Panabo: 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.
Panabo
Largest movements
- Tangible fixed assets -€40,909
down €40,909 (-4.8%), from €859,998 to €819,089
- Other debts +€195,152
up €195,152 (+1279.7%), from €15,250 to €210,402
- Debts after one year -€108,052
down €108,052 (-17.0%), from €635,816 to €527,764
- Reserves -€93,697
down €93,697 (-13.9%), from €675,896 to €582,199
- Current portion of long-term debt -€26,465
down €26,465 (-17.7%), from €149,804 to €123,339
- Financial income -€141,490
down €141,490 (-58.2%), from €243,227 to €101,737
- Gross operating margin +€7,283
up €7,283 (+6.4%), from €114,608 to €121,891
- Taxes -€2,089
down €2,089 (-12.4%), from €16,828 to €14,739
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,495,085 | €1,473,442 | -€21,643 | -1.4% |
| Fixed assets | 21/28 | €1,308,498 | €1,267,589 | -€40,909 | -3.1% |
| Tangible fixed assets | 22/27 | €859,998 | €819,089 | -€40,909 | -4.8% |
| Land and buildings | 22 | €859,998 | €819,089 | -€40,909 | -4.8% |
| Financial fixed assets | 28 | €448,500 | €448,500 | = | 0.0% |
| Current assets | 29/58 | €186,588 | €205,853 | +€19,266 | +10.3% |
| Amounts receivable after more than one year | 29 | €87,254 | €87,254 | = | 0.0% |
| Other amounts receivable | 291 | €87,254 | €87,254 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €63,672 | €73,388 | +€9,716 | +15.3% |
| Trade receivables | 40 | €60,500 | €10,890 | -€49,610 | -82.0% |
| Other amounts receivable | 41 | €3,172 | €62,498 | +€59,326 | +1870.4% |
| Cash at bank and in hand | 54/58 | €29,093 | €40,941 | +€11,849 | +40.7% |
| Deferred charges and accrued income | 490/1 | €6,569 | €4,270 | -€2,299 | -35.0% |
| Total equity and liabilities | 10/49 | €1,495,085 | €1,473,442 | -€21,643 | -1.4% |
| Equity | 10/15 | €680,896 | €587,199 | -€93,697 | -13.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €675,896 | €582,199 | -€93,697 | -13.9% |
| Distributable reserves | 133 | €675,896 | €582,199 | -€93,697 | -13.9% |
| Amounts payable | 17/49 | €814,189 | €886,243 | +€72,053 | +8.8% |
| Amounts payable after more than one year | 17 | €635,816 | €527,764 | -€108,052 | -17.0% |
| Financial debts | 170/4 | €635,816 | €527,764 | -€108,052 | -17.0% |
| Amounts payable within one year | 42/48 | €178,374 | €349,479 | +€171,105 | +95.9% |
| Current portion of amounts payable after more than one year | 42 | €149,804 | €123,339 | -€26,465 | -17.7% |
| Trade debts | 44 | €8,883 | €9,510 | +€627 | +7.1% |
| Suppliers | 440/4 | €8,883 | €9,510 | +€627 | +7.1% |
| Taxes, remuneration and social security | 45 | €4,437 | €6,228 | +€1,791 | +40.4% |
| Taxes | 450/3 | €4,437 | €6,228 | +€1,791 | +40.4% |
| Other amounts payable | 47/48 | €15,250 | €210,402 | +€195,152 | +1279.7% |
| Accrued charges and deferred income | 492/3 | - | €9,000 | +€9,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,909 | €40,909 | -€0 | 0.0% |
| Other operating charges | 640/8 | €147 | €62 | -€85 | -57.9% |
| Gross operating margin | 9900 | €114,608 | €121,891 | +€7,283 | +6.4% |
| Operating profit (loss) | 9901 | €73,552 | €80,920 | +€7,368 | +10.0% |
| Financial income | 75/76B | €243,227 | €101,737 | -€141,490 | -58.2% |
| Recurring financial income | 75 | €243,227 | €101,737 | -€141,490 | -58.2% |
| Financial charges | 65/66B | €9,637 | €8,963 | -€674 | -7.0% |
| Recurring financial charges | 65 | €9,637 | €8,963 | -€674 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €307,142 | €173,694 | -€133,448 | -43.4% |
| Income taxes | 67/77 | €16,828 | €14,739 | -€2,089 | -12.4% |
| Profit (loss) for the period | 9904 | €290,314 | €158,955 | -€131,358 | -45.2% |
| Profit (loss) for the period to be appropriated | 9905 | €290,314 | €158,955 | -€131,358 | -45.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.