PANAM: 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.
What changed
PANAM
NACE 62.200, Computer consultancy and computer facilities management
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3,891
2024 · €14,698-€10,808
Equity
€144,235
2024 · €140,345+€3,891
Cash
€823
2024 · €5,243-€4,420
Balance sheet total
€1.6m
2024 · €1.5m+€144,330
Largest movements
Assets
- Receivables within one year +€134,397
up €134,397 (+109%), from €123,279 to €257,677
of which Trade receivables: +€121,837
- Stocks and contracts +€20,728
up €20,728 (+57.2%), from €36,232 to €56,960
Equity and liabilities
- Other debts +€119,087
up €119,087 (+12.5%), from €954,150 to €1.1m
Income statement
- Gross operating margin -€22,387
down €22,387 (-17.5%), from €127,777 to €105,390
- Staff costs -€21,780
down €21,780 (-28.8%), from €75,616 to €53,836
- Depreciation +€6,130
up €6,130 (+25.4%), from €24,150 to €30,280
- Other operating charges +€3,913
up €3,913 (+182%), from €2,144 to €6,057
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.
Result 2024
€14,698
Gross operating margin
-€22,387
Staff costs
+€21,780
Depreciation
-€6,130
Other operating charges
-€3,913
Financial income
+€0
Financial charges
-€157
Result 2025
€3,891
raises the resultlowers the result
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.
From operations
-€3,061
Investment
-€23,905
Financing
+€22,546
Cash 2024
€5,243
From operations (derived)
-€3,061
Net result for the year
+€3,891
Depreciation
+€30,280
Stocks and contracts
-€20,728
Receivables within one year
-€134,397
Trade debts
+€162
Tax, wage and social debts
-€1,985
Other debts
+€119,087
Accrued charges and deferred income
+€629
Investment (derived)
-€23,905
Investment in fixed assets (net)
-€23,905
Financing
+€22,546
Debts after one year
+€9,187
Current portion of long-term debt
+€13,086
Short-term financial debts
+€273
Cash 2025
€823
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,457,584 | €1,601,914 | +€144,330 | +9.9% |
| Fixed assets | 21/28 | €1,292,829 | €1,286,454 | -€6,375 | -0.5% |
| Intangible fixed assets | 21 | €930 | €150 | -€780 | -83.9% |
| Tangible fixed assets | 22/27 | €291,537 | €285,941 | -€5,595 | -1.9% |
| Land and buildings | 22 | €255,492 | €240,724 | -€14,768 | -5.8% |
| Furniture and vehicles | 24 | €36,045 | €45,217 | +€9,172 | +25.4% |
| Financial fixed assets | 28 | €1,000,363 | €1,000,363 | = | 0.0% |
| Current assets | 29/58 | €164,754 | €315,460 | +€150,705 | +91.5% |
| Stocks and contracts in progress | 3 | €36,232 | €56,960 | +€20,728 | +57.2% |
| Stocks | 30/36 | €36,232 | €56,960 | +€20,728 | +57.2% |
| Amounts receivable within one year | 40/41 | €123,279 | €257,677 | +€134,397 | +109% |
| Trade receivables | 40 | €109,591 | €231,429 | +€121,837 | +111% |
| Other amounts receivable | 41 | €13,688 | €26,248 | +€12,560 | +91.8% |
| Cash at bank and in hand | 54/58 | €5,243 | €823 | -€4,420 | -84.3% |
| Total equity and liabilities | 10/49 | €1,457,584 | €1,601,914 | +€144,330 | +9.9% |
| Equity | 10/15 | €140,345 | €144,235 | +€3,891 | +2.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €119,940 | €123,830 | +€3,891 | +3.2% |
| Amounts payable | 17/49 | €1,317,239 | €1,457,678 | +€140,439 | +10.7% |
| Amounts payable after more than one year | 17 | €159,480 | €168,666 | +€9,187 | +5.8% |
| Financial debts | 170/4 | €159,480 | €168,666 | +€9,187 | +5.8% |
| Amounts payable within one year | 42/48 | €1,157,759 | €1,288,383 | +€130,624 | +11.3% |
| Current portion of amounts payable after more than one year | 42 | €21,860 | €34,946 | +€13,086 | +59.9% |
| Financial debts | 43 | - | €273 | +€273 | |
| Credit institutions | 430/8 | - | €273 | +€273 | |
| Trade debts | 44 | €38,089 | €38,251 | +€162 | +0.4% |
| Suppliers | 440/4 | €38,089 | €38,251 | +€162 | +0.4% |
| Advances received on contracts in progress | 46 | €135,641 | €135,641 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €8,019 | €6,034 | -€1,985 | -24.8% |
| Remuneration and social security | 454/9 | €8,019 | €6,034 | -€1,985 | -24.8% |
| Other amounts payable | 47/48 | €954,150 | €1,073,237 | +€119,087 | +12.5% |
| Accrued charges and deferred income | 492/3 | - | €629 | +€629 | |
| Remuneration, social security and pensions | 62 | €75,616 | €53,836 | -€21,780 | -28.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,150 | €30,280 | +€6,130 | +25.4% |
| Other operating charges | 640/8 | €2,144 | €6,057 | +€3,913 | +182% |
| Gross operating margin | 9900 | €127,777 | €105,390 | -€22,387 | -17.5% |
| Operating profit (loss) | 9901 | €25,866 | €15,216 | -€10,650 | -41.2% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €11,168 | €11,325 | +€157 | +1.4% |
| Recurring financial charges | 65 | €10,162 | €11,025 | +€864 | +8.5% |
| Non-recurring financial charges | 66B | €1,006 | €300 | -€706 | -70.2% |
| Profit (loss) for the period before taxes | 9903 | €14,698 | €3,891 | -€10,808 | -73.5% |
| Profit (loss) for the period | 9904 | €14,698 | €3,891 | -€10,808 | -73.5% |
| Profit (loss) for the period to be appropriated | 9905 | €14,698 | €3,891 | -€10,808 | -73.5% |
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.