Panem et Laborem: 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 Laborem
Largest movements
- Receivables within one year -€12,233
down €12,233 (-4.4%), from €277,428 to €265,195
of which Trade receivables: -€8,109
- Cash -€11,593
down €11,593 (-6.3%), from €184,324 to €172,731
mainly Net result for the year (-€44,772) and Total equity and liabilities (-€29,380)
- Tangible fixed assets -€9,617
down €9,617 (-25.2%), from €38,200 to €28,583
of which Plant, machinery and equipment: -€9,549
- Total equity and liabilities -€29,380
down €29,380 (-5.5%), from €537,640 to €508,260
- Turnover -€93,267
down €93,267 (-7.4%), from €1.3m to €1.2m
- Staff costs +€57,656
up €57,656 (+20.2%), from €284,879 to €342,535
- Provisions -€50,000
no longer reported in 2025 (was €50,000)
- Goods and materials -€22,251
down €22,251 (-3.6%), from €619,674 to €597,423
- Services and other goods -€17,421
down €17,421 (-6.5%), from €269,757 to €252,336
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 | €537,640 | €508,260 | -€29,380 | -5.5% |
| Fixed assets | 21/28 | €38,200 | €28,583 | -€9,617 | -25.2% |
| Tangible fixed assets | 22/27 | €38,200 | €28,583 | -€9,617 | -25.2% |
| Plant, machinery and equipment | 23 | €37,994 | €28,445 | -€9,549 | -25.1% |
| Furniture and vehicles | 24 | €206 | €138 | -€68 | -33.0% |
| Current assets | 29/58 | €499,440 | €479,676 | -€19,764 | -4.0% |
| Stocks and contracts in progress | 3 | €31,100 | €31,100 | = | 0.0% |
| Stocks | 30/36 | €31,100 | €31,100 | = | 0.0% |
| Raw materials and consumables | 30/31 | €30,000 | €30,000 | = | 0.0% |
| Goods purchased for resale | 34 | €1,100 | €1,100 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €277,428 | €265,195 | -€12,233 | -4.4% |
| Trade receivables | 40 | €136,423 | €128,314 | -€8,109 | -5.9% |
| Other amounts receivable | 41 | €141,004 | €136,882 | -€4,122 | -2.9% |
| Cash at bank and in hand | 54/58 | €184,324 | €172,731 | -€11,593 | -6.3% |
| Deferred charges and accrued income | 490/1 | €6,588 | €10,650 | +€4,062 | +61.7% |
| Total equity and liabilities | 10/49 | €537,640 | €508,260 | -€29,380 | -5.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €4,001 | €4,001 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,001 | €4,001 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,001 | €4,001 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,802 | €6,030 | -€44,772 | -88.1% |
| Provisions for liabilities and charges | 160/5 | €50,000 | €50,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable | 17/49 | €414,245 | €429,636 | +€15,391 | +3.7% |
| Amounts payable within one year | 42/48 | €414,245 | €429,636 | +€15,391 | +3.7% |
| Trade debts | 44 | €104,936 | €118,622 | +€13,686 | +13.0% |
| Suppliers | 440/4 | €104,936 | €118,622 | +€13,686 | +13.0% |
| Taxes, remuneration and social security | 45 | €19,308 | €21,014 | +€1,706 | +8.8% |
| Remuneration and social security | 454/9 | €19,308 | €21,014 | +€1,706 | +8.8% |
| Other amounts payable | 47/48 | €290,000 | €290,000 | = | 0.0% |
| Operating income | 70/76A | €1,261,924 | €1,165,765 | -€96,159 | -7.6% |
| Turnover | 70 | €1,255,882 | €1,162,615 | -€93,267 | -7.4% |
| Other operating income | 74 | €6,043 | €3,150 | -€2,893 | -47.9% |
| Operating charges | 60/66A | €1,250,842 | €1,210,263 | -€40,579 | -3.2% |
| Goods for resale, raw materials and consumables | 60 | €619,674 | €597,423 | -€22,251 | -3.6% |
| Services and other goods | 61 | €269,757 | €252,336 | -€17,421 | -6.5% |
| Remuneration, social security and pensions | 62 | €284,879 | €342,535 | +€57,656 | +20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,199 | €17,226 | -€8,973 | -34.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €50,000 | - | -€50,000 | |
| Other operating charges | 640/8 | €332 | €743 | +€411 | +124% |
| Operating profit (loss) | 9901 | €11,082 | -€44,498 | -€55,580 | |
| Recurring financial income | 75 | €105 | €187 | +€82 | +78.1% |
| Income from current assets | 751 | €105 | €187 | +€82 | +78.1% |
| Other financial income | 752/9 | - | €0 | = | |
| Financial charges | 65/66B | €495 | €505 | +€10 | +2.0% |
| Recurring financial charges | 65 | €495 | €505 | +€10 | +2.0% |
| Other financial charges | 652/9 | €495 | €505 | +€10 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €10,693 | -€44,817 | -€55,510 | |
| Income taxes | 67/77 | - | -€45 | -€45 | |
| Tax adjustments and reversals of tax provisions | 77 | - | €45 | +€45 | |
| Profit (loss) for the period | 9904 | €10,693 | -€44,772 | -€55,465 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,693 | -€44,772 | -€55,465 |
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 15 October 2026 via checked.be.