PANADAS FACTORY: 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.
PANADAS FACTORY
Largest movements
- Receivables within one year +€152,051
up €152,051 (+29.2%), from €521,195 to €673,246
of which Trade receivables: +€113,922
- Current investments +€120,000
new in 2025: €120,000
- Cash -€93,173
down €93,173 (-74.9%), from €124,447 to €31,273
mainly Receivables within one year (-€152,051) and Current investments (-€120,000)
- Reserves +€155,400
up €155,400 (+81.0%), from €191,860 to €347,260
of which Non-distributable reserves: +€120,000
- Short-term financial debts +€136,000
new in 2025: €136,000
- Profit (loss) carried forward -€119,930
down €119,930 (-25.2%), from €475,115 to €355,184
- Tax, wage and social debts +€93,654
up €93,654 (+102%), from €91,840 to €185,494
of which Remuneration and social security: +€50,970
- Debts after one year -€34,863
down €34,863 (-66.8%), from €52,165 to €17,302
- Staff costs +€190,597
up €190,597 (+55.3%), from €344,460 to €535,057
- Gross operating margin +€85,322
up €85,322 (+13.7%), from €620,688 to €706,009
- Other operating charges +€17,339
up €17,339 (+122%), from €14,207 to €31,546
- Taxes -€16,351
down €16,351 (-29.5%), from €55,391 to €39,040
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 | €913,577 | €1,101,674 | +€188,097 | +20.6% |
| Fixed assets | 21/28 | €243,848 | €254,318 | +€10,470 | +4.3% |
| Tangible fixed assets | 22/27 | €223,411 | €233,881 | +€10,470 | +4.7% |
| Land and buildings | 22 | €9,073 | €15,091 | +€6,018 | +66.3% |
| Plant, machinery and equipment | 23 | €202,636 | €210,805 | +€8,170 | +4.0% |
| Furniture and vehicles | 24 | €11,070 | €7,985 | -€3,085 | -27.9% |
| Assets under construction and advance payments | 27 | €633 | - | -€633 | |
| Financial fixed assets | 28 | €20,437 | €20,437 | = | 0.0% |
| Current assets | 29/58 | €669,729 | €847,356 | +€177,628 | +26.5% |
| Stocks and contracts in progress | 3 | €22,765 | €21,515 | -€1,250 | -5.5% |
| Stocks | 30/36 | €22,765 | €21,515 | -€1,250 | -5.5% |
| Amounts receivable within one year | 40/41 | €521,195 | €673,246 | +€152,051 | +29.2% |
| Trade receivables | 40 | €93,168 | €207,089 | +€113,922 | +122% |
| Other amounts receivable | 41 | €428,027 | €466,157 | +€38,130 | +8.9% |
| Current investments | 50/53 | - | €120,000 | +€120,000 | |
| Cash at bank and in hand | 54/58 | €124,447 | €31,273 | -€93,173 | -74.9% |
| Deferred charges and accrued income | 490/1 | €1,322 | €1,322 | = | 0.0% |
| Total equity and liabilities | 10/49 | €913,577 | €1,101,674 | +€188,097 | +20.6% |
| Equity | 10/15 | €685,575 | €721,044 | +€35,470 | +5.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | - | €18,600 | +€18,600 | |
| Issued capital | 100 | - | €18,600 | +€18,600 | |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €191,860 | €347,260 | +€155,400 | +81.0% |
| Non-distributable reserves | 130/1 | €1,860 | €121,860 | +€120,000 | +6,452% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Own shares acquired | 1312 | - | €120,000 | +€120,000 | |
| Distributable reserves | 133 | €190,000 | €225,400 | +€35,400 | +18.6% |
| Profit (loss) carried forward | 14 | €475,115 | €355,184 | -€119,930 | -25.2% |
| Amounts payable | 17/49 | €228,002 | €380,630 | +€152,627 | +66.9% |
| Amounts payable after more than one year | 17 | €52,165 | €17,302 | -€34,863 | -66.8% |
| Financial debts | 170/4 | €52,165 | €17,302 | -€34,863 | -66.8% |
| Amounts payable within one year | 42/48 | €175,837 | €363,328 | +€187,491 | +107% |
| Current portion of amounts payable after more than one year | 42 | €60,755 | €34,863 | -€25,892 | -42.6% |
| Financial debts | 43 | - | €136,000 | +€136,000 | |
| Credit institutions | 430/8 | - | €136,000 | +€136,000 | |
| Trade debts | 44 | €23,241 | €6,970 | -€16,271 | -70.0% |
| Suppliers | 440/4 | €23,241 | €6,970 | -€16,271 | -70.0% |
| Taxes, remuneration and social security | 45 | €91,840 | €185,494 | +€93,654 | +102% |
| Taxes | 450/3 | €55,362 | €98,046 | +€42,683 | +77.1% |
| Remuneration and social security | 454/9 | €36,478 | €87,449 | +€50,970 | +140% |
| Remuneration, social security and pensions | 62 | €344,460 | €535,057 | +€190,597 | +55.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,581 | €60,508 | -€2,073 | -3.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,657 | - | -€1,657 | |
| Other operating charges | 640/8 | €14,207 | €31,546 | +€17,339 | +122% |
| Gross operating margin | 9900 | €620,688 | €706,009 | +€85,322 | +13.7% |
| Operating profit (loss) | 9901 | €197,783 | €78,898 | -€118,884 | -60.1% |
| Financial income | 75/76B | €191 | €46 | -€145 | -75.9% |
| Recurring financial income | 75 | €191 | €46 | -€145 | -75.9% |
| Financial charges | 65/66B | €5,780 | €4,435 | -€1,346 | -23.3% |
| Recurring financial charges | 65 | €5,780 | €4,435 | -€1,346 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | €192,194 | €74,510 | -€117,684 | -61.2% |
| Income taxes | 67/77 | €55,391 | €39,040 | -€16,351 | -29.5% |
| Profit (loss) for the period | 9904 | €136,802 | €35,470 | -€101,332 | -74.1% |
| Profit (loss) for the period to be appropriated | 9905 | €136,802 | €35,470 | -€101,332 | -74.1% |
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 24 October 2026 via checked.be.