PANIGOOD: 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.
PANIGOOD
Largest movements
- Stocks and contracts -€32,090
down €32,090 (-26.8%), from €119,742 to €87,652
- Cash -€19,874
down €19,874 (-42.3%), from €46,956 to €27,082
mainly Trade debts (-€46,520) and Investment in fixed assets (net) (-€33,717)
- Tangible fixed assets +€7,335
up €7,335 (+11.5%), from €63,610 to €70,945
of which Furniture and vehicles: +€4,053
- Trade debts -€46,520
down €46,520 (-8.7%), from €536,627 to €490,106
- Short-term financial debts +€28,000
new in 2025: €28,000
- Debts after one year -€13,611
down €13,611 (-38.7%), from €35,161 to €21,550
- Other debts -€7,602
down €7,602 (-94.9%), from €8,014 to €412
- Gross operating margin -€25,412
down €25,412 (-16.1%), from €158,149 to €132,736
- Taxes -€5,866
down €5,866 (-66.1%), from €8,869 to €3,003
- Write-downs -€5,404
down €5,404 (-10.0%), from €54,301 to €48,897
- Staff costs -€2,585
down €2,585 (-6.3%), from €40,733 to €38,147
- Depreciation -€2,518
down €2,518 (-8.7%), from €28,900 to €26,382
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 | €689,468 | €645,276 | -€44,193 | -6.4% |
| Fixed assets | 21/28 | €69,235 | €76,570 | +€7,335 | +10.6% |
| Tangible fixed assets | 22/27 | €63,610 | €70,945 | +€7,335 | +11.5% |
| Plant, machinery and equipment | 23 | €484 | €3,766 | +€3,282 | +678.3% |
| Furniture and vehicles | 24 | €63,126 | €67,179 | +€4,053 | +6.4% |
| Financial fixed assets | 28 | €5,625 | €5,625 | = | 0.0% |
| Current assets | 29/58 | €620,233 | €568,706 | -€51,527 | -8.3% |
| Stocks and contracts in progress | 3 | €119,742 | €87,652 | -€32,090 | -26.8% |
| Stocks | 30/36 | €119,742 | €87,652 | -€32,090 | -26.8% |
| Amounts receivable within one year | 40/41 | €446,807 | €451,661 | +€4,854 | +1.1% |
| Trade receivables | 40 | €443,170 | €425,028 | -€18,143 | -4.1% |
| Other amounts receivable | 41 | €3,637 | €26,634 | +€22,997 | +632.3% |
| Cash at bank and in hand | 54/58 | €46,956 | €27,082 | -€19,874 | -42.3% |
| Deferred charges and accrued income | 490/1 | €6,728 | €2,310 | -€4,418 | -65.7% |
| Total equity and liabilities | 10/49 | €689,468 | €645,276 | -€44,193 | -6.4% |
| Equity | 10/15 | €56,258 | €61,949 | +€5,691 | +10.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €17,076 | €22,767 | +€5,691 | +33.3% |
| Distributable reserves | 133 | €17,076 | €22,767 | +€5,691 | +33.3% |
| Profit (loss) carried forward | 14 | €20,582 | €20,582 | = | 0.0% |
| Amounts payable | 17/49 | €633,210 | €583,327 | -€49,884 | -7.9% |
| Amounts payable after more than one year | 17 | €35,161 | €21,550 | -€13,611 | -38.7% |
| Financial debts | 170/4 | €35,161 | €21,550 | -€13,611 | -38.7% |
| Amounts payable within one year | 42/48 | €598,050 | €561,777 | -€36,273 | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €18,032 | €13,611 | -€4,421 | -24.5% |
| Financial debts | 43 | - | €28,000 | +€28,000 | |
| Credit institutions | 430/8 | - | €28,000 | +€28,000 | |
| Trade debts | 44 | €536,627 | €490,106 | -€46,520 | -8.7% |
| Suppliers | 440/4 | €536,627 | €490,106 | -€46,520 | -8.7% |
| Taxes, remuneration and social security | 45 | €35,378 | €29,648 | -€5,730 | -16.2% |
| Taxes | 450/3 | €20,418 | €22,281 | +€1,864 | +9.1% |
| Remuneration and social security | 454/9 | €14,960 | €7,367 | -€7,593 | -50.8% |
| Other amounts payable | 47/48 | €8,014 | €412 | -€7,602 | -94.9% |
| Non-recurring operating income | 76A | €24,215 | - | -€24,215 | |
| Remuneration, social security and pensions | 62 | €40,733 | €38,147 | -€2,585 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,900 | €26,382 | -€2,518 | -8.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €54,301 | €48,897 | -€5,404 | -10.0% |
| Other operating charges | 640/8 | €7,204 | €8,241 | +€1,036 | +14.4% |
| Gross operating margin | 9900 | €158,149 | €132,736 | -€25,412 | -16.1% |
| Operating profit (loss) | 9901 | €27,011 | €11,069 | -€15,942 | -59.0% |
| Financial income | 75/76B | €22 | €1 | -€21 | -95.6% |
| Recurring financial income | 75 | €22 | €1 | -€21 | -95.6% |
| Financial charges | 65/66B | €2,948 | €2,376 | -€571 | -19.4% |
| Recurring financial charges | 65 | €2,948 | €2,376 | -€571 | -19.4% |
| Profit (loss) for the period before taxes | 9903 | €24,085 | €8,694 | -€15,391 | -63.9% |
| Income taxes | 67/77 | €8,869 | €3,003 | -€5,866 | -66.1% |
| Profit (loss) for the period | 9904 | €15,216 | €5,691 | -€9,525 | -62.6% |
| Profit (loss) for the period to be appropriated | 9905 | €15,216 | €5,691 | -€9,525 | -62.6% |
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 1 October 2026 via checked.be.