PANELTIM: 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.
What changed
PANELTIM
NACE 46.831, Wholesale of construction materials, general range
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · €681,293+€531,427
Equity
€10.0m
2024 · €12.0m-€2.0m
Cash
€2.1m
2024 · €2.9m-€735,318
Balance sheet total
€15.0m
2024 · €15.0m+€8,906
Largest movements
Assets
- Receivables within one year +€916,821
up €916,821 (+51.4%), from €1.8m to €2.7m
of which Trade receivables: +€724,443
- Cash -€735,318
down €735,318 (-25.8%), from €2.9m to €2.1m
mainly Contributions, distributions and other (-€3.3m) and Investment in fixed assets (net) (-€1.1m)
- Tangible fixed assets -€732,795
down €732,795 (-18.2%), from €4.0m to €3.3m
of which Plant, machinery and equipment: -€780,270
- Financial fixed assets +€430,367
up €430,367 (+47129.4%), from €913 to €431,280
- Receivables after one year +€184,630
up €184,630 (+11.6%), from €1.6m to €1.8m
of which Trade receivables: +€311,046
Equity and liabilities
- Reserves -€2.0m
down €2.0m (-17.7%), from €11.5m to €9.5m
of which Distributable reserves: -€2.0m
- Short-term financial debts +€1.5m
new in 2025: €1.5m
- Other debts +€395,000
up €395,000 (+103.9%), from €380,000 to €775,000
- Trade debts +€390,249
up €390,249 (+45.8%), from €851,164 to €1.2m
- Debts after one year -€175,064
down €175,064 (-22.5%), from €777,406 to €602,343
Income statement
- Turnover +€3.8m
up €3.8m (+23.2%), from €16.5m to €20.3m
- Services and other goods +€1.2m
up €1.2m (+26.0%), from €4.7m to €5.9m
- Goods and materials +€1.1m
up €1.1m (+18.8%), from €5.7m to €6.7m
of which Purchases: +€645,157
- Financial charges +€672,681
up €672,681 (+1105.0%), from €60,877 to €733,558
of which Financial charges: +€546,266
- Taxes +€338,735
up €338,735 (+167.4%), from €202,340 to €541,075
of which Taxes: +€353,455
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.
Result 2024
€681,293
Turnover
+€3.8m
Other operating income
+€133,501
Goods and materials
-€1.1m
Services and other goods
-€1.2m
Staff costs
-€292,350
Depreciation
+€246,277
Provisions
+€127,122
Other operating charges
+€23,052
Other operating items
-€223,320
Financial income
-€14,380
Financial charges
-€672,681
Taxes
-€338,735
Result 2025
€1.2m
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.
From operations
+€2.3m
Investment
-€1.1m
Financing
-€1.9m
Cash 2024
€2.9m
From operations (derived)
+€2.3m
Net result for the year
+€1.2m
Depreciation
+€1.4m
Receivables after one year
-€184,630
Stocks and contracts
+€155,404
Receivables within one year
-€916,821
Deferred charges and accrued income
-€90,381
Provisions
-€49,988
Trade debts
+€390,249
Tax, wage and social debts
+€9,991
Advances received
-€26,538
Other debts
+€395,000
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Current investments
-€7,461
Financing
-€1.9m
Debts after one year
-€175,064
Current portion of long-term debt
+€2,536
Short-term financial debts
+€1.5m
Contributions, distributions and other
-€3.3m
Cash 2025
€2.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,993,524 | €15,002,431 | +€8,906 | +0.1% |
| Fixed assets | 21/28 | €4,037,940 | €3,738,275 | -€299,665 | -7.4% |
| Intangible fixed assets | 21 | €4,612 | €7,375 | +€2,763 | +59.9% |
| Tangible fixed assets | 22/27 | €4,032,415 | €3,299,620 | -€732,795 | -18.2% |
| Plant, machinery and equipment | 23 | €3,578,334 | €2,798,064 | -€780,270 | -21.8% |
| Furniture and vehicles | 24 | €264,556 | €257,311 | -€7,245 | -2.7% |
| Leasing and similar rights | 25 | €140,640 | €0 | -€140,640 | -100.0% |
| Assets under construction and advance payments | 27 | €48,886 | €244,245 | +€195,359 | +399.6% |
| Financial fixed assets | 28 | €913 | €431,280 | +€430,367 | +47129.4% |
| Affiliated companies | 280/1 | €913 | €431,280 | +€430,367 | +47129.4% |
| Participating interests | 280 | €913 | €913 | = | 0.0% |
| Amounts receivable | 281 | - | €430,367 | +€430,367 | |
| Current assets | 29/58 | €10,955,584 | €11,264,156 | +€308,571 | +2.8% |
| Amounts receivable after more than one year | 29 | €1,589,406 | €1,774,037 | +€184,630 | +11.6% |
| Trade receivables | 290 | €1,462,991 | €1,774,037 | +€311,046 | +21.3% |
| Other amounts receivable | 291 | €126,415 | €0 | -€126,415 | -100.0% |
| Stocks and contracts in progress | 3 | €4,119,076 | €3,963,672 | -€155,404 | -3.8% |
| Stocks | 30/36 | €4,119,076 | €3,963,672 | -€155,404 | -3.8% |
| Raw materials and consumables | 30/31 | €1,593,036 | €1,702,333 | +€109,297 | +6.9% |
| Work in progress | 32 | €67,571 | €0 | -€67,571 | -100.0% |
| Finished goods | 33 | €2,458,468 | €2,261,339 | -€197,130 | -8.0% |
| Amounts receivable within one year | 40/41 | €1,785,359 | €2,702,180 | +€916,821 | +51.4% |
| Trade receivables | 40 | €1,537,851 | €2,262,294 | +€724,443 | +47.1% |
| Other amounts receivable | 41 | €247,508 | €439,886 | +€192,378 | +77.7% |
| Current investments | 50/53 | €605,777 | €613,237 | +€7,461 | +1.2% |
| Other investments | 51/53 | €605,777 | €613,237 | +€7,461 | +1.2% |
| Cash at bank and in hand | 54/58 | €2,853,505 | €2,118,187 | -€735,318 | -25.8% |
| Deferred charges and accrued income | 490/1 | €2,462 | €92,843 | +€90,381 | +3671.4% |
| Total equity and liabilities | 10/49 | €14,993,524 | €15,002,431 | +€8,906 | +0.1% |
| Equity | 10/15 | €12,047,107 | €10,009,827 | -€2.0m | -16.9% |
| Contributions | 10/11 | €543,550 | €543,550 | = | 0.0% |
| Capital | 10 | €543,550 | €543,550 | = | 0.0% |
| Issued capital | 100 | €543,550 | €543,550 | = | 0.0% |
| Reserves | 13 | €11,503,557 | €9,466,277 | -€2.0m | -17.7% |
| Non-distributable reserves | 130/1 | €54,355 | €54,355 | = | 0.0% |
| Legal reserve | 130 | €54,355 | €54,355 | = | 0.0% |
| Distributable reserves | 133 | €11,449,202 | €9,411,922 | -€2.0m | -17.8% |
| Provisions and deferred taxes | 16 | €401,593 | €351,606 | -€49,988 | -12.4% |
| Provisions for liabilities and charges | 160/5 | €401,593 | €351,606 | -€49,988 | -12.4% |
| Other liabilities and charges | 164/5 | €401,593 | €351,606 | -€49,988 | -12.4% |
| Amounts payable | 17/49 | €2,544,824 | €4,640,998 | +€2.1m | +82.4% |
| Amounts payable after more than one year | 17 | €777,406 | €602,343 | -€175,064 | -22.5% |
| Financial debts | 170/4 | €777,406 | €602,343 | -€175,064 | -22.5% |
| Leasing and similar obligations | 172 | €777,406 | €602,343 | -€175,064 | -22.5% |
| Amounts payable within one year | 42/48 | €1,767,418 | €4,038,656 | +€2.3m | +128.5% |
| Current portion of amounts payable after more than one year | 42 | €172,528 | €175,064 | +€2,536 | +1.5% |
| Financial debts | 43 | - | €1,500,000 | +€1.5m | |
| Credit institutions | 430/8 | - | €1,500,000 | +€1.5m | |
| Trade debts | 44 | €851,164 | €1,241,413 | +€390,249 | +45.8% |
| Suppliers | 440/4 | €851,164 | €1,241,413 | +€390,249 | +45.8% |
| Advances received on contracts in progress | 46 | €26,538 | €0 | -€26,538 | -100.0% |
| Taxes, remuneration and social security | 45 | €337,188 | €347,179 | +€9,991 | +3.0% |
| Taxes | 450/3 | €1,325 | €0 | -€1,325 | -100.0% |
| Remuneration and social security | 454/9 | €335,863 | €347,179 | +€11,316 | +3.4% |
| Other amounts payable | 47/48 | €380,000 | €775,000 | +€395,000 | +103.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Operating income | 70/76A | €16,655,999 | €20,388,245 | +€3.7m | +22.4% |
| Turnover | 70 | €16,508,147 | €20,334,710 | +€3.8m | +23.2% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€68,566 | -€264,701 | -€196,135 | -286.1% |
| Other operating income | 74 | €173,735 | €307,236 | +€133,501 | +76.8% |
| Non-recurring operating income | 76A | €42,684 | €11,000 | -€31,684 | -74.2% |
| Operating charges | 60/66A | €15,813,747 | €17,988,770 | +€2.2m | +13.8% |
| Goods for resale, raw materials and consumables | 60 | €5,673,371 | €6,740,735 | +€1.1m | +18.8% |
| Purchases | 600/8 | €6,204,875 | €6,850,032 | +€645,157 | +10.4% |
| Change in stocks: decrease (increase) | 609 | -€531,503 | -€109,297 | +€422,206 | +79.4% |
| Services and other goods | 61 | €4,685,830 | €5,902,088 | +€1.2m | +26.0% |
| Remuneration, social security and pensions | 62 | €3,674,118 | €3,966,468 | +€292,350 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,667,168 | €1,420,891 | -€246,277 | -14.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €77,134 | -€49,988 | -€127,122 | |
| Other operating charges | 640/8 | €31,627 | €8,575 | -€23,052 | -72.9% |
| Non-recurring operating charges | 66A | €4,499 | €0 | -€4,499 | -100.0% |
| Operating profit (loss) | 9901 | €842,253 | €2,399,476 | +€1.6m | +184.9% |
| Financial income | 75/76B | €102,258 | €87,877 | -€14,380 | -14.1% |
| Recurring financial income | 75 | €102,258 | €87,877 | -€14,380 | -14.1% |
| Income from current assets | 751 | €15,878 | €9,446 | -€6,432 | -40.5% |
| Other financial income | 752/9 | €86,380 | €78,431 | -€7,948 | -9.2% |
| Financial charges | 65/66B | €60,877 | €733,558 | +€672,681 | +1105.0% |
| Recurring financial charges | 65 | €60,877 | €607,143 | +€546,266 | +897.3% |
| Debt charges | 650 | €21,290 | €21,602 | +€311 | +1.5% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | €450,000 | +€450,000 | |
| Other financial charges | 652/9 | €39,587 | €135,542 | +€95,955 | +242.4% |
| Non-recurring financial charges | 66B | - | €126,415 | +€126,415 | |
| Profit (loss) for the period before taxes | 9903 | €883,633 | €1,753,795 | +€870,161 | +98.5% |
| Income taxes | 67/77 | €202,340 | €541,075 | +€338,735 | +167.4% |
| Taxes | 670/3 | €203,011 | €556,466 | +€353,455 | +174.1% |
| Tax adjustments and reversals of tax provisions | 77 | €671 | €15,392 | +€14,721 | +2193.5% |
| Profit (loss) for the period | 9904 | €681,293 | €1,212,720 | +€531,427 | +78.0% |
| Profit (loss) for the period to be appropriated | 9905 | €681,293 | €1,212,720 | +€531,427 | +78.0% |
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 9 October 2026 via checked.be.