PANIBEL: 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.
What changed
PANIBEL
NACE 10.712, Artisanal bread and fresh pastry making
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€226,905
2024 · €279,735-€52,830
Equity
€2.7m
2024 · €2.5m+€221,142
Cash
€433,126
2024 · €192,538+€240,588
Balance sheet total
€6.5m
2024 · €5.8m+€621,172
Largest movements
Assets
- Tangible fixed assets +€277,998
up €277,998 (+8.7%), from €3.2m to €3.5m
of which Furniture and vehicles: +€239,236
- Cash +€240,588
up €240,588 (+125%), from €192,538 to €433,126
mainly Depreciation (+€821,073) and Net result for the year (+€226,905)
- Stocks and contracts +€155,781
up €155,781 (+42.4%), from €367,789 to €523,570
- Intangible fixed assets -€78,746
down €78,746 (-11.4%), from €690,986 to €612,240
Equity and liabilities
- Reserves +€227,000
up €227,000 (+10.6%), from €2.1m to €2.4m
of which Distributable reserves: +€227,000
- Trade debts +€117,239
up €117,239 (+14.8%), from €792,811 to €910,050
- Debts after one year +€110,969
up €110,969 (+11.3%), from €977,854 to €1.1m
- Current portion of long-term debt +€91,944
up €91,944 (+17.6%), from €522,811 to €614,755
Income statement
- Turnover +€247,844
up €247,844 (+2.2%), from €11.3m to €11.6m
- Staff costs +€227,522
up €227,522 (+4.6%), from €4.9m to €5.1m
- Services and other goods +€164,962
up €164,962 (+8.2%), from €2.0m to €2.2m
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
€279,735
Turnover
+€247,844
Other operating income
+€55,738
Goods and materials
+€84,878
Services and other goods
-€164,962
Staff costs
-€227,522
Depreciation
-€93,578
Other operating charges
+€5,741
Other operating items
+€5,698
Financial income
-€121
Financial charges
+€10,862
Taxes
+€22,591
Result 2025
€226,905
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.0m
Investment
-€1.0m
Financing
+€213,546
Cash 2024
€192,538
From operations (derived)
+€1.0m
Net result for the year
+€226,905
Depreciation
+€821,073
Stocks and contracts
-€155,781
Receivables within one year
+€8,801
Deferred charges and accrued income
-€34,352
Trade debts
+€117,239
Tax, wage and social debts
+€56,476
Other debts
+€7,164
Accrued charges and deferred income
-€157
Investment (derived)
-€1.0m
Investment in fixed assets (net)
-€1.0m
Financing
+€213,546
Debts after one year
+€110,969
Current portion of long-term debt
+€91,944
Short-term financial debts
+€16,397
Contributions, distributions and other
-€5,763
Cash 2025
€433,126
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,831,144 | €6,452,316 | +€621,172 | +10.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €3,899,217 | €4,098,469 | +€199,253 | +5.1% |
| Intangible fixed assets | 21 | €690,986 | €612,240 | -€78,746 | -11.4% |
| Tangible fixed assets | 22/27 | €3,204,807 | €3,482,805 | +€277,998 | +8.7% |
| Land and buildings | 22 | €789,294 | €769,578 | -€19,716 | -2.5% |
| Plant, machinery and equipment | 23 | €1,168,492 | €1,355,647 | +€187,156 | +16.0% |
| Furniture and vehicles | 24 | €349,336 | €588,572 | +€239,236 | +68.5% |
| Leasing and similar rights | 25 | €886,266 | €757,589 | -€128,678 | -14.5% |
| Assets under construction and advance payments | 27 | €11,419 | €11,419 | = | 0.0% |
| Financial fixed assets | 28 | €3,424 | €3,424 | = | 0.0% |
| Other financial fixed assets | 284/8 | €3,424 | €3,424 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €3,424 | €3,424 | = | 0.0% |
| Current assets | 29/58 | €1,931,927 | €2,353,847 | +€421,920 | +21.8% |
| Stocks and contracts in progress | 3 | €367,789 | €523,570 | +€155,781 | +42.4% |
| Stocks | 30/36 | €367,789 | €523,570 | +€155,781 | +42.4% |
| Raw materials and consumables | 30/31 | €264,320 | €396,127 | +€131,807 | +49.9% |
| Finished goods | 33 | €103,468 | €127,443 | +€23,974 | +23.2% |
| Amounts receivable within one year | 40/41 | €1,333,004 | €1,324,203 | -€8,801 | -0.7% |
| Trade receivables | 40 | €1,221,897 | €1,293,812 | +€71,915 | +5.9% |
| Other amounts receivable | 41 | €111,107 | €30,391 | -€80,716 | -72.6% |
| Cash at bank and in hand | 54/58 | €192,538 | €433,126 | +€240,588 | +125% |
| Deferred charges and accrued income | 490/1 | €38,596 | €72,947 | +€34,352 | +89.0% |
| Total equity and liabilities | 10/49 | €5,831,144 | €6,452,316 | +€621,172 | +10.7% |
| Equity | 10/15 | €2,453,045 | €2,674,186 | +€221,142 | +9.0% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €2,146,700 | €2,373,700 | +€227,000 | +10.6% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €2,121,700 | €2,348,700 | +€227,000 | +10.7% |
| Profit (loss) carried forward | 14 | €305 | €210 | -€95 | -31.2% |
| Investment grants | 15 | €56,039 | €50,276 | -€5,763 | -10.3% |
| Amounts payable | 17/49 | €3,378,099 | €3,778,130 | +€400,031 | +11.8% |
| Amounts payable after more than one year | 17 | €977,854 | €1,088,823 | +€110,969 | +11.3% |
| Financial debts | 170/4 | €977,854 | €1,088,823 | +€110,969 | +11.3% |
| Leasing and similar obligations | 172 | €110,244 | €55,999 | -€54,245 | -49.2% |
| Credit institutions | 173 | €867,610 | €1,032,824 | +€165,214 | +19.0% |
| Amounts payable within one year | 42/48 | €2,399,641 | €2,688,860 | +€289,219 | +12.1% |
| Current portion of amounts payable after more than one year | 42 | €522,811 | €614,755 | +€91,944 | +17.6% |
| Financial debts | 43 | €351,434 | €367,830 | +€16,397 | +4.7% |
| Credit institutions | 430/8 | €351,434 | €367,830 | +€16,397 | +4.7% |
| Trade debts | 44 | €792,811 | €910,050 | +€117,239 | +14.8% |
| Suppliers | 440/4 | €792,811 | €910,050 | +€117,239 | +14.8% |
| Taxes, remuneration and social security | 45 | €732,585 | €789,060 | +€56,476 | +7.7% |
| Taxes | 450/3 | €86,679 | €88,746 | +€2,067 | +2.4% |
| Remuneration and social security | 454/9 | €645,906 | €700,315 | +€54,409 | +8.4% |
| Other amounts payable | 47/48 | €0 | €7,164 | +€7,164 | |
| Accrued charges and deferred income | 492/3 | €605 | €448 | -€157 | -26.0% |
| Operating income | 70/76A | €11,706,991 | €12,021,171 | +€314,181 | +2.7% |
| Turnover | 70 | €11,336,336 | €11,584,180 | +€247,844 | +2.2% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €875 | €23,974 | +€23,099 | +2,639% |
| Other operating income | 74 | €357,279 | €413,017 | +€55,738 | +15.6% |
| Non-recurring operating income | 76A | €12,500 | - | -€12,500 | |
| Operating charges | 60/66A | €11,232,900 | €11,633,243 | +€400,343 | +3.6% |
| Goods for resale, raw materials and consumables | 60 | €3,402,059 | €3,317,181 | -€84,878 | -2.5% |
| Purchases | 600/8 | €3,384,650 | €3,448,988 | +€64,338 | +1.9% |
| Change in stocks: decrease (increase) | 609 | €17,409 | -€131,807 | -€149,216 | |
| Services and other goods | 61 | €2,013,384 | €2,178,346 | +€164,962 | +8.2% |
| Remuneration, social security and pensions | 62 | €4,897,615 | €5,125,137 | +€227,522 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €727,495 | €821,073 | +€93,578 | +12.9% |
| Other operating charges | 640/8 | €192,346 | €186,606 | -€5,741 | -3.0% |
| Non-recurring operating charges | 66A | - | €4,901 | +€4,901 | |
| Operating profit (loss) | 9901 | €474,091 | €387,928 | -€86,163 | -18.2% |
| Financial income | 75/76B | €11,324 | €11,204 | -€121 | -1.1% |
| Recurring financial income | 75 | €11,324 | €11,204 | -€121 | -1.1% |
| Income from current assets | 751 | - | €1,262 | +€1,262 | |
| Other financial income | 752/9 | €11,324 | €9,941 | -€1,383 | -12.2% |
| Financial charges | 65/66B | €91,376 | €80,514 | -€10,862 | -11.9% |
| Recurring financial charges | 65 | €91,376 | €80,514 | -€10,862 | -11.9% |
| Debt charges | 650 | €86,745 | €73,626 | -€13,119 | -15.1% |
| Other financial charges | 652/9 | €4,632 | €6,888 | +€2,257 | +48.7% |
| Profit (loss) for the period before taxes | 9903 | €394,039 | €318,618 | -€75,422 | -19.1% |
| Income taxes | 67/77 | €114,304 | €91,713 | -€22,591 | -19.8% |
| Taxes | 670/3 | €114,304 | €91,713 | -€22,591 | -19.8% |
| Profit (loss) for the period | 9904 | €279,735 | €226,905 | -€52,830 | -18.9% |
| Transfer from tax-exempt reserves | 789 | €126,300 | - | -€126,300 | |
| Profit (loss) for the period to be appropriated | 9905 | €406,035 | €226,905 | -€179,130 | -44.1% |
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 15 October 2026 via checked.be.