PANIC: 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.
PANIC
Largest movements
- Cash +€22,417
up €22,417 (+1249.3%), from €1,794 to €24,212
mainly Debts after one year (+€33,027) and Depreciation (+€19,395)
- Tangible fixed assets -€14,345
down €14,345 (-3.4%), from €418,586 to €404,241
of which Land and buildings: -€16,687
- Receivables within one year -€6,240
down €6,240 (-100.0%), from €6,240 to €0
of which Trade receivables: -€3,240
- Debts after one year +€33,027
up €33,027 (+7.3%), from €449,945 to €482,973
- Profit (loss) carried forward -€30,263
down €30,263 (-12.1%), from -€249,638 to -€279,901
- Gross operating margin -€9,240
down €9,240, from €604 to -€8,636
- Depreciation +€1,934
up €1,934 (+11.1%), from €17,461 to €19,395
- Other operating charges +€117
up €117 (+5.9%), from €1,973 to €2,090
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 | €426,620 | €428,453 | +€1,833 | +0.4% |
| Fixed assets | 21/28 | €418,586 | €404,241 | -€14,345 | -3.4% |
| Tangible fixed assets | 22/27 | €418,586 | €404,241 | -€14,345 | -3.4% |
| Land and buildings | 22 | €409,062 | €392,375 | -€16,687 | -4.1% |
| Plant, machinery and equipment | 23 | €9,524 | €11,866 | +€2,342 | +24.6% |
| Current assets | 29/58 | €8,034 | €24,212 | +€16,177 | +201.3% |
| Amounts receivable within one year | 40/41 | €6,240 | €0 | -€6,240 | -100.0% |
| Trade receivables | 40 | €3,240 | €0 | -€3,240 | -100.0% |
| Other amounts receivable | 41 | €3,000 | €0 | -€3,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €1,794 | €24,212 | +€22,417 | +1249.3% |
| Total equity and liabilities | 10/49 | €426,620 | €428,453 | +€1,833 | +0.4% |
| Equity | 10/15 | -€25,295 | -€55,557 | -€30,263 | -119.6% |
| Contributions | 10/11 | €224,344 | €224,344 | = | 0.0% |
| Capital | 10 | €224,344 | €224,344 | = | 0.0% |
| Issued capital | 100 | €224,344 | €224,344 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€249,638 | -€279,901 | -€30,263 | -12.1% |
| Amounts payable | 17/49 | €451,915 | €484,010 | +€32,095 | +7.1% |
| Amounts payable after more than one year | 17 | €449,945 | €482,973 | +€33,027 | +7.3% |
| Other amounts payable | 178/9 | €449,945 | €482,973 | +€33,027 | +7.3% |
| Amounts payable within one year | 42/48 | €1,970 | €1,038 | -€932 | -47.3% |
| Trade debts | 44 | €1,970 | €1,038 | -€932 | -47.3% |
| Suppliers | 440/4 | €1,970 | €1,038 | -€932 | -47.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,461 | €19,395 | +€1,934 | +11.1% |
| Other operating charges | 640/8 | €1,973 | €2,090 | +€117 | +5.9% |
| Gross operating margin | 9900 | €604 | -€8,636 | -€9,240 | |
| Operating profit (loss) | 9901 | -€18,831 | -€30,120 | -€11,290 | -60.0% |
| Financial income | 75/76B | €3 | €4 | +€2 | +57.5% |
| Recurring financial income | 75 | €3 | €4 | +€2 | +57.5% |
| Financial charges | 65/66B | €177 | €145 | -€32 | -17.9% |
| Recurring financial charges | 65 | €177 | €145 | -€32 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | -€19,005 | -€30,262 | -€11,257 | -59.2% |
| Income taxes | 67/77 | €1 | €1 | +€0 | +58.8% |
| Profit (loss) for the period | 9904 | -€19,006 | -€30,263 | -€11,257 | -59.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,006 | -€30,263 | -€11,257 | -59.2% |
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 8 October 2026 via checked.be.