PANELCO: 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.
PANELCO
Largest movements
- Tangible fixed assets -€20,831
down €20,831 (-24.5%), from €85,049 to €64,218
of which Furniture and vehicles: -€12,045
- Receivables within one year -€14,230
down €14,230 (-11.0%), from €129,129 to €114,899
of which Trade receivables: -€53,988
- Deferred charges and accrued income +€3,775
up €3,775 (+91.4%), from €4,130 to €7,905
- Profit (loss) carried forward -€32,949
down €32,949 (-78.2%), from -€42,130 to -€75,079
- Trade debts +€2,887
up €2,887 (+43.8%), from €6,596 to €9,483
- Accrued charges and deferred income -€2,416
down €2,416 (-52.8%), from €4,578 to €2,162
- Gross operating margin -€89,425
down €89,425, from €24,169 to -€65,256
- Financial income +€53,489
up €53,489 (+1245.7%), from €4,294 to €57,783
- Staff costs -€48,486
no longer reported in 2025 (was €48,486)
- Depreciation +€5,728
up €5,728 (+37.9%), from €15,103 to €20,831
- Taxes -€2,160
no longer reported in 2025 (was €2,160)
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 | €221,991 | €189,388 | -€32,603 | -14.7% |
| Fixed assets | 21/28 | €85,049 | €64,218 | -€20,831 | -24.5% |
| Tangible fixed assets | 22/27 | €85,049 | €64,218 | -€20,831 | -24.5% |
| Land and buildings | 22 | €34,402 | €25,615 | -€8,786 | -25.5% |
| Furniture and vehicles | 24 | €50,647 | €38,603 | -€12,045 | -23.8% |
| Current assets | 29/58 | €136,942 | €125,169 | -€11,773 | -8.6% |
| Amounts receivable within one year | 40/41 | €129,129 | €114,899 | -€14,230 | -11.0% |
| Trade receivables | 40 | €70,501 | €16,512 | -€53,988 | -76.6% |
| Other amounts receivable | 41 | €58,628 | €98,386 | +€39,758 | +67.8% |
| Cash at bank and in hand | 54/58 | €3,683 | €2,366 | -€1,317 | -35.8% |
| Deferred charges and accrued income | 490/1 | €4,130 | €7,905 | +€3,775 | +91.4% |
| Total equity and liabilities | 10/49 | €221,991 | €189,388 | -€32,603 | -14.7% |
| Equity | 10/15 | €209,692 | €176,743 | -€32,949 | -15.7% |
| Contributions | 10/11 | €68,600 | €68,600 | = | 0.0% |
| Reserves | 13 | €183,222 | €183,222 | = | 0.0% |
| Distributable reserves | 133 | €183,222 | €183,222 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€42,130 | -€75,079 | -€32,949 | -78.2% |
| Amounts payable | 17/49 | €12,299 | €12,645 | +€346 | +2.8% |
| Amounts payable after more than one year | 17 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 178/9 | €1,000 | €1,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €6,722 | €9,483 | +€2,761 | +41.1% |
| Financial debts | 43 | €126 | - | -€126 | |
| Credit institutions | 430/8 | €126 | - | -€126 | |
| Trade debts | 44 | €6,596 | €9,483 | +€2,887 | +43.8% |
| Suppliers | 440/4 | €6,596 | €9,483 | +€2,887 | +43.8% |
| Accrued charges and deferred income | 492/3 | €4,578 | €2,162 | -€2,416 | -52.8% |
| Non-recurring operating income | 76A | €137,990 | - | -€137,990 | |
| Remuneration, social security and pensions | 62 | €48,486 | - | -€48,486 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,103 | €20,831 | +€5,728 | +37.9% |
| Other operating charges | 640/8 | €237 | €944 | +€707 | +298.5% |
| Non-recurring operating charges | 66A | €254 | - | -€254 | |
| Gross operating margin | 9900 | €24,169 | -€65,256 | -€89,425 | |
| Operating profit (loss) | 9901 | -€39,911 | -€87,031 | -€47,121 | -118.1% |
| Financial income | 75/76B | €4,294 | €57,783 | +€53,489 | +1245.7% |
| Recurring financial income | 75 | €4,294 | €57,783 | +€53,489 | +1245.7% |
| Financial charges | 65/66B | €4,354 | €3,701 | -€652 | -15.0% |
| Recurring financial charges | 65 | €4,354 | €3,701 | -€652 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | -€39,970 | -€32,949 | +€7,021 | +17.6% |
| Income taxes | 67/77 | €2,160 | - | -€2,160 | |
| Profit (loss) for the period | 9904 | -€42,130 | -€32,949 | +€9,181 | +21.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€42,130 | -€32,949 | +€9,181 | +21.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.