PANAFES: 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.
PANAFES
Largest movements
- Tangible fixed assets -€17,636
down €17,636 (-7.0%), from €251,191 to €233,555
of which Land and buildings: -€17,026
- Deferred charges and accrued income +€14,731
up €14,731 (+1004.9%), from €1,466 to €16,196
- Receivables within one year +€5,368
up €5,368 (+44.0%), from €12,192 to €17,560
- Cash -€3,690
down €3,690 (-80.7%), from €4,574 to €883
mainly Debts after one year (-€37,280) and Investment in fixed assets (net) (-€16,644)
- Other debts +€56,028
up €56,028 (+26.4%), from €212,112 to €268,140
- Debts after one year -€37,280
down €37,280 (-26.2%), from €142,047 to €104,767
- Profit (loss) carried forward -€13,516
down €13,516 (-3.8%), from -€358,747 to -€372,263
- Current portion of long-term debt -€5,949
down €5,949 (-13.8%), from €43,230 to €37,280
- Gross operating margin -€2,210
down €2,210 (-7.9%), from €28,023 to €25,813
- Depreciation +€1,090
up €1,090 (+3.3%), from €33,189 to €34,279
- Financial charges -€995
down €995 (-21.8%), from €4,556 to €3,561
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 | €269,423 | €268,195 | -€1,228 | -0.5% |
| Fixed assets | 21/28 | €251,191 | €233,555 | -€17,636 | -7.0% |
| Tangible fixed assets | 22/27 | €251,191 | €233,555 | -€17,636 | -7.0% |
| Land and buildings | 22 | €249,972 | €232,946 | -€17,026 | -6.8% |
| Plant, machinery and equipment | 23 | €1,219 | €609 | -€609 | -50.0% |
| Current assets | 29/58 | €18,232 | €34,640 | +€16,408 | +90.0% |
| Amounts receivable within one year | 40/41 | €12,192 | €17,560 | +€5,368 | +44.0% |
| Other amounts receivable | 41 | €12,192 | €17,560 | +€5,368 | +44.0% |
| Cash at bank and in hand | 54/58 | €4,574 | €883 | -€3,690 | -80.7% |
| Deferred charges and accrued income | 490/1 | €1,466 | €16,196 | +€14,731 | +1004.9% |
| Total equity and liabilities | 10/49 | €269,423 | €268,195 | -€1,228 | -0.5% |
| Equity | 10/15 | -€130,176 | -€143,692 | -€13,516 | -10.4% |
| Contributions | 10/11 | €225,981 | €225,981 | = | 0.0% |
| Capital | 10 | €225,981 | €225,981 | = | 0.0% |
| Issued capital | 100 | €225,981 | €225,981 | = | 0.0% |
| Reserves | 13 | €2,590 | €2,590 | = | 0.0% |
| Non-distributable reserves | 130/1 | €741 | €741 | = | 0.0% |
| Legal reserve | 130 | €741 | €741 | = | 0.0% |
| Distributable reserves | 133 | €1,849 | €1,849 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€358,747 | -€372,263 | -€13,516 | -3.8% |
| Amounts payable | 17/49 | €399,598 | €411,887 | +€12,288 | +3.1% |
| Amounts payable after more than one year | 17 | €142,047 | €104,767 | -€37,280 | -26.2% |
| Financial debts | 170/4 | €142,047 | €104,767 | -€37,280 | -26.2% |
| Amounts payable within one year | 42/48 | €257,551 | €307,114 | +€49,563 | +19.2% |
| Current portion of amounts payable after more than one year | 42 | €43,230 | €37,280 | -€5,949 | -13.8% |
| Trade debts | 44 | €2,209 | €1,694 | -€515 | -23.3% |
| Suppliers | 440/4 | €2,209 | €1,694 | -€515 | -23.3% |
| Other amounts payable | 47/48 | €212,112 | €268,140 | +€56,028 | +26.4% |
| Accrued charges and deferred income | 492/3 | - | €6 | +€6 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,189 | €34,279 | +€1,090 | +3.3% |
| Other operating charges | 640/8 | €1,446 | €1,489 | +€42 | +2.9% |
| Gross operating margin | 9900 | €28,023 | €25,813 | -€2,210 | -7.9% |
| Operating profit (loss) | 9901 | -€6,612 | -€9,955 | -€3,343 | -50.6% |
| Financial charges | 65/66B | €4,556 | €3,561 | -€995 | -21.8% |
| Recurring financial charges | 65 | €4,556 | €3,561 | -€995 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | -€11,168 | -€13,516 | -€2,348 | -21.0% |
| Profit (loss) for the period | 9904 | -€11,168 | -€13,516 | -€2,348 | -21.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,168 | -€13,516 | -€2,348 | -21.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.