Panamas: 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.
Panamas
Largest movements
- Receivables within one year +€17,993
up €17,993 (+26.8%), from €67,159 to €85,152
of which Other amounts receivable: +€19,560
- Cash -€15,148
down €15,148 (-23.4%), from €64,688 to €49,540
mainly Tax, wage and social debts (-€21,328) and Receivables within one year (-€17,993)
- Tangible fixed assets -€14,635
down €14,635 (-29.2%), from €50,054 to €35,420
- Current investments -€8,500
down €8,500 (-44.5%), from €19,086 to €10,586
- Tax, wage and social debts -€21,328
down €21,328 (-50.1%), from €42,541 to €21,213
- Profit (loss) carried forward +€10,509
up €10,509 (+8.7%), from €121,364 to €131,873
- Debts after one year -€9,212
down €9,212 (-38.9%), from €23,702 to €14,490
- Gross operating margin -€22,104
down €22,104 (-40.8%), from €54,145 to €32,041
- Taxes -€4,712
down €4,712 (-46.0%), from €10,245 to €5,532
- Financial income -€3,588
down €3,588 (-55.3%), from €6,492 to €2,905
- Financial charges +€1,948
up €1,948 (+114.2%), from €1,706 to €3,654
- Depreciation +€1,186
up €1,186 (+8.8%), from €13,485 to €14,671
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 | €201,971 | €182,169 | -€19,803 | -9.8% |
| Fixed assets | 21/28 | €50,054 | €35,420 | -€14,635 | -29.2% |
| Tangible fixed assets | 22/27 | €50,054 | €35,420 | -€14,635 | -29.2% |
| Furniture and vehicles | 24 | €50,054 | €35,420 | -€14,635 | -29.2% |
| Current assets | 29/58 | €151,917 | €146,749 | -€5,168 | -3.4% |
| Amounts receivable within one year | 40/41 | €67,159 | €85,152 | +€17,993 | +26.8% |
| Trade receivables | 40 | €11,050 | €9,484 | -€1,567 | -14.2% |
| Other amounts receivable | 41 | €56,109 | €75,669 | +€19,560 | +34.9% |
| Current investments | 50/53 | €19,086 | €10,586 | -€8,500 | -44.5% |
| Cash at bank and in hand | 54/58 | €64,688 | €49,540 | -€15,148 | -23.4% |
| Deferred charges and accrued income | 490/1 | €985 | €1,472 | +€487 | +49.4% |
| Total equity and liabilities | 10/49 | €201,971 | €182,169 | -€19,803 | -9.8% |
| Equity | 10/15 | €123,364 | €133,873 | +€10,509 | +8.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €121,364 | €131,873 | +€10,509 | +8.7% |
| Amounts payable | 17/49 | €78,608 | €48,296 | -€30,311 | -38.6% |
| Amounts payable after more than one year | 17 | €23,702 | €14,490 | -€9,212 | -38.9% |
| Financial debts | 170/4 | €23,702 | €14,490 | -€9,212 | -38.9% |
| Amounts payable within one year | 42/48 | €54,905 | €33,806 | -€21,099 | -38.4% |
| Current portion of amounts payable after more than one year | 42 | €8,869 | €9,212 | +€343 | +3.9% |
| Financial debts | 43 | €79 | €520 | +€441 | +561.2% |
| Credit institutions | 430/8 | €79 | €520 | +€441 | +561.2% |
| Trade debts | 44 | €3,417 | €2,862 | -€555 | -16.2% |
| Suppliers | 440/4 | €3,417 | €2,862 | -€555 | -16.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €42,541 | €21,213 | -€21,328 | -50.1% |
| Taxes | 450/3 | €42,541 | €21,213 | -€21,328 | -50.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,485 | €14,671 | +€1,186 | +8.8% |
| Other operating charges | 640/8 | €787 | €580 | -€207 | -26.3% |
| Gross operating margin | 9900 | €54,145 | €32,041 | -€22,104 | -40.8% |
| Operating profit (loss) | 9901 | €39,874 | €16,791 | -€23,084 | -57.9% |
| Financial income | 75/76B | €6,492 | €2,905 | -€3,588 | -55.3% |
| Recurring financial income | 75 | €6,492 | €2,905 | -€3,588 | -55.3% |
| Financial charges | 65/66B | €1,706 | €3,654 | +€1,948 | +114.2% |
| Recurring financial charges | 65 | €1,706 | €3,654 | +€1,948 | +114.2% |
| Profit (loss) for the period before taxes | 9903 | €44,660 | €16,041 | -€28,619 | -64.1% |
| Income taxes | 67/77 | €10,245 | €5,532 | -€4,712 | -46.0% |
| Profit (loss) for the period | 9904 | €34,416 | €10,509 | -€23,907 | -69.5% |
| Profit (loss) for the period to be appropriated | 9905 | €34,416 | €10,509 | -€23,907 | -69.5% |
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 11 October 2026 via checked.be.