PANACEE: 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.
PANACEE
Largest movements
- Deferred charges and accrued income +€39,436
up €39,436 (+739%), from €5,339 to €44,775
- Receivables within one year +€11,271
up €11,271 (+52.9%), from €21,321 to €32,591
of which Other amounts receivable: +€11,271
- Intangible fixed assets -€9,497
down €9,497 (-15.9%), from €59,791 to €50,295
- Tangible fixed assets -€7,063
down €7,063 (-74.9%), from €9,425 to €2,362
- Cash -€1,488
down €1,488 (-8.7%), from €17,083 to €15,595
mainly Deferred charges and accrued income (-€39,436) and Receivables within one year (-€11,271)
- Profit (loss) carried forward +€34,971
up €34,971 (+81.2%), from €43,083 to €78,054
- Debts after one year -€8,940
down €8,940 (-16.9%), from €52,829 to €43,890
- Accrued charges and deferred income +€4,641
up €4,641 (+16,238%), from €29 to €4,670
- Tax, wage and social debts +€1,600
up €1,600 (+74.4%), from €2,150 to €3,750
of which Taxes: +€1,600
- Other operating charges +€10,578
up €10,578 (+1,315%), from €804 to €11,383
- Gross operating margin +€7,214
up €7,214 (+11.2%), from €64,576 to €71,790
- Depreciation +€2,354
up €2,354 (+28.8%), from €8,168 to €10,522
- Financial charges +€2,190
up €2,190 (+149%), from €1,467 to €3,657
- Taxes +€1,272
up €1,272 (+10.9%), from €11,700 to €12,972
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 | €112,960 | €145,617 | +€32,658 | +28.9% |
| Fixed assets | 21/28 | €69,216 | €52,656 | -€16,560 | -23.9% |
| Intangible fixed assets | 21 | €59,791 | €50,295 | -€9,497 | -15.9% |
| Tangible fixed assets | 22/27 | €9,425 | €2,362 | -€7,063 | -74.9% |
| Furniture and vehicles | 24 | €9,425 | €2,362 | -€7,063 | -74.9% |
| Current assets | 29/58 | €43,743 | €92,961 | +€49,218 | +113% |
| Amounts receivable within one year | 40/41 | €21,321 | €32,591 | +€11,271 | +52.9% |
| Trade receivables | 40 | - | €0 | = | |
| Other amounts receivable | 41 | €21,321 | €32,591 | +€11,271 | +52.9% |
| Cash at bank and in hand | 54/58 | €17,083 | €15,595 | -€1,488 | -8.7% |
| Deferred charges and accrued income | 490/1 | €5,339 | €44,775 | +€39,436 | +739% |
| Total equity and liabilities | 10/49 | €112,960 | €145,617 | +€32,658 | +28.9% |
| Equity | 10/15 | €49,083 | €84,054 | +€34,971 | +71.2% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,083 | €78,054 | +€34,971 | +81.2% |
| Amounts payable | 17/49 | €63,876 | €61,563 | -€2,313 | -3.6% |
| Amounts payable after more than one year | 17 | €52,829 | €43,890 | -€8,940 | -16.9% |
| Financial debts | 170/4 | €52,829 | €43,890 | -€8,940 | -16.9% |
| Amounts payable within one year | 42/48 | €11,019 | €13,004 | +€1,985 | +18.0% |
| Current portion of amounts payable after more than one year | 42 | €8,601 | €8,940 | +€339 | +3.9% |
| Trade debts | 44 | €268 | €314 | +€47 | +17.4% |
| Suppliers | 440/4 | €268 | €314 | +€47 | +17.4% |
| Taxes, remuneration and social security | 45 | €2,150 | €3,750 | +€1,600 | +74.4% |
| Taxes | 450/3 | €2,150 | €3,750 | +€1,600 | +74.4% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €0 | €0 | = | |
| Accrued charges and deferred income | 492/3 | €29 | €4,670 | +€4,641 | +16,238% |
| Turnover | 70 | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,168 | €10,522 | +€2,354 | +28.8% |
| Other operating charges | 640/8 | €804 | €11,383 | +€10,578 | +1,315% |
| Gross operating margin | 9900 | €64,576 | €71,790 | +€7,214 | +11.2% |
| Operating profit (loss) | 9901 | €55,603 | €49,886 | -€5,718 | -10.3% |
| Financial income | 75/76B | €646 | €1,714 | +€1,067 | +165% |
| Recurring financial income | 75 | €646 | €1,714 | +€1,067 | +165% |
| Financial charges | 65/66B | €1,467 | €3,657 | +€2,190 | +149% |
| Recurring financial charges | 65 | €1,467 | €3,657 | +€2,190 | +149% |
| Profit (loss) for the period before taxes | 9903 | €54,783 | €47,943 | -€6,841 | -12.5% |
| Income taxes | 67/77 | €11,700 | €12,972 | +€1,272 | +10.9% |
| Profit (loss) for the period | 9904 | €43,083 | €34,971 | -€8,112 | -18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €43,083 | €34,971 | -€8,112 | -18.8% |
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 14 October 2026 via checked.be.