Panamon: what changed
Panamon
Largest movements
- Cash -€10,405
down €10,405 (-97.1%), from €10,711 to €305
mainly Receivables within one year (-€7,341) and Debts after one year (-€4,754)
- Receivables within one year +€7,341
up €7,341 (+162%), from €4,538 to €11,879
of which Trade receivables: +€5,627
- Reserves +€8,980
up €8,980 (+79.2%), from €11,340 to €20,320
- Debts after one year -€4,754
down €4,754 (-4.7%), from €101,142 to €96,388
- Trade debts -€4,748
down €4,748 (-87.8%), from €5,405 to €657
- Tax, wage and social debts -€4,159
down €4,159 (-66.4%), from €6,264 to €2,104
- Write-downs -€11,700
down €11,700 (-100%), from €11,700 to €0
- Gross operating margin +€7,847
up €7,847 (+64.2%), from €12,219 to €20,066
- Taxes +€1,183
up €1,183 (+1,120%), from €106 to €1,288
- Financial charges -€505
down €505 (-10.9%), from €4,630 to €4,124
- Depreciation +€504
up €504 (+13.3%), from €3,784 to €4,288
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 | €136,436 | €131,837 | -€4,600 | -3.4% |
| Fixed assets | 21/28 | €116,133 | €115,149 | -€984 | -0.8% |
| Tangible fixed assets | 22/27 | €116,133 | €115,149 | -€984 | -0.8% |
| Land and buildings | 22 | €114,143 | €111,109 | -€3,033 | -2.7% |
| Furniture and vehicles | 24 | €1,991 | €4,040 | +€2,049 | +103% |
| Current assets | 29/58 | €20,303 | €16,687 | -€3,615 | -17.8% |
| Amounts receivable within one year | 40/41 | €4,538 | €11,879 | +€7,341 | +162% |
| Trade receivables | 40 | €4,538 | €10,164 | +€5,627 | +124% |
| Other amounts receivable | 41 | €0 | €1,715 | +€1,715 | |
| Cash at bank and in hand | 54/58 | €10,711 | €305 | -€10,405 | -97.1% |
| Deferred charges and accrued income | 490/1 | €5,054 | €4,503 | -€551 | -10.9% |
| Total equity and liabilities | 10/49 | €136,436 | €131,837 | -€4,600 | -3.4% |
| Equity | 10/15 | €13,840 | €22,820 | +€8,980 | +64.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €11,340 | €20,320 | +€8,980 | +79.2% |
| Distributable reserves | 133 | €11,340 | €20,320 | +€8,980 | +79.2% |
| Amounts payable | 17/49 | €122,596 | €109,017 | -€13,580 | -11.1% |
| Amounts payable after more than one year | 17 | €101,142 | €96,388 | -€4,754 | -4.7% |
| Financial debts | 170/4 | €101,142 | €96,388 | -€4,754 | -4.7% |
| Amounts payable within one year | 42/48 | €20,803 | €11,978 | -€8,826 | -42.4% |
| Current portion of amounts payable after more than one year | 42 | €4,614 | €4,754 | +€140 | +3.0% |
| Financial debts | 43 | €334 | €988 | +€655 | +196% |
| Credit institutions | 430/8 | €334 | €988 | +€655 | +196% |
| Trade debts | 44 | €5,405 | €657 | -€4,748 | -87.8% |
| Suppliers | 440/4 | €5,405 | €657 | -€4,748 | -87.8% |
| Taxes, remuneration and social security | 45 | €6,264 | €2,104 | -€4,159 | -66.4% |
| Taxes | 450/3 | €6,264 | €2,104 | -€4,159 | -66.4% |
| Other amounts payable | 47/48 | €4,187 | €3,474 | -€713 | -17.0% |
| Accrued charges and deferred income | 492/3 | €652 | €651 | -€0 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,784 | €4,288 | +€504 | +13.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,700 | €0 | -€11,700 | -100% |
| Other operating charges | 640/8 | €1,628 | €1,390 | -€238 | -14.6% |
| Gross operating margin | 9900 | €12,219 | €20,066 | +€7,847 | +64.2% |
| Operating profit (loss) | 9901 | -€4,893 | €14,389 | +€19,281 | |
| Financial income | 75/76B | €0 | €4 | +€4 | |
| Recurring financial income | 75 | €0 | €4 | +€4 | |
| Financial charges | 65/66B | €4,630 | €4,124 | -€505 | -10.9% |
| Recurring financial charges | 65 | €4,630 | €4,124 | -€505 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | -€9,522 | €10,269 | +€19,791 | |
| Income taxes | 67/77 | €106 | €1,288 | +€1,183 | +1,120% |
| Profit (loss) for the period | 9904 | -€9,628 | €8,980 | +€18,608 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,628 | €8,980 | +€18,608 |
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 4 November 2026 via checked.be.