PANADEM: what changed
PANADEM
Largest movements
- Intangible fixed assets -€23,000
down €23,000 (-49.8%), from €46,189 to €23,189
- Cash +€6,532
up €6,532 (+30.5%), from €21,408 to €27,940
mainly Net result for the year (+€36,653) and Depreciation (+€25,285)
- Receivables within one year -€4,202
down €4,202 (-4.9%), from €84,974 to €80,772
of which Other amounts receivable: -€6,807
- Tangible fixed assets -€2,285
down €2,285 (-37.4%), from €6,101 to €3,816
- Debts after one year -€37,272
down €37,272 (-85.6%), from €43,552 to €6,280
- Profit (loss) carried forward +€16,653
up €16,653 (+391%), from €4,255 to €20,909
- Tax, wage and social debts -€9,954
down €9,954 (-60.7%), from €16,402 to €6,448
of which Remuneration and social security: -€7,444
- Trade debts +€5,162
up €5,162 (+12.2%), from €42,144 to €47,306
- Short-term financial debts +€4,173
up €4,173 (+247%), from €1,690 to €5,863
- Staff costs -€23,666
down €23,666 (-66.4%), from €35,656 to €11,989
- Taxes +€7,750
up €7,750 (+134%), from €5,765 to €13,515
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €208,619 | €188,078 | -€20,541 | -9.8% |
| Fixed assets | 21/28 | €52,290 | €27,005 | -€25,285 | -48.4% |
| Intangible fixed assets | 21 | €46,189 | €23,189 | -€23,000 | -49.8% |
| Tangible fixed assets | 22/27 | €6,101 | €3,816 | -€2,285 | -37.4% |
| Plant, machinery and equipment | 23 | €6,101 | €3,816 | -€2,285 | -37.4% |
| Current assets | 29/58 | €156,329 | €161,073 | +€4,744 | +3.0% |
| Stocks and contracts in progress | 3 | €49,646 | €51,707 | +€2,061 | +4.2% |
| Stocks | 30/36 | €49,646 | €51,707 | +€2,061 | +4.2% |
| Amounts receivable within one year | 40/41 | €84,974 | €80,772 | -€4,202 | -4.9% |
| Trade receivables | 40 | €33,329 | €35,935 | +€2,605 | +7.8% |
| Other amounts receivable | 41 | €51,645 | €44,838 | -€6,807 | -13.2% |
| Cash at bank and in hand | 54/58 | €21,408 | €27,940 | +€6,532 | +30.5% |
| Deferred charges and accrued income | 490/1 | €300 | €653 | +€353 | +118% |
| Total equity and liabilities | 10/49 | €208,619 | €188,078 | -€20,541 | -9.8% |
| Equity | 10/15 | €48,255 | €64,909 | +€16,653 | +34.5% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €4,000 | €4,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,255 | €20,909 | +€16,653 | +391% |
| Amounts payable | 17/49 | €160,364 | €123,169 | -€37,195 | -23.2% |
| Amounts payable after more than one year | 17 | €43,552 | €6,280 | -€37,272 | -85.6% |
| Financial debts | 170/4 | €43,552 | €6,280 | -€37,272 | -85.6% |
| Amounts payable within one year | 42/48 | €116,812 | €116,889 | +€77 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €36,576 | €37,272 | +€696 | +1.9% |
| Financial debts | 43 | €1,690 | €5,863 | +€4,173 | +247% |
| Credit institutions | 430/8 | €1,690 | €5,863 | +€4,173 | +247% |
| Trade debts | 44 | €42,144 | €47,306 | +€5,162 | +12.2% |
| Suppliers | 440/4 | €42,144 | €47,306 | +€5,162 | +12.2% |
| Taxes, remuneration and social security | 45 | €16,402 | €6,448 | -€9,954 | -60.7% |
| Taxes | 450/3 | €8,958 | €6,448 | -€2,510 | -28.0% |
| Remuneration and social security | 454/9 | €7,444 | - | -€7,444 | |
| Other amounts payable | 47/48 | €20,000 | €20,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €35,656 | €11,989 | -€23,666 | -66.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,263 | €25,285 | +€22 | +0.1% |
| Other operating charges | 640/8 | €1 | €4 | +€3 | +519% |
| Gross operating margin | 9900 | €85,983 | €86,431 | +€448 | +0.5% |
| Operating profit (loss) | 9901 | €25,064 | €49,153 | +€24,089 | +96.1% |
| Financial income | 75/76B | €3,243 | €2,496 | -€747 | -23.0% |
| Recurring financial income | 75 | €3,243 | €2,496 | -€747 | -23.0% |
| Financial charges | 65/66B | €2,226 | €1,481 | -€746 | -33.5% |
| Recurring financial charges | 65 | €2,226 | €1,481 | -€746 | -33.5% |
| Profit (loss) for the period before taxes | 9903 | €26,081 | €50,168 | +€24,087 | +92.4% |
| Income taxes | 67/77 | €5,765 | €13,515 | +€7,750 | +134% |
| Profit (loss) for the period | 9904 | €20,316 | €36,653 | +€16,337 | +80.4% |
| Profit (loss) for the period to be appropriated | 9905 | €20,316 | €36,653 | +€16,337 | +80.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.