PANACHE: 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.
PANACHE
Largest movements
- Cash +€225,744
up €225,744 (+1,988%), from €11,354 to €237,098
mainly Other debts (+€364,381) and Net result for the year (+€161,608)
- Receivables within one year +€60,457
up €60,457 (+155%), from €38,919 to €99,376
of which Other amounts receivable: +€59,326
- Stocks and contracts +€52,172
up €52,172 (+12.8%), from €408,548 to €460,720
- Tangible fixed assets -€36,458
down €36,458 (-25.1%), from €145,243 to €108,785
of which Plant, machinery and equipment: -€24,532
- Other debts +€364,381
up €364,381 (+258%), from €141,087 to €505,468
- Reserves -€116,679
down €116,679 (-31.1%), from €375,305 to €258,626
- Trade debts +€64,745
up €64,745 (+178%), from €36,366 to €101,111
- Current portion of long-term debt -€22,931
down €22,931 (-92.7%), from €24,730 to €1,799
- Tax, wage and social debts +€11,541
up €11,541 (+53.5%), from €21,573 to €33,115
of which Taxes: +€7,969
- Gross operating margin +€144,974
up €144,974 (+63.4%), from €228,522 to €373,495
- Taxes +€43,347
up €43,347 (+126%), from €34,316 to €77,664
- Staff costs +€13,141
up €13,141 (+18.5%), from €71,014 to €84,155
- Financial income +€4,380
up €4,380 (+35.0%), from €12,511 to €16,891
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.
Derived cash bridge
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 | €627,540 | €926,359 | +€298,819 | +47.6% |
| Fixed assets | 21/28 | €159,233 | €119,655 | -€39,578 | -24.9% |
| Intangible fixed assets | 21 | €13,990 | €10,870 | -€3,120 | -22.3% |
| Tangible fixed assets | 22/27 | €145,243 | €108,785 | -€36,458 | -25.1% |
| Plant, machinery and equipment | 23 | €105,645 | €81,114 | -€24,532 | -23.2% |
| Furniture and vehicles | 24 | €7,835 | €12,159 | +€4,323 | +55.2% |
| Other tangible fixed assets | 26 | €31,762 | €15,512 | -€16,250 | -51.2% |
| Current assets | 29/58 | €468,307 | €806,704 | +€338,397 | +72.3% |
| Stocks and contracts in progress | 3 | €408,548 | €460,720 | +€52,172 | +12.8% |
| Stocks | 30/36 | €408,548 | €460,720 | +€52,172 | +12.8% |
| Amounts receivable within one year | 40/41 | €38,919 | €99,376 | +€60,457 | +155% |
| Trade receivables | 40 | €5,307 | €6,438 | +€1,131 | +21.3% |
| Other amounts receivable | 41 | €33,612 | €92,937 | +€59,326 | +177% |
| Cash at bank and in hand | 54/58 | €11,354 | €237,098 | +€225,744 | +1,988% |
| Deferred charges and accrued income | 490/1 | €9,486 | €9,511 | +€25 | +0.3% |
| Total equity and liabilities | 10/49 | €627,540 | €926,359 | +€298,819 | +47.6% |
| Equity | 10/15 | €400,305 | €283,626 | -€116,679 | -29.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €375,305 | €258,626 | -€116,679 | -31.1% |
| Distributable reserves | 133 | €375,305 | €258,626 | -€116,679 | -31.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €227,235 | €642,733 | +€415,498 | +183% |
| Amounts payable after more than one year | 17 | €1,799 | €0 | -€1,799 | -100% |
| Financial debts | 170/4 | €1,799 | €0 | -€1,799 | -100% |
| Amounts payable within one year | 42/48 | €225,437 | €642,733 | +€417,297 | +185% |
| Current portion of amounts payable after more than one year | 42 | €24,730 | €1,799 | -€22,931 | -92.7% |
| Financial debts | 43 | €1,680 | €1,241 | -€439 | -26.1% |
| Credit institutions | 430/8 | €1,680 | €1,241 | -€439 | -26.1% |
| Trade debts | 44 | €36,366 | €101,111 | +€64,745 | +178% |
| Suppliers | 440/4 | €36,366 | €101,111 | +€64,745 | +178% |
| Taxes, remuneration and social security | 45 | €21,573 | €33,115 | +€11,541 | +53.5% |
| Taxes | 450/3 | €15,119 | €23,089 | +€7,969 | +52.7% |
| Remuneration and social security | 454/9 | €6,454 | €10,026 | +€3,572 | +55.3% |
| Other amounts payable | 47/48 | €141,087 | €505,468 | +€364,381 | +258% |
| Remuneration, social security and pensions | 62 | €71,014 | €84,155 | +€13,141 | +18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,229 | €60,507 | +€2,279 | +3.9% |
| Other operating charges | 640/8 | €1,919 | €1,754 | -€164 | -8.6% |
| Gross operating margin | 9900 | €228,522 | €373,495 | +€144,974 | +63.4% |
| Operating profit (loss) | 9901 | €97,361 | €227,079 | +€129,718 | +133% |
| Financial income | 75/76B | €12,511 | €16,891 | +€4,380 | +35.0% |
| Recurring financial income | 75 | €12,511 | €16,891 | +€4,380 | +35.0% |
| Financial charges | 65/66B | €5,314 | €4,698 | -€616 | -11.6% |
| Recurring financial charges | 65 | €5,314 | €4,698 | -€616 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €104,557 | €239,272 | +€134,714 | +129% |
| Income taxes | 67/77 | €34,316 | €77,664 | +€43,347 | +126% |
| Profit (loss) for the period | 9904 | €70,241 | €161,608 | +€91,367 | +130% |
| Profit (loss) for the period to be appropriated | 9905 | €70,241 | €161,608 | +€91,367 | +130% |
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.