PANEREX: 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.
What changed
PANEREX
NACE 10.712, Artisanal bread and fresh pastry making
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€82,145
2024 · -€69,786-€12,359
Equity
€472,333
2024 · €597,003-€124,670
Cash
€131,444
2024 · €142,798-€11,354
Balance sheet total
€3.2m
2024 · €3.6m-€443,559
Largest movements
Assets
- Tangible fixed assets -€347,159
down €347,159 (-11.6%), from €3.0m to €2.7m
of which Leasing and similar rights: -€264,549
- Receivables within one year -€49,539
down €49,539 (-43.2%), from €114,678 to €65,139
of which Trade receivables: -€40,602
Equity and liabilities
- Current portion of long-term debt -€253,192
down €253,192 (-35.9%), from €705,450 to €452,258
- Debts after one year -€173,784
down €173,784 (-9.1%), from €1.9m to €1.7m
- Reserves -€82,145
down €82,145 (-39.0%), from €210,867 to €128,722
of which Tax-exempt reserves: -€82,145
- Short-term financial debts +€47,267
new in 2025: €47,267
- Tax, wage and social debts +€44,177
up €44,177 (+14.5%), from €305,061 to €349,238
of which Remuneration and social security: +€83,395
Income statement
- Depreciation -€244,479
down €244,479 (-36.5%), from €670,505 to €426,026
- Gross operating margin -€132,784
down €132,784 (-5.2%), from €2.6m to €2.4m
- Staff costs +€105,996
up €105,996 (+5.6%), from €1.9m to €2.0m
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.
Result 2024
-€69,786
Gross operating margin
-€132,784
Staff costs
-€105,996
Depreciation
+€244,479
Other operating charges
-€501
Other operating items
+€1,134
Financial income
-€17,200
Financial charges
-€1,311
Taxes
-€180
Result 2025
-€82,145
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.
From operations
+€489,746
Investment
-€78,867
Financing
-€422,234
Cash 2024
€142,798
From operations (derived)
+€489,746
Net result for the year
-€82,145
Depreciation
+€426,026
Receivables after one year
+€11,725
Stocks and contracts
+€10,200
Receivables within one year
+€49,539
Deferred charges and accrued income
+€13,582
Trade debts
+€10,101
Tax, wage and social debts
+€44,177
Advances received
-€2,481
Accrued charges and deferred income
+€9,024
Investment (derived)
-€78,867
Investment in fixed assets (net)
-€78,867
Financing
-€422,234
Debts after one year
-€173,784
Current portion of long-term debt
-€253,192
Short-term financial debts
+€47,267
Contributions, distributions and other
-€42,525
Cash 2025
€131,444
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,635,934 | €3,192,376 | -€443,559 | -12.2% |
| Fixed assets | 21/28 | €3,003,199 | €2,656,040 | -€347,159 | -11.6% |
| Tangible fixed assets | 22/27 | €3,003,199 | €2,656,040 | -€347,159 | -11.6% |
| Land and buildings | 22 | €381,796 | €347,029 | -€34,767 | -9.1% |
| Plant, machinery and equipment | 23 | €451,575 | €363,073 | -€88,502 | -19.6% |
| Furniture and vehicles | 24 | €11,147 | €14,806 | +€3,659 | +32.8% |
| Leasing and similar rights | 25 | €2,158,682 | €1,894,132 | -€264,549 | -12.3% |
| Assets under construction and advance payments | 27 | - | €37,000 | +€37,000 | |
| Current assets | 29/58 | €632,735 | €536,336 | -€96,399 | -15.2% |
| Amounts receivable after more than one year | 29 | €156,702 | €144,977 | -€11,725 | -7.5% |
| Other amounts receivable | 291 | €156,702 | €144,977 | -€11,725 | -7.5% |
| Stocks and contracts in progress | 3 | €91,593 | €81,393 | -€10,200 | -11.1% |
| Stocks | 30/36 | €91,593 | €81,393 | -€10,200 | -11.1% |
| Amounts receivable within one year | 40/41 | €114,678 | €65,139 | -€49,539 | -43.2% |
| Trade receivables | 40 | €84,841 | €44,239 | -€40,602 | -47.9% |
| Other amounts receivable | 41 | €29,837 | €20,900 | -€8,937 | -30.0% |
| Cash at bank and in hand | 54/58 | €142,798 | €131,444 | -€11,354 | -8.0% |
| Deferred charges and accrued income | 490/1 | €126,964 | €113,382 | -€13,582 | -10.7% |
| Total equity and liabilities | 10/49 | €3,635,934 | €3,192,376 | -€443,559 | -12.2% |
| Equity | 10/15 | €597,003 | €472,333 | -€124,670 | -20.9% |
| Contributions | 10/11 | €102,000 | €102,000 | = | 0.0% |
| Reserves | 13 | €210,867 | €128,722 | -€82,145 | -39.0% |
| Tax-exempt reserves | 132 | €109,763 | €27,618 | -€82,145 | -74.8% |
| Distributable reserves | 133 | €101,104 | €101,104 | = | 0.0% |
| Investment grants | 15 | €284,136 | €241,611 | -€42,525 | -15.0% |
| Amounts payable | 17/49 | €3,038,931 | €2,720,043 | -€318,889 | -10.5% |
| Amounts payable after more than one year | 17 | €1,902,581 | €1,728,798 | -€173,784 | -9.1% |
| Financial debts | 170/4 | €1,902,581 | €1,728,798 | -€173,784 | -9.1% |
| Amounts payable within one year | 42/48 | €1,125,843 | €971,715 | -€154,129 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €705,450 | €452,258 | -€253,192 | -35.9% |
| Financial debts | 43 | - | €47,267 | +€47,267 | |
| Credit institutions | 430/8 | - | €47,267 | +€47,267 | |
| Trade debts | 44 | €106,755 | €116,856 | +€10,101 | +9.5% |
| Suppliers | 440/4 | €106,755 | €116,856 | +€10,101 | +9.5% |
| Advances received on contracts in progress | 46 | €8,577 | €6,097 | -€2,481 | -28.9% |
| Taxes, remuneration and social security | 45 | €305,061 | €349,238 | +€44,177 | +14.5% |
| Taxes | 450/3 | €53,021 | €13,803 | -€39,219 | -74.0% |
| Remuneration and social security | 454/9 | €252,040 | €335,435 | +€83,395 | +33.1% |
| Accrued charges and deferred income | 492/3 | €10,506 | €19,530 | +€9,024 | +85.9% |
| Non-recurring operating income | 76A | €6,096 | - | -€6,096 | |
| Remuneration, social security and pensions | 62 | €1,886,585 | €1,992,581 | +€105,996 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €670,505 | €426,026 | -€244,479 | -36.5% |
| Other operating charges | 640/8 | €32,194 | €32,695 | +€501 | +1.6% |
| Non-recurring operating charges | 66A | €18,538 | €17,404 | -€1,134 | -6.1% |
| Gross operating margin | 9900 | €2,573,485 | €2,440,701 | -€132,784 | -5.2% |
| Operating profit (loss) | 9901 | -€34,336 | -€28,005 | +€6,332 | +18.4% |
| Financial income | 75/76B | €65,111 | €47,911 | -€17,200 | -26.4% |
| Recurring financial income | 75 | €65,111 | €47,911 | -€17,200 | -26.4% |
| Financial charges | 65/66B | €98,717 | €100,028 | +€1,311 | +1.3% |
| Recurring financial charges | 65 | €98,717 | €100,028 | +€1,311 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | -€67,942 | -€80,121 | -€12,179 | -17.9% |
| Income taxes | 67/77 | €1,844 | €2,024 | +€180 | +9.8% |
| Profit (loss) for the period | 9904 | -€69,786 | -€82,145 | -€12,359 | -17.7% |
| Transfer from tax-exempt reserves | 789 | €69,786 | €82,145 | +€12,359 | +17.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.