PANEM ET CIRCENSES: 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.
PANEM ET CIRCENSES
Largest movements
- Receivables within one year -€83,239
down €83,239 (-46.2%), from €180,125 to €96,885
of which Trade receivables: -€142,116
- Cash +€4,603
up €4,603 (+33.4%), from €13,795 to €18,398
mainly Receivables within one year (+€83,239) and Tax, wage and social debts (+€30,962)
- Deferred charges and accrued income +€2,839
up €2,839 (+192%), from €1,475 to €4,314
- Other debts -€134,272
no longer reported in 2025 (was €134,272)
- Tax, wage and social debts +€30,962
up €30,962 (+59.7%), from €51,888 to €82,850
of which Remuneration and social security: +€21,115
- Trade debts +€29,469
up €29,469 (+57.1%), from €51,613 to €81,082
- Debts after one year -€6,956
down €6,956 (-63.9%), from €10,895 to €3,938
of which Financial debts: -€6,956
- Profit (loss) carried forward +€6,386
up €6,386 (+6.7%), from -€94,958 to -€88,572
- Staff costs +€48,733
up €48,733 (+8.6%), from €568,914 to €617,648
- Gross operating margin +€11,319
up €11,319 (+1.8%), from €639,873 to €651,192
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.
Derived cash bridge
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 | €280,451 | €205,368 | -€75,084 | -26.8% |
| Fixed assets | 21/28 | €55,023 | €54,840 | -€182 | -0.3% |
| Intangible fixed assets | 21 | €1,800 | €1,200 | -€600 | -33.3% |
| Tangible fixed assets | 22/27 | €49,293 | €49,710 | +€418 | +0.8% |
| Plant, machinery and equipment | 23 | €38,885 | €29,156 | -€9,730 | -25.0% |
| Furniture and vehicles | 24 | €1,087 | €15,948 | +€14,860 | +1,367% |
| Other tangible fixed assets | 26 | €9,320 | €4,607 | -€4,713 | -50.6% |
| Financial fixed assets | 28 | €3,930 | €3,930 | = | 0.0% |
| Current assets | 29/58 | €225,429 | €150,528 | -€74,901 | -33.2% |
| Stocks and contracts in progress | 3 | €30,034 | €30,930 | +€896 | +3.0% |
| Stocks | 30/36 | €30,034 | €30,930 | +€896 | +3.0% |
| Amounts receivable within one year | 40/41 | €180,125 | €96,885 | -€83,239 | -46.2% |
| Trade receivables | 40 | €163,125 | €21,009 | -€142,116 | -87.1% |
| Other amounts receivable | 41 | €17,000 | €75,876 | +€58,876 | +346% |
| Cash at bank and in hand | 54/58 | €13,795 | €18,398 | +€4,603 | +33.4% |
| Deferred charges and accrued income | 490/1 | €1,475 | €4,314 | +€2,839 | +192% |
| Total equity and liabilities | 10/49 | €280,451 | €205,368 | -€75,084 | -26.8% |
| Equity | 10/15 | €5,028 | €11,414 | +€6,386 | +127% |
| Contributions | 10/11 | €92,960 | €92,960 | = | 0.0% |
| Reserves | 13 | €7,026 | €7,026 | = | 0.0% |
| Distributable reserves | 133 | €7,026 | €7,026 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€94,958 | -€88,572 | +€6,386 | +6.7% |
| Amounts payable | 17/49 | €275,424 | €193,954 | -€81,470 | -29.6% |
| Amounts payable after more than one year | 17 | €10,895 | €3,938 | -€6,956 | -63.9% |
| Financial debts | 170/4 | €8,135 | €1,178 | -€6,956 | -85.5% |
| Other amounts payable | 178/9 | €2,760 | €2,760 | = | 0.0% |
| Amounts payable within one year | 42/48 | €256,271 | €184,210 | -€72,061 | -28.1% |
| Current portion of amounts payable after more than one year | 42 | €6,766 | €6,956 | +€191 | +2.8% |
| Financial debts | 43 | €11,732 | €13,322 | +€1,590 | +13.6% |
| Credit institutions | 430/8 | €11,732 | €13,322 | +€1,590 | +13.6% |
| Trade debts | 44 | €51,613 | €81,082 | +€29,469 | +57.1% |
| Suppliers | 440/4 | €51,613 | €81,082 | +€29,469 | +57.1% |
| Taxes, remuneration and social security | 45 | €51,888 | €82,850 | +€30,962 | +59.7% |
| Taxes | 450/3 | €1,761 | €11,608 | +€9,847 | +559% |
| Remuneration and social security | 454/9 | €50,127 | €71,242 | +€21,115 | +42.1% |
| Other amounts payable | 47/48 | €134,272 | - | -€134,272 | |
| Accrued charges and deferred income | 492/3 | €8,258 | €5,805 | -€2,453 | -29.7% |
| Non-recurring operating income | 76A | €3,168 | €1,283 | -€1,886 | -59.5% |
| Remuneration, social security and pensions | 62 | €568,914 | €617,648 | +€48,733 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,719 | €19,188 | -€531 | -2.7% |
| Other operating charges | 640/8 | €1,309 | €1,613 | +€305 | +23.3% |
| Non-recurring operating charges | 66A | €3,198 | - | -€3,198 | |
| Gross operating margin | 9900 | €639,873 | €651,192 | +€11,319 | +1.8% |
| Operating profit (loss) | 9901 | €46,734 | €12,743 | -€33,991 | -72.7% |
| Financial income | 75/76B | €5,635 | €6,067 | +€432 | +7.7% |
| Recurring financial income | 75 | €5,635 | €6,067 | +€432 | +7.7% |
| Financial charges | 65/66B | €17,223 | €12,424 | -€4,799 | -27.9% |
| Recurring financial charges | 65 | €17,223 | €12,424 | -€4,799 | -27.9% |
| Profit (loss) for the period before taxes | 9903 | €35,146 | €6,386 | -€28,760 | -81.8% |
| Profit (loss) for the period | 9904 | €35,146 | €6,386 | -€28,760 | -81.8% |
| Profit (loss) for the period to be appropriated | 9905 | €35,146 | €6,386 | -€28,760 | -81.8% |
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 30 October 2026 via checked.be.