PANHARD: 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.
PANHARD
Largest movements
- Tangible fixed assets -€34,426
down €34,426 (-16.8%), from €205,004 to €170,579
of which Plant, machinery and equipment: -€19,315
- Receivables within one year +€17,379
up €17,379 (+48.2%), from €36,037 to €53,416
of which Other amounts receivable: +€21,837
- Deferred charges and accrued income -€7,166
down €7,166 (-25.6%), from €28,028 to €20,862
- Short-term financial debts -€39,042
down €39,042 (-79.3%), from €49,233 to €10,191
- Debts after one year -€38,733
down €38,733 (-28.0%), from €138,494 to €99,761
- Current portion of long-term debt +€38,733
new in 2025: €38,733
- Tax, wage and social debts +€31,468
up €31,468 (+46.1%), from €68,269 to €99,737
of which Taxes: +€25,170
- Trade debts -€27,993
down €27,993 (-15.9%), from €176,253 to €148,260
- Gross operating margin +€67,698
up €67,698 (+20.3%), from €334,254 to €401,953
- Staff costs +€47,676
up €47,676 (+16.9%), from €282,804 to €330,480
- Depreciation +€13,746
up €13,746 (+56.7%), from €24,233 to €37,979
- Financial charges +€7,711
up €7,711 (+86.5%), from €8,916 to €16,628
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 | €341,410 | €317,188 | -€24,222 | -7.1% |
| Fixed assets | 21/28 | €211,004 | €177,549 | -€33,456 | -15.9% |
| Tangible fixed assets | 22/27 | €205,004 | €170,579 | -€34,426 | -16.8% |
| Plant, machinery and equipment | 23 | €102,164 | €82,849 | -€19,315 | -18.9% |
| Furniture and vehicles | 24 | €102,841 | €87,730 | -€15,110 | -14.7% |
| Financial fixed assets | 28 | €6,000 | €6,970 | +€970 | +16.2% |
| Current assets | 29/58 | €130,406 | €139,639 | +€9,233 | +7.1% |
| Stocks and contracts in progress | 3 | €64,970 | €62,645 | -€2,325 | -3.6% |
| Stocks | 30/36 | €64,970 | €62,645 | -€2,325 | -3.6% |
| Amounts receivable within one year | 40/41 | €36,037 | €53,416 | +€17,379 | +48.2% |
| Trade receivables | 40 | €4,458 | - | -€4,458 | |
| Other amounts receivable | 41 | €31,579 | €53,416 | +€21,837 | +69.2% |
| Cash at bank and in hand | 54/58 | €1,371 | €2,717 | +€1,345 | +98.1% |
| Deferred charges and accrued income | 490/1 | €28,028 | €20,862 | -€7,166 | -25.6% |
| Total equity and liabilities | 10/49 | €341,410 | €317,188 | -€24,222 | -7.1% |
| Equity | 10/15 | -€90,838 | -€79,494 | +€11,345 | +12.5% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €1,875 | €1,875 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,875 | €1,875 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,875 | €1,875 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€111,463 | -€100,119 | +€11,345 | +10.2% |
| Amounts payable | 17/49 | €432,249 | €396,682 | -€35,567 | -8.2% |
| Amounts payable after more than one year | 17 | €138,494 | €99,761 | -€38,733 | -28.0% |
| Financial debts | 170/4 | €138,494 | €99,761 | -€38,733 | -28.0% |
| Amounts payable within one year | 42/48 | €293,755 | €296,921 | +€3,167 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | - | €38,733 | +€38,733 | |
| Financial debts | 43 | €49,233 | €10,191 | -€39,042 | -79.3% |
| Credit institutions | 430/8 | €49,233 | €10,191 | -€39,042 | -79.3% |
| Trade debts | 44 | €176,253 | €148,260 | -€27,993 | -15.9% |
| Suppliers | 440/4 | €176,253 | €148,260 | -€27,993 | -15.9% |
| Taxes, remuneration and social security | 45 | €68,269 | €99,737 | +€31,468 | +46.1% |
| Taxes | 450/3 | €22,622 | €47,791 | +€25,170 | +111.3% |
| Remuneration and social security | 454/9 | €45,647 | €51,946 | +€6,298 | +13.8% |
| Remuneration, social security and pensions | 62 | €282,804 | €330,480 | +€47,676 | +16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,233 | €37,979 | +€13,746 | +56.7% |
| Other operating charges | 640/8 | €4,407 | €7,534 | +€3,127 | +70.9% |
| Gross operating margin | 9900 | €334,254 | €401,953 | +€67,698 | +20.3% |
| Operating profit (loss) | 9901 | €22,810 | €25,959 | +€3,149 | +13.8% |
| Financial income | 75/76B | €2,226 | €2,368 | +€143 | +6.4% |
| Recurring financial income | 75 | €2,226 | €2,368 | +€143 | +6.4% |
| Financial charges | 65/66B | €8,916 | €16,628 | +€7,711 | +86.5% |
| Recurring financial charges | 65 | €8,916 | €16,628 | +€7,711 | +86.5% |
| Profit (loss) for the period before taxes | 9903 | €16,119 | €11,700 | -€4,419 | -27.4% |
| Income taxes | 67/77 | €72 | €355 | +€284 | +396.4% |
| Profit (loss) for the period | 9904 | €16,047 | €11,345 | -€4,703 | -29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €16,047 | €11,345 | -€4,703 | -29.3% |
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 4 October 2026 via checked.be.