14 | -€57,496 | -€57,496 | = | 0.0% |
| Amounts payable | 17/49 | €39,445 | €159,704 | +€120,258 | +305% |
| Amounts payable after more than one year | 17 | €0 | €21,804 | +€21,804 | |
| Financial debts | 170/4 | - | €21,804 | +€21,804 | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €36,895 | €137,900 | +€101,005 | +274% |
| Current portion of amounts payable after more than one year | 42 | - | €9,920 | +€9,920 | |
| Trade debts | 44 | €5,211 | €91,488 | +€86,277 | +1,656% |
| Suppliers | 440/4 | €5,211 | €91,488 | +€86,277 | +1,656% |
| Taxes, remuneration and social security | 45 | €28,092 | €36,491 | +€8,400 | +29.9% |
| Taxes | 450/3 | €28,092 | €36,491 | +€8,400 | +29.9% |
| Other amounts payable | 47/48 | €3,593 | €0 | -€3,593 | -100% |
| Accrued charges and deferred income | 492/3 | €2,550 | €0 | -€2,550 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,011 | €19,004 | +€10,993 | +137% |
| Other operating charges | 640/8 | €1,541 | €4,405 | +€2,864 | +186% |
| Gross operating margin | 9900 | €69,907 | €94,945 | +€25,038 | +35.8% |
| Operating profit (loss) | 9901 | €60,355 | €71,536 | +€11,180 | +18.5% |
| Financial income | 75/76B | €9 | €1,202 | +€1,192 | +13,075% |
| Recurring financial income | 75 | €9 | €1,202 | +€1,192 | +13,075% |
| Financial charges | 65/66B | €1,583 | €1,352 | -€231 | -14.6% |
| Recurring financial charges | 65 | €1,583 | €1,352 | -€231 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | €58,782 | €71,386 | +€12,604 | +21.4% |
| Income taxes | 67/77 | €17,677 | €25,225 | +€7,548 | +42.7% |
| Profit (loss) for the period | 9904 | €41,104 | €46,160 | +€5,056 | +12.3% |
| Profit (loss) for the period to be appropriated | 9905 | €41,104 | €46,160 | +€5,056 | +12.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.