PANAMERICANA: 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.
PANAMERICANA
Largest movements
- Tangible fixed assets -€862,592
down €862,592 (-99.0%), from €871,012 to €8,420
of which Land and buildings: -€871,012
- Current investments -€200,000
no longer reported in 2025 (was €200,000)
- Intangible fixed assets +€22,000
new in 2025: €22,000
- Cash +€18,262
up €18,262 (+225%), from €8,123 to €26,385
mainly Investment in fixed assets (net) (+€828,922) and Net result for the year (+€209,648)
- Receivables within one year +€14,487
up €14,487 (+10.0%), from €144,992 to €159,479
of which Other amounts receivable: +€14,487
- Other debts -€622,979
down €622,979 (-57.5%), from €1.1m to €461,271
- Debts after one year -€531,952
no longer reported in 2025 (was €531,952)
- Profit (loss) carried forward +€209,648
up €209,648 (+38.6%), from -€543,688 to -€334,040
- Current portion of long-term debt -€62,669
no longer reported in 2025 (was €62,669)
- Gross operating margin +€440,932
up €440,932, from -€14,030 to €426,902
- Staff costs +€175,307
new in 2025: €175,307
- Financial charges -€15,558
down €15,558 (-32.2%), from €48,301 to €32,743
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 | €1,224,127 | €216,284 | -€1.0m | -82.3% |
| Fixed assets | 21/28 | €871,012 | €30,420 | -€840,592 | -96.5% |
| Intangible fixed assets | 21 | - | €22,000 | +€22,000 | |
| Tangible fixed assets | 22/27 | €871,012 | €8,420 | -€862,592 | -99.0% |
| Land and buildings | 22 | €871,012 | - | -€871,012 | |
| Plant, machinery and equipment | 23 | - | €8,420 | +€8,420 | |
| Current assets | 29/58 | €353,115 | €185,864 | -€167,251 | -47.4% |
| Amounts receivable within one year | 40/41 | €144,992 | €159,479 | +€14,487 | +10.0% |
| Trade receivables | 40 | €144,000 | €144,000 | = | 0.0% |
| Other amounts receivable | 41 | €992 | €15,479 | +€14,487 | +1,460% |
| Current investments | 50/53 | €200,000 | - | -€200,000 | |
| Cash at bank and in hand | 54/58 | €8,123 | €26,385 | +€18,262 | +225% |
| Total equity and liabilities | 10/49 | €1,224,127 | €216,284 | -€1.0m | -82.3% |
| Equity | 10/15 | -€481,188 | -€271,540 | +€209,648 | +43.6% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€543,688 | -€334,040 | +€209,648 | +38.6% |
| Amounts payable | 17/49 | €1,705,315 | €487,824 | -€1.2m | -71.4% |
| Amounts payable after more than one year | 17 | €531,952 | - | -€531,952 | |
| Financial debts | 170/4 | €531,952 | - | -€531,952 | |
| Amounts payable within one year | 42/48 | €1,173,363 | €487,824 | -€685,539 | -58.4% |
| Current portion of amounts payable after more than one year | 42 | €62,669 | - | -€62,669 | |
| Trade debts | 44 | €26,443 | €19,444 | -€6,999 | -26.5% |
| Suppliers | 440/4 | €26,443 | €19,444 | -€6,999 | -26.5% |
| Taxes, remuneration and social security | 45 | - | €7,109 | +€7,109 | |
| Remuneration and social security | 454/9 | - | €7,109 | +€7,109 | |
| Other amounts payable | 47/48 | €1,084,250 | €461,271 | -€622,979 | -57.5% |
| Non-recurring operating income | 76A | - | €330,965 | +€330,965 | |
| Remuneration, social security and pensions | 62 | - | €175,307 | +€175,307 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,848 | €11,670 | +€3,822 | +48.7% |
| Other operating charges | 640/8 | €5,487 | €5,679 | +€191 | +3.5% |
| Gross operating margin | 9900 | -€14,030 | €426,902 | +€440,932 | |
| Operating profit (loss) | 9901 | -€27,366 | €234,247 | +€261,612 | |
| Financial income | 75/76B | €5,673 | €7,297 | +€1,624 | +28.6% |
| Recurring financial income | 75 | €5,673 | €7,297 | +€1,624 | +28.6% |
| Financial charges | 65/66B | €48,301 | €32,743 | -€15,558 | -32.2% |
| Recurring financial charges | 65 | €48,301 | €32,743 | -€15,558 | -32.2% |
| Profit (loss) for the period before taxes | 9903 | -€69,994 | €208,801 | +€278,795 | |
| Income taxes | 67/77 | €1,702 | -€847 | -€2,549 | |
| Profit (loss) for the period | 9904 | -€71,695 | €209,648 | +€281,343 | |
| Profit (loss) for the period to be appropriated | 9905 | -€71,695 | €209,648 | +€281,343 |
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 16 October 2026 via checked.be.