Panenka BXL: what changed
Panenka BXL
Largest movements
- Cash +€147,319
up €147,319 (+291%), from €50,645 to €197,964
mainly Trade debts (+€63,958) and Net result for the year (+€48,465)
- Receivables within one year -€20,923
down €20,923 (-47.6%), from €43,928 to €23,004
of which Trade receivables: -€21,428
- Tangible fixed assets -€4,466
down €4,466 (-25.0%), from €17,841 to €13,375
of which Furniture and vehicles: -€3,255
- Trade debts +€63,958
up €63,958 (+244%), from €26,202 to €90,160
- Profit (loss) carried forward +€48,465
up €48,465 (+277%), from €17,499 to €65,964
- Tax, wage and social debts +€12,319
up €12,319 (+226%), from €5,462 to €17,782
- Gross operating margin +€49,984
up €49,984 (+232%), from €21,541 to €71,525
- Taxes +€13,630
up €13,630 (+300%), from €4,542 to €18,172
- Depreciation +€774
up €774 (+21.0%), from €3,692 to €4,466
- Financial income -€737
down €737 (-99.2%), from €743 to €6
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €112,414 | €235,405 | +€122,992 | +109% |
| Fixed assets | 21/28 | €17,841 | €13,375 | -€4,466 | -25.0% |
| Tangible fixed assets | 22/27 | €17,841 | €13,375 | -€4,466 | -25.0% |
| Furniture and vehicles | 24 | €7,284 | €4,029 | -€3,255 | -44.7% |
| Other tangible fixed assets | 26 | €10,557 | €9,346 | -€1,211 | -11.5% |
| Current assets | 29/58 | €94,573 | €222,031 | +€127,458 | +135% |
| Amounts receivable within one year | 40/41 | €43,928 | €23,004 | -€20,923 | -47.6% |
| Trade receivables | 40 | €43,928 | €22,500 | -€21,428 | -48.8% |
| Other amounts receivable | 41 | - | €504 | +€504 | |
| Cash at bank and in hand | 54/58 | €50,645 | €197,964 | +€147,319 | +291% |
| Deferred charges and accrued income | 490/1 | - | €1,063 | +€1,063 | |
| Total equity and liabilities | 10/49 | €112,414 | €235,405 | +€122,992 | +109% |
| Equity | 10/15 | €78,999 | €127,464 | +€48,465 | +61.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,499 | €65,964 | +€48,465 | +277% |
| Amounts payable | 17/49 | €33,415 | €107,942 | +€74,527 | +223% |
| Amounts payable within one year | 42/48 | €33,415 | €107,942 | +€74,527 | +223% |
| Trade debts | 44 | €26,202 | €90,160 | +€63,958 | +244% |
| Suppliers | 440/4 | €26,202 | €90,160 | +€63,958 | +244% |
| Taxes, remuneration and social security | 45 | €5,462 | €17,782 | +€12,319 | +226% |
| Taxes | 450/3 | €5,462 | €17,782 | +€12,319 | +226% |
| Other amounts payable | 47/48 | €1,750 | - | -€1,750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,692 | €4,466 | +€774 | +21.0% |
| Other operating charges | 640/8 | €384 | €387 | +€3 | +0.8% |
| Gross operating margin | 9900 | €21,541 | €71,525 | +€49,984 | +232% |
| Operating profit (loss) | 9901 | €17,465 | €66,672 | +€49,207 | +282% |
| Financial income | 75/76B | €743 | €6 | -€737 | -99.2% |
| Recurring financial income | 75 | €743 | €6 | -€737 | -99.2% |
| Financial charges | 65/66B | €39 | €40 | +€1 | +3.5% |
| Recurring financial charges | 65 | €39 | €40 | +€1 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €18,169 | €66,637 | +€48,468 | +267% |
| Income taxes | 67/77 | €4,542 | €18,172 | +€13,630 | +300% |
| Profit (loss) for the period | 9904 | €13,627 | €48,465 | +€34,838 | +256% |
| Profit (loss) for the period to be appropriated | 9905 | €13,627 | €48,465 | +€34,838 | +256% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.