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.
PANIMEX
Largest movements
- 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)
- 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
- 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
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 | €1,146,948 | €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.