PANASI: 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.
PANASI
Largest movements
- Cash -€21,248
down €21,248 (-50.4%), from €42,141 to €20,893
mainly Net result for the year (-€19,734) and Tax, wage and social debts (-€11,570)
- Tangible fixed assets -€12,119
down €12,119 (-89.1%), from €13,605 to €1,486
of which Furniture and vehicles: -€12,119
- Receivables within one year +€6,818
up €6,818 (+38.5%), from €17,696 to €24,515
of which Trade receivables: +€6,762
- Deferred charges and accrued income -€1,890
down €1,890 (-38.0%), from €4,974 to €3,084
- Profit (loss) carried forward -€19,734
down €19,734, from €10,359 to -€9,374
- Tax, wage and social debts -€11,570
down €11,570 (-55.3%), from €20,908 to €9,338
of which Taxes: -€10,955
- Trade debts +€4,053
up €4,053 (+20.6%), from €19,651 to €23,704
- Other debts -€1,189
no longer reported in 2025 (was €1,189)
- Gross operating margin -€41,980
down €41,980, from €40,333 to -€1,647
- Depreciation -€6,460
down €6,460 (-83.1%), from €7,776 to €1,316
- Staff costs -€5,695
down €5,695 (-38.7%), from €14,709 to €9,014
- Financial charges +€1,566
up €1,566 (+338.1%), from €463 to €2,029
- Other operating charges +€727
up €727 (+13.1%), from €5,565 to €6,292
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 | €78,417 | €49,978 | -€28,439 | -36.3% |
| Fixed assets | 21/28 | €13,605 | €1,486 | -€12,119 | -89.1% |
| Tangible fixed assets | 22/27 | €13,605 | €1,486 | -€12,119 | -89.1% |
| Furniture and vehicles | 24 | €12,367 | €248 | -€12,119 | -98.0% |
| Other tangible fixed assets | 26 | €1,238 | €1,238 | = | 0.0% |
| Current assets | 29/58 | €64,812 | €48,492 | -€16,320 | -25.2% |
| Amounts receivable within one year | 40/41 | €17,696 | €24,515 | +€6,818 | +38.5% |
| Trade receivables | 40 | €17,677 | €24,439 | +€6,762 | +38.3% |
| Other amounts receivable | 41 | €19 | €75 | +€56 | +287.6% |
| Cash at bank and in hand | 54/58 | €42,141 | €20,893 | -€21,248 | -50.4% |
| Deferred charges and accrued income | 490/1 | €4,974 | €3,084 | -€1,890 | -38.0% |
| Total equity and liabilities | 10/49 | €78,417 | €49,978 | -€28,439 | -36.3% |
| Equity | 10/15 | €36,669 | €16,935 | -€19,734 | -53.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €7,709 | €7,709 | = | 0.0% |
| Non-distributable reserves | 130/1 | €709 | €709 | = | 0.0% |
| Reserves not available under the articles | 1311 | €709 | €709 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,000 | €7,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,359 | -€9,374 | -€19,734 | |
| Amounts payable | 17/49 | €41,748 | €33,043 | -€8,706 | -20.9% |
| Amounts payable within one year | 42/48 | €41,748 | €33,043 | -€8,706 | -20.9% |
| Trade debts | 44 | €19,651 | €23,704 | +€4,053 | +20.6% |
| Suppliers | 440/4 | €19,651 | €23,704 | +€4,053 | +20.6% |
| Taxes, remuneration and social security | 45 | €20,908 | €9,338 | -€11,570 | -55.3% |
| Taxes | 450/3 | €17,474 | €6,519 | -€10,955 | -62.7% |
| Remuneration and social security | 454/9 | €3,434 | €2,819 | -€615 | -17.9% |
| Other amounts payable | 47/48 | €1,189 | - | -€1,189 | |
| Non-recurring operating income | 76A | €6,274 | - | -€6,274 | |
| Remuneration, social security and pensions | 62 | €14,709 | €9,014 | -€5,695 | -38.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,776 | €1,316 | -€6,460 | -83.1% |
| Other operating charges | 640/8 | €5,565 | €6,292 | +€727 | +13.1% |
| Gross operating margin | 9900 | €40,333 | -€1,647 | -€41,980 | |
| Operating profit (loss) | 9901 | €12,284 | -€18,269 | -€30,552 | |
| Financial income | 75/76B | €130 | €614 | +€484 | +372.5% |
| Recurring financial income | 75 | €130 | €614 | +€484 | +372.5% |
| Financial charges | 65/66B | €463 | €2,029 | +€1,566 | +338.1% |
| Recurring financial charges | 65 | €463 | €2,029 | +€1,566 | +338.1% |
| Profit (loss) for the period before taxes | 9903 | €11,951 | -€19,683 | -€31,634 | |
| Income taxes | 67/77 | €60 | €51 | -€9 | -15.4% |
| Profit (loss) for the period | 9904 | €11,891 | -€19,734 | -€31,624 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,891 | -€19,734 | -€31,624 |
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 1 October 2026 via checked.be.