PANENCO: 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.
PANENCO
Largest movements
- Cash +€269,969
up €269,969 (+49.8%), from €542,134 to €812,103
mainly Net result for the year (+€220,003) and Debts after one year (+€196,465)
- Financial fixed assets +€260,590
up €260,590 (+3,311%), from €7,870 to €268,460
- Receivables within one year +€67,388
up €67,388 (+21.1%), from €320,091 to €387,479
of which Trade receivables: +€73,156
- Deferred charges and accrued income -€47,723
down €47,723 (-77.0%), from €61,966 to €14,243
- Debts after one year +€196,465
new in 2025: €196,465
- Tax, wage and social debts +€125,886
up €125,886 (+88.4%), from €142,375 to €268,260
of which Remuneration and social security: +€90,631
- Current portion of long-term debt +€93,535
new in 2025: €93,535
- Reserves +€73,215
up €73,215 (+10.2%), from €717,366 to €790,580
- Trade debts +€52,736
up €52,736 (+96.0%), from €54,916 to €107,652
- Gross operating margin +€655,030
up €655,030 (+58.9%), from €1.1m to €1.8m
- Staff costs +€311,963
up €311,963 (+31.2%), from €1.0m to €1.3m
- Write-downs +€140,496
new in 2025: €140,496
- Taxes +€54,265
up €54,265 (+388%), from €13,982 to €68,247
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 | €970,926 | €1,514,281 | +€543,355 | +56.0% |
| Fixed assets | 21/28 | €46,734 | €300,456 | +€253,721 | +543% |
| Intangible fixed assets | 21 | €15,792 | €11,792 | -€4,000 | -25.3% |
| Tangible fixed assets | 22/27 | €23,073 | €20,204 | -€2,869 | -12.4% |
| Plant, machinery and equipment | 23 | €21,770 | €19,570 | -€2,200 | -10.1% |
| Other tangible fixed assets | 26 | €1,303 | €634 | -€669 | -51.3% |
| Financial fixed assets | 28 | €7,870 | €268,460 | +€260,590 | +3,311% |
| Current assets | 29/58 | €924,191 | €1,213,825 | +€289,634 | +31.3% |
| Amounts receivable within one year | 40/41 | €320,091 | €387,479 | +€67,388 | +21.1% |
| Trade receivables | 40 | €313,137 | €386,293 | +€73,156 | +23.4% |
| Other amounts receivable | 41 | €6,954 | €1,186 | -€5,768 | -82.9% |
| Cash at bank and in hand | 54/58 | €542,134 | €812,103 | +€269,969 | +49.8% |
| Deferred charges and accrued income | 490/1 | €61,966 | €14,243 | -€47,723 | -77.0% |
| Total equity and liabilities | 10/49 | €970,926 | €1,514,281 | +€543,355 | +56.0% |
| Equity | 10/15 | €740,759 | €813,973 | +€73,215 | +9.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €717,366 | €790,580 | +€73,215 | +10.2% |
| Distributable reserves | 133 | €717,366 | €790,580 | +€73,215 | +10.2% |
| Profit (loss) carried forward | 14 | €4,843 | €4,843 | = | 0.0% |
| Amounts payable | 17/49 | €230,167 | €700,307 | +€470,140 | +204% |
| Amounts payable after more than one year | 17 | - | €196,465 | +€196,465 | |
| Financial debts | 170/4 | - | €196,465 | +€196,465 | |
| Amounts payable within one year | 42/48 | €225,689 | €500,630 | +€274,941 | +122% |
| Current portion of amounts payable after more than one year | 42 | - | €93,535 | +€93,535 | |
| Financial debts | 43 | €5,149 | €16,653 | +€11,503 | +223% |
| Credit institutions | 430/8 | €5,149 | €16,653 | +€11,503 | +223% |
| Trade debts | 44 | €54,916 | €107,652 | +€52,736 | +96.0% |
| Suppliers | 440/4 | €54,916 | €107,652 | +€52,736 | +96.0% |
| Taxes, remuneration and social security | 45 | €142,375 | €268,260 | +€125,886 | +88.4% |
| Taxes | 450/3 | €43,700 | €78,955 | +€35,255 | +80.7% |
| Remuneration and social security | 454/9 | €98,675 | €189,306 | +€90,631 | +91.8% |
| Other amounts payable | 47/48 | €23,249 | €14,530 | -€8,719 | -37.5% |
| Accrued charges and deferred income | 492/3 | €4,478 | €3,212 | -€1,266 | -28.3% |
| Non-recurring operating income | 76A | €16,772 | €645 | -€16,127 | -96.2% |
| Remuneration, social security and pensions | 62 | €1,000,334 | €1,312,296 | +€311,963 | +31.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,709 | €18,802 | -€906 | -4.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €140,496 | +€140,496 | |
| Other operating charges | 640/8 | €1,374 | €1,383 | +€9 | +0.7% |
| Gross operating margin | 9900 | €1,111,609 | €1,766,639 | +€655,030 | +58.9% |
| Operating profit (loss) | 9901 | €90,192 | €293,661 | +€203,469 | +226% |
| Financial income | 75/76B | €314 | €765 | +€451 | +143% |
| Recurring financial income | 75 | €314 | €765 | +€451 | +143% |
| Financial charges | 65/66B | €22,390 | €6,176 | -€16,213 | -72.4% |
| Recurring financial charges | 65 | €22,390 | €6,176 | -€16,213 | -72.4% |
| Profit (loss) for the period before taxes | 9903 | €68,117 | €288,249 | +€220,133 | +323% |
| Income taxes | 67/77 | €13,982 | €68,247 | +€54,265 | +388% |
| Profit (loss) for the period | 9904 | €54,135 | €220,003 | +€165,868 | +306% |
| Profit (loss) for the period to be appropriated | 9905 | €54,135 | €220,003 | +€165,868 | +306% |
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 18 October 2026 via checked.be.