PANIBO: 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.
PANIBO
Largest movements
- Stocks and contracts +€69,778
up €69,778 (+58.8%), from €118,682 to €188,460
- Cash -€68,433
down €68,433 (-66.0%), from €103,614 to €35,181
mainly Advances received (-€93,799) and Stocks and contracts (-€69,778)
- Deferred charges and accrued income -€55,734
down €55,734 (-60.7%), from €91,748 to €36,014
- Receivables within one year -€36,764
down €36,764 (-19.4%), from €189,197 to €152,433
of which Trade receivables: -€54,212
- Tangible fixed assets +€12,856
up €12,856 (+75.1%), from €17,125 to €29,981
of which Leasing and similar rights: +€12,572
- Advances received -€93,799
down €93,799 (-21.6%), from €434,589 to €340,790
- Profit (loss) carried forward +€30,249
up €30,249 (+35.4%), from -€85,545 to -€55,296
- Trade debts -€10,323
down €10,323 (-18.3%), from €56,472 to €46,149
- Gross operating margin +€53,186
up €53,186 (+25.7%), from €206,870 to €260,056
- Staff costs -€15,839
down €15,839 (-5.7%), from €276,886 to €261,047
- Taxes +€3,114
up €3,114 (+274.4%), from €1,135 to €4,249
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 | €520,366 | €442,069 | -€78,297 | -15.0% |
| Fixed assets | 21/28 | €17,125 | €29,981 | +€12,856 | +75.1% |
| Tangible fixed assets | 22/27 | €17,125 | €29,981 | +€12,856 | +75.1% |
| Furniture and vehicles | 24 | €17,125 | €17,409 | +€284 | +1.7% |
| Leasing and similar rights | 25 | - | €12,572 | +€12,572 | |
| Current assets | 29/58 | €503,241 | €412,088 | -€91,153 | -18.1% |
| Stocks and contracts in progress | 3 | €118,682 | €188,460 | +€69,778 | +58.8% |
| Stocks | 30/36 | €118,682 | €188,460 | +€69,778 | +58.8% |
| Amounts receivable within one year | 40/41 | €189,197 | €152,433 | -€36,764 | -19.4% |
| Trade receivables | 40 | €181,645 | €127,433 | -€54,212 | -29.8% |
| Other amounts receivable | 41 | €7,552 | €25,000 | +€17,448 | +231.0% |
| Cash at bank and in hand | 54/58 | €103,614 | €35,181 | -€68,433 | -66.0% |
| Deferred charges and accrued income | 490/1 | €91,748 | €36,014 | -€55,734 | -60.7% |
| Total equity and liabilities | 10/49 | €520,366 | €442,069 | -€78,297 | -15.0% |
| Equity | 10/15 | €24,455 | €54,704 | +€30,249 | +123.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€85,545 | -€55,296 | +€30,249 | +35.4% |
| Amounts payable | 17/49 | €495,911 | €387,365 | -€108,546 | -21.9% |
| Amounts payable within one year | 42/48 | €495,911 | €387,365 | -€108,546 | -21.9% |
| Financial debts | 43 | - | €426 | +€426 | |
| Credit institutions | 430/8 | - | €426 | +€426 | |
| Trade debts | 44 | €56,472 | €46,149 | -€10,323 | -18.3% |
| Suppliers | 440/4 | €56,472 | €46,149 | -€10,323 | -18.3% |
| Advances received on contracts in progress | 46 | €434,589 | €340,790 | -€93,799 | -21.6% |
| Taxes, remuneration and social security | 45 | €3,832 | - | -€3,832 | |
| Taxes | 450/3 | €3,832 | - | -€3,832 | |
| Other amounts payable | 47/48 | €1,018 | - | -€1,018 | |
| Remuneration, social security and pensions | 62 | €276,886 | €261,047 | -€15,839 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,550 | €6,385 | +€1,835 | +40.3% |
| Other operating charges | 640/8 | €2,952 | €2,285 | -€667 | -22.6% |
| Gross operating margin | 9900 | €206,870 | €260,056 | +€53,186 | +25.7% |
| Operating profit (loss) | 9901 | -€77,518 | -€9,661 | +€67,857 | +87.5% |
| Financial income | 75/76B | €53,793 | €54,558 | +€765 | +1.4% |
| Recurring financial income | 75 | €53,793 | €54,558 | +€765 | +1.4% |
| Financial charges | 65/66B | €9,543 | €10,399 | +€856 | +9.0% |
| Recurring financial charges | 65 | €9,543 | €10,399 | +€856 | +9.0% |
| Profit (loss) for the period before taxes | 9903 | -€33,268 | €34,498 | +€67,766 | |
| Income taxes | 67/77 | €1,135 | €4,249 | +€3,114 | +274.4% |
| Profit (loss) for the period | 9904 | -€34,403 | €30,249 | +€64,652 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,403 | €30,249 | +€64,652 |
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.