PANE: 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.
PANE
Largest movements
- Tangible fixed assets -€48,086
down €48,086 (-4.7%), from €1.0m to €966,848
of which Land and buildings: -€30,932
- Cash -€41,917
down €41,917 (-27.8%), from €150,871 to €108,955
mainly Debts after one year (-€92,208) and Investment in fixed assets (net) (-€32,007)
- Receivables within one year +€17,269
up €17,269 (+494.8%), from €3,490 to €20,760
of which Other amounts receivable: +€17,502
- Intangible fixed assets -€16,695
down €16,695 (-14.0%), from €119,047 to €102,352
- Debts after one year -€92,208
down €92,208 (-9.1%), from €1.0m to €924,654
of which Financial debts: -€88,909
- Trade debts -€16,885
down €16,885 (-39.3%), from €42,940 to €26,055
- Reserves +€16,093
up €16,093 (+12.4%), from €130,171 to €146,264
of which Distributable reserves: +€16,093
- Gross operating margin -€40,486
down €40,486 (-16.4%), from €246,405 to €205,919
- Staff costs +€17,627
up €17,627 (+32.3%), from €54,516 to €72,143
- Taxes -€5,657
down €5,657 (-73.9%), from €7,653 to €1,996
- Depreciation +€5,375
up €5,375 (+5.9%), from €91,563 to €96,938
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 | €1,312,059 | €1,222,359 | -€89,700 | -6.8% |
| Fixed assets | 21/28 | €1,134,172 | €1,069,240 | -€64,931 | -5.7% |
| Intangible fixed assets | 21 | €119,047 | €102,352 | -€16,695 | -14.0% |
| Tangible fixed assets | 22/27 | €1,014,934 | €966,848 | -€48,086 | -4.7% |
| Land and buildings | 22 | €881,335 | €850,403 | -€30,932 | -3.5% |
| Plant, machinery and equipment | 23 | €122,367 | €97,550 | -€24,817 | -20.3% |
| Furniture and vehicles | 24 | €11,232 | €18,895 | +€7,663 | +68.2% |
| Financial fixed assets | 28 | €190 | €40 | -€150 | -78.9% |
| Current assets | 29/58 | €177,887 | €153,119 | -€24,769 | -13.9% |
| Stocks and contracts in progress | 3 | €18,550 | €18,550 | = | 0.0% |
| Stocks | 30/36 | €18,550 | €18,550 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,490 | €20,760 | +€17,269 | +494.8% |
| Trade receivables | 40 | €2,387 | €2,155 | -€232 | -9.7% |
| Other amounts receivable | 41 | €1,103 | €18,605 | +€17,502 | +1586.3% |
| Cash at bank and in hand | 54/58 | €150,871 | €108,955 | -€41,917 | -27.8% |
| Deferred charges and accrued income | 490/1 | €4,976 | €4,854 | -€121 | -2.4% |
| Total equity and liabilities | 10/49 | €1,312,059 | €1,222,359 | -€89,700 | -6.8% |
| Equity | 10/15 | €148,771 | €164,864 | +€16,093 | +10.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €130,171 | €146,264 | +€16,093 | +12.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €128,311 | €144,404 | +€16,093 | +12.5% |
| Amounts payable | 17/49 | €1,163,288 | €1,057,495 | -€105,793 | -9.1% |
| Amounts payable after more than one year | 17 | €1,016,862 | €924,654 | -€92,208 | -9.1% |
| Financial debts | 170/4 | €725,139 | €636,230 | -€88,909 | -12.3% |
| Other amounts payable | 178/9 | €291,724 | €288,424 | -€3,299 | -1.1% |
| Amounts payable within one year | 42/48 | €146,426 | €131,982 | -€14,444 | -9.9% |
| Current portion of amounts payable after more than one year | 42 | €87,709 | €88,909 | +€1,200 | +1.4% |
| Trade debts | 44 | €42,940 | €26,055 | -€16,885 | -39.3% |
| Suppliers | 440/4 | €42,940 | €26,055 | -€16,885 | -39.3% |
| Taxes, remuneration and social security | 45 | €15,304 | €15,722 | +€418 | +2.7% |
| Taxes | 450/3 | €10,975 | €9,357 | -€1,618 | -14.7% |
| Remuneration and social security | 454/9 | €4,329 | €6,366 | +€2,036 | +47.0% |
| Other amounts payable | 47/48 | €474 | €1,296 | +€823 | +173.7% |
| Accrued charges and deferred income | 492/3 | - | €859 | +€859 | |
| Remuneration, social security and pensions | 62 | €54,516 | €72,143 | +€17,627 | +32.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,563 | €96,938 | +€5,375 | +5.9% |
| Other operating charges | 640/8 | €4,697 | €4,096 | -€601 | -12.8% |
| Gross operating margin | 9900 | €246,405 | €205,919 | -€40,486 | -16.4% |
| Operating profit (loss) | 9901 | €95,630 | €32,743 | -€62,887 | -65.8% |
| Financial income | 75/76B | €18 | €155 | +€137 | +746.3% |
| Recurring financial income | 75 | €18 | €155 | +€137 | +746.3% |
| Financial charges | 65/66B | €16,755 | €14,810 | -€1,945 | -11.6% |
| Recurring financial charges | 65 | €16,755 | €14,810 | -€1,945 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €78,893 | €18,089 | -€60,805 | -77.1% |
| Income taxes | 67/77 | €7,653 | €1,996 | -€5,657 | -73.9% |
| Profit (loss) for the period | 9904 | €71,240 | €16,093 | -€55,147 | -77.4% |
| Profit (loss) for the period to be appropriated | 9905 | €71,240 | €16,093 | -€55,147 | -77.4% |
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 7 October 2026 via checked.be.