PANATH MANAGEMENT: 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.
PANATH MANAGEMENT
Largest movements
- Tangible fixed assets -€13,951
down €13,951 (-4.9%), from €284,434 to €270,483
of which Land and buildings: -€13,430
- Debts after one year -€22,925
down €22,925 (-59.6%), from €38,486 to €15,561
- Other debts +€9,673
up €9,673 (+3.7%), from €260,703 to €270,376
- Profit (loss) carried forward -€3,727
down €3,727 (-4.1%), from -€90,102 to -€93,829
- Gross operating margin -€1,367
down €1,367 (-7.5%), from €18,185 to €16,818
- Financial charges -€972
down €972 (-23.4%), from €4,145 to €3,173
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 | €303,794 | €289,864 | -€13,930 | -4.6% |
| Fixed assets | 21/28 | €284,434 | €270,483 | -€13,951 | -4.9% |
| Tangible fixed assets | 22/27 | €284,434 | €270,483 | -€13,951 | -4.9% |
| Land and buildings | 22 | €283,517 | €270,087 | -€13,430 | -4.7% |
| Furniture and vehicles | 24 | €917 | €396 | -€521 | -56.8% |
| Current assets | 29/58 | €19,360 | €19,381 | +€21 | +0.1% |
| Amounts receivable within one year | 40/41 | €11,700 | €11,350 | -€350 | -3.0% |
| Trade receivables | 40 | €11,700 | €11,350 | -€350 | -3.0% |
| Current investments | 50/53 | €11 | €11 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €4,887 | €4,702 | -€185 | -3.8% |
| Deferred charges and accrued income | 490/1 | €2,762 | €3,318 | +€556 | +20.1% |
| Total equity and liabilities | 10/49 | €303,794 | €289,864 | -€13,930 | -4.6% |
| Equity | 10/15 | -€50,102 | -€53,829 | -€3,727 | -7.4% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€90,102 | -€93,829 | -€3,727 | -4.1% |
| Amounts payable | 17/49 | €353,896 | €343,693 | -€10,203 | -2.9% |
| Amounts payable after more than one year | 17 | €38,486 | €15,561 | -€22,925 | -59.6% |
| Financial debts | 170/4 | €38,486 | €15,561 | -€22,925 | -59.6% |
| Amounts payable within one year | 42/48 | €289,369 | €302,091 | +€12,722 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €21,837 | €22,925 | +€1,088 | +5.0% |
| Trade debts | 44 | €3,764 | €5,217 | +€1,453 | +38.6% |
| Suppliers | 440/4 | €3,764 | €5,217 | +€1,453 | +38.6% |
| Taxes, remuneration and social security | 45 | €3,065 | €3,573 | +€508 | +16.6% |
| Taxes | 450/3 | €3,065 | €3,573 | +€508 | +16.6% |
| Other amounts payable | 47/48 | €260,703 | €270,376 | +€9,673 | +3.7% |
| Accrued charges and deferred income | 492/3 | €26,041 | €26,041 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,073 | €13,950 | -€123 | -0.9% |
| Other operating charges | 640/8 | €3,022 | €3,118 | +€96 | +3.2% |
| Gross operating margin | 9900 | €18,185 | €16,818 | -€1,367 | -7.5% |
| Operating profit (loss) | 9901 | €1,090 | -€250 | -€1,340 | |
| Financial charges | 65/66B | €4,145 | €3,173 | -€972 | -23.4% |
| Recurring financial charges | 65 | €4,145 | €3,173 | -€972 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | -€3,055 | -€3,423 | -€368 | -12.0% |
| Income taxes | 67/77 | €319 | €304 | -€15 | -4.7% |
| Profit (loss) for the period | 9904 | -€3,374 | -€3,727 | -€353 | -10.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,374 | -€3,727 | -€353 | -10.5% |
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 25 October 2026 via checked.be.