PANIDEL: 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.
PANIDEL
Largest movements
- Tangible fixed assets -€7,754
down €7,754 (-17.2%), from €45,019 to €37,265
of which Land and buildings: -€5,146
- Stocks and contracts -€4,877
no longer reported in 2025 (was €4,877)
- Cash -€2,577
down €2,577 (-97.9%), from €2,633 to €56
mainly Net result for the year (-€11,545) and Short-term financial debts (-€5,187)
- Receivables within one year -€1,753
down €1,753 (-43.6%), from €4,023 to €2,270
of which Other amounts receivable: -€1,485
- Profit (loss) carried forward -€11,545
down €11,545 (-59.1%), from €19,535 to €7,990
- Short-term financial debts -€5,187
no longer reported in 2025 (was €5,187)
- Gross operating margin -€16,678
down €16,678 (-81.4%), from €20,482 to €3,804
- Staff costs -€5,101
down €5,101 (-67.1%), from €7,601 to €2,500
- Other operating charges +€3,388
up €3,388 (+462.9%), from €732 to €4,120
- Taxes -€1,343
down €1,343 (-69.3%), from €1,938 to €595
- Financial charges -€667
down €667 (-62.7%), from €1,064 to €397
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 | €56,552 | €39,591 | -€16,961 | -30.0% |
| Fixed assets | 21/28 | €45,019 | €37,265 | -€7,754 | -17.2% |
| Tangible fixed assets | 22/27 | €45,019 | €37,265 | -€7,754 | -17.2% |
| Land and buildings | 22 | €42,411 | €37,265 | -€5,146 | -12.1% |
| Plant, machinery and equipment | 23 | €2,608 | - | -€2,608 | |
| Current assets | 29/58 | €11,533 | €2,326 | -€9,207 | -79.8% |
| Stocks and contracts in progress | 3 | €4,877 | - | -€4,877 | |
| Stocks | 30/36 | €4,877 | - | -€4,877 | |
| Amounts receivable within one year | 40/41 | €4,023 | €2,270 | -€1,753 | -43.6% |
| Trade receivables | 40 | €268 | - | -€268 | |
| Other amounts receivable | 41 | €3,755 | €2,270 | -€1,485 | -39.6% |
| Cash at bank and in hand | 54/58 | €2,633 | €56 | -€2,577 | -97.9% |
| Total equity and liabilities | 10/49 | €56,552 | €39,591 | -€16,961 | -30.0% |
| Equity | 10/15 | €51,013 | €39,467 | -€11,546 | -22.6% |
| Contributions | 10/11 | €28,617 | €28,617 | -€0 | 0.0% |
| Reserves | 13 | €2,861 | €2,861 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €2,861 | +€2,861 | |
| Distributable reserves | 133 | €2,861 | - | -€2,861 | |
| Profit (loss) carried forward | 14 | €19,535 | €7,990 | -€11,545 | -59.1% |
| Amounts payable | 17/49 | €5,539 | €124 | -€5,415 | -97.8% |
| Amounts payable within one year | 42/48 | €5,539 | €124 | -€5,415 | -97.8% |
| Financial debts | 43 | €5,187 | - | -€5,187 | |
| Credit institutions | 430/8 | €5,187 | - | -€5,187 | |
| Trade debts | 44 | €352 | - | -€352 | |
| Suppliers | 440/4 | €352 | - | -€352 | |
| Taxes, remuneration and social security | 45 | - | €124 | +€124 | |
| Taxes | 450/3 | - | €124 | +€124 | |
| Remuneration, social security and pensions | 62 | €7,601 | €2,500 | -€5,101 | -67.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,989 | €7,754 | -€235 | -2.9% |
| Other operating charges | 640/8 | €732 | €4,120 | +€3,388 | +462.9% |
| Non-recurring operating charges | 66A | €913 | - | -€913 | |
| Gross operating margin | 9900 | €20,482 | €3,804 | -€16,678 | -81.4% |
| Operating profit (loss) | 9901 | €3,247 | -€10,570 | -€13,817 | |
| Financial income | 75/76B | - | €16 | +€16 | |
| Recurring financial income | 75 | - | €16 | +€16 | |
| Financial charges | 65/66B | €1,064 | €397 | -€667 | -62.7% |
| Recurring financial charges | 65 | €1,064 | €397 | -€667 | -62.7% |
| Profit (loss) for the period before taxes | 9903 | €2,183 | -€10,951 | -€13,134 | |
| Income taxes | 67/77 | €1,938 | €595 | -€1,343 | -69.3% |
| Profit (loss) for the period | 9904 | €245 | -€11,545 | -€11,790 | |
| Profit (loss) for the period to be appropriated | 9905 | €245 | -€11,545 | -€11,790 |
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 6 October 2026 via checked.be.