PANELCONSTRUCT: 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.
PANELCONSTRUCT
Largest movements
- Receivables within one year -€145,577
down €145,577 (-30.0%), from €485,252 to €339,675
of which Trade receivables: -€131,983
- Cash +€105,562
up €105,562 (+419.2%), from €25,183 to €130,744
mainly Short-term financial debts (+€250,000) and Receivables within one year (+€145,577)
- Stocks and contracts +€30,195
up €30,195 (+28.4%), from €106,218 to €136,412
- Tangible fixed assets +€28,937
up €28,937 (+73.7%), from €39,284 to €68,220
- Short-term financial debts +€250,000
new in 2025: €250,000
- Other debts -€219,444
no longer reported in 2025 (was €219,444)
- Trade debts -€140,383
down €140,383 (-50.7%), from €276,873 to €136,491
- Accrued charges and deferred income +€56,608
up €56,608 (+88.1%), from €64,270 to €120,877
- Tax, wage and social debts +€54,212
up €54,212 (+31.4%), from €172,623 to €226,835
of which Remuneration and social security: +€70,558
- Staff costs +€225,443
up €225,443 (+44.2%), from €510,509 to €735,951
- Gross operating margin +€74,215
up €74,215 (+10.1%), from €734,503 to €808,718
- Other operating charges +€34,650
up €34,650 (+379.7%), from €9,124 to €43,774
- Financial charges -€31,413
down €31,413 (-60.9%), from €51,604 to €20,192
- Depreciation +€12,319
up €12,319 (+117.0%), from €10,526 to €22,845
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 | €670,852 | €694,420 | +€23,568 | +3.5% |
| Fixed assets | 21/28 | €41,244 | €70,180 | +€28,937 | +70.2% |
| Tangible fixed assets | 22/27 | €39,284 | €68,220 | +€28,937 | +73.7% |
| Plant, machinery and equipment | 23 | €23,810 | €29,681 | +€5,870 | +24.7% |
| Furniture and vehicles | 24 | €12,653 | €20,989 | +€8,336 | +65.9% |
| Other tangible fixed assets | 26 | €2,821 | €12,051 | +€9,230 | +327.2% |
| Assets under construction and advance payments | 27 | - | €5,500 | +€5,500 | |
| Financial fixed assets | 28 | €1,960 | €1,960 | = | 0.0% |
| Current assets | 29/58 | €629,609 | €624,240 | -€5,369 | -0.9% |
| Stocks and contracts in progress | 3 | €106,218 | €136,412 | +€30,195 | +28.4% |
| Stocks | 30/36 | €106,218 | €136,412 | +€30,195 | +28.4% |
| Amounts receivable within one year | 40/41 | €485,252 | €339,675 | -€145,577 | -30.0% |
| Trade receivables | 40 | €407,250 | €275,268 | -€131,983 | -32.4% |
| Other amounts receivable | 41 | €78,001 | €64,407 | -€13,594 | -17.4% |
| Cash at bank and in hand | 54/58 | €25,183 | €130,744 | +€105,562 | +419.2% |
| Deferred charges and accrued income | 490/1 | €12,957 | €17,409 | +€4,452 | +34.4% |
| Total equity and liabilities | 10/49 | €670,852 | €694,420 | +€23,568 | +3.5% |
| Equity | 10/15 | -€62,357 | -€83,453 | -€21,096 | -33.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€76,617 | -€97,713 | -€21,096 | -27.5% |
| Amounts payable | 17/49 | €733,210 | €777,874 | +€44,664 | +6.1% |
| Amounts payable after more than one year | 17 | - | €43,671 | +€43,671 | |
| Other amounts payable | 178/9 | - | €43,671 | +€43,671 | |
| Amounts payable within one year | 42/48 | €668,940 | €613,326 | -€55,614 | -8.3% |
| Financial debts | 43 | - | €250,000 | +€250,000 | |
| Credit institutions | 430/8 | - | €250,000 | +€250,000 | |
| Trade debts | 44 | €276,873 | €136,491 | -€140,383 | -50.7% |
| Suppliers | 440/4 | €276,873 | €136,491 | -€140,383 | -50.7% |
| Taxes, remuneration and social security | 45 | €172,623 | €226,835 | +€54,212 | +31.4% |
| Taxes | 450/3 | €30,187 | €13,841 | -€16,346 | -54.1% |
| Remuneration and social security | 454/9 | €142,436 | €212,994 | +€70,558 | +49.5% |
| Other amounts payable | 47/48 | €219,444 | - | -€219,444 | |
| Accrued charges and deferred income | 492/3 | €64,270 | €120,877 | +€56,608 | +88.1% |
| Remuneration, social security and pensions | 62 | €510,509 | €735,951 | +€225,443 | +44.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,526 | €22,845 | +€12,319 | +117.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,250 | - | -€2,250 | |
| Other operating charges | 640/8 | €9,124 | €43,774 | +€34,650 | +379.7% |
| Non-recurring operating charges | 66A | €4,216 | - | -€4,216 | |
| Gross operating margin | 9900 | €734,503 | €808,718 | +€74,215 | +10.1% |
| Operating profit (loss) | 9901 | €197,879 | €6,149 | -€191,730 | -96.9% |
| Financial income | 75/76B | €5,678 | €13 | -€5,665 | -99.8% |
| Recurring financial income | 75 | €5,678 | €13 | -€5,665 | -99.8% |
| Financial charges | 65/66B | €51,604 | €20,192 | -€31,413 | -60.9% |
| Recurring financial charges | 65 | €51,604 | €20,192 | -€31,413 | -60.9% |
| Profit (loss) for the period before taxes | 9903 | €151,952 | -€14,030 | -€165,982 | |
| Income taxes | 67/77 | €2,454 | €6,989 | +€4,536 | +184.9% |
| Profit (loss) for the period | 9904 | €149,499 | -€21,019 | -€170,518 | |
| Profit (loss) for the period to be appropriated | 9905 | €149,499 | -€21,019 | -€170,518 |
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 5 October 2026 via checked.be.