PANIFLOWER: 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.
What changed
PANIFLOWER
NACE 10.610, Manufacture of food products
fiscal year 2023 against 2025not consecutivefiled annual accounts (NBB)
Net result for the year
€7.1m
2023 · €6.7m+€489,473
Equity
€26.2m
2023 · €33.1m-€6.9m
Cash
€8.0m
2023 · €11.9m-€3.9m
Balance sheet total
€39.4m
2023 · €43.7m-€4.4m
Largest movements
Assets
- Receivables within one year -€4.5m
down €4.5m (-56.9%), from €8.0m to €3.4m
of which Other amounts receivable: -€3.8m
- Cash -€3.9m
down €3.9m (-32.8%), from €11.9m to €8.0m
- Tangible fixed assets +€3.7m
up €3.7m (+39.1%), from €9.6m to €13.3m
of which Plant, machinery and equipment: +€3.9m
- Deferred charges and accrued income +€1.4m
up €1.4m (+86.3%), from €1.6m to €2.9m
- Stocks and contracts -€878,519
down €878,519 (-7.0%), from €12.5m to €11.6m
Equity and liabilities
- Profit (loss) carried forward -€6.8m
down €6.8m (-43.1%), from €15.8m to €9.0m
- Tax, wage and social debts +€1.6m
up €1.6m (+59.0%), from €2.8m to €4.4m
of which Taxes: +€1.1m
- Other debts +€1.5m
up €1.5m (+212.1%), from €728,990 to €2.3m
- Trade debts -€1.1m
down €1.1m (-15.7%), from €6.7m to €5.6m
- Accrued charges and deferred income +€575,334
up €575,334 (+299.4%), from €192,156 to €767,490
Income statement
- Goods and materials -€27.6m
down €27.6m (-18.6%), from €148.7m to €121.1m
of which Purchases: -€27.3m
- Turnover -€23.6m
down €23.6m (-12.5%), from €188.7m to €165.1m
- Services and other goods +€2.1m
up €2.1m (+10.4%), from €20.0m to €22.1m
From the 2023 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.
Result 2023
€6.7m
Turnover
-€23.6m
Other operating income
+€644,419
Goods and materials
+€27.6m
Services and other goods
-€2.1m
Staff costs
-€1.3m
Depreciation
-€344,575
Write-downs
+€58,200
Other operating charges
-€20,559
Other operating items
-€965,337
Financial income
-€9,682
Financial charges
+€638,485
Taxes
-€197,607
Deferred taxes and other
-€1,277
Result 2025
€7.1m
Cash bridge derived
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €43,726,904 | €39,353,028 | -€4.4m | -10.0% |
| Fixed assets | 21/28 | €9,570,626 | €13,310,720 | +€3.7m | +39.1% |
| Tangible fixed assets | 22/27 | €9,567,837 | €13,308,231 | +€3.7m | +39.1% |
| Land and buildings | 22 | €2,583,988 | €2,974,018 | +€390,030 | +15.1% |
| Plant, machinery and equipment | 23 | €5,281,921 | €9,153,951 | +€3.9m | +73.3% |
| Furniture and vehicles | 24 | €898,270 | €837,090 | -€61,180 | -6.8% |
| Assets under construction and advance payments | 27 | €803,658 | €343,172 | -€460,486 | -57.3% |
| Financial fixed assets | 28 | €2,789 | €2,489 | -€300 | -10.8% |
| Other financial fixed assets | 284/8 | €2,789 | €2,489 | -€300 | -10.8% |
| Amounts receivable and cash guarantees | 285/8 | €2,789 | €2,489 | -€300 | -10.8% |
| Current assets | 29/58 | €34,156,278 | €26,042,308 | -€8.1m | -23.8% |
| Amounts receivable after more than one year | 29 | €200,078 | €55,684 | -€144,394 | -72.2% |
| Other amounts receivable | 291 | €200,078 | €55,684 | -€144,394 | -72.2% |
| Stocks and contracts in progress | 3 | €12,488,120 | €11,609,601 | -€878,519 | -7.0% |
| Stocks | 30/36 | €12,488,120 | €11,609,601 | -€878,519 | -7.0% |
| Raw materials and consumables | 30/31 | €9,191,869 | €9,120,828 | -€71,041 | -0.8% |
| Work in progress | 32 | €243,069 | €83,283 | -€159,786 | -65.7% |
| Finished goods | 33 | €2,291,386 | €1,652,892 | -€638,494 | -27.9% |
| Goods purchased for resale | 34 | €761,796 | €752,598 | -€9,198 | -1.2% |
| Amounts receivable within one year | 40/41 | €7,990,926 | €3,447,461 | -€4.5m | -56.9% |
| Trade receivables | 40 | €3,861,529 | €3,117,460 | -€744,069 | -19.3% |
| Other amounts receivable | 41 | €4,129,397 | €330,001 | -€3.8m | -92.0% |
| Cash at bank and in hand | 54/58 | €11,906,032 | €8,002,151 | -€3.9m | -32.8% |
| Deferred charges and accrued income | 490/1 | €1,571,122 | €2,927,411 | +€1.4m | +86.3% |
| Total equity and liabilities | 10/49 | €43,726,904 | €39,353,028 | -€4.4m | -10.0% |
| Equity | 10/15 | €33,136,674 | €26,203,931 | -€6.9m | -20.9% |
| Contributions | 10/11 | €14,100,000 | €14,100,000 | = | 0.0% |
| Capital | 10 | €14,100,000 | €14,100,000 | = | 0.0% |
| Issued capital | 100 | €14,100,000 | €14,100,000 | = | 0.0% |
| Reserves | 13 | €3,199,005 | €3,092,261 | -€106,744 | -3.3% |
| Non-distributable reserves | 130/1 | €1,263,000 | €1,410,000 | +€147,000 | +11.6% |
| Legal reserve | 130 | €1,263,000 | €1,410,000 | +€147,000 | +11.6% |
| Tax-exempt reserves | 132 | €937,955 | €684,211 | -€253,744 | -27.1% |
| Distributable reserves | 133 | €998,050 | €998,050 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,837,669 | €9,011,670 | -€6.8m | -43.1% |
| Provisions and deferred taxes | 16 | €216,765 | €69,098 | -€147,667 | -68.1% |
| Deferred taxes | 168 | €216,765 | €69,098 | -€147,667 | -68.1% |
| Amounts payable | 17/49 | €10,373,465 | €13,079,999 | +€2.7m | +26.1% |
| Amounts payable within one year | 42/48 | €10,181,309 | €12,312,509 | +€2.1m | +20.9% |
| Trade debts | 44 | €6,682,734 | €5,632,701 | -€1.1m | -15.7% |
| Suppliers | 440/4 | €6,682,734 | €5,632,701 | -€1.1m | -15.7% |
| Taxes, remuneration and social security | 45 | €2,769,585 | €4,404,952 | +€1.6m | +59.0% |
| Taxes | 450/3 | €1,623,281 | €2,721,866 | +€1.1m | +67.7% |
| Remuneration and social security | 454/9 | €1,146,304 | €1,683,086 | +€536,782 | +46.8% |
| Other amounts payable | 47/48 | €728,990 | €2,274,856 | +€1.5m | +212.1% |
| Accrued charges and deferred income | 492/3 | €192,156 | €767,490 | +€575,334 | +299.4% |
| Operating income | 70/76A | €189,840,644 | €165,935,383 | -€23.9m | -12.6% |
| Turnover | 70 | €188,700,336 | €165,115,993 | -€23.6m | -12.5% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €437,311 | -€528,026 | -€965,337 | |
| Other operating income | 74 | €702,997 | €1,347,416 | +€644,419 | +91.7% |
| Operating charges | 60/66A | €179,342,285 | €155,377,470 | -€24.0m | -13.4% |
| Goods for resale, raw materials and consumables | 60 | €148,733,345 | €121,101,347 | -€27.6m | -18.6% |
| Purchases | 600/8 | €149,217,401 | €121,885,866 | -€27.3m | -18.3% |
| Change in stocks: decrease (increase) | 609 | -€484,056 | -€784,519 | -€300,463 | -62.1% |
| Services and other goods | 61 | €19,991,817 | €22,080,654 | +€2.1m | +10.4% |
| Remuneration, social security and pensions | 62 | €8,041,418 | €9,312,830 | +€1.3m | +15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,252,464 | €2,597,039 | +€344,575 | +15.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €25,625 | -€32,575 | -€58,200 | |
| Other operating charges | 640/8 | €297,616 | €318,175 | +€20,559 | +6.9% |
| Operating profit (loss) | 9901 | €10,498,359 | €10,557,913 | +€59,554 | +0.6% |
| Financial income | 75/76B | €258,226 | €248,544 | -€9,682 | -3.7% |
| Recurring financial income | 75 | €258,226 | €247,458 | -€10,768 | -4.2% |
| Other financial income | 752/9 | €258,226 | €247,458 | -€10,768 | -4.2% |
| Non-recurring financial income | 76B | - | €1,086 | +€1,086 | |
| Financial charges | 65/66B | €1,687,525 | €1,049,040 | -€638,485 | -37.8% |
| Recurring financial charges | 65 | €1,687,525 | €782,731 | -€904,794 | -53.6% |
| Debt charges | 650 | €1,204,643 | €360,774 | -€843,869 | -70.1% |
| Other financial charges | 652/9 | €482,882 | €421,957 | -€60,925 | -12.6% |
| Non-recurring financial charges | 66B | - | €266,309 | +€266,309 | |
| Profit (loss) for the period before taxes | 9903 | €9,069,060 | €9,757,417 | +€688,357 | +7.6% |
| Transfer from deferred taxes | 780 | €47,498 | €46,221 | -€1,277 | -2.7% |
| Income taxes | 67/77 | €2,461,093 | €2,658,700 | +€197,607 | +8.0% |
| Taxes | 670/3 | €2,472,270 | €2,702,094 | +€229,824 | +9.3% |
| Tax adjustments and reversals of tax provisions | 77 | €11,177 | €43,394 | +€32,217 | +288.2% |
| Profit (loss) for the period | 9904 | €6,655,465 | €7,144,938 | +€489,473 | +7.4% |
| Transfer from tax-exempt reserves | 789 | €142,495 | €138,662 | -€3,833 | -2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,797,960 | €7,283,600 | +€485,640 | +7.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.