PANACEA: 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.
PANACEA
Largest movements
- Tangible fixed assets +€86,780
up €86,780 (+1,959%), from €4,430 to €91,209
of which Furniture and vehicles: +€86,015
- Cash -€18,678
down €18,678 (-53.9%), from €34,656 to €15,979
mainly Investment in fixed assets (net) (-€109,598) and Contributions, distributions and other (-€50,000)
- Deferred charges and accrued income +€13,367
up €13,367 (+887%), from €1,507 to €14,874
- Current investments +€10,000
up €10,000 (+36.4%), from €27,500 to €37,500
- Debts after one year +€58,461
new in 2025: €58,461
- Other debts +€50,000
new in 2025: €50,000
- Profit (loss) carried forward -€23,663
down €23,663 (-28.3%), from €83,732 to €60,069
- Current portion of long-term debt +€12,755
up €12,755 (+63.8%), from €20,000 to €32,755
- Trade debts -€4,572
down €4,572 (-100%), from €4,572 to €0
- Depreciation +€21,276
up €21,276 (+1,379%), from €1,543 to €22,819
- Gross operating margin -€16,268
down €16,268 (-20.0%), from €81,279 to €65,011
- Taxes -€4,437
down €4,437 (-26.2%), from €16,956 to €12,518
- Financial charges +€2,948
up €2,948 (+555%), from €531 to €3,479
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 | €129,167 | €220,344 | +€91,177 | +70.6% |
| Fixed assets | 21/28 | €4,430 | €91,209 | +€86,780 | +1,959% |
| Tangible fixed assets | 22/27 | €4,430 | €91,209 | +€86,780 | +1,959% |
| Furniture and vehicles | 24 | €1,569 | €87,584 | +€86,015 | +5,481% |
| Other tangible fixed assets | 26 | €2,860 | €3,625 | +€765 | +26.8% |
| Current assets | 29/58 | €124,737 | €129,134 | +€4,397 | +3.5% |
| Amounts receivable within one year | 40/41 | €61,074 | €60,782 | -€292 | -0.5% |
| Trade receivables | 40 | €26,182 | €25,415 | -€767 | -2.9% |
| Other amounts receivable | 41 | €34,892 | €35,366 | +€475 | +1.4% |
| Current investments | 50/53 | €27,500 | €37,500 | +€10,000 | +36.4% |
| Cash at bank and in hand | 54/58 | €34,656 | €15,979 | -€18,678 | -53.9% |
| Deferred charges and accrued income | 490/1 | €1,507 | €14,874 | +€13,367 | +887% |
| Total equity and liabilities | 10/49 | €129,167 | €220,344 | +€91,177 | +70.6% |
| Equity | 10/15 | €91,792 | €68,129 | -€23,663 | -25.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,732 | €60,069 | -€23,663 | -28.3% |
| Amounts payable | 17/49 | €37,375 | €152,215 | +€114,840 | +307% |
| Amounts payable after more than one year | 17 | - | €58,461 | +€58,461 | |
| Financial debts | 170/4 | - | €58,461 | +€58,461 | |
| Amounts payable within one year | 42/48 | €36,071 | €93,754 | +€57,684 | +160% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | €32,755 | +€12,755 | +63.8% |
| Trade debts | 44 | €4,572 | €0 | -€4,572 | -100% |
| Suppliers | 440/4 | €4,572 | €0 | -€4,572 | -100% |
| Taxes, remuneration and social security | 45 | €11,498 | €10,999 | -€499 | -4.3% |
| Taxes | 450/3 | €11,498 | €10,999 | -€499 | -4.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €50,000 | +€50,000 | |
| Accrued charges and deferred income | 492/3 | €1,304 | €0 | -€1,304 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,543 | €22,819 | +€21,276 | +1,379% |
| Other operating charges | 640/8 | €836 | €1,203 | +€367 | +43.9% |
| Gross operating margin | 9900 | €81,279 | €65,011 | -€16,268 | -20.0% |
| Operating profit (loss) | 9901 | €78,900 | €40,990 | -€37,911 | -48.0% |
| Financial income | 75/76B | €710 | €1,345 | +€634 | +89.3% |
| Recurring financial income | 75 | €710 | €1,345 | +€634 | +89.3% |
| Financial charges | 65/66B | €531 | €3,479 | +€2,948 | +555% |
| Recurring financial charges | 65 | €531 | €3,479 | +€2,948 | +555% |
| Profit (loss) for the period before taxes | 9903 | €79,080 | €38,856 | -€40,224 | -50.9% |
| Income taxes | 67/77 | €16,956 | €12,518 | -€4,437 | -26.2% |
| Profit (loss) for the period | 9904 | €62,124 | €26,337 | -€35,787 | -57.6% |
| Profit (loss) for the period to be appropriated | 9905 | €62,124 | €26,337 | -€35,787 | -57.6% |
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 20 October 2026 via checked.be.