Panaché: 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.
Panaché
Largest movements
- Tangible fixed assets -€5,662
no longer reported in 2025 (was €5,662)
- Receivables within one year +€2,368
up €2,368 (+4.6%), from €51,182 to €53,550
of which Other amounts receivable: +€2,221
- Deferred charges and accrued income +€737
new in 2025: €737
- Reserves -€10,325
down €10,325 (-23.3%), from €44,315 to €33,990
- Other debts +€5,851
up €5,851 (+117.0%), from €5,001 to €10,852
- Trade debts +€1,803
up €1,803 (+155.9%), from €1,156 to €2,959
- Depreciation -€2,175
no longer reported in 2025 (was €2,175)
- Gross operating margin -€1,886
down €1,886 (-2038.3%), from -€93 to -€1,979
- Other operating charges +€361
up €361 (+9.5%), from €3,787 to €4,148
- Financial charges -€339
down €339 (-88.3%), from €384 to €45
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 | €57,036 | €54,339 | -€2,697 | -4.7% |
| Fixed assets | 21/28 | €5,662 | - | -€5,662 | |
| Tangible fixed assets | 22/27 | €5,662 | - | -€5,662 | |
| Furniture and vehicles | 24 | €5,662 | - | -€5,662 | |
| Current assets | 29/58 | €51,373 | €54,339 | +€2,966 | +5.8% |
| Amounts receivable within one year | 40/41 | €51,182 | €53,550 | +€2,368 | +4.6% |
| Trade receivables | 40 | €12,534 | €12,681 | +€148 | +1.2% |
| Other amounts receivable | 41 | €38,648 | €40,868 | +€2,221 | +5.7% |
| Cash at bank and in hand | 54/58 | €192 | €52 | -€140 | -72.8% |
| Deferred charges and accrued income | 490/1 | - | €737 | +€737 | |
| Total equity and liabilities | 10/49 | €57,036 | €54,339 | -€2,697 | -4.7% |
| Equity | 10/15 | €50,515 | €40,190 | -€10,325 | -20.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €44,315 | €33,990 | -€10,325 | -23.3% |
| Distributable reserves | 133 | €44,315 | €33,990 | -€10,325 | -23.3% |
| Amounts payable | 17/49 | €6,521 | €14,149 | +€7,628 | +117.0% |
| Amounts payable within one year | 42/48 | €6,521 | €14,149 | +€7,628 | +117.0% |
| Trade debts | 44 | €1,156 | €2,959 | +€1,803 | +155.9% |
| Suppliers | 440/4 | €1,156 | €2,959 | +€1,803 | +155.9% |
| Taxes, remuneration and social security | 45 | €364 | €338 | -€26 | -7.2% |
| Taxes | 450/3 | €364 | €338 | -€26 | -7.2% |
| Other amounts payable | 47/48 | €5,001 | €10,852 | +€5,851 | +117.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,175 | - | -€2,175 | |
| Other operating charges | 640/8 | €3,787 | €4,148 | +€361 | +9.5% |
| Non-recurring operating charges | 66A | - | €4,010 | +€4,010 | |
| Gross operating margin | 9900 | -€93 | -€1,979 | -€1,886 | -2038.3% |
| Operating profit (loss) | 9901 | -€6,055 | -€10,136 | -€4,082 | -67.4% |
| Financial income | 75/76B | €1 | €0 | -€1 | -97.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -97.0% |
| Financial charges | 65/66B | €384 | €45 | -€339 | -88.3% |
| Recurring financial charges | 65 | €384 | €45 | -€339 | -88.3% |
| Profit (loss) for the period before taxes | 9903 | -€6,437 | -€10,181 | -€3,744 | -58.2% |
| Income taxes | 67/77 | €157 | €144 | -€13 | -8.3% |
| Profit (loss) for the period | 9904 | -€6,594 | -€10,325 | -€3,731 | -56.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,594 | -€10,325 | -€3,731 | -56.6% |
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 1 October 2026 via checked.be.