PANAMIGA: what changed
Two fiscal 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.
PANAMIGA
Largest movements
- Intangible fixed assets -€25,323
no longer reported in 2025 (was €25,323)
- Cash -€12,874
down €12,874 (-84.4%), from €15,246 to €2,372
mainly Other debts (-€26,953) and Debts after one year (-€25,000)
- Tangible fixed assets -€3,637
no longer reported in 2025 (was €3,637)
of which Plant, machinery and equipment: -€2,831
- Stocks and contracts -€3,032
no longer reported in 2025 (was €3,032)
- Other debts -€26,953
no longer reported in 2025 (was €26,953)
- Debts after one year -€25,000
no longer reported in 2025 (was €25,000)
- Profit (loss) carried forward +€22,702
up €22,702 (+80.6%), from -€28,152 to -€5,450
- Tax, wage and social debts -€9,207
down €9,207 (-80.7%), from €11,402 to €2,195
of which Remuneration and social security: -€4,777
- Trade debts -€6,642
down €6,642 (-91.4%), from €7,269 to €627
- Staff costs -€29,494
down €29,494 (-64.1%), from €46,032 to €16,537
- Gross operating margin +€25,467
up €25,467 (+100.4%), from €25,371 to €50,838
- Depreciation -€3,812
no longer reported in 2025 (was €3,812)
- Other operating charges -€628
down €628 (-34.9%), from €1,798 to €1,170
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 | €47,472 | €2,372 | -€45,100 | -95.0% |
| Fixed assets | 21/28 | €28,960 | - | -€28,960 | |
| Intangible fixed assets | 21 | €25,323 | - | -€25,323 | |
| Tangible fixed assets | 22/27 | €3,637 | - | -€3,637 | |
| Plant, machinery and equipment | 23 | €2,831 | - | -€2,831 | |
| Other tangible fixed assets | 26 | €806 | - | -€806 | |
| Current assets | 29/58 | €18,512 | €2,372 | -€16,140 | -87.2% |
| Stocks and contracts in progress | 3 | €3,032 | - | -€3,032 | |
| Stocks | 30/36 | €3,032 | - | -€3,032 | |
| Amounts receivable within one year | 40/41 | €167 | - | -€167 | |
| Trade receivables | 40 | €166 | - | -€166 | |
| Other amounts receivable | 41 | €1 | - | -€1 | |
| Cash at bank and in hand | 54/58 | €15,246 | €2,372 | -€12,874 | -84.4% |
| Deferred charges and accrued income | 490/1 | €67 | - | -€67 | |
| Total equity and liabilities | 10/49 | €47,472 | €2,372 | -€45,100 | -95.0% |
| Equity | 10/15 | -€23,152 | -€450 | +€22,702 | +98.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,152 | -€5,450 | +€22,702 | +80.6% |
| Amounts payable | 17/49 | €70,625 | €2,822 | -€67,803 | -96.0% |
| Amounts payable after more than one year | 17 | €25,000 | - | -€25,000 | |
| Financial debts | 170/4 | €25,000 | - | -€25,000 | |
| Amounts payable within one year | 42/48 | €45,625 | €2,822 | -€42,803 | -93.8% |
| Trade debts | 44 | €7,269 | €627 | -€6,642 | -91.4% |
| Suppliers | 440/4 | €7,269 | €627 | -€6,642 | -91.4% |
| Taxes, remuneration and social security | 45 | €11,402 | €2,195 | -€9,207 | -80.7% |
| Taxes | 450/3 | €6,625 | €2,195 | -€4,430 | -66.9% |
| Remuneration and social security | 454/9 | €4,777 | - | -€4,777 | |
| Other amounts payable | 47/48 | €26,953 | - | -€26,953 | |
| Remuneration, social security and pensions | 62 | €46,032 | €16,537 | -€29,494 | -64.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,812 | - | -€3,812 | |
| Other operating charges | 640/8 | €1,798 | €1,170 | -€628 | -34.9% |
| Non-recurring operating charges | 66A | - | €8,816 | +€8,816 | |
| Gross operating margin | 9900 | €25,371 | €50,838 | +€25,467 | +100.4% |
| Operating profit (loss) | 9901 | -€26,271 | €24,315 | +€50,586 | |
| Financial income | 75/76B | €69 | €4 | -€65 | -94.2% |
| Recurring financial income | 75 | €69 | €4 | -€65 | -94.2% |
| Financial charges | 65/66B | €1,950 | €1,616 | -€334 | -17.1% |
| Recurring financial charges | 65 | €1,950 | €1,616 | -€334 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | -€28,152 | €22,702 | +€50,855 | |
| Profit (loss) for the period | 9904 | -€28,152 | €22,702 | +€50,855 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,152 | €22,702 | +€50,855 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.