PANAIRE: 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.
PANAIRE
Largest movements
- Tangible fixed assets -€34,237
down €34,237 (-9.8%), from €351,098 to €316,861
of which Land and buildings: -€33,975
- Cash -€14,477
down €14,477 (-48.0%), from €30,183 to €15,707
mainly Other debts (-€18,518) and Current portion of long-term debt (-€17,803)
- Other debts -€18,518
down €18,518 (-87.4%), from €21,190 to €2,672
- Current portion of long-term debt -€17,803
no longer reported in 2025 (was €17,803)
- Profit (loss) carried forward -€10,298
down €10,298 (-6.4%), from -€161,901 to -€172,199
- Gross operating margin -€2,606
down €2,606 (-8.5%), from €30,810 to €28,204
- Financial charges -€2,168
down €2,168 (-65.8%), from €3,293 to €1,125
- Depreciation -€1,189
down €1,189 (-3.4%), from €35,425 to €34,237
- Financial income +€375
up €375 (+158%), from €237 to €612
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 | €386,539 | €339,619 | -€46,920 | -12.1% |
| Fixed assets | 21/28 | €351,098 | €316,861 | -€34,237 | -9.8% |
| Tangible fixed assets | 22/27 | €351,098 | €316,861 | -€34,237 | -9.8% |
| Land and buildings | 22 | €350,786 | €316,811 | -€33,975 | -9.7% |
| Plant, machinery and equipment | 23 | €113 | €22 | -€91 | -80.6% |
| Furniture and vehicles | 24 | €199 | €28 | -€171 | -85.7% |
| Current assets | 29/58 | €35,441 | €22,757 | -€12,684 | -35.8% |
| Amounts receivable within one year | 40/41 | - | €515 | +€515 | |
| Trade receivables | 40 | - | €515 | +€515 | |
| Cash at bank and in hand | 54/58 | €30,183 | €15,707 | -€14,477 | -48.0% |
| Deferred charges and accrued income | 490/1 | €5,258 | €6,536 | +€1,278 | +24.3% |
| Total equity and liabilities | 10/49 | €386,539 | €339,619 | -€46,920 | -12.1% |
| Equity | 10/15 | €344,099 | €333,801 | -€10,298 | -3.0% |
| Contributions | 10/11 | €506,000 | €506,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€161,901 | -€172,199 | -€10,298 | -6.4% |
| Amounts payable | 17/49 | €42,440 | €5,817 | -€36,623 | -86.3% |
| Amounts payable within one year | 42/48 | €41,035 | €4,251 | -€36,784 | -89.6% |
| Current portion of amounts payable after more than one year | 42 | €17,803 | - | -€17,803 | |
| Trade debts | 44 | €941 | €724 | -€217 | -23.0% |
| Suppliers | 440/4 | €941 | €724 | -€217 | -23.0% |
| Taxes, remuneration and social security | 45 | €1,100 | €854 | -€246 | -22.4% |
| Taxes | 450/3 | €1,100 | €854 | -€246 | -22.4% |
| Other amounts payable | 47/48 | €21,190 | €2,672 | -€18,518 | -87.4% |
| Accrued charges and deferred income | 492/3 | €1,405 | €1,566 | +€162 | +11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,425 | €34,237 | -€1,189 | -3.4% |
| Other operating charges | 640/8 | €3,515 | €3,753 | +€238 | +6.8% |
| Gross operating margin | 9900 | €30,810 | €28,204 | -€2,606 | -8.5% |
| Operating profit (loss) | 9901 | -€8,130 | -€9,786 | -€1,655 | -20.4% |
| Financial income | 75/76B | €237 | €612 | +€375 | +158% |
| Recurring financial income | 75 | €237 | €612 | +€375 | +158% |
| Financial charges | 65/66B | €3,293 | €1,125 | -€2,168 | -65.8% |
| Recurring financial charges | 65 | €3,293 | €1,125 | -€2,168 | -65.8% |
| Profit (loss) for the period before taxes | 9903 | -€11,186 | -€10,298 | +€888 | +7.9% |
| Profit (loss) for the period | 9904 | -€11,186 | -€10,298 | +€888 | +7.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,186 | -€10,298 | +€888 | +7.9% |
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 20 October 2026 via checked.be.