PANAMCO: what changed
PANAMCO
Largest movements
- Cash -€21,235
down €21,235 (-54.3%), from €39,131 to €17,896
mainly Contributions, distributions and other (-€38,486) and Receivables within one year (-€4,588)
- Receivables within one year +€4,588
up €4,588 (+206%), from €2,226 to €6,813
of which Trade receivables: +€3,121
- Contributions -€18,000
down €18,000 (-97.0%), from €18,550 to €550
- Reserves -€3,372
down €3,372 (-16.5%), from €20,486 to €17,114
of which Distributable reserves: -€3,372
- Other debts +€2,846
up €2,846 (+385%), from €739 to €3,585
- Trade debts +€1,751
up €1,751 (+85.5%), from €2,048 to €3,799
- Gross operating margin +€22,912
up €22,912 (+6,024%), from €380 to €23,292
- Taxes +€5,476
new in 2025: €5,476
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €41,823 | €25,052 | -€16,771 | -40.1% |
| Current assets | 29/58 | €41,823 | €25,052 | -€16,771 | -40.1% |
| Amounts receivable within one year | 40/41 | €2,226 | €6,813 | +€4,588 | +206% |
| Trade receivables | 40 | - | €3,121 | +€3,121 | |
| Other amounts receivable | 41 | €2,226 | €3,693 | +€1,467 | +65.9% |
| Cash at bank and in hand | 54/58 | €39,131 | €17,896 | -€21,235 | -54.3% |
| Deferred charges and accrued income | 490/1 | €467 | €343 | -€124 | -26.6% |
| Total equity and liabilities | 10/49 | €41,823 | €25,052 | -€16,771 | -40.1% |
| Equity | 10/15 | €39,036 | €17,664 | -€21,372 | -54.7% |
| Contributions | 10/11 | €18,550 | €550 | -€18,000 | -97.0% |
| Reserves | 13 | €20,486 | €17,114 | -€3,372 | -16.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €20,486 | €17,114 | -€3,372 | -16.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,787 | €7,387 | +€4,601 | +165% |
| Amounts payable within one year | 42/48 | €2,787 | €7,384 | +€4,597 | +165% |
| Trade debts | 44 | €2,048 | €3,799 | +€1,751 | +85.5% |
| Suppliers | 440/4 | €2,048 | €3,799 | +€1,751 | +85.5% |
| Other amounts payable | 47/48 | €739 | €3,585 | +€2,846 | +385% |
| Accrued charges and deferred income | 492/3 | - | €3 | +€3 | |
| Other operating charges | 640/8 | €543 | €528 | -€16 | -2.9% |
| Gross operating margin | 9900 | €380 | €23,292 | +€22,912 | +6,024% |
| Operating profit (loss) | 9901 | -€163 | €22,764 | +€22,927 | |
| Financial charges | 65/66B | €54 | €174 | +€120 | +223% |
| Recurring financial charges | 65 | €54 | €174 | +€120 | +223% |
| Profit (loss) for the period before taxes | 9903 | -€217 | €22,590 | +€22,807 | |
| Income taxes | 67/77 | - | €5,476 | +€5,476 | |
| Profit (loss) for the period | 9904 | -€217 | €17,114 | +€17,331 | |
| Profit (loss) for the period to be appropriated | 9905 | -€217 | €17,114 | +€17,331 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.