PANARISI: 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.
PANARISI
Largest movements
- Tangible fixed assets -€28,833
down €28,833 (-6.8%), from €423,562 to €394,729
- Receivables within one year +€20,978
up €20,978 (+1,259%), from €1,666 to €22,644
- Cash +€5,148
up €5,148 (+6.1%), from €84,007 to €89,155
mainly Depreciation (+€28,833) and Net result for the year (+€9,751)
- Profit (loss) carried forward +€9,751
up €9,751 (+24.5%), from €39,763 to €49,514
- Debts after one year -€9,653
down €9,653 (-49.9%), from €19,343 to €9,690
of which Financial debts: -€15,143
- Current portion of long-term debt -€7,290
down €7,290 (-32.5%), from €22,433 to €15,143
- Gross operating margin +€14,110
up €14,110 (+40.3%), from €35,049 to €49,160
- Taxes +€3,572
up €3,572 (+3,517%), from €102 to €3,674
- Depreciation +€1,035
up €1,035 (+3.7%), from €27,798 to €28,833
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 | €511,735 | €509,527 | -€2,208 | -0.4% |
| Fixed assets | 21/28 | €423,562 | €394,729 | -€28,833 | -6.8% |
| Tangible fixed assets | 22/27 | €423,562 | €394,729 | -€28,833 | -6.8% |
| Land and buildings | 22 | €423,562 | €394,729 | -€28,833 | -6.8% |
| Current assets | 29/58 | €88,173 | €114,799 | +€26,625 | +30.2% |
| Amounts receivable within one year | 40/41 | €1,666 | €22,644 | +€20,978 | +1,259% |
| Other amounts receivable | 41 | €1,666 | €22,644 | +€20,978 | +1,259% |
| Cash at bank and in hand | 54/58 | €84,007 | €89,155 | +€5,148 | +6.1% |
| Deferred charges and accrued income | 490/1 | €2,500 | €3,000 | +€500 | +20.0% |
| Total equity and liabilities | 10/49 | €511,735 | €509,527 | -€2,208 | -0.4% |
| Equity | 10/15 | €466,665 | €476,416 | +€9,751 | +2.1% |
| Contributions | 10/11 | €425,000 | €425,000 | = | 0.0% |
| Reserves | 13 | €1,901 | €1,901 | = | 0.0% |
| Distributable reserves | 133 | €1,901 | €1,901 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,763 | €49,514 | +€9,751 | +24.5% |
| Amounts payable | 17/49 | €45,071 | €33,112 | -€11,959 | -26.5% |
| Amounts payable after more than one year | 17 | €19,343 | €9,690 | -€9,653 | -49.9% |
| Financial debts | 170/4 | €15,143 | - | -€15,143 | |
| Other amounts payable | 178/9 | €4,200 | €9,690 | +€5,490 | +131% |
| Amounts payable within one year | 42/48 | €25,727 | €23,422 | -€2,306 | -9.0% |
| Current portion of amounts payable after more than one year | 42 | €22,433 | €15,143 | -€7,290 | -32.5% |
| Trade debts | 44 | €192 | €2,337 | +€2,145 | +1,117% |
| Suppliers | 440/4 | €192 | €2,337 | +€2,145 | +1,117% |
| Advances received on contracts in progress | 46 | €3,000 | €2,166 | -€834 | -27.8% |
| Taxes, remuneration and social security | 45 | €102 | €3,776 | +€3,674 | +3,598% |
| Taxes | 450/3 | €102 | €3,776 | +€3,674 | +3,598% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,798 | €28,833 | +€1,035 | +3.7% |
| Other operating charges | 640/8 | €6,259 | €6,457 | +€197 | +3.1% |
| Gross operating margin | 9900 | €35,049 | €49,160 | +€14,110 | +40.3% |
| Operating profit (loss) | 9901 | €991 | €13,870 | +€12,878 | +1,299% |
| Financial income | 75/76B | €214 | €36 | -€178 | -83.3% |
| Recurring financial income | 75 | €214 | €36 | -€178 | -83.3% |
| Financial charges | 65/66B | €824 | €481 | -€343 | -41.6% |
| Recurring financial charges | 65 | €824 | €481 | -€343 | -41.6% |
| Profit (loss) for the period before taxes | 9903 | €382 | €13,424 | +€13,043 | +3,419% |
| Income taxes | 67/77 | €102 | €3,674 | +€3,572 | +3,517% |
| Profit (loss) for the period | 9904 | €280 | €9,751 | +€9,471 | +3,383% |
| Profit (loss) for the period to be appropriated | 9905 | €280 | €9,751 | +€9,471 | +3,383% |
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 19 October 2026 via checked.be.