Panax: 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.
Panax
Largest movements
- Cash +€31,581
up €31,581 (+58.7%), from €53,792 to €85,373
mainly Net result for the year (+€19,163) and Receivables within one year (+€6,863)
- Receivables within one year -€6,863
down €6,863 (-34.7%), from €19,774 to €12,911
- Tangible fixed assets +€1,036
new in 2025: €1,036
- Profit (loss) carried forward +€19,163
up €19,163 (+36.4%), from €52,646 to €71,810
- Trade debts +€6,073
up €6,073 (+6306.7%), from €96 to €6,169
- Other debts +€3,698
up €3,698 (+62.1%), from €5,958 to €9,657
- Tax, wage and social debts -€3,181
down €3,181 (-25.7%), from €12,366 to €9,185
of which Remuneration and social security: -€4,072
- Write-downs +€18,784
new in 2025: €18,784
- Gross operating margin -€5,160
down €5,160 (-10.5%), from €49,062 to €43,902
- Taxes -€4,844
down €4,844 (-47.0%), from €10,313 to €5,469
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 | €73,567 | €99,320 | +€25,754 | +35.0% |
| Fixed assets | 21/28 | - | €1,036 | +€1,036 | |
| Tangible fixed assets | 22/27 | - | €1,036 | +€1,036 | |
| Furniture and vehicles | 24 | - | €1,036 | +€1,036 | |
| Current assets | 29/58 | €73,567 | €98,284 | +€24,717 | +33.6% |
| Amounts receivable within one year | 40/41 | €19,774 | €12,911 | -€6,863 | -34.7% |
| Trade receivables | 40 | €19,774 | €12,911 | -€6,863 | -34.7% |
| Cash at bank and in hand | 54/58 | €53,792 | €85,373 | +€31,581 | +58.7% |
| Total equity and liabilities | 10/49 | €73,567 | €99,320 | +€25,754 | +35.0% |
| Equity | 10/15 | €55,146 | €74,310 | +€19,163 | +34.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,646 | €71,810 | +€19,163 | +36.4% |
| Amounts payable | 17/49 | €18,420 | €25,011 | +€6,591 | +35.8% |
| Amounts payable within one year | 42/48 | €18,420 | €25,011 | +€6,591 | +35.8% |
| Trade debts | 44 | €96 | €6,169 | +€6,073 | +6306.7% |
| Suppliers | 440/4 | €96 | €6,169 | +€6,073 | +6306.7% |
| Taxes, remuneration and social security | 45 | €12,366 | €9,185 | -€3,181 | -25.7% |
| Taxes | 450/3 | €8,294 | €9,185 | +€892 | +10.7% |
| Remuneration and social security | 454/9 | €4,072 | €0 | -€4,072 | -100.0% |
| Other amounts payable | 47/48 | €5,958 | €9,657 | +€3,698 | +62.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €32 | +€32 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €18,784 | +€18,784 | |
| Other operating charges | 640/8 | €788 | €400 | -€388 | -49.3% |
| Gross operating margin | 9900 | €49,062 | €43,902 | -€5,160 | -10.5% |
| Operating profit (loss) | 9901 | €48,274 | €24,687 | -€23,587 | -48.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €30 | €55 | +€25 | +83.3% |
| Recurring financial charges | 65 | €30 | €55 | +€25 | +83.3% |
| Profit (loss) for the period before taxes | 9903 | €48,244 | €24,632 | -€23,612 | -48.9% |
| Income taxes | 67/77 | €10,313 | €5,469 | -€4,844 | -47.0% |
| Profit (loss) for the period | 9904 | €37,931 | €19,163 | -€18,768 | -49.5% |
| Profit (loss) for the period to be appropriated | 9905 | €37,931 | €19,163 | -€18,768 | -49.5% |
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 8 October 2026 via checked.be.