PANES: 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.
PANES
Largest movements
- Receivables within one year +€8,771
up €8,771 (+201.2%), from €4,360 to €13,131
of which Trade receivables: +€9,620
- Tangible fixed assets -€6,652
down €6,652 (-30.9%), from €21,532 to €14,880
of which Furniture and vehicles: -€4,066
- Cash -€2,996
down €2,996 (-8.9%), from €33,603 to €30,607
mainly Debts after one year (-€13,866) and Receivables within one year (-€8,771)
- Stocks and contracts +€2,831
up €2,831 (+27.9%), from €10,145 to €12,976
- Debts after one year -€13,866
no longer reported in 2025 (was €13,866)
- Profit (loss) carried forward +€13,579
up €13,579 (+60.2%), from €22,545 to €36,124
- Advances received +€4,084
new in 2025: €4,084
- Trade debts -€2,281
down €2,281 (-44.1%), from €5,173 to €2,892
- Tax, wage and social debts +€1,032
up €1,032 (+20.3%), from €5,074 to €6,106
of which Taxes: +€1,572
- Purchases and services +€145,866
new in 2025: €145,866
- Gross operating margin -€27,816
down €27,816 (-39.4%), from €70,571 to €42,755
- Staff costs -€18,468
down €18,468 (-53.7%), from €34,423 to €15,955
- Write-downs -€3,450
no longer reported in 2025 (was €3,450)
- Depreciation -€3,115
down €3,115 (-26.7%), from €11,666 to €8,551
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €69,640 | €71,594 | +€1,954 | +2.8% |
| Fixed assets | 21/28 | €21,532 | €14,880 | -€6,652 | -30.9% |
| Tangible fixed assets | 22/27 | €21,532 | €14,880 | -€6,652 | -30.9% |
| Plant, machinery and equipment | 23 | €5,176 | €2,590 | -€2,586 | -50.0% |
| Furniture and vehicles | 24 | €16,356 | €12,290 | -€4,066 | -24.9% |
| Current assets | 29/58 | €48,108 | €56,714 | +€8,606 | +17.9% |
| Stocks and contracts in progress | 3 | €10,145 | €12,976 | +€2,831 | +27.9% |
| Stocks | 30/36 | €10,145 | €12,976 | +€2,831 | +27.9% |
| Amounts receivable within one year | 40/41 | €4,360 | €13,131 | +€8,771 | +201.2% |
| Trade receivables | 40 | €3,137 | €12,757 | +€9,620 | +306.7% |
| Other amounts receivable | 41 | €1,223 | €374 | -€849 | -69.4% |
| Cash at bank and in hand | 54/58 | €33,603 | €30,607 | -€2,996 | -8.9% |
| Total equity and liabilities | 10/49 | €69,640 | €71,594 | +€1,954 | +2.8% |
| Equity | 10/15 | €41,145 | €54,724 | +€13,579 | +33.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,545 | €36,124 | +€13,579 | +60.2% |
| Amounts payable | 17/49 | €28,495 | €16,870 | -€11,625 | -40.8% |
| Amounts payable after more than one year | 17 | €13,866 | - | -€13,866 | |
| Financial debts | 170/4 | €13,866 | - | -€13,866 | |
| Amounts payable within one year | 42/48 | €14,629 | €16,870 | +€2,241 | +15.3% |
| Trade debts | 44 | €5,173 | €2,892 | -€2,281 | -44.1% |
| Suppliers | 440/4 | €5,173 | €2,892 | -€2,281 | -44.1% |
| Advances received on contracts in progress | 46 | - | €4,084 | +€4,084 | |
| Taxes, remuneration and social security | 45 | €5,074 | €6,106 | +€1,032 | +20.3% |
| Taxes | 450/3 | €2,844 | €4,416 | +€1,572 | +55.3% |
| Remuneration and social security | 454/9 | €2,230 | €1,690 | -€540 | -24.2% |
| Other amounts payable | 47/48 | €4,382 | €3,787 | -€595 | -13.6% |
| Goods, raw materials, services and sundry goods | 60/61 | - | €145,866 | +€145,866 | |
| Remuneration, social security and pensions | 62 | €34,423 | €15,955 | -€18,468 | -53.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,666 | €8,551 | -€3,115 | -26.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,450 | - | -€3,450 | |
| Other operating charges | 640/8 | €103 | €782 | +€679 | +659.7% |
| Gross operating margin | 9900 | €70,571 | €42,755 | -€27,816 | -39.4% |
| Operating profit (loss) | 9901 | €20,929 | €17,467 | -€3,462 | -16.5% |
| Financial charges | 65/66B | €413 | €3,127 | +€2,714 | +657.2% |
| Recurring financial charges | 65 | €413 | €3,127 | +€2,714 | +657.2% |
| Profit (loss) for the period before taxes | 9903 | €20,516 | €14,340 | -€6,176 | -30.1% |
| Income taxes | 67/77 | - | €761 | +€761 | |
| Profit (loss) for the period | 9904 | €20,516 | €13,579 | -€6,937 | -33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €20,516 | €13,579 | -€6,937 | -33.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.