PANEAU: 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.
PANEAU
Largest movements
- Cash +€15,803
up €15,803 (+35.5%), from €44,491 to €60,294
mainly Depreciation (+€11,963) and Net result for the year (+€8,366)
- Tangible fixed assets -€11,963
down €11,963 (-31.7%), from €37,692 to €25,729
- Receivables within one year +€3,984
up €3,984 (+49.1%), from €8,120 to €12,104
of which Other amounts receivable: +€3,728
- Reserves +€9,500
up €9,500 (+12.4%), from €76,500 to €86,000
- Tax, wage and social debts -€2,012
down €2,012 (-43.5%), from €4,623 to €2,612
- Profit (loss) carried forward -€1,134
down €1,134 (-70.8%), from €1,602 to €468
- Trade debts +€1,050
up €1,050 (+72.5%), from €1,448 to €2,498
- Gross operating margin -€9,592
down €9,592 (-28.9%), from €33,197 to €23,604
- Taxes -€1,587
down €1,587 (-27.7%), from €5,727 to €4,140
- Financial income +€1,453
new in 2025: €1,453
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 | €94,174 | €101,578 | +€7,405 | +7.9% |
| Fixed assets | 21/28 | €37,692 | €25,729 | -€11,963 | -31.7% |
| Tangible fixed assets | 22/27 | €37,692 | €25,729 | -€11,963 | -31.7% |
| Furniture and vehicles | 24 | €37,692 | €25,729 | -€11,963 | -31.7% |
| Current assets | 29/58 | €56,481 | €75,849 | +€19,368 | +34.3% |
| Amounts receivable within one year | 40/41 | €8,120 | €12,104 | +€3,984 | +49.1% |
| Trade receivables | 40 | €8,120 | €8,377 | +€257 | +3.2% |
| Other amounts receivable | 41 | - | €3,728 | +€3,728 | |
| Cash at bank and in hand | 54/58 | €44,491 | €60,294 | +€15,803 | +35.5% |
| Deferred charges and accrued income | 490/1 | €3,871 | €3,451 | -€420 | -10.8% |
| Total equity and liabilities | 10/49 | €94,174 | €101,578 | +€7,405 | +7.9% |
| Equity | 10/15 | €88,102 | €96,469 | +€8,366 | +9.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €76,500 | €86,000 | +€9,500 | +12.4% |
| Distributable reserves | 133 | €76,500 | €86,000 | +€9,500 | +12.4% |
| Profit (loss) carried forward | 14 | €1,602 | €468 | -€1,134 | -70.8% |
| Amounts payable | 17/49 | €6,071 | €5,110 | -€962 | -15.8% |
| Amounts payable within one year | 42/48 | €6,071 | €5,110 | -€962 | -15.8% |
| Trade debts | 44 | €1,448 | €2,498 | +€1,050 | +72.5% |
| Suppliers | 440/4 | €1,448 | €2,498 | +€1,050 | +72.5% |
| Taxes, remuneration and social security | 45 | €4,623 | €2,612 | -€2,012 | -43.5% |
| Taxes | 450/3 | €4,623 | €2,612 | -€2,012 | -43.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,963 | €11,963 | = | 0.0% |
| Other operating charges | 640/8 | €513 | €528 | +€14 | +2.8% |
| Gross operating margin | 9900 | €33,197 | €23,604 | -€9,592 | -28.9% |
| Operating profit (loss) | 9901 | €20,720 | €11,113 | -€9,607 | -46.4% |
| Financial income | 75/76B | - | €1,453 | +€1,453 | |
| Recurring financial income | 75 | - | €1,453 | +€1,453 | |
| Financial charges | 65/66B | €54 | €61 | +€7 | +13.1% |
| Recurring financial charges | 65 | €54 | €61 | +€7 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | €20,666 | €12,506 | -€8,160 | -39.5% |
| Income taxes | 67/77 | €5,727 | €4,140 | -€1,587 | -27.7% |
| Profit (loss) for the period | 9904 | €14,939 | €8,366 | -€6,573 | -44.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,939 | €8,366 | -€6,573 | -44.0% |
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 26 October 2026 via checked.be.