Panenco Group: 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 Group
Largest movements
- Financial fixed assets +€50,000
up €50,000 (+10.8%), from €461,492 to €511,492
- Cash +€28,538
up €28,538 (+39.3%), from €72,529 to €101,067
mainly Net result for the year (+€119,711) and Tax, wage and social debts (+€58,817)
- Reserves +€82,894
up €82,894 (+23.0%), from €360,804 to €443,699
- Tax, wage and social debts +€58,817
up €58,817 (+413%), from €14,245 to €73,062
- Current portion of long-term debt -€31,751
down €31,751 (-58.6%), from €54,217 to €22,466
- Debts after one year -€22,466
down €22,466 (-32.0%), from €70,205 to €47,739
- Other debts -€15,372
down €15,372 (-96.1%), from €16,000 to €627
- Gross operating margin +€53,021
up €53,021 (+40.2%), from €131,989 to €185,011
- Taxes +€21,308
up €21,308 (+53.4%), from €39,901 to €61,209
- Financial charges -€2,309
down €2,309 (-38.4%), from €6,020 to €3,711
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 | €534,021 | €617,399 | +€83,378 | +15.6% |
| Fixed assets | 21/28 | €461,492 | €511,492 | +€50,000 | +10.8% |
| Financial fixed assets | 28 | €461,492 | €511,492 | +€50,000 | +10.8% |
| Current assets | 29/58 | €72,529 | €105,907 | +€33,378 | +46.0% |
| Amounts receivable within one year | 40/41 | - | €4,840 | +€4,840 | |
| Trade receivables | 40 | - | €4,840 | +€4,840 | |
| Cash at bank and in hand | 54/58 | €72,529 | €101,067 | +€28,538 | +39.3% |
| Total equity and liabilities | 10/49 | €534,021 | €617,399 | +€83,378 | +15.6% |
| Equity | 10/15 | €379,354 | €462,249 | +€82,894 | +21.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €360,804 | €443,699 | +€82,894 | +23.0% |
| Distributable reserves | 133 | €360,804 | €443,699 | +€82,894 | +23.0% |
| Amounts payable | 17/49 | €154,667 | €155,150 | +€484 | +0.3% |
| Amounts payable after more than one year | 17 | €70,205 | €47,739 | -€22,466 | -32.0% |
| Financial debts | 170/4 | €70,205 | €47,739 | -€22,466 | -32.0% |
| Amounts payable within one year | 42/48 | €84,462 | €107,411 | +€22,949 | +27.2% |
| Current portion of amounts payable after more than one year | 42 | €54,217 | €22,466 | -€31,751 | -58.6% |
| Trade debts | 44 | - | €11,256 | +€11,256 | |
| Suppliers | 440/4 | - | €11,256 | +€11,256 | |
| Taxes, remuneration and social security | 45 | €14,245 | €73,062 | +€58,817 | +413% |
| Taxes | 450/3 | €14,245 | €73,062 | +€58,817 | +413% |
| Other amounts payable | 47/48 | €16,000 | €627 | -€15,372 | -96.1% |
| Other operating charges | 640/8 | €384 | €387 | +€3 | +0.8% |
| Gross operating margin | 9900 | €131,989 | €185,011 | +€53,021 | +40.2% |
| Operating profit (loss) | 9901 | €131,605 | €184,623 | +€53,018 | +40.3% |
| Financial income | 75/76B | €1 | €8 | +€7 | +1,061% |
| Recurring financial income | 75 | €1 | €8 | +€7 | +1,061% |
| Financial charges | 65/66B | €6,020 | €3,711 | -€2,309 | -38.4% |
| Recurring financial charges | 65 | €6,020 | €3,711 | -€2,309 | -38.4% |
| Profit (loss) for the period before taxes | 9903 | €125,585 | €180,920 | +€55,335 | +44.1% |
| Income taxes | 67/77 | €39,901 | €61,209 | +€21,308 | +53.4% |
| Profit (loss) for the period | 9904 | €85,685 | €119,711 | +€34,026 | +39.7% |
| Profit (loss) for the period to be appropriated | 9905 | €85,685 | €119,711 | +€34,026 | +39.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.