PANASPORA: 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.
PANASPORA
Largest movements
- Receivables after one year -€53,860
no longer reported in 2025 (was €53,860)
- Receivables within one year -€47,532
down €47,532 (-59.0%), from €80,530 to €32,998
of which Trade receivables: -€54,202
- Cash +€21,013
up €21,013 (+41.5%), from €50,574 to €71,587
mainly Receivables after one year (+€53,860) and Receivables within one year (+€47,532)
- Profit (loss) carried forward -€119,986
down €119,986 (-80.3%), from €149,411 to €29,425
- Other debts +€41,740
new in 2025: €41,740
- Trade debts -€8,742
down €8,742 (-75.9%), from €11,515 to €2,773
- Tax, wage and social debts +€7,304
up €7,304 (+45.4%), from €16,079 to €23,383
of which Taxes: +€5,104
- Gross operating margin -€41,473
down €41,473 (-61.0%), from €68,009 to €26,536
- Staff costs +€4,000
new in 2025: €4,000
- Taxes +€2,599
up €2,599 (+15.1%), from €17,248 to €19,847
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 | €187,094 | €107,077 | -€80,017 | -42.8% |
| Fixed assets | 21/28 | €2,130 | €900 | -€1,230 | -57.7% |
| Tangible fixed assets | 22/27 | €2,130 | €900 | -€1,230 | -57.7% |
| Furniture and vehicles | 24 | €2,130 | €900 | -€1,230 | -57.7% |
| Current assets | 29/58 | €184,964 | €106,177 | -€78,787 | -42.6% |
| Amounts receivable after more than one year | 29 | €53,860 | - | -€53,860 | |
| Other amounts receivable | 291 | €53,860 | - | -€53,860 | |
| Amounts receivable within one year | 40/41 | €80,530 | €32,998 | -€47,532 | -59.0% |
| Trade receivables | 40 | €71,454 | €17,252 | -€54,202 | -75.9% |
| Other amounts receivable | 41 | €9,076 | €15,746 | +€6,670 | +73.5% |
| Cash at bank and in hand | 54/58 | €50,574 | €71,587 | +€21,013 | +41.5% |
| Deferred charges and accrued income | 490/1 | - | €1,592 | +€1,592 | |
| Total equity and liabilities | 10/49 | €187,094 | €107,077 | -€80,017 | -42.8% |
| Equity | 10/15 | €150,911 | €30,925 | -€119,986 | -79.5% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Capital | 10 | €1,500 | €1,500 | = | 0.0% |
| Issued capital | 100 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €149,411 | €29,425 | -€119,986 | -80.3% |
| Amounts payable | 17/49 | €36,183 | €76,152 | +€39,969 | +110.5% |
| Amounts payable within one year | 42/48 | €36,183 | €76,152 | +€39,969 | +110.5% |
| Current portion of amounts payable after more than one year | 42 | €8,589 | €8,256 | -€333 | -3.9% |
| Trade debts | 44 | €11,515 | €2,773 | -€8,742 | -75.9% |
| Suppliers | 440/4 | €11,515 | €2,773 | -€8,742 | -75.9% |
| Taxes, remuneration and social security | 45 | €16,079 | €23,383 | +€7,304 | +45.4% |
| Taxes | 450/3 | €16,076 | €21,180 | +€5,104 | +31.7% |
| Remuneration and social security | 454/9 | €3 | €2,203 | +€2,200 | +73333.3% |
| Other amounts payable | 47/48 | - | €41,740 | +€41,740 | |
| Remuneration, social security and pensions | 62 | - | €4,000 | +€4,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €861 | €527 | -€334 | -38.8% |
| Other operating charges | 640/8 | €1,265 | €1,258 | -€7 | -0.6% |
| Non-recurring operating charges | 66A | €219 | €890 | +€671 | +306.4% |
| Gross operating margin | 9900 | €68,009 | €26,536 | -€41,473 | -61.0% |
| Operating profit (loss) | 9901 | €65,664 | €19,861 | -€45,803 | -69.8% |
| Profit (loss) for the period before taxes | 9903 | €65,664 | €19,861 | -€45,803 | -69.8% |
| Income taxes | 67/77 | €17,248 | €19,847 | +€2,599 | +15.1% |
| Profit (loss) for the period | 9904 | €48,416 | €14 | -€48,402 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €48,416 | €14 | -€48,402 | -100.0% |
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 3 October 2026 via checked.be.