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PANIMEX: 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.

What changed

PANIMEX

BE 0428.247.773
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€11
2024 · €27,692-€27,681
Equity
€91,680
2024 · €91,669+€11
Cash
€22,973
2024 · €198,603-€175,630
Balance sheet total
€1.8m
2024 · €1.1m+€631,978

Largest movements

2024 to 2025
Assets
  • Tangible fixed assets +€807,156

    up €807,156 (+86.7%), from €930,931 to €1.7m

    of which Land and buildings: +€804,322

  • Cash -€175,630

    down €175,630 (-88.4%), from €198,603 to €22,973

    mainly Investment in fixed assets (net) (-€877,741) and Other debts (-€127,007)

Equity and liabilities
  • Debts after one year +€643,051

    up €643,051 (+77.6%), from €829,002 to €1.5m

  • Other debts -€127,007

    down €127,007 (-69.7%), from €182,183 to €55,176

  • Current portion of long-term debt +€83,844

    new in 2025: €83,844

  • Trade debts +€32,079

    up €32,079 (+72.8%), from €44,094 to €76,172

Income statement
  • Depreciation +€60,416

    up €60,416 (+594.1%), from €10,169 to €70,585

  • Other operating charges -€39,490

    down €39,490 (-86.0%), from €45,914 to €6,424

  • Gross operating margin +€21,537

    up €21,537 (+21.3%), from €101,103 to €122,639

  • Financial charges +€20,188

    up €20,188 (+75.3%), from €26,811 to €46,999

  • Financial income -€8,103

    down €8,103 (-85.5%), from €9,483 to €1,380

From the 2024 result to the 2025 result

effect on the 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 2024 €27,692
Gross operating margin +€21,537
Depreciation -€60,416
Other operating charges +€39,490
Financial income -€8,103
Financial charges -€20,188
Result 2025 €11

Cash bridge derived

cash 2024 to 2025

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.

From operations -€24,784
Investment -€877,741
Financing +€726,895
Cash 2024 €198,603
Net result for the year +€11
Depreciation +€70,585
Receivables within one year -€452
Trade debts +€32,079
Other debts -€127,007
Investment in fixed assets (net) -€877,741
Debts after one year +€643,051
Current portion of long-term debt +€83,844
Cash 2025 €22,973
Every line side by side 39 lines
Line Code 2024 2025 Change %
Total assets 20/58 €1,146,948 €1,778,925 +€631,978 +55.1%
Fixed assets 21/28 €930,931 €1,738,087 +€807,156 +86.7%
Tangible fixed assets 22/27 €930,931 €1,738,087 +€807,156 +86.7%
Land and buildings 22 €930,931 €1,735,253 +€804,322 +86.4%
Plant, machinery and equipment 23 - €2,834 +€2,834
Current assets 29/58 €216,017 €40,838 -€175,178 -81.1%
Amounts receivable within one year 40/41 €17,414 €17,866 +€452 +2.6%
Trade receivables 40 €621 €2,734 +€2,113 +340.3%
Other amounts receivable 41 €16,793 €15,131 -€1,662 -9.9%
Cash at bank and in hand 54/58 €198,603 €22,973 -€175,630 -88.4%
Total equity and liabilities 10/49 €1,146,948 €1,778,925 +€631,978 +55.1%
Equity 10/15 €91,669 €91,680 +€11 0.0%
Contributions 10/11 €62,000 €62,000 = 0.0%
Capital 10 €62,000 €62,000 = 0.0%
Issued capital 100 €62,000 €62,000 = 0.0%
Reserves 13 €4,427 €4,427 = 0.0%
Non-distributable reserves 130/1 €4,427 €4,427 = 0.0%
Legal reserve 130 €4,427 €4,427 = 0.0%
Profit (loss) carried forward 14 €25,241 €25,253 +€11 0.0%
Amounts payable 17/49 €1,055,279 €1,687,246 +€631,967 +59.9%
Amounts payable after more than one year 17 €829,002 €1,472,053 +€643,051 +77.6%
Financial debts 170/4 €829,002 €1,472,053 +€643,051 +77.6%
Amounts payable within one year 42/48 €226,277 €215,193 -€11,084 -4.9%
Current portion of amounts payable after more than one year 42 - €83,844 +€83,844
Trade debts 44 €44,094 €76,172 +€32,079 +72.8%
Suppliers 440/4 €44,094 €76,172 +€32,079 +72.8%
Other amounts payable 47/48 €182,183 €55,176 -€127,007 -69.7%
Non-recurring operating income 76A €93,764 €0 -€93,764 -100.0%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets 630 €10,169 €70,585 +€60,416 +594.1%
Other operating charges 640/8 €45,914 €6,424 -€39,490 -86.0%
Gross operating margin 9900 €101,103 €122,639 +€21,537 +21.3%
Operating profit (loss) 9901 €45,020 €45,630 +€611 +1.4%
Financial income 75/76B €9,483 €1,380 -€8,103 -85.5%
Recurring financial income 75 €9,483 €1,380 -€8,103 -85.5%
Financial charges 65/66B €26,811 €46,999 +€20,188 +75.3%
Recurring financial charges 65 €26,811 €46,999 +€20,188 +75.3%
Profit (loss) for the period before taxes 9903 €27,692 €11 -€27,681 -100.0%
Profit (loss) for the period 9904 €27,692 €11 -€27,681 -100.0%
Profit (loss) for the period to be appropriated 9905 €27,692 €11 -€27,681 -100.0%

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 10 October 2026 via checked.be.