PANE & PICASSO: 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.
PANE & PICASSO
Largest movements
- Receivables within one year +€34,440
up €34,440 (+96.1%), from €35,824 to €70,264
of which Other amounts receivable: +€63,808
- Tangible fixed assets +€19,089
up €19,089 (+50.9%), from €37,485 to €56,574
of which Plant, machinery and equipment: +€30,796
- Cash +€13,197
up €13,197 (+51.9%), from €25,415 to €38,612
mainly Net result for the year (+€52,359) and Tax, wage and social debts (+€20,534)
- Stocks and contracts -€5,589
down €5,589 (-24.0%), from €23,317 to €17,729
- Deferred charges and accrued income -€4,758
no longer reported in 2024 (was €4,758)
- Reserves +€26,577
new in 2024: €26,577
- Profit (loss) carried forward +€25,782
no longer reported in 2024 (was -€25,782)
- Tax, wage and social debts +€20,534
up €20,534 (+165.1%), from €12,437 to €32,971
of which Taxes: +€20,638
- Trade debts -€19,554
down €19,554 (-60.0%), from €32,574 to €13,020
- Other debts -€9,831
down €9,831 (-92.1%), from €10,680 to €849
- Gross operating margin -€38,552
down €38,552 (-18.3%), from €210,422 to €171,870
- Taxes +€15,724
up €15,724 (+230.0%), from €6,837 to €22,561
- Staff costs -€5,226
down €5,226 (-6.4%), from €81,564 to €76,337
- Depreciation +€3,216
up €3,216 (+22.1%), from €14,559 to €17,775
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €127,449 | €183,828 | +€56,380 | +44.2% |
| Fixed assets | 21/28 | €38,135 | €57,224 | +€19,089 | +50.1% |
| Tangible fixed assets | 22/27 | €37,485 | €56,574 | +€19,089 | +50.9% |
| Land and buildings | 22 | €12,211 | €10,903 | -€1,308 | -10.7% |
| Plant, machinery and equipment | 23 | €3,237 | €34,034 | +€30,796 | +951.3% |
| Furniture and vehicles | 24 | €14,050 | €6,642 | -€7,408 | -52.7% |
| Leasing and similar rights | 25 | €149 | - | -€149 | |
| Other tangible fixed assets | 26 | €7,837 | €4,995 | -€2,842 | -36.3% |
| Financial fixed assets | 28 | €650 | €650 | = | 0.0% |
| Current assets | 29/58 | €89,314 | €126,605 | +€37,291 | +41.8% |
| Stocks and contracts in progress | 3 | €23,317 | €17,729 | -€5,589 | -24.0% |
| Stocks | 30/36 | €23,317 | €17,729 | -€5,589 | -24.0% |
| Amounts receivable within one year | 40/41 | €35,824 | €70,264 | +€34,440 | +96.1% |
| Trade receivables | 40 | €32,069 | €2,701 | -€29,368 | -91.6% |
| Other amounts receivable | 41 | €3,755 | €67,563 | +€63,808 | +1699.1% |
| Cash at bank and in hand | 54/58 | €25,415 | €38,612 | +€13,197 | +51.9% |
| Deferred charges and accrued income | 490/1 | €4,758 | - | -€4,758 | |
| Total equity and liabilities | 10/49 | €127,449 | €183,828 | +€56,380 | +44.2% |
| Equity | 10/15 | -€7,182 | €45,177 | +€52,359 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €26,577 | +€26,577 | |
| Distributable reserves | 133 | - | €26,577 | +€26,577 | |
| Profit (loss) carried forward | 14 | -€25,782 | - | +€25,782 | |
| Amounts payable | 17/49 | €134,631 | €138,652 | +€4,021 | +3.0% |
| Amounts payable after more than one year | 17 | €54,327 | €60,092 | +€5,765 | +10.6% |
| Financial debts | 170/4 | €54,327 | €60,092 | +€5,765 | +10.6% |
| Amounts payable within one year | 42/48 | €80,304 | €78,560 | -€1,744 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €24,613 | €31,720 | +€7,107 | +28.9% |
| Trade debts | 44 | €32,574 | €13,020 | -€19,554 | -60.0% |
| Suppliers | 440/4 | €32,574 | €13,020 | -€19,554 | -60.0% |
| Taxes, remuneration and social security | 45 | €12,437 | €32,971 | +€20,534 | +165.1% |
| Taxes | 450/3 | €8,761 | €29,398 | +€20,638 | +235.6% |
| Remuneration and social security | 454/9 | €3,676 | €3,573 | -€103 | -2.8% |
| Other amounts payable | 47/48 | €10,680 | €849 | -€9,831 | -92.1% |
| Remuneration, social security and pensions | 62 | €81,564 | €76,337 | -€5,226 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,559 | €17,775 | +€3,216 | +22.1% |
| Other operating charges | 640/8 | €1,795 | €1,213 | -€582 | -32.4% |
| Non-recurring operating charges | 66A | €973 | - | -€973 | |
| Gross operating margin | 9900 | €210,422 | €171,870 | -€38,552 | -18.3% |
| Operating profit (loss) | 9901 | €111,531 | €76,545 | -€34,986 | -31.4% |
| Financial income | 75/76B | €19 | €609 | +€590 | +3111.0% |
| Recurring financial income | 75 | €19 | €609 | +€590 | +3111.0% |
| Financial charges | 65/66B | €3,405 | €2,233 | -€1,172 | -34.4% |
| Recurring financial charges | 65 | €3,405 | €2,233 | -€1,172 | -34.4% |
| Profit (loss) for the period before taxes | 9903 | €108,145 | €74,920 | -€33,225 | -30.7% |
| Income taxes | 67/77 | €6,837 | €22,561 | +€15,724 | +230.0% |
| Profit (loss) for the period | 9904 | €101,308 | €52,359 | -€48,949 | -48.3% |
| Profit (loss) for the period to be appropriated | 9905 | €101,308 | €52,359 | -€48,949 | -48.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.