PANIFEX: 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.
PANIFEX
Largest movements
- Tangible fixed assets +€45,834
up €45,834 (+7.1%), from €646,961 to €692,795
of which Land and buildings: +€536,672
- Stocks and contracts +€20,657
up €20,657 (+232.2%), from €8,895 to €29,553
- Receivables within one year -€13,104
down €13,104 (-4.1%), from €316,088 to €302,984
of which Trade receivables: -€50,201
- Cash -€13,033
down €13,033 (-31.3%), from €41,592 to €28,559
mainly Investment in fixed assets (net) (-€114,714) and Other debts (-€54,773)
- Trade debts +€89,684
up €89,684 (+158.7%), from €56,527 to €146,211
- Other debts -€54,773
down €54,773 (-40.8%), from €134,342 to €79,570
- Tax, wage and social debts -€39,160
down €39,160 (-25.5%), from €153,550 to €114,390
of which Taxes: -€43,027
- Current portion of long-term debt +€18,917
up €18,917 (+44.2%), from €42,767 to €61,683
- Debts after one year +€17,808
up €17,808 (+4.6%), from €389,545 to €407,353
- Other operating charges +€33,025
up €33,025 (+161.0%), from €20,510 to €53,535
- Staff costs -€31,551
down €31,551 (-6.6%), from €476,925 to €445,375
- Financial charges -€12,039
down €12,039 (-31.1%), from €38,685 to €26,646
of which Non-recurring financial charges: -€24,283
- Depreciation +€7,803
up €7,803 (+12.8%), from €61,187 to €68,990
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 | €1,076,284 | €1,120,647 | +€44,363 | +4.1% |
| Fixed assets | 21/28 | €668,641 | €714,365 | +€45,724 | +6.8% |
| Intangible fixed assets | 21 | €440 | €330 | -€110 | -25.0% |
| Tangible fixed assets | 22/27 | €646,961 | €692,795 | +€45,834 | +7.1% |
| Land and buildings | 22 | - | €536,672 | +€536,672 | |
| Plant, machinery and equipment | 23 | €62,121 | €99,220 | +€37,099 | +59.7% |
| Furniture and vehicles | 24 | €3,953 | €364 | -€3,589 | -90.8% |
| Leasing and similar rights | 25 | €572,393 | €43,716 | -€528,677 | -92.4% |
| Other tangible fixed assets | 26 | €8,494 | €12,824 | +€4,330 | +51.0% |
| Financial fixed assets | 28 | €21,240 | €21,240 | = | 0.0% |
| Current assets | 29/58 | €407,643 | €406,282 | -€1,361 | -0.3% |
| Stocks and contracts in progress | 3 | €8,895 | €29,553 | +€20,657 | +232.2% |
| Stocks | 30/36 | €8,895 | €29,553 | +€20,657 | +232.2% |
| Amounts receivable within one year | 40/41 | €316,088 | €302,984 | -€13,104 | -4.1% |
| Trade receivables | 40 | €286,061 | €235,860 | -€50,201 | -17.5% |
| Other amounts receivable | 41 | €30,028 | €67,124 | +€37,096 | +123.5% |
| Cash at bank and in hand | 54/58 | €41,592 | €28,559 | -€13,033 | -31.3% |
| Deferred charges and accrued income | 490/1 | €41,067 | €45,186 | +€4,119 | +10.0% |
| Total equity and liabilities | 10/49 | €1,076,284 | €1,120,647 | +€44,363 | +4.1% |
| Equity | 10/15 | €269,348 | €276,440 | +€7,092 | +2.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €263,148 | €270,240 | +€7,092 | +2.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €35,014 | €35,014 | = | 0.0% |
| Distributable reserves | 133 | €228,134 | €235,226 | +€7,092 | +3.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €806,936 | €844,207 | +€37,271 | +4.6% |
| Amounts payable after more than one year | 17 | €389,545 | €407,353 | +€17,808 | +4.6% |
| Financial debts | 170/4 | €389,545 | €407,353 | +€17,808 | +4.6% |
| Amounts payable within one year | 42/48 | €416,453 | €436,853 | +€20,400 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €42,767 | €61,683 | +€18,917 | +44.2% |
| Financial debts | 43 | €29,268 | €35,000 | +€5,732 | +19.6% |
| Credit institutions | 430/8 | €29,268 | €35,000 | +€5,732 | +19.6% |
| Trade debts | 44 | €56,527 | €146,211 | +€89,684 | +158.7% |
| Suppliers | 440/4 | €56,527 | €146,211 | +€89,684 | +158.7% |
| Taxes, remuneration and social security | 45 | €153,550 | €114,390 | -€39,160 | -25.5% |
| Taxes | 450/3 | €47,938 | €4,910 | -€43,027 | -89.8% |
| Remuneration and social security | 454/9 | €105,613 | €109,480 | +€3,867 | +3.7% |
| Other amounts payable | 47/48 | €134,342 | €79,570 | -€54,773 | -40.8% |
| Accrued charges and deferred income | 492/3 | €937 | €0 | -€937 | -100.0% |
| Remuneration, social security and pensions | 62 | €476,925 | €445,375 | -€31,551 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,187 | €68,990 | +€7,803 | +12.8% |
| Other operating charges | 640/8 | €20,510 | €53,535 | +€33,025 | +161.0% |
| Gross operating margin | 9900 | €610,636 | €604,639 | -€5,997 | -1.0% |
| Operating profit (loss) | 9901 | €52,014 | €36,740 | -€15,274 | -29.4% |
| Financial income | 75/76B | €1,839 | €526 | -€1,313 | -71.4% |
| Recurring financial income | 75 | €1,839 | €526 | -€1,313 | -71.4% |
| Financial charges | 65/66B | €38,685 | €26,646 | -€12,039 | -31.1% |
| Recurring financial charges | 65 | €14,402 | €26,646 | +€12,244 | +85.0% |
| Non-recurring financial charges | 66B | €24,283 | €0 | -€24,283 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €15,168 | €10,620 | -€4,548 | -30.0% |
| Income taxes | 67/77 | €4,972 | €3,528 | -€1,445 | -29.1% |
| Profit (loss) for the period | 9904 | €10,195 | €7,092 | -€3,104 | -30.4% |
| Profit (loss) for the period to be appropriated | 9905 | €10,195 | €7,092 | -€3,104 | -30.4% |
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 12 October 2026 via checked.be.