PANAMA-VDK: 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.
PANAMA-VDK
Largest movements
- Stocks and contracts -€13,327
down €13,327 (-22.5%), from €59,256 to €45,929
- Intangible fixed assets -€6,000
down €6,000 (-50.0%), from €12,000 to €6,000
- Cash -€4,545
down €4,545 (-3.9%), from €117,603 to €113,058
mainly Trade debts (-€32,334) and Investment in fixed assets (net) (-€8,028)
- Tangible fixed assets +€4,159
up €4,159 (+47.6%), from €8,746 to €12,905
of which Other tangible fixed assets: +€4,533
- Deferred charges and accrued income +€2,821
new in 2025: €2,821
- Trade debts -€32,334
down €32,334 (-67.1%), from €48,167 to €15,833
- Profit (loss) carried forward +€21,765
up €21,765 (+13.1%), from -€166,113 to -€144,348
- Tax, wage and social debts -€6,323
down €6,323 (-13.9%), from €45,603 to €39,280
of which Remuneration and social security: -€6,035
- Gross operating margin -€15,581
down €15,581 (-6.3%), from €246,425 to €230,844
- Staff costs +€9,957
up €9,957 (+5.5%), from €180,610 to €190,567
- Other operating charges +€8,049
up €8,049 (+2,118%), from €380 to €8,429
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 | €208,105 | €191,213 | -€16,892 | -8.1% |
| Fixed assets | 21/28 | €31,246 | €29,405 | -€1,841 | -5.9% |
| Intangible fixed assets | 21 | €12,000 | €6,000 | -€6,000 | -50.0% |
| Tangible fixed assets | 22/27 | €8,746 | €12,905 | +€4,159 | +47.6% |
| Plant, machinery and equipment | 23 | €1,413 | €1,113 | -€300 | -21.2% |
| Leasing and similar rights | 25 | €594 | €520 | -€74 | -12.5% |
| Other tangible fixed assets | 26 | €6,739 | €11,272 | +€4,533 | +67.3% |
| Financial fixed assets | 28 | €10,500 | €10,500 | = | 0.0% |
| Current assets | 29/58 | €176,859 | €161,808 | -€15,051 | -8.5% |
| Stocks and contracts in progress | 3 | €59,256 | €45,929 | -€13,327 | -22.5% |
| Stocks | 30/36 | €59,256 | €45,929 | -€13,327 | -22.5% |
| Cash at bank and in hand | 54/58 | €117,603 | €113,058 | -€4,545 | -3.9% |
| Deferred charges and accrued income | 490/1 | - | €2,821 | +€2,821 | |
| Total equity and liabilities | 10/49 | €208,105 | €191,213 | -€16,892 | -8.1% |
| Equity | 10/15 | -€145,653 | -€123,888 | +€21,765 | +14.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€166,113 | -€144,348 | +€21,765 | +13.1% |
| Amounts payable | 17/49 | €353,758 | €315,101 | -€38,657 | -10.9% |
| Amounts payable after more than one year | 17 | €76,290 | €76,290 | = | 0.0% |
| Financial debts | 170/4 | €76,290 | €76,290 | = | 0.0% |
| Amounts payable within one year | 42/48 | €277,468 | €238,811 | -€38,657 | -13.9% |
| Trade debts | 44 | €48,167 | €15,833 | -€32,334 | -67.1% |
| Suppliers | 440/4 | €48,167 | €15,833 | -€32,334 | -67.1% |
| Taxes, remuneration and social security | 45 | €45,603 | €39,280 | -€6,323 | -13.9% |
| Taxes | 450/3 | €18,458 | €18,170 | -€288 | -1.6% |
| Remuneration and social security | 454/9 | €27,145 | €21,110 | -€6,035 | -22.2% |
| Other amounts payable | 47/48 | €183,698 | €183,698 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €180,610 | €190,567 | +€9,957 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,134 | €9,869 | +€735 | +8.0% |
| Other operating charges | 640/8 | €380 | €8,429 | +€8,049 | +2,118% |
| Gross operating margin | 9900 | €246,425 | €230,844 | -€15,581 | -6.3% |
| Operating profit (loss) | 9901 | €56,301 | €21,979 | -€34,322 | -61.0% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €212 | €215 | +€3 | +1.4% |
| Recurring financial charges | 65 | €212 | €215 | +€3 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | €56,089 | €21,765 | -€34,324 | -61.2% |
| Profit (loss) for the period | 9904 | €56,089 | €21,765 | -€34,324 | -61.2% |
| Profit (loss) for the period to be appropriated | 9905 | €56,089 | €21,765 | -€34,324 | -61.2% |
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 18 October 2026 via checked.be.