PANICO: 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.
PANICO
Largest movements
- Tangible fixed assets -€40,397
down €40,397 (-4.9%), from €818,368 to €777,970
of which Land and buildings: -€38,758
- Cash -€17,916
down €17,916 (-24.3%), from €73,674 to €55,758
mainly Debts after one year (-€87,036) and Tax, wage and social debts (-€20,451)
- Debts after one year -€87,036
down €87,036 (-27.3%), from €318,812 to €231,776
of which Financial debts: -€87,086
- Reserves +€50,950
up €50,950 (+27.9%), from €182,510 to €233,460
of which Distributable reserves: +€50,950
- Tax, wage and social debts -€20,451
down €20,451 (-99.6%), from €20,527 to €76
- Gross operating margin +€14,663
up €14,663 (+12.4%), from €118,189 to €132,852
- Taxes +€5,567
up €5,567 (+30.4%), from €18,282 to €23,849
- Financial charges -€3,208
down €3,208 (-26.6%), from €12,074 to €8,865
of which Financial charges: -€3,408
- Depreciation +€2,738
up €2,738 (+7.3%), from €37,659 to €40,397
- Financial income +€2,424
new in 2025: €2,424
of which Financial income: +€2,424
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 | €892,042 | €835,315 | -€56,726 | -6.4% |
| Fixed assets | 21/28 | €818,368 | €777,970 | -€40,397 | -4.9% |
| Tangible fixed assets | 22/27 | €818,368 | €777,970 | -€40,397 | -4.9% |
| Land and buildings | 22 | €814,815 | €776,057 | -€38,758 | -4.8% |
| Furniture and vehicles | 24 | €3,552 | €1,913 | -€1,640 | -46.2% |
| Current assets | 29/58 | €73,674 | €57,345 | -€16,329 | -22.2% |
| Amounts receivable within one year | 40/41 | - | €1,587 | +€1,587 | |
| Trade receivables | 40 | - | €436 | +€436 | |
| Other amounts receivable | 41 | - | €1,151 | +€1,151 | |
| Cash at bank and in hand | 54/58 | €73,674 | €55,758 | -€17,916 | -24.3% |
| Total equity and liabilities | 10/49 | €892,042 | €835,315 | -€56,726 | -6.4% |
| Equity | 10/15 | €189,911 | €240,878 | +€50,967 | +26.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €182,510 | €233,460 | +€50,950 | +27.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €180,650 | €231,600 | +€50,950 | +28.2% |
| Profit (loss) carried forward | 14 | €1,201 | €1,218 | +€17 | +1.4% |
| Amounts payable | 17/49 | €702,131 | €594,438 | -€107,693 | -15.3% |
| Amounts payable after more than one year | 17 | €318,812 | €231,776 | -€87,036 | -27.3% |
| Financial debts | 170/4 | €304,116 | €217,031 | -€87,086 | -28.6% |
| Other amounts payable | 178/9 | €14,696 | €14,746 | +€50 | +0.3% |
| Amounts payable within one year | 42/48 | €359,304 | €336,102 | -€23,202 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €84,186 | €87,086 | +€2,900 | +3.4% |
| Trade debts | 44 | €6,206 | €436 | -€5,771 | -93.0% |
| Suppliers | 440/4 | €6,206 | €436 | -€5,771 | -93.0% |
| Taxes, remuneration and social security | 45 | €20,527 | €76 | -€20,451 | -99.6% |
| Taxes | 450/3 | €20,527 | €76 | -€20,451 | -99.6% |
| Other amounts payable | 47/48 | €248,385 | €248,505 | +€120 | 0.0% |
| Accrued charges and deferred income | 492/3 | €24,015 | €26,560 | +€2,545 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,659 | €40,397 | +€2,738 | +7.3% |
| Other operating charges | 640/8 | €10,857 | €11,198 | +€341 | +3.1% |
| Non-recurring operating charges | 66A | €139 | - | -€139 | |
| Gross operating margin | 9900 | €118,189 | €132,852 | +€14,663 | +12.4% |
| Operating profit (loss) | 9901 | €69,534 | €81,257 | +€11,723 | +16.9% |
| Financial income | 75/76B | - | €2,424 | +€2,424 | |
| Recurring financial income | 75 | - | €2,424 | +€2,424 | |
| Non-recurring financial income | 76B | - | €2,424 | +€2,424 | |
| Financial charges | 65/66B | €12,074 | €8,865 | -€3,208 | -26.6% |
| Recurring financial charges | 65 | €12,074 | €8,665 | -€3,408 | -28.2% |
| Non-recurring financial charges | 66B | - | €200 | +€200 | |
| Profit (loss) for the period before taxes | 9903 | €57,460 | €74,816 | +€17,355 | +30.2% |
| Income taxes | 67/77 | €18,282 | €23,849 | +€5,567 | +30.4% |
| Profit (loss) for the period | 9904 | €39,178 | €50,967 | +€11,789 | +30.1% |
| Profit (loss) for the period to be appropriated | 9905 | €39,178 | €50,967 | +€11,789 | +30.1% |
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 7 October 2026 via checked.be.