Panel Engineering: 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.
Panel Engineering
Largest movements
- Cash +€93,266
up €93,266 (+108.1%), from €86,295 to €179,561
mainly Current investments (+€89,434) and Net result for the year (+€60,528)
- Current investments -€89,434
down €89,434 (-44.3%), from €201,826 to €112,392
- Receivables within one year +€16,848
up €16,848 (+139.3%), from €12,092 to €28,940
- Deferred charges and accrued income +€5,673
up €5,673 (+277.6%), from €2,044 to €7,717
- Reserves +€10,271
up €10,271 (+4.4%), from €234,776 to €245,046
- Tax, wage and social debts +€8,207
up €8,207 (+61.6%), from €13,316 to €21,524
- Other debts +€5,303
up €5,303 (+11.5%), from €46,050 to €51,352
- Gross operating margin +€3,370
up €3,370 (+4.3%), from €78,439 to €81,809
- Financial income -€3,038
down €3,038 (-52.5%), from €5,782 to €2,744
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 | €302,382 | €328,610 | +€26,228 | +8.7% |
| Fixed assets | 21/28 | €125 | €0 | -€125 | -100.0% |
| Tangible fixed assets | 22/27 | €125 | €0 | -€125 | -100.0% |
| Land and buildings | 22 | €125 | €0 | -€125 | -100.0% |
| Current assets | 29/58 | €302,257 | €328,610 | +€26,353 | +8.7% |
| Amounts receivable within one year | 40/41 | €12,092 | €28,940 | +€16,848 | +139.3% |
| Trade receivables | 40 | €12,092 | €28,940 | +€16,848 | +139.3% |
| Current investments | 50/53 | €201,826 | €112,392 | -€89,434 | -44.3% |
| Cash at bank and in hand | 54/58 | €86,295 | €179,561 | +€93,266 | +108.1% |
| Deferred charges and accrued income | 490/1 | €2,044 | €7,717 | +€5,673 | +277.6% |
| Total equity and liabilities | 10/49 | €302,382 | €328,610 | +€26,228 | +8.7% |
| Equity | 10/15 | €240,976 | €251,246 | +€10,271 | +4.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €234,776 | €245,046 | +€10,271 | +4.4% |
| Distributable reserves | 133 | €234,776 | €245,046 | +€10,271 | +4.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €61,406 | €77,364 | +€15,957 | +26.0% |
| Amounts payable within one year | 42/48 | €61,406 | €74,191 | +€12,785 | +20.8% |
| Trade debts | 44 | €2,040 | €1,315 | -€726 | -35.6% |
| Suppliers | 440/4 | €2,040 | €1,315 | -€726 | -35.6% |
| Taxes, remuneration and social security | 45 | €13,316 | €21,524 | +€8,207 | +61.6% |
| Taxes | 450/3 | €13,316 | €21,524 | +€8,207 | +61.6% |
| Other amounts payable | 47/48 | €46,050 | €51,352 | +€5,303 | +11.5% |
| Accrued charges and deferred income | 492/3 | €0 | €3,173 | +€3,173 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €935 | €125 | -€810 | -86.6% |
| Other operating charges | 640/8 | €505 | €583 | +€78 | +15.4% |
| Gross operating margin | 9900 | €78,439 | €81,809 | +€3,370 | +4.3% |
| Operating profit (loss) | 9901 | €76,998 | €81,100 | +€4,102 | +5.3% |
| Financial income | 75/76B | €5,782 | €2,744 | -€3,038 | -52.5% |
| Recurring financial income | 75 | €5,782 | €2,744 | -€3,038 | -52.5% |
| Financial charges | 65/66B | €234 | €192 | -€42 | -18.0% |
| Recurring financial charges | 65 | €234 | €192 | -€42 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €82,547 | €83,652 | +€1,106 | +1.3% |
| Income taxes | 67/77 | €22,874 | €23,125 | +€251 | +1.1% |
| Profit (loss) for the period | 9904 | €59,673 | €60,528 | +€855 | +1.4% |
| Profit (loss) for the period to be appropriated | 9905 | €59,673 | €60,528 | +€855 | +1.4% |
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 11 October 2026 via checked.be.