PANIEVA: 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.
PANIEVA
Largest movements
- Receivables within one year +€23,807
up €23,807 (+3.5%), from €689,702 to €713,509
of which Trade receivables: +€21,263
- Reserves +€14,412
up €14,412 (+2.1%), from €690,422 to €704,835
- Write-downs -€28,182
no longer reported in 2025 (was €28,182)
- Gross operating margin +€19,398
up €19,398 (+2.0%), from €953,249 to €972,647
- Staff costs +€17,749
up €17,749 (+1.9%), from €934,277 to €952,026
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 | €819,634 | €833,456 | +€13,822 | +1.7% |
| Fixed assets | 21/28 | €3,684 | €0 | -€3,684 | -100.0% |
| Tangible fixed assets | 22/27 | €3,684 | €0 | -€3,684 | -100.0% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €3,684 | €0 | -€3,684 | -100.0% |
| Current assets | 29/58 | €815,950 | €833,456 | +€17,506 | +2.1% |
| Amounts receivable within one year | 40/41 | €689,702 | €713,509 | +€23,807 | +3.5% |
| Trade receivables | 40 | €685,184 | €706,448 | +€21,263 | +3.1% |
| Other amounts receivable | 41 | €4,518 | €7,061 | +€2,543 | +56.3% |
| Current investments | 50/53 | €109,515 | €109,975 | +€460 | +0.4% |
| Cash at bank and in hand | 54/58 | €16,733 | €9,972 | -€6,761 | -40.4% |
| Total equity and liabilities | 10/49 | €819,634 | €833,456 | +€13,822 | +1.7% |
| Equity | 10/15 | €710,422 | €724,835 | +€14,412 | +2.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €690,422 | €704,835 | +€14,412 | +2.1% |
| Distributable reserves | 133 | €690,422 | €704,835 | +€14,412 | +2.1% |
| Amounts payable | 17/49 | €109,212 | €108,621 | -€590 | -0.5% |
| Amounts payable within one year | 42/48 | €109,212 | €108,621 | -€590 | -0.5% |
| Trade debts | 44 | €15,399 | €21,898 | +€6,500 | +42.2% |
| Suppliers | 440/4 | €15,399 | €21,898 | +€6,500 | +42.2% |
| Taxes, remuneration and social security | 45 | €93,813 | €86,723 | -€7,090 | -7.6% |
| Taxes | 450/3 | €65,315 | €60,732 | -€4,583 | -7.0% |
| Remuneration and social security | 454/9 | €28,498 | €25,991 | -€2,507 | -8.8% |
| Remuneration, social security and pensions | 62 | €934,277 | €952,026 | +€17,749 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,420 | €3,684 | -€737 | -16.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €28,182 | - | -€28,182 | |
| Other operating charges | 640/8 | €606 | €1,515 | +€910 | +150.1% |
| Gross operating margin | 9900 | €953,249 | €972,647 | +€19,398 | +2.0% |
| Operating profit (loss) | 9901 | -€14,236 | €15,422 | +€29,658 | |
| Financial income | 75/76B | €3,732 | €674 | -€3,058 | -81.9% |
| Recurring financial income | 75 | €3,732 | €674 | -€3,058 | -81.9% |
| Financial charges | 65/66B | €29 | €29 | +€1 | +3.0% |
| Recurring financial charges | 65 | €29 | €29 | +€1 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | -€10,533 | €16,066 | +€26,600 | |
| Income taxes | 67/77 | €601 | €1,654 | +€1,053 | +175.1% |
| Profit (loss) for the period | 9904 | -€11,135 | €14,412 | +€25,547 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,135 | €14,412 | +€25,547 |
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.