Panemco: 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.
Panemco
Largest movements
- Tangible fixed assets -€3,843
down €3,843 (-19.4%), from €19,832 to €15,989
of which Plant, machinery and equipment: -€3,246
- Cash +€2,512
up €2,512 (+49.5%), from €5,078 to €7,590
mainly Depreciation (+€3,843) and Tax, wage and social debts (+€2,240)
- Receivables within one year -€1,343
down €1,343 (-40.9%), from €3,283 to €1,940
of which Other amounts receivable: -€1,252
- Deferred charges and accrued income -€1,139
down €1,139 (-10.9%), from €10,479 to €9,340
- Debts after one year -€5,817
no longer reported in 2025 (was €5,817)
- Profit (loss) carried forward -€4,402
new in 2025: -€4,402
- Tax, wage and social debts +€2,240
up €2,240 (+61.4%), from €3,646 to €5,885
of which Remuneration and social security: +€1,960
- Trade debts +€1,716
up €1,716 (+65.4%), from €2,625 to €4,341
- Accrued charges and deferred income +€1,185
new in 2025: €1,185
- Staff costs +€12,342
up €12,342 (+56.5%), from €21,838 to €34,180
- Gross operating margin +€7,377
up €7,377 (+26.5%), from €27,875 to €35,252
- Financial charges +€887
up €887 (+130.2%), from €681 to €1,568
- Other operating charges -€361
down €361 (-82.5%), from €437 to €77
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 | €39,653 | €35,595 | -€4,058 | -10.2% |
| Fixed assets | 21/28 | €19,832 | €15,989 | -€3,843 | -19.4% |
| Tangible fixed assets | 22/27 | €19,832 | €15,989 | -€3,843 | -19.4% |
| Land and buildings | 22 | €1,981 | €1,384 | -€597 | -30.1% |
| Plant, machinery and equipment | 23 | €17,851 | €14,605 | -€3,246 | -18.2% |
| Current assets | 29/58 | €19,822 | €19,607 | -€215 | -1.1% |
| Stocks and contracts in progress | 3 | €981 | €737 | -€245 | -25.0% |
| Stocks | 30/36 | €981 | €737 | -€245 | -25.0% |
| Amounts receivable within one year | 40/41 | €3,283 | €1,940 | -€1,343 | -40.9% |
| Trade receivables | 40 | €1,391 | €1,300 | -€91 | -6.5% |
| Other amounts receivable | 41 | €1,892 | €640 | -€1,252 | -66.2% |
| Cash at bank and in hand | 54/58 | €5,078 | €7,590 | +€2,512 | +49.5% |
| Deferred charges and accrued income | 490/1 | €10,479 | €9,340 | -€1,139 | -10.9% |
| Total equity and liabilities | 10/49 | €39,653 | €35,595 | -€4,058 | -10.2% |
| Equity | 10/15 | €18,014 | €13,612 | -€4,402 | -24.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €11,814 | €11,814 | = | 0.0% |
| Distributable reserves | 133 | €11,814 | €11,814 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€4,402 | -€4,402 | |
| Amounts payable | 17/49 | €21,639 | €21,983 | +€344 | +1.6% |
| Amounts payable after more than one year | 17 | €5,817 | - | -€5,817 | |
| Financial debts | 170/4 | €5,817 | - | -€5,817 | |
| Amounts payable within one year | 42/48 | €15,822 | €20,797 | +€4,976 | +31.4% |
| Current portion of amounts payable after more than one year | 42 | €1,147 | €2,170 | +€1,023 | +89.2% |
| Trade debts | 44 | €2,625 | €4,341 | +€1,716 | +65.4% |
| Suppliers | 440/4 | €2,625 | €4,341 | +€1,716 | +65.4% |
| Advances received on contracts in progress | 46 | €8,404 | €8,401 | -€3 | 0.0% |
| Taxes, remuneration and social security | 45 | €3,646 | €5,885 | +€2,240 | +61.4% |
| Taxes | 450/3 | €328 | €608 | +€280 | +85.4% |
| Remuneration and social security | 454/9 | €3,318 | €5,277 | +€1,960 | +59.1% |
| Accrued charges and deferred income | 492/3 | - | €1,185 | +€1,185 | |
| Remuneration, social security and pensions | 62 | €21,838 | €34,180 | +€12,342 | +56.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,821 | €3,843 | +€22 | +0.6% |
| Other operating charges | 640/8 | €437 | €77 | -€361 | -82.5% |
| Gross operating margin | 9900 | €27,875 | €35,252 | +€7,377 | +26.5% |
| Operating profit (loss) | 9901 | €1,778 | -€2,847 | -€4,625 | |
| Financial income | 75/76B | €41 | €12 | -€29 | -69.6% |
| Recurring financial income | 75 | €41 | €12 | -€29 | -69.6% |
| Financial charges | 65/66B | €681 | €1,568 | +€887 | +130.2% |
| Recurring financial charges | 65 | €681 | €1,568 | +€887 | +130.2% |
| Profit (loss) for the period before taxes | 9903 | €1,138 | -€4,402 | -€5,540 | |
| Income taxes | 67/77 | €103 | - | -€103 | |
| Profit (loss) for the period | 9904 | €1,035 | -€4,402 | -€5,437 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,035 | -€4,402 | -€5,437 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.