PANACHE: 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.
PANACHE
Largest movements
- Cash +€76,049
up €76,049 (+30.9%), from €246,142 to €322,190
mainly Accrued charges and deferred income (+€79,793) and Net result for the year (+€61,383)
- Receivables within one year +€63,773
up €63,773 (+49.9%), from €127,788 to €191,561
of which Trade receivables: +€71,336
- Stocks and contracts +€7,415
up €7,415 (+10.8%), from €68,923 to €76,338
- Accrued charges and deferred income +€79,793
up €79,793 (+1209.0%), from €6,600 to €86,393
- Tax, wage and social debts +€34,045
up €34,045 (+95.3%), from €35,719 to €69,764
of which Remuneration and social security: +€18,238
- Trade debts +€31,560
up €31,560 (+40.5%), from €78,011 to €109,571
- Other debts +€29,656
new in 2025: €29,656
- Reserves -€24,250
down €24,250 (-7.2%), from €336,980 to €312,730
- Gross operating margin +€125,132
up €125,132 (+98.7%), from €126,731 to €251,863
- Staff costs +€59,247
up €59,247 (+76.2%), from €77,747 to €136,994
- Taxes +€21,317
up €21,317 (+174.0%), from €12,253 to €33,570
- Depreciation +€7,349
up €7,349 (+57.7%), from €12,748 to €20,097
- Financial income +€5,539
up €5,539 (+309.7%), from €1,788 to €7,327
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
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 | €475,910 | €626,713 | +€150,803 | +31.7% |
| Fixed assets | 21/28 | €26,740 | €32,512 | +€5,772 | +21.6% |
| Tangible fixed assets | 22/27 | €26,740 | €32,512 | +€5,772 | +21.6% |
| Plant, machinery and equipment | 23 | €19,898 | €13,909 | -€5,988 | -30.1% |
| Furniture and vehicles | 24 | €6,842 | €18,602 | +€11,760 | +171.9% |
| Current assets | 29/58 | €449,170 | €594,201 | +€145,031 | +32.3% |
| Amounts receivable after more than one year | 29 | €5,338 | - | -€5,338 | |
| Trade receivables | 290 | €5,338 | - | -€5,338 | |
| Stocks and contracts in progress | 3 | €68,923 | €76,338 | +€7,415 | +10.8% |
| Stocks | 30/36 | €68,923 | €76,338 | +€7,415 | +10.8% |
| Amounts receivable within one year | 40/41 | €127,788 | €191,561 | +€63,773 | +49.9% |
| Trade receivables | 40 | €111,332 | €182,668 | +€71,336 | +64.1% |
| Other amounts receivable | 41 | €16,456 | €8,893 | -€7,564 | -46.0% |
| Cash at bank and in hand | 54/58 | €246,142 | €322,190 | +€76,049 | +30.9% |
| Deferred charges and accrued income | 490/1 | €980 | €4,112 | +€3,132 | +319.7% |
| Total equity and liabilities | 10/49 | €475,910 | €626,713 | +€150,803 | +31.7% |
| Equity | 10/15 | €355,580 | €331,330 | -€24,250 | -6.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €336,980 | €312,730 | -€24,250 | -7.2% |
| Distributable reserves | 133 | €336,980 | €312,730 | -€24,250 | -7.2% |
| Amounts payable | 17/49 | €120,330 | €295,383 | +€175,053 | +145.5% |
| Amounts payable within one year | 42/48 | €113,730 | €208,991 | +€95,260 | +83.8% |
| Trade debts | 44 | €78,011 | €109,571 | +€31,560 | +40.5% |
| Suppliers | 440/4 | €78,011 | €109,571 | +€31,560 | +40.5% |
| Taxes, remuneration and social security | 45 | €35,719 | €69,764 | +€34,045 | +95.3% |
| Taxes | 450/3 | €31,208 | €47,015 | +€15,807 | +50.7% |
| Remuneration and social security | 454/9 | €4,511 | €22,749 | +€18,238 | +404.3% |
| Other amounts payable | 47/48 | - | €29,656 | +€29,656 | |
| Accrued charges and deferred income | 492/3 | €6,600 | €86,393 | +€79,793 | +1209.0% |
| Non-recurring operating income | 76A | €13,788 | €2,690 | -€11,098 | -80.5% |
| Remuneration, social security and pensions | 62 | €77,747 | €136,994 | +€59,247 | +76.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,748 | €20,097 | +€7,349 | +57.7% |
| Other operating charges | 640/8 | €1,202 | €1,015 | -€187 | -15.6% |
| Gross operating margin | 9900 | €126,731 | €251,863 | +€125,132 | +98.7% |
| Operating profit (loss) | 9901 | €35,034 | €93,757 | +€58,723 | +167.6% |
| Financial income | 75/76B | €1,788 | €7,327 | +€5,539 | +309.7% |
| Recurring financial income | 75 | €1,788 | €7,327 | +€5,539 | +309.7% |
| Financial charges | 65/66B | €2,352 | €6,131 | +€3,779 | +160.7% |
| Recurring financial charges | 65 | €2,352 | €6,131 | +€3,779 | +160.7% |
| Profit (loss) for the period before taxes | 9903 | €34,470 | €94,953 | +€60,483 | +175.5% |
| Income taxes | 67/77 | €12,253 | €33,570 | +€21,317 | +174.0% |
| Profit (loss) for the period | 9904 | €22,217 | €61,383 | +€39,166 | +176.3% |
| Profit (loss) for the period to be appropriated | 9905 | €22,217 | €61,383 | +€39,166 | +176.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.