PANICHI.G: 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.
PANICHI.G
Largest movements
- Intangible fixed assets -€48,747
down €48,747 (-50.0%), from €97,494 to €48,747
- Cash -€45,803
down €45,803 (-27.6%), from €166,212 to €120,409
mainly Net result for the year (-€49,143) and Investment in fixed assets (net) (-€35,322)
- Tangible fixed assets +€20,221
up €20,221 (+45.5%), from €44,462 to €64,684
of which Furniture and vehicles: +€22,108
- Receivables within one year +€18,323
up €18,323 (+32.6%), from €56,256 to €74,578
of which Trade receivables: +€17,197
- Deferred charges and accrued income -€5,759
down €5,759 (-82.4%), from €6,990 to €1,231
- Reserves -€49,143
down €49,143 (-36.0%), from €136,538 to €87,395
of which Tax-exempt reserves: -€48,747
- Other debts -€33,147
down €33,147 (-21.7%), from €152,837 to €119,690
- Current portion of long-term debt +€16,607
up €16,607 (+96.9%), from €17,131 to €33,738
- Debts after one year +€4,578
up €4,578 (+15.4%), from €29,782 to €34,360
- Staff costs +€17,560
up €17,560 (+11.0%), from €160,211 to €177,771
- Gross operating margin +€6,084
up €6,084 (+3.2%), from €191,631 to €197,715
- Depreciation +€4,223
up €4,223 (+7.1%), from €59,625 to €63,848
- Taxes -€3,431
down €3,431 (-65.9%), from €5,208 to €1,777
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 | €371,415 | €309,649 | -€61,766 | -16.6% |
| Fixed assets | 21/28 | €141,957 | €113,431 | -€28,526 | -20.1% |
| Intangible fixed assets | 21 | €97,494 | €48,747 | -€48,747 | -50.0% |
| Tangible fixed assets | 22/27 | €44,462 | €64,684 | +€20,221 | +45.5% |
| Plant, machinery and equipment | 23 | €2,976 | €1,475 | -€1,501 | -50.4% |
| Furniture and vehicles | 24 | €38,258 | €60,366 | +€22,108 | +57.8% |
| Other tangible fixed assets | 26 | €3,229 | €2,843 | -€386 | -12.0% |
| Current assets | 29/58 | €229,458 | €196,218 | -€33,240 | -14.5% |
| Amounts receivable within one year | 40/41 | €56,256 | €74,578 | +€18,323 | +32.6% |
| Trade receivables | 40 | €29,589 | €46,786 | +€17,197 | +58.1% |
| Other amounts receivable | 41 | €26,666 | €27,792 | +€1,126 | +4.2% |
| Cash at bank and in hand | 54/58 | €166,212 | €120,409 | -€45,803 | -27.6% |
| Deferred charges and accrued income | 490/1 | €6,990 | €1,231 | -€5,759 | -82.4% |
| Total equity and liabilities | 10/49 | €371,415 | €309,649 | -€61,766 | -16.6% |
| Equity | 10/15 | €149,338 | €100,195 | -€49,143 | -32.9% |
| Contributions | 10/11 | €12,800 | €12,800 | = | 0.0% |
| Reserves | 13 | €136,538 | €87,395 | -€49,143 | -36.0% |
| Tax-exempt reserves | 132 | €97,494 | €48,747 | -€48,747 | -50.0% |
| Distributable reserves | 133 | €39,043 | €38,647 | -€396 | -1.0% |
| Amounts payable | 17/49 | €222,077 | €209,455 | -€12,622 | -5.7% |
| Amounts payable after more than one year | 17 | €29,782 | €34,360 | +€4,578 | +15.4% |
| Financial debts | 170/4 | €29,782 | €34,360 | +€4,578 | +15.4% |
| Amounts payable within one year | 42/48 | €192,295 | €175,095 | -€17,201 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €17,131 | €33,738 | +€16,607 | +96.9% |
| Trade debts | 44 | €5,372 | €2,277 | -€3,095 | -57.6% |
| Suppliers | 440/4 | €5,372 | €2,277 | -€3,095 | -57.6% |
| Taxes, remuneration and social security | 45 | €16,955 | €19,390 | +€2,435 | +14.4% |
| Taxes | 450/3 | €1,650 | €941 | -€708 | -42.9% |
| Remuneration and social security | 454/9 | €15,305 | €18,448 | +€3,143 | +20.5% |
| Other amounts payable | 47/48 | €152,837 | €119,690 | -€33,147 | -21.7% |
| Remuneration, social security and pensions | 62 | €160,211 | €177,771 | +€17,560 | +11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,625 | €63,848 | +€4,223 | +7.1% |
| Other operating charges | 640/8 | €182 | - | -€182 | |
| Gross operating margin | 9900 | €191,631 | €197,715 | +€6,084 | +3.2% |
| Operating profit (loss) | 9901 | -€28,387 | -€43,904 | -€15,517 | -54.7% |
| Financial income | 75/76B | €291 | €611 | +€320 | +110% |
| Recurring financial income | 75 | €291 | €498 | +€207 | +71.2% |
| Non-recurring financial income | 76B | - | €113 | +€113 | |
| Financial charges | 65/66B | €4,184 | €4,073 | -€111 | -2.7% |
| Recurring financial charges | 65 | €4,179 | €4,019 | -€160 | -3.8% |
| Non-recurring financial charges | 66B | €6 | €55 | +€49 | +881% |
| Profit (loss) for the period before taxes | 9903 | -€32,281 | -€47,366 | -€15,085 | -46.7% |
| Income taxes | 67/77 | €5,208 | €1,777 | -€3,431 | -65.9% |
| Profit (loss) for the period | 9904 | -€37,489 | -€49,143 | -€11,654 | -31.1% |
| Transfer from tax-exempt reserves | 789 | €48,747 | €48,747 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,258 | -€396 | -€11,654 |
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 16 October 2026 via checked.be.