PANACHE MANIFESTE: 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 MANIFESTE
Largest movements
- Cash +€73,313
up €73,313 (+97.1%), from €75,478 to €148,791
mainly Net result for the year (+€89,308) and Depreciation (+€5,816)
- Receivables within one year +€22,550
up €22,550 (+631%), from €3,573 to €26,123
of which Trade receivables: +€15,150
- Tangible fixed assets -€5,816
down €5,816 (-27.7%), from €21,022 to €15,206
of which Furniture and vehicles: -€5,171
- Financial fixed assets -€1,950
no longer reported in 2025 (was €1,950)
- Profit (loss) carried forward +€89,308
up €89,308 (+141%), from €63,325 to €152,633
- Gross operating margin +€43,240
up €43,240 (+38.4%), from €112,707 to €155,947
- Staff costs +€17,699
up €17,699 (+71.2%), from €24,857 to €42,556
- Financial income +€7,592
new in 2025: €7,592
of which Financial income: +€7,592
- Depreciation +€4,220
up €4,220 (+264%), from €1,596 to €5,816
- Taxes +€2,790
up €2,790 (+12.5%), from €22,336 to €25,126
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 | €102,023 | €191,770 | +€89,747 | +88.0% |
| Fixed assets | 21/28 | €22,972 | €15,206 | -€7,766 | -33.8% |
| Tangible fixed assets | 22/27 | €21,022 | €15,206 | -€5,816 | -27.7% |
| Plant, machinery and equipment | 23 | €1,711 | €1,066 | -€645 | -37.7% |
| Furniture and vehicles | 24 | €19,311 | €14,140 | -€5,171 | -26.8% |
| Financial fixed assets | 28 | €1,950 | - | -€1,950 | |
| Current assets | 29/58 | €79,051 | €176,564 | +€97,513 | +123% |
| Amounts receivable within one year | 40/41 | €3,573 | €26,123 | +€22,550 | +631% |
| Trade receivables | 40 | €3,160 | €18,310 | +€15,150 | +479% |
| Other amounts receivable | 41 | €413 | €7,813 | +€7,400 | +1,792% |
| Cash at bank and in hand | 54/58 | €75,478 | €148,791 | +€73,313 | +97.1% |
| Deferred charges and accrued income | 490/1 | - | €1,650 | +€1,650 | |
| Total equity and liabilities | 10/49 | €102,023 | €191,770 | +€89,747 | +88.0% |
| Equity | 10/15 | €66,325 | €155,633 | +€89,308 | +135% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,325 | €152,633 | +€89,308 | +141% |
| Amounts payable | 17/49 | €35,698 | €36,137 | +€439 | +1.2% |
| Amounts payable within one year | 42/48 | €35,698 | €36,137 | +€439 | +1.2% |
| Trade debts | 44 | €2,393 | €3,973 | +€1,580 | +66.0% |
| Suppliers | 440/4 | €2,393 | €3,973 | +€1,580 | +66.0% |
| Taxes, remuneration and social security | 45 | €32,026 | €32,164 | +€138 | +0.4% |
| Taxes | 450/3 | €26,741 | €26,371 | -€370 | -1.4% |
| Remuneration and social security | 454/9 | €5,285 | €5,793 | +€508 | +9.6% |
| Other amounts payable | 47/48 | €1,279 | - | -€1,279 | |
| Remuneration, social security and pensions | 62 | €24,857 | €42,556 | +€17,699 | +71.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,596 | €5,816 | +€4,220 | +264% |
| Other operating charges | 640/8 | €539 | €642 | +€103 | +19.1% |
| Gross operating margin | 9900 | €112,707 | €155,947 | +€43,240 | +38.4% |
| Operating profit (loss) | 9901 | €85,715 | €106,933 | +€21,218 | +24.8% |
| Financial income | 75/76B | - | €7,592 | +€7,592 | |
| Recurring financial income | 75 | - | €7,592 | +€7,592 | |
| Non-recurring financial income | 76B | - | €7,592 | +€7,592 | |
| Financial charges | 65/66B | €54 | €91 | +€37 | +68.5% |
| Recurring financial charges | 65 | €54 | €91 | +€37 | +68.5% |
| Profit (loss) for the period before taxes | 9903 | €85,661 | €114,434 | +€28,773 | +33.6% |
| Income taxes | 67/77 | €22,336 | €25,126 | +€2,790 | +12.5% |
| Profit (loss) for the period | 9904 | €63,325 | €89,308 | +€25,983 | +41.0% |
| Profit (loss) for the period to be appropriated | 9905 | €63,325 | €89,308 | +€25,983 | +41.0% |
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 30 October 2026 via checked.be.