PANI DELICE: 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.
PANI DELICE
Largest movements
- Tangible fixed assets +€66,986
up €66,986 (+138%), from €48,482 to €115,469
of which Furniture and vehicles: +€55,727
- Receivables within one year +€27,993
up €27,993 (+91.5%), from €30,578 to €58,570
of which Other amounts receivable: +€28,315
- Cash -€5,179
down €5,179 (-5.0%), from €102,601 to €97,422
mainly Contributions, distributions and other (-€165,000) and Investment in fixed assets (net) (-€96,965)
- Debts after one year +€37,196
up €37,196 (+266%), from €13,959 to €51,155
- Other debts +€34,830
up €34,830 (+70.7%), from €49,283 to €84,113
- Current portion of long-term debt +€16,533
up €16,533 (+175%), from €9,460 to €25,993
- Trade debts -€7,131
down €7,131 (-11.8%), from €60,183 to €53,052
- Tax, wage and social debts +€5,332
up €5,332 (+50.7%), from €10,525 to €15,857
of which Remuneration and social security: +€6,037
- Gross operating margin +€71,247
up €71,247 (+33.0%), from €215,778 to €287,025
- Staff costs +€26,114
up €26,114 (+46.5%), from €56,160 to €82,275
- Depreciation +€10,129
up €10,129 (+51.0%), from €19,850 to €29,979
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 | €191,368 | €279,572 | +€88,204 | +46.1% |
| Fixed assets | 21/28 | €49,114 | €116,101 | +€66,986 | +136% |
| Tangible fixed assets | 22/27 | €48,482 | €115,469 | +€66,986 | +138% |
| Plant, machinery and equipment | 23 | €8,557 | €19,817 | +€11,259 | +132% |
| Furniture and vehicles | 24 | €39,925 | €95,652 | +€55,727 | +140% |
| Financial fixed assets | 28 | €632 | €632 | = | 0.0% |
| Current assets | 29/58 | €142,254 | €163,471 | +€21,218 | +14.9% |
| Stocks and contracts in progress | 3 | €6,979 | €5,161 | -€1,818 | -26.0% |
| Stocks | 30/36 | €6,979 | €5,161 | -€1,818 | -26.0% |
| Amounts receivable within one year | 40/41 | €30,578 | €58,570 | +€27,993 | +91.5% |
| Trade receivables | 40 | €1,297 | €975 | -€322 | -24.8% |
| Other amounts receivable | 41 | €29,281 | €57,596 | +€28,315 | +96.7% |
| Cash at bank and in hand | 54/58 | €102,601 | €97,422 | -€5,179 | -5.0% |
| Deferred charges and accrued income | 490/1 | €2,096 | €2,318 | +€222 | +10.6% |
| Total equity and liabilities | 10/49 | €191,368 | €279,572 | +€88,204 | +46.1% |
| Equity | 10/15 | €47,958 | €49,352 | +€1,394 | +2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €29,358 | €30,752 | +€1,394 | +4.7% |
| Tax-exempt reserves | 132 | €10,322 | €10,322 | = | 0.0% |
| Distributable reserves | 133 | €19,036 | €20,430 | +€1,394 | +7.3% |
| Amounts payable | 17/49 | €143,410 | €230,220 | +€86,810 | +60.5% |
| Amounts payable after more than one year | 17 | €13,959 | €51,155 | +€37,196 | +266% |
| Financial debts | 170/4 | €13,959 | €51,155 | +€37,196 | +266% |
| Amounts payable within one year | 42/48 | €129,451 | €179,015 | +€49,564 | +38.3% |
| Current portion of amounts payable after more than one year | 42 | €9,460 | €25,993 | +€16,533 | +175% |
| Trade debts | 44 | €60,183 | €53,052 | -€7,131 | -11.8% |
| Suppliers | 440/4 | €60,183 | €53,052 | -€7,131 | -11.8% |
| Taxes, remuneration and social security | 45 | €10,525 | €15,857 | +€5,332 | +50.7% |
| Taxes | 450/3 | €2,636 | €1,931 | -€705 | -26.7% |
| Remuneration and social security | 454/9 | €7,889 | €13,925 | +€6,037 | +76.5% |
| Other amounts payable | 47/48 | €49,283 | €84,113 | +€34,830 | +70.7% |
| Accrued charges and deferred income | 492/3 | - | €50 | +€50 | |
| Non-recurring operating income | 76A | - | €2,893 | +€2,893 | |
| Remuneration, social security and pensions | 62 | €56,160 | €82,275 | +€26,114 | +46.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,850 | €29,979 | +€10,129 | +51.0% |
| Other operating charges | 640/8 | €2,150 | €2,291 | +€141 | +6.5% |
| Gross operating margin | 9900 | €215,778 | €287,025 | +€71,247 | +33.0% |
| Operating profit (loss) | 9901 | €137,618 | €172,481 | +€34,863 | +25.3% |
| Financial income | 75/76B | €318 | €1,945 | +€1,628 | +513% |
| Recurring financial income | 75 | €318 | €1,945 | +€1,628 | +513% |
| Financial charges | 65/66B | €6,965 | €7,709 | +€744 | +10.7% |
| Recurring financial charges | 65 | €6,965 | €7,709 | +€744 | +10.7% |
| Profit (loss) for the period before taxes | 9903 | €130,970 | €166,717 | +€35,747 | +27.3% |
| Income taxes | 67/77 | €542 | €323 | -€219 | -40.3% |
| Profit (loss) for the period | 9904 | €130,428 | €166,394 | +€35,966 | +27.6% |
| Profit (loss) for the period to be appropriated | 9905 | €130,428 | €166,394 | +€35,966 | +27.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.