PANACHE PLUS: 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 PLUS
Largest movements
- Intangible fixed assets +€5,176
new in 2025: €5,176
- Cash -€1,966
down €1,966 (-4.3%), from €45,291 to €43,325
mainly Investment in fixed assets (net) (-€5,920) and Tax, wage and social debts (-€5,478)
- Tangible fixed assets -€1,513
down €1,513 (-50.7%), from €2,983 to €1,471
- Receivables within one year +€821
up €821 (+92.2%), from €891 to €1,712
of which Other amounts receivable: +€687
- Reserves +€9,924
up €9,924 (+48.3%), from €20,533 to €30,457
- Tax, wage and social debts -€5,478
down €5,478 (-58.9%), from €9,300 to €3,822
- Trade debts -€1,018
down €1,018 (-88.0%), from €1,157 to €139
- Accrued charges and deferred income -€891
down €891 (-90.8%), from €981 to €90
- Depreciation +€1,153
up €1,153 (+104.5%), from €1,103 to €2,256
- Gross operating margin +€982
up €982 (+6.0%), from €16,337 to €17,319
- Taxes -€309
down €309 (-7.2%), from €4,284 to €3,975
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 | €50,571 | €53,108 | +€2,537 | +5.0% |
| Fixed assets | 21/28 | €2,983 | €6,647 | +€3,664 | +122.8% |
| Intangible fixed assets | 21 | - | €5,176 | +€5,176 | |
| Tangible fixed assets | 22/27 | €2,983 | €1,471 | -€1,513 | -50.7% |
| Furniture and vehicles | 24 | €2,983 | €1,471 | -€1,513 | -50.7% |
| Current assets | 29/58 | €47,588 | €46,461 | -€1,127 | -2.4% |
| Amounts receivable within one year | 40/41 | €891 | €1,712 | +€821 | +92.2% |
| Trade receivables | 40 | €0 | €134 | +€134 | |
| Other amounts receivable | 41 | €891 | €1,578 | +€687 | +77.2% |
| Cash at bank and in hand | 54/58 | €45,291 | €43,325 | -€1,966 | -4.3% |
| Deferred charges and accrued income | 490/1 | €1,407 | €1,425 | +€18 | +1.3% |
| Total equity and liabilities | 10/49 | €50,571 | €53,108 | +€2,537 | +5.0% |
| Equity | 10/15 | €39,133 | €49,057 | +€9,924 | +25.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €20,533 | €30,457 | +€9,924 | +48.3% |
| Distributable reserves | 133 | €20,533 | €30,457 | +€9,924 | +48.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €11,438 | €4,051 | -€7,387 | -64.6% |
| Amounts payable within one year | 42/48 | €10,457 | €3,962 | -€6,496 | -62.1% |
| Trade debts | 44 | €1,157 | €139 | -€1,018 | -88.0% |
| Suppliers | 440/4 | €1,157 | €139 | -€1,018 | -88.0% |
| Taxes, remuneration and social security | 45 | €9,300 | €3,822 | -€5,478 | -58.9% |
| Taxes | 450/3 | €9,300 | €3,822 | -€5,478 | -58.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €981 | €90 | -€891 | -90.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,103 | €2,256 | +€1,153 | +104.5% |
| Other operating charges | 640/8 | €1,007 | €1,067 | +€59 | +5.9% |
| Gross operating margin | 9900 | €16,337 | €17,319 | +€982 | +6.0% |
| Operating profit (loss) | 9901 | €14,226 | €13,996 | -€230 | -1.6% |
| Financial income | 75/76B | €0 | €2 | +€2 | +1066.7% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +1066.7% |
| Financial charges | 65/66B | €157 | €99 | -€59 | -37.2% |
| Recurring financial charges | 65 | €157 | €99 | -€59 | -37.2% |
| Profit (loss) for the period before taxes | 9903 | €14,069 | €13,899 | -€170 | -1.2% |
| Income taxes | 67/77 | €4,284 | €3,975 | -€309 | -7.2% |
| Profit (loss) for the period | 9904 | €9,785 | €9,924 | +€139 | +1.4% |
| Profit (loss) for the period to be appropriated | 9905 | €9,785 | €9,924 | +€139 | +1.4% |
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 6 October 2026 via checked.be.