PANIMAGI: 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.
PANIMAGI
Largest movements
- Cash -€20,319
down €20,319 (-31.7%), from €64,019 to €43,700
mainly Contributions, distributions and other (-€70,000) and Receivables within one year (-€11,763)
- Receivables within one year +€11,763
up €11,763 (+56.2%), from €20,943 to €32,706
of which Other amounts receivable: +€15,513
- Tangible fixed assets -€1,570
down €1,570 (-21.0%), from €7,478 to €5,907
of which Plant, machinery and equipment: -€2,084
- Reserves -€64,573
down €64,573 (-90.3%), from €71,534 to €6,961
- Other debts +€54,592
up €54,592 (+2861.3%), from €1,908 to €56,500
- Trade debts -€2,366
down €2,366 (-29.5%), from €8,020 to €5,654
- Tax, wage and social debts +€2,221
up €2,221 (+26.7%), from €8,324 to €10,545
- Gross operating margin +€36,060
up €36,060 (+2414.3%), from €1,494 to €37,554
- Financial charges +€25,747
up €25,747 (+729.0%), from €3,532 to €29,278
of which Financial charges: +€25,747
- Financial income +€3,609
up €3,609 (+706.2%), from €511 to €4,120
of which Financial income: +€3,609
- Taxes +€1,223
up €1,223 (+463.9%), from €264 to €1,487
- Other operating charges +€523
up €523 (+297.9%), from €176 to €699
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 | €92,786 | €82,660 | -€10,126 | -10.9% |
| Fixed assets | 21/28 | €7,478 | €5,907 | -€1,570 | -21.0% |
| Tangible fixed assets | 22/27 | €7,478 | €5,907 | -€1,570 | -21.0% |
| Plant, machinery and equipment | 23 | €5,422 | €3,337 | -€2,084 | -38.4% |
| Furniture and vehicles | 24 | €2,056 | €2,570 | +€514 | +25.0% |
| Current assets | 29/58 | €85,308 | €76,752 | -€8,556 | -10.0% |
| Stocks and contracts in progress | 3 | €346 | €346 | = | 0.0% |
| Stocks | 30/36 | €346 | €346 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €20,943 | €32,706 | +€11,763 | +56.2% |
| Trade receivables | 40 | €20,943 | €17,193 | -€3,750 | -17.9% |
| Other amounts receivable | 41 | - | €15,513 | +€15,513 | |
| Cash at bank and in hand | 54/58 | €64,019 | €43,700 | -€20,319 | -31.7% |
| Total equity and liabilities | 10/49 | €92,786 | €82,660 | -€10,126 | -10.9% |
| Equity | 10/15 | €74,534 | €9,961 | -€64,573 | -86.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €71,534 | €6,961 | -€64,573 | -90.3% |
| Distributable reserves | 133 | €71,534 | €6,961 | -€64,573 | -90.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €18,252 | €72,699 | +€54,447 | +298.3% |
| Amounts payable within one year | 42/48 | €18,252 | €72,699 | +€54,447 | +298.3% |
| Trade debts | 44 | €8,020 | €5,654 | -€2,366 | -29.5% |
| Suppliers | 440/4 | €8,020 | €5,654 | -€2,366 | -29.5% |
| Taxes, remuneration and social security | 45 | €8,324 | €10,545 | +€2,221 | +26.7% |
| Taxes | 450/3 | €8,324 | €10,545 | +€2,221 | +26.7% |
| Other amounts payable | 47/48 | €1,908 | €56,500 | +€54,592 | +2861.3% |
| Non-recurring operating income | 76A | €2,649 | €0 | -€2,649 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,848 | €2,942 | +€95 | +3.3% |
| Other operating charges | 640/8 | €176 | €699 | +€523 | +297.9% |
| Non-recurring operating charges | 66A | - | €1,841 | +€1,841 | |
| Gross operating margin | 9900 | €1,494 | €37,554 | +€36,060 | +2414.3% |
| Operating profit (loss) | 9901 | -€1,530 | €32,072 | +€33,602 | |
| Financial income | 75/76B | €511 | €4,120 | +€3,609 | +706.2% |
| Recurring financial income | 75 | €511 | €4,120 | +€3,609 | +706.2% |
| Non-recurring financial income | 76B | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €3,532 | €29,278 | +€25,747 | +729.0% |
| Recurring financial charges | 65 | €3,531 | €29,278 | +€25,747 | +729.2% |
| Non-recurring financial charges | 66B | €1 | €0 | -€1 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€4,550 | €6,914 | +€11,464 | |
| Income taxes | 67/77 | €264 | €1,487 | +€1,223 | +463.9% |
| Profit (loss) for the period | 9904 | -€4,814 | €5,427 | +€10,241 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,814 | €5,427 | +€10,241 |
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.