Panelflex: 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.
Panelflex
Largest movements
- Cash +€296,389
up €296,389 (+61.4%), from €482,806 to €779,196
mainly Depreciation (+€286,937) and Receivables within one year (+€284,032)
- Receivables within one year -€284,032
down €284,032 (-23.5%), from €1.2m to €924,278
of which Trade receivables: -€323,850
- Stocks and contracts -€196,255
down €196,255 (-27.8%), from €705,205 to €508,951
of which Stocks: -€155,305
- Tangible fixed assets -€126,520
down €126,520 (-3.7%), from €3.4m to €3.3m
of which Land and buildings: -€184,749
- Reserves +€227,551
up €227,551 (+10.1%), from €2.3m to €2.5m
of which Distributable reserves: +€323,149
- Other debts -€212,799
down €212,799 (-20.0%), from €1.1m to €849,008
- Contributions -€118,500
down €118,500 (-65.8%), from €180,000 to €61,500
- Advances received -€112,321
down €112,321 (-100.0%), from €112,321 to €0
- Debts after one year -€109,356
down €109,356 (-9.6%), from €1.1m to €1.0m
- Financial income +€149,049
up €149,049 (+2101.3%), from €7,093 to €156,142
of which Non-recurring financial income: +€150,000
- Taxes +€81,044
up €81,044 (+201.5%), from €40,211 to €121,256
- Financial charges +€53,373
up €53,373 (+139.3%), from €38,315 to €91,688
- Depreciation -€40,566
down €40,566 (-12.4%), from €327,503 to €286,937
- Gross operating margin +€19,510
up €19,510 (+1.3%), from €1.5m to €1.5m
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 | €5,832,191 | €5,570,908 | -€261,283 | -4.5% |
| Fixed assets | 21/28 | €3,424,133 | €3,291,429 | -€132,705 | -3.9% |
| Intangible fixed assets | 21 | €10,419 | €4,235 | -€6,184 | -59.4% |
| Tangible fixed assets | 22/27 | €3,413,714 | €3,287,194 | -€126,520 | -3.7% |
| Land and buildings | 22 | €3,205,592 | €3,020,842 | -€184,749 | -5.8% |
| Plant, machinery and equipment | 23 | €44,973 | €30,158 | -€14,815 | -32.9% |
| Furniture and vehicles | 24 | €163,149 | €164,126 | +€977 | +0.6% |
| Leasing and similar rights | 25 | - | €72,067 | +€72,067 | |
| Current assets | 29/58 | €2,408,057 | €2,279,480 | -€128,578 | -5.3% |
| Stocks and contracts in progress | 3 | €705,205 | €508,951 | -€196,255 | -27.8% |
| Stocks | 30/36 | €641,701 | €486,395 | -€155,305 | -24.2% |
| Contracts in progress | 37 | €63,505 | €22,556 | -€40,949 | -64.5% |
| Amounts receivable within one year | 40/41 | €1,208,310 | €924,278 | -€284,032 | -23.5% |
| Trade receivables | 40 | €1,177,045 | €853,195 | -€323,850 | -27.5% |
| Other amounts receivable | 41 | €31,266 | €71,083 | +€39,818 | +127.4% |
| Cash at bank and in hand | 54/58 | €482,806 | €779,196 | +€296,389 | +61.4% |
| Deferred charges and accrued income | 490/1 | €11,735 | €67,055 | +€55,320 | +471.4% |
| Total equity and liabilities | 10/49 | €5,832,191 | €5,570,908 | -€261,283 | -4.5% |
| Equity | 10/15 | €2,441,710 | €2,550,761 | +€109,051 | +4.5% |
| Contributions | 10/11 | €180,000 | €61,500 | -€118,500 | -65.8% |
| Capital | 10 | €180,000 | €61,500 | -€118,500 | -65.8% |
| Issued capital | 100 | €180,000 | €61,500 | -€118,500 | -65.8% |
| Reserves | 13 | €2,261,710 | €2,489,261 | +€227,551 | +10.1% |
| Non-distributable reserves | 130/1 | €18,000 | €18,000 | = | 0.0% |
| Legal reserve | 130 | €18,000 | €18,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €900,999 | €805,401 | -€95,598 | -10.6% |
| Distributable reserves | 133 | €1,342,711 | €1,665,860 | +€323,149 | +24.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €295,162 | €263,296 | -€31,866 | -10.8% |
| Deferred taxes | 168 | €295,162 | €263,296 | -€31,866 | -10.8% |
| Amounts payable | 17/49 | €3,095,319 | €2,756,851 | -€338,468 | -10.9% |
| Amounts payable after more than one year | 17 | €1,139,720 | €1,030,364 | -€109,356 | -9.6% |
| Financial debts | 170/4 | €1,139,720 | €1,030,364 | -€109,356 | -9.6% |
| Amounts payable within one year | 42/48 | €1,949,058 | €1,679,538 | -€269,521 | -13.8% |
| Current portion of amounts payable after more than one year | 42 | €206,878 | €230,528 | +€23,650 | +11.4% |
| Financial debts | 43 | €123,644 | €47,133 | -€76,511 | -61.9% |
| Credit institutions | 430/8 | €123,644 | €47,133 | -€76,511 | -61.9% |
| Trade debts | 44 | €330,432 | €362,833 | +€32,401 | +9.8% |
| Suppliers | 440/4 | €330,432 | €362,833 | +€32,401 | +9.8% |
| Advances received on contracts in progress | 46 | €112,321 | €0 | -€112,321 | -100.0% |
| Taxes, remuneration and social security | 45 | €113,976 | €190,036 | +€76,060 | +66.7% |
| Taxes | 450/3 | €3,420 | €78,696 | +€75,276 | +2200.9% |
| Remuneration and social security | 454/9 | €110,555 | €111,340 | +€784 | +0.7% |
| Other amounts payable | 47/48 | €1,061,807 | €849,008 | -€212,799 | -20.0% |
| Accrued charges and deferred income | 492/3 | €6,541 | €46,949 | +€40,408 | +617.8% |
| Non-recurring operating income | 76A | €14,740 | €913 | -€13,826 | -93.8% |
| Remuneration, social security and pensions | 62 | €970,149 | €987,898 | +€17,748 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €327,503 | €286,937 | -€40,566 | -12.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€15,524 | €0 | +€15,524 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €11,971 | €23,467 | +€11,495 | +96.0% |
| Non-recurring operating charges | 66A | €1,860 | €0 | -€1,860 | -100.0% |
| Gross operating margin | 9900 | €1,472,801 | €1,492,311 | +€19,510 | +1.3% |
| Operating profit (loss) | 9901 | €176,841 | €194,010 | +€17,169 | +9.7% |
| Financial income | 75/76B | €7,093 | €156,142 | +€149,049 | +2101.3% |
| Recurring financial income | 75 | €7,093 | €6,142 | -€951 | -13.4% |
| Non-recurring financial income | 76B | - | €150,000 | +€150,000 | |
| Financial charges | 65/66B | €38,315 | €91,688 | +€53,373 | +139.3% |
| Recurring financial charges | 65 | €38,315 | €91,688 | +€53,373 | +139.3% |
| Profit (loss) for the period before taxes | 9903 | €145,619 | €258,464 | +€112,845 | +77.5% |
| Transfer from deferred taxes | 780 | €38,396 | €31,866 | -€6,531 | -17.0% |
| Income taxes | 67/77 | €40,211 | €121,256 | +€81,044 | +201.5% |
| Profit (loss) for the period | 9904 | €143,804 | €169,074 | +€25,270 | +17.6% |
| Transfer from tax-exempt reserves | 789 | €115,189 | €95,598 | -€19,592 | -17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €258,994 | €264,672 | +€5,678 | +2.2% |
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 30 September 2026 via checked.be.