PANIBLOND: 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
PANIBLOND
NACE 46.392, Non-specialised wholesale
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€60,801
2024 · -€3,513+€64,315
Equity
€1.7m
2024 · €1.7m-€12,622
Cash
€330,351
2024 · €194,207+€136,144
Balance sheet total
€2.0m
2024 · €2.0m-€8,093
Largest movements
Assets
- Cash +€136,144
up €136,144 (+70.1%), from €194,207 to €330,351
mainly Depreciation (+€107,211) and Current investments (+€71,519)
- Current investments -€71,519
down €71,519 (-99.8%), from €71,667 to €148
- Stocks and contracts -€45,685
down €45,685 (-13.1%), from €349,280 to €303,595
- Tangible fixed assets -€34,075
down €34,075 (-7.5%), from €455,474 to €421,399
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin +€81,210
up €81,210 (+18.8%), from €432,124 to €513,333
- Taxes +€11,399
new in 2025: €11,399
- Other operating charges +€7,072
up €7,072 (+48.6%), from €14,557 to €21,629
- Depreciation +€5,377
up €5,377 (+5.3%), from €101,834 to €107,211
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
-€3,513
Gross operating margin
+€81,210
Staff costs
-€584
Depreciation
-€5,377
Other operating charges
-€7,072
Other operating items
+€10,470
Financial income
-€4,661
Financial charges
+€1,727
Taxes
-€11,399
Result 2025
€60,801
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
+€211,184
Investment
-€1,617
Financing
-€73,423
Cash 2024
€194,207
From operations (derived)
+€211,184
Net result for the year
+€60,801
Depreciation
+€107,211
Stocks and contracts
+€45,685
Receivables within one year
-€8,835
Deferred charges and accrued income
+€1,793
Provisions
-€748
Trade debts
+€8,073
Tax, wage and social debts
-€2,796
Investment (derived)
-€1,617
Investment in fixed assets (net)
-€73,136
Current investments
+€71,519
Financing
-€73,423
Contributions, distributions and other
-€73,423
Cash 2025
€330,351
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,994,908 | €1,986,814 | -€8,093 | -0.4% |
| Fixed assets | 21/28 | €469,578 | €435,503 | -€34,075 | -7.3% |
| Tangible fixed assets | 22/27 | €455,474 | €421,399 | -€34,075 | -7.5% |
| Land and buildings | 22 | €183,637 | €168,923 | -€14,714 | -8.0% |
| Plant, machinery and equipment | 23 | €41,273 | €34,653 | -€6,620 | -16.0% |
| Furniture and vehicles | 24 | €220,312 | €210,922 | -€9,390 | -4.3% |
| Other tangible fixed assets | 26 | €10,252 | €6,901 | -€3,350 | -32.7% |
| Financial fixed assets | 28 | €14,104 | €14,104 | = | 0.0% |
| Current assets | 29/58 | €1,525,330 | €1,551,311 | +€25,982 | +1.7% |
| Stocks and contracts in progress | 3 | €349,280 | €303,595 | -€45,685 | -13.1% |
| Stocks | 30/36 | €349,280 | €303,595 | -€45,685 | -13.1% |
| Amounts receivable within one year | 40/41 | €903,619 | €912,454 | +€8,835 | +1.0% |
| Trade receivables | 40 | €893,714 | €907,675 | +€13,961 | +1.6% |
| Other amounts receivable | 41 | €9,905 | €4,779 | -€5,126 | -51.8% |
| Current investments | 50/53 | €71,667 | €148 | -€71,519 | -99.8% |
| Cash at bank and in hand | 54/58 | €194,207 | €330,351 | +€136,144 | +70.1% |
| Deferred charges and accrued income | 490/1 | €6,558 | €4,764 | -€1,793 | -27.3% |
| Total equity and liabilities | 10/49 | €1,994,908 | €1,986,814 | -€8,093 | -0.4% |
| Equity | 10/15 | €1,729,956 | €1,717,334 | -€12,622 | -0.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,650,977 | €1,640,350 | -€10,627 | -0.6% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,404 | €3,404 | = | 0.0% |
| Distributable reserves | 133 | €1,645,713 | €1,635,086 | -€10,627 | -0.6% |
| Profit (loss) carried forward | 14 | €37,239 | €37,239 | = | 0.0% |
| Investment grants | 15 | €23,147 | €21,153 | -€1,994 | -8.6% |
| Provisions and deferred taxes | 16 | €9,410 | €8,662 | -€748 | -7.9% |
| Deferred taxes | 168 | €9,410 | €8,662 | -€748 | -7.9% |
| Amounts payable | 17/49 | €255,542 | €260,818 | +€5,276 | +2.1% |
| Amounts payable within one year | 42/48 | €255,542 | €260,818 | +€5,276 | +2.1% |
| Trade debts | 44 | €115,660 | €123,733 | +€8,073 | +7.0% |
| Suppliers | 440/4 | €115,660 | €123,733 | +€8,073 | +7.0% |
| Taxes, remuneration and social security | 45 | €89,882 | €87,086 | -€2,796 | -3.1% |
| Taxes | 450/3 | €33,298 | €56,694 | +€23,396 | +70.3% |
| Remuneration and social security | 454/9 | €56,584 | €30,392 | -€26,193 | -46.3% |
| Other amounts payable | 47/48 | €50,000 | €50,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €323,885 | €324,468 | +€584 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,834 | €107,211 | +€5,377 | +5.3% |
| Other operating charges | 640/8 | €14,557 | €21,629 | +€7,072 | +48.6% |
| Non-recurring operating charges | 66A | €11,840 | €1,370 | -€10,470 | -88.4% |
| Gross operating margin | 9900 | €432,124 | €513,333 | +€81,210 | +18.8% |
| Operating profit (loss) | 9901 | -€19,992 | €58,656 | +€78,647 | |
| Financial income | 75/76B | €18,713 | €14,052 | -€4,661 | -24.9% |
| Recurring financial income | 75 | €18,713 | €14,052 | -€4,661 | -24.9% |
| Financial charges | 65/66B | €2,982 | €1,255 | -€1,727 | -57.9% |
| Recurring financial charges | 65 | €2,982 | €1,255 | -€1,727 | -57.9% |
| Profit (loss) for the period before taxes | 9903 | -€4,261 | €71,453 | +€75,714 | |
| Transfer from deferred taxes | 780 | €748 | €748 | = | 0.0% |
| Income taxes | 67/77 | - | €11,399 | +€11,399 | |
| Profit (loss) for the period | 9904 | -€3,513 | €60,801 | +€64,315 | |
| Transfer from tax-exempt reserves | 789 | - | €10,627 | +€10,627 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,513 | €71,429 | +€74,942 |
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 17 October 2026 via checked.be.