PANAMERAGTS: 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.
PANAMERAGTS
Largest movements
- Receivables within one year +€15,690
up €15,690 (+27.3%), from €57,510 to €73,200
of which Trade receivables: +€10,705
- Deferred charges and accrued income +€1,700
new in 2025: €1,700
- Cash -€1,380
down €1,380 (-39.3%), from €3,511 to €2,131
mainly Receivables within one year (-€15,690) and Net result for the year (-€7,682)
- Trade debts +€20,707
up €20,707 (+36.8%), from €56,306 to €77,013
- Profit (loss) carried forward -€7,682
down €7,682 (-37.1%), from -€20,710 to -€28,392
- Advances received +€5,011
up €5,011 (+177%), from €2,829 to €7,840
- Tax, wage and social debts -€2,200
down €2,200 (-23.7%), from €9,277 to €7,077
of which Taxes: -€7,394
- Gross operating margin +€15,026
up €15,026, from -€1,979 to €13,047
- Staff costs +€11,282
up €11,282 (+221%), from €5,115 to €16,397
- Write-downs -€2,326
no longer reported in 2025 (was €2,326)
- Other operating charges +€1,233
new in 2025: €1,233
- Financial charges +€302
up €302 (+14.8%), from €2,042 to €2,344
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 | €66,306 | €82,139 | +€15,833 | +23.9% |
| Formation expenses | 20 | €1,018 | €764 | -€254 | -24.9% |
| Fixed assets | 21/28 | €4,267 | €4,344 | +€77 | +1.8% |
| Intangible fixed assets | 21 | €667 | €167 | -€500 | -75.0% |
| Tangible fixed assets | 22/27 | - | €578 | +€578 | |
| Furniture and vehicles | 24 | - | €578 | +€578 | |
| Financial fixed assets | 28 | €3,600 | €3,600 | = | 0.0% |
| Current assets | 29/58 | €61,021 | €77,030 | +€16,009 | +26.2% |
| Amounts receivable within one year | 40/41 | €57,510 | €73,200 | +€15,690 | +27.3% |
| Trade receivables | 40 | €15,496 | €26,201 | +€10,705 | +69.1% |
| Other amounts receivable | 41 | €42,014 | €46,999 | +€4,985 | +11.9% |
| Cash at bank and in hand | 54/58 | €3,511 | €2,131 | -€1,380 | -39.3% |
| Deferred charges and accrued income | 490/1 | - | €1,700 | +€1,700 | |
| Total equity and liabilities | 10/49 | €66,306 | €82,139 | +€15,833 | +23.9% |
| Equity | 10/15 | -€2,110 | -€9,792 | -€7,682 | -364% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,710 | -€28,392 | -€7,682 | -37.1% |
| Amounts payable | 17/49 | €68,416 | €91,931 | +€23,515 | +34.4% |
| Amounts payable within one year | 42/48 | €68,416 | €91,931 | +€23,515 | +34.4% |
| Financial debts | 43 | €4 | - | -€4 | |
| Credit institutions | 430/8 | €4 | - | -€4 | |
| Trade debts | 44 | €56,306 | €77,013 | +€20,707 | +36.8% |
| Suppliers | 440/4 | €56,306 | €77,013 | +€20,707 | +36.8% |
| Advances received on contracts in progress | 46 | €2,829 | €7,840 | +€5,011 | +177% |
| Taxes, remuneration and social security | 45 | €9,277 | €7,077 | -€2,200 | -23.7% |
| Taxes | 450/3 | €8,273 | €879 | -€7,394 | -89.4% |
| Remuneration and social security | 454/9 | €1,004 | €6,199 | +€5,195 | +517% |
| Remuneration, social security and pensions | 62 | €5,115 | €16,397 | +€11,282 | +221% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €827 | €755 | -€72 | -8.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,326 | - | -€2,326 | |
| Other operating charges | 640/8 | - | €1,233 | +€1,233 | |
| Gross operating margin | 9900 | -€1,979 | €13,047 | +€15,026 | |
| Operating profit (loss) | 9901 | -€10,247 | -€5,338 | +€4,909 | +47.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,042 | €2,344 | +€302 | +14.8% |
| Recurring financial charges | 65 | €2,042 | €2,344 | +€302 | +14.8% |
| Profit (loss) for the period before taxes | 9903 | -€12,289 | -€7,682 | +€4,607 | +37.5% |
| Profit (loss) for the period | 9904 | -€12,289 | -€7,682 | +€4,607 | +37.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,289 | -€7,682 | +€4,607 | +37.5% |
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 21 October 2026 via checked.be.