PANAMA: 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
PANAMA
NACE 82.300, Organisation of conventions and trade shows
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€688,230
2024 · €303,073+€385,157
Equity
€1.9m
2024 · €1.2m+€688,230
Cash
€887,696
2024 · €1.2m-€286,370
Balance sheet total
€9.0m
2024 · €8.2m+€781,645
Largest movements
Assets
- Receivables within one year +€665,908
up €665,908 (+14.9%), from €4.5m to €5.1m
of which Other amounts receivable: +€463,452
- Tangible fixed assets +€359,693
up €359,693 (+25.8%), from €1.4m to €1.8m
of which Other tangible fixed assets: +€242,635
- Cash -€286,370
down €286,370 (-24.4%), from €1.2m to €887,696
mainly Investment in fixed assets (net) (-€741,800) and Receivables within one year (-€665,908)
- Deferred charges and accrued income +€146,482
up €146,482 (+111%), from €132,090 to €278,572
- Stocks and contracts -€143,593
down €143,593 (-60.7%), from €236,498 to €92,906
Equity and liabilities
- Profit (loss) carried forward +€688,230
up €688,230 (+58.0%), from €1.2m to €1.9m
- Trade debts +€506,412
up €506,412 (+21.3%), from €2.4m to €2.9m
- Advances received -€349,509
down €349,509 (-21.4%), from €1.6m to €1.3m
- Short-term financial debts +€233,961
up €233,961 (+58.3%), from €401,120 to €635,081
- Debts after one year -€191,680
down €191,680 (-17.0%), from €1.1m to €938,930
Income statement
- Turnover +€2.9m
up €2.9m (+12.2%), from €23.6m to €26.5m
- Goods and materials +€1.8m
up €1.8m (+16.3%), from €11.3m to €13.1m
of which Purchases: +€1.7m
- Staff costs +€1.2m
up €1.2m (+31.9%), from €3.8m to €5.1m
- Services and other goods -€410,375
down €410,375 (-5.7%), from €7.2m to €6.8m
- Provisions -€345,918
down €345,918, from €203,481 to -€142,437
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
€303,073
Turnover
+€2.9m
Other operating income
+€42,949
Goods and materials
-€1.8m
Services and other goods
+€410,375
Staff costs
-€1.2m
Depreciation
-€60,803
Write-downs
-€700
Provisions
+€345,918
Other operating charges
+€200,481
Other operating items
-€313,087
Financial income
-€2,342
Financial charges
+€57,099
Taxes
-€130,030
Result 2025
€688,230
raises the resultlowers the resultnot broken down further in the accounts
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
+€404,703
Investment
-€741,800
Financing
+€50,727
Cash 2024
€1.2m
From operations (derived)
+€404,703
Net result for the year
+€688,230
Depreciation
+€350,315
Receivables after one year
-€7,734
Stocks and contracts
+€143,593
Receivables within one year
-€665,908
Deferred charges and accrued income
-€146,482
Provisions
-€142,437
Trade debts
+€506,412
Tax, wage and social debts
+€24,726
Advances received
-€349,509
Accrued charges and deferred income
+€3,496
Investment (derived)
-€741,800
Investment in fixed assets (net)
-€741,800
Financing
+€50,727
Debts after one year
-€191,680
Current portion of long-term debt
+€8,447
Short-term financial debts
+€233,961
Cash 2025
€887,696
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,198,166 | €8,979,811 | +€781,645 | +9.5% |
| Fixed assets | 21/28 | €1,643,756 | €2,035,240 | +€391,485 | +23.8% |
| Intangible fixed assets | 21 | €216,610 | €250,242 | +€33,632 | +15.5% |
| Tangible fixed assets | 22/27 | €1,391,848 | €1,751,541 | +€359,693 | +25.8% |
| Land and buildings | 22 | €1,052,271 | €980,904 | -€71,367 | -6.8% |
| Plant, machinery and equipment | 23 | €88,623 | €146,073 | +€57,451 | +64.8% |
| Furniture and vehicles | 24 | €140,298 | €271,271 | +€130,973 | +93.4% |
| Other tangible fixed assets | 26 | €110,658 | €353,293 | +€242,635 | +219% |
| Financial fixed assets | 28 | €35,297 | €33,457 | -€1,840 | -5.2% |
| Other financial fixed assets | 284/8 | €35,297 | €33,457 | -€1,840 | -5.2% |
| Amounts receivable and cash guarantees | 285/8 | €35,297 | €33,457 | -€1,840 | -5.2% |
| Current assets | 29/58 | €6,554,410 | €6,944,571 | +€390,161 | +6.0% |
| Amounts receivable after more than one year | 29 | €537,403 | €545,137 | +€7,734 | +1.4% |
| Other amounts receivable | 291 | €537,403 | €545,137 | +€7,734 | +1.4% |
| Stocks and contracts in progress | 3 | €236,498 | €92,906 | -€143,593 | -60.7% |
| Stocks | 30/36 | €236,498 | €92,906 | -€143,593 | -60.7% |
| Goods purchased for resale | 34 | €236,498 | €92,906 | -€143,593 | -60.7% |
| Amounts receivable within one year | 40/41 | €4,474,352 | €5,140,260 | +€665,908 | +14.9% |
| Trade receivables | 40 | €4,129,583 | €4,332,039 | +€202,456 | +4.9% |
| Other amounts receivable | 41 | €344,769 | €808,221 | +€463,452 | +134% |
| Cash at bank and in hand | 54/58 | €1,174,066 | €887,696 | -€286,370 | -24.4% |
| Deferred charges and accrued income | 490/1 | €132,090 | €278,572 | +€146,482 | +111% |
| Total equity and liabilities | 10/49 | €8,198,166 | €8,979,811 | +€781,645 | +9.5% |
| Equity | 10/15 | €1,207,442 | €1,895,672 | +€688,230 | +57.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €2,459 | €2,459 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €600 | €600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,186,391 | €1,874,621 | +€688,230 | +58.0% |
| Provisions and deferred taxes | 16 | €203,481 | €61,044 | -€142,437 | -70.0% |
| Provisions for liabilities and charges | 160/5 | €203,481 | €61,044 | -€142,437 | -70.0% |
| Other liabilities and charges | 164/5 | €203,481 | €61,044 | -€142,437 | -70.0% |
| Amounts payable | 17/49 | €6,787,242 | €7,023,095 | +€235,852 | +3.5% |
| Amounts payable after more than one year | 17 | €1,130,611 | €938,930 | -€191,680 | -17.0% |
| Financial debts | 170/4 | €1,130,611 | €938,930 | -€191,680 | -17.0% |
| Credit institutions | 173 | €1,130,611 | €938,930 | -€191,680 | -17.0% |
| Amounts payable within one year | 42/48 | €5,654,517 | €6,078,555 | +€424,037 | +7.5% |
| Current portion of amounts payable after more than one year | 42 | €197,434 | €205,881 | +€8,447 | +4.3% |
| Financial debts | 43 | €401,120 | €635,081 | +€233,961 | +58.3% |
| Credit institutions | 430/8 | €401,120 | €635,081 | +€233,961 | +58.3% |
| Trade debts | 44 | €2,380,495 | €2,886,908 | +€506,412 | +21.3% |
| Suppliers | 440/4 | €2,380,495 | €2,886,908 | +€506,412 | +21.3% |
| Advances received on contracts in progress | 46 | €1,636,056 | €1,286,548 | -€349,509 | -21.4% |
| Taxes, remuneration and social security | 45 | €1,039,411 | €1,064,137 | +€24,726 | +2.4% |
| Taxes | 450/3 | €565,254 | €481,739 | -€83,515 | -14.8% |
| Remuneration and social security | 454/9 | €474,158 | €582,399 | +€108,241 | +22.8% |
| Accrued charges and deferred income | 492/3 | €2,114 | €5,610 | +€3,496 | +165% |
| Operating income | 70/76A | €23,910,330 | €26,851,413 | +€2.9m | +12.3% |
| Turnover | 70 | €23,620,809 | €26,513,875 | +€2.9m | +12.2% |
| Other operating income | 74 | €280,703 | €323,652 | +€42,949 | +15.3% |
| Non-recurring operating income | 76A | €8,819 | €13,886 | +€5,068 | +57.5% |
| Operating charges | 60/66A | €23,071,017 | €25,551,671 | +€2.5m | +10.8% |
| Goods for resale, raw materials and consumables | 60 | €11,279,010 | €13,114,007 | +€1.8m | +16.3% |
| Purchases | 600/8 | €11,293,786 | €12,970,415 | +€1.7m | +14.8% |
| Change in stocks: decrease (increase) | 609 | -€14,776 | €143,593 | +€158,368 | |
| Services and other goods | 61 | €7,217,729 | €6,807,355 | -€410,375 | -5.7% |
| Remuneration, social security and pensions | 62 | €3,830,482 | €5,053,255 | +€1.2m | +31.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €289,512 | €350,315 | +€60,803 | +21.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €700 | +€700 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €203,481 | -€142,437 | -€345,918 | |
| Other operating charges | 640/8 | €248,556 | €48,075 | -€200,481 | -80.7% |
| Non-recurring operating charges | 66A | €2,247 | €320,401 | +€318,155 | +14,162% |
| Operating profit (loss) | 9901 | €839,313 | €1,299,742 | +€460,429 | +54.9% |
| Financial income | 75/76B | €10,704 | €8,362 | -€2,342 | -21.9% |
| Recurring financial income | 75 | €10,704 | €8,362 | -€2,342 | -21.9% |
| Income from financial fixed assets | 750 | €129 | €0 | -€129 | -100% |
| Income from current assets | 751 | €7,734 | €7,850 | +€116 | +1.5% |
| Other financial income | 752/9 | €2,841 | €512 | -€2,329 | -82.0% |
| Financial charges | 65/66B | €290,096 | €232,997 | -€57,099 | -19.7% |
| Recurring financial charges | 65 | €290,096 | €232,997 | -€57,099 | -19.7% |
| Debt charges | 650 | €151,930 | €74,231 | -€77,698 | -51.1% |
| Other financial charges | 652/9 | €138,167 | €158,766 | +€20,599 | +14.9% |
| Profit (loss) for the period before taxes | 9903 | €559,921 | €1,075,107 | +€515,186 | +92.0% |
| Income taxes | 67/77 | €256,848 | €386,877 | +€130,030 | +50.6% |
| Taxes | 670/3 | €256,848 | €386,877 | +€130,030 | +50.6% |
| Profit (loss) for the period | 9904 | €303,073 | €688,230 | +€385,157 | +127% |
| Profit (loss) for the period to be appropriated | 9905 | €303,073 | €688,230 | +€385,157 | +127% |
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 21 October 2026 via checked.be.