PANAME: 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.
PANAME
Largest movements
- Financial fixed assets +€205,762
up €205,762 (+102,881%), from €200 to €205,962
- Tangible fixed assets -€47,554
down €47,554 (-31.8%), from €149,682 to €102,128
of which Other tangible fixed assets: -€56,366
- Receivables within one year +€30,538
up €30,538 (+4.4%), from €699,215 to €729,753
of which Other amounts receivable: +€268,083
- Cash +€21,348
up €21,348 (+38,431%), from €56 to €21,404
mainly Debts after one year (+€151,250) and Depreciation (+€89,545)
- Debts after one year +€151,250
up €151,250 (+92.9%), from €162,729 to €313,979
of which Other amounts payable: +€200,000
- Profit (loss) carried forward +€63,321
up €63,321 (+23.3%), from €271,309 to €334,630
- Other debts +€50,365
up €50,365 (+71.4%), from €70,582 to €120,948
- Tax, wage and social debts -€31,556
down €31,556 (-68.1%), from €46,330 to €14,774
of which Remuneration and social security: -€36,000
- Trade debts -€25,476
down €25,476 (-12.2%), from €208,390 to €182,914
- Gross operating margin +€56,863
up €56,863 (+106%), from €53,632 to €110,496
- Depreciation -€10,698
down €10,698 (-10.7%), from €100,243 to €89,545
- Financial income +€5,762
new in 2025: €5,762
- Taxes +€3,587
up €3,587 (+3,428%), from €105 to €3,691
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 | €849,932 | €1,059,908 | +€209,976 | +24.7% |
| Fixed assets | 21/28 | €149,882 | €308,090 | +€158,208 | +106% |
| Tangible fixed assets | 22/27 | €149,682 | €102,128 | -€47,554 | -31.8% |
| Land and buildings | 22 | €23,160 | €43,345 | +€20,186 | +87.2% |
| Plant, machinery and equipment | 23 | €63,439 | €54,800 | -€8,639 | -13.6% |
| Furniture and vehicles | 24 | €6,716 | €3,982 | -€2,734 | -40.7% |
| Other tangible fixed assets | 26 | €56,366 | - | -€56,366 | |
| Financial fixed assets | 28 | €200 | €205,962 | +€205,762 | +102,881% |
| Current assets | 29/58 | €700,050 | €751,819 | +€51,768 | +7.4% |
| Amounts receivable within one year | 40/41 | €699,215 | €729,753 | +€30,538 | +4.4% |
| Trade receivables | 40 | €546,335 | €308,791 | -€237,544 | -43.5% |
| Other amounts receivable | 41 | €152,880 | €420,963 | +€268,083 | +175% |
| Cash at bank and in hand | 54/58 | €56 | €21,404 | +€21,348 | +38,431% |
| Deferred charges and accrued income | 490/1 | €780 | €661 | -€119 | -15.2% |
| Total equity and liabilities | 10/49 | €849,932 | €1,059,908 | +€209,976 | +24.7% |
| Equity | 10/15 | €293,309 | €356,630 | +€63,321 | +21.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €271,309 | €334,630 | +€63,321 | +23.3% |
| Amounts payable | 17/49 | €556,623 | €703,279 | +€146,656 | +26.3% |
| Amounts payable after more than one year | 17 | €162,729 | €313,979 | +€151,250 | +92.9% |
| Financial debts | 170/4 | €162,729 | €113,979 | -€48,750 | -30.0% |
| Other amounts payable | 178/9 | - | €200,000 | +€200,000 | |
| Amounts payable within one year | 42/48 | €393,894 | €389,300 | -€4,594 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €67,592 | €69,664 | +€2,072 | +3.1% |
| Trade debts | 44 | €208,390 | €182,914 | -€25,476 | -12.2% |
| Suppliers | 440/4 | €208,390 | €182,914 | -€25,476 | -12.2% |
| Advances received on contracts in progress | 46 | €1,000 | €1,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €46,330 | €14,774 | -€31,556 | -68.1% |
| Taxes | 450/3 | €10,330 | €14,774 | +€4,444 | +43.0% |
| Remuneration and social security | 454/9 | €36,000 | - | -€36,000 | |
| Other amounts payable | 47/48 | €70,582 | €120,948 | +€50,365 | +71.4% |
| Non-recurring operating income | 76A | €7,454 | €1,978 | -€5,475 | -73.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,243 | €89,545 | -€10,698 | -10.7% |
| Other operating charges | 640/8 | €284 | €186 | -€98 | -34.5% |
| Gross operating margin | 9900 | €53,632 | €110,496 | +€56,863 | +106% |
| Operating profit (loss) | 9901 | -€46,895 | €20,765 | +€67,659 | |
| Financial income | 75/76B | - | €5,762 | +€5,762 | |
| Recurring financial income | 75 | - | €5,762 | +€5,762 | |
| Financial charges | 65/66B | €5,185 | €4,926 | -€259 | -5.0% |
| Recurring financial charges | 65 | €5,185 | €4,926 | -€259 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | -€52,080 | €21,600 | +€73,680 | |
| Income taxes | 67/77 | €105 | €3,691 | +€3,587 | +3,428% |
| Profit (loss) for the period | 9904 | -€52,184 | €17,909 | +€70,093 | |
| Profit (loss) for the period to be appropriated | 9905 | -€52,184 | €17,909 | +€70,093 |
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 29 October 2026 via checked.be.