PANEN & PARTNERS: 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.
PANEN & PARTNERS
Largest movements
- Tangible fixed assets -€7,013
down €7,013 (-32.5%), from €21,589 to €14,577
- Receivables within one year +€2,032
up €2,032 (+135%), from €1,500 to €3,532
of which Other amounts receivable: +€1,263
- Deferred charges and accrued income -€1,439
down €1,439 (-72.6%), from €1,983 to €544
- Cash -€1,187
down €1,187 (-100%), from €1,187 to €0
mainly Current portion of long-term debt (-€5,302) and Other debts (-€2,830)
- Current portion of long-term debt -€5,302
down €5,302 (-76.5%), from €6,930 to €1,628
- Other debts -€2,830
down €2,830 (-100%), from €2,830 to €0
- Trade debts +€2,616
up €2,616 (+154%), from €1,699 to €4,315
- Profit (loss) carried forward -€1,379
down €1,379 (-23.2%), from -€5,952 to -€7,331
- Debts after one year -€1,187
down €1,187 (-100%), from €1,187 to €0
- Gross operating margin +€4,741
up €4,741 (+151%), from €3,134 to €7,876
- Other operating charges +€457
up €457 (+44.2%), from €1,035 to €1,492
- Depreciation -€182
down €182 (-2.5%), from €7,195 to €7,013
- Financial charges -€104
down €104 (-15.0%), from €696 to €592
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 | €26,260 | €18,652 | -€7,607 | -29.0% |
| Fixed assets | 21/28 | €21,589 | €14,577 | -€7,013 | -32.5% |
| Tangible fixed assets | 22/27 | €21,589 | €14,577 | -€7,013 | -32.5% |
| Furniture and vehicles | 24 | €21,589 | €14,577 | -€7,013 | -32.5% |
| Current assets | 29/58 | €4,670 | €4,075 | -€595 | -12.7% |
| Amounts receivable within one year | 40/41 | €1,500 | €3,532 | +€2,032 | +135% |
| Trade receivables | 40 | €1,500 | €2,269 | +€769 | +51.3% |
| Other amounts receivable | 41 | - | €1,263 | +€1,263 | |
| Cash at bank and in hand | 54/58 | €1,187 | €0 | -€1,187 | -100% |
| Deferred charges and accrued income | 490/1 | €1,983 | €544 | -€1,439 | -72.6% |
| Total equity and liabilities | 10/49 | €26,260 | €18,652 | -€7,607 | -29.0% |
| Equity | 10/15 | €11,320 | €9,941 | -€1,379 | -12.2% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €13,272 | €13,272 | = | 0.0% |
| Distributable reserves | 133 | €13,272 | €13,272 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,952 | -€7,331 | -€1,379 | -23.2% |
| Amounts payable | 17/49 | €14,939 | €8,711 | -€6,228 | -41.7% |
| Amounts payable after more than one year | 17 | €1,187 | €0 | -€1,187 | -100% |
| Financial debts | 170/4 | €1,187 | €0 | -€1,187 | -100% |
| Amounts payable within one year | 42/48 | €13,010 | €7,787 | -€5,223 | -40.1% |
| Current portion of amounts payable after more than one year | 42 | €6,930 | €1,628 | -€5,302 | -76.5% |
| Trade debts | 44 | €1,699 | €4,315 | +€2,616 | +154% |
| Suppliers | 440/4 | €1,699 | €4,315 | +€2,616 | +154% |
| Taxes, remuneration and social security | 45 | €1,550 | €1,844 | +€293 | +18.9% |
| Taxes | 450/3 | €1,550 | €1,844 | +€293 | +18.9% |
| Other amounts payable | 47/48 | €2,830 | €0 | -€2,830 | -100% |
| Accrued charges and deferred income | 492/3 | €743 | €925 | +€182 | +24.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,195 | €7,013 | -€182 | -2.5% |
| Other operating charges | 640/8 | €1,035 | €1,492 | +€457 | +44.2% |
| Gross operating margin | 9900 | €3,134 | €7,876 | +€4,741 | +151% |
| Operating profit (loss) | 9901 | -€5,096 | -€629 | +€4,466 | +87.6% |
| Financial income | 75/76B | - | €18 | +€18 | |
| Recurring financial income | 75 | - | €18 | +€18 | |
| Financial charges | 65/66B | €696 | €592 | -€104 | -15.0% |
| Recurring financial charges | 65 | €696 | €592 | -€104 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | -€5,792 | -€1,203 | +€4,588 | +79.2% |
| Income taxes | 67/77 | €160 | €176 | +€16 | +10.1% |
| Profit (loss) for the period | 9904 | -€5,952 | -€1,379 | +€4,572 | +76.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,952 | -€1,379 | +€4,572 | +76.8% |
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 31 October 2026 via checked.be.