PANIMPEX: 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
PANIMPEX
NACE 46.500, Wholesale of information and communication equipment
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€241,335
2024 · €272,026-€30,691
Equity
€475,806
2024 · €474,471+€1,335
Cash
€160,555
2024 · €73,291+€87,264
Balance sheet total
€1.9m
2024 · €1.4m+€464,557
Largest movements
Assets
- Stocks and contracts +€387,534
up €387,534 (+62.6%), from €618,837 to €1.0m
- Cash +€87,264
up €87,264 (+119.1%), from €73,291 to €160,555
mainly Other debts (+€306,051) and Net result for the year (+€241,335)
Equity and liabilities
- Other debts +€306,051
up €306,051 (+112.5%), from €272,000 to €578,051
- Trade debts +€207,384
up €207,384 (+232.3%), from €89,261 to €296,645
- Debts after one year -€56,611
down €56,611 (-12.0%), from €471,719 to €415,108
Income statement
- Gross operating margin -€101,702
down €101,702 (-12.5%), from €813,760 to €712,058
- Write-downs -€82,123
down €82,123 (-82.0%), from €100,136 to €18,013
- Staff costs +€17,470
up €17,470 (+5.1%), from €342,083 to €359,553
- Depreciation -€11,854
down €11,854 (-15.6%), from €76,143 to €64,289
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.
Result 2024
€272,026
Gross operating margin
-€101,702
Staff costs
-€17,470
Depreciation
+€11,854
Write-downs
+€82,123
Other operating charges
-€658
Financial income
-€857
Financial charges
-€3,854
Taxes
-€128
Result 2025
€241,335
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.
From operations
+€440,073
Investment
-€51,272
Financing
-€301,536
Cash 2024
€73,291
From operations (derived)
+€440,073
Net result for the year
+€241,335
Depreciation
+€64,289
Stocks and contracts
-€387,534
Receivables within one year
-€757
Deferred charges and accrued income
-€2,019
Trade debts
+€207,384
Tax, wage and social debts
+€7,064
Advances received
+€4,260
Other debts
+€306,051
Investment (derived)
-€51,272
Investment in fixed assets (net)
-€51,272
Financing
-€301,536
Debts after one year
-€56,611
Current portion of long-term debt
-€4,925
Contributions, distributions and other
-€240,000
Cash 2025
€160,555
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,393,645 | €1,858,202 | +€464,557 | +33.3% |
| Fixed assets | 21/28 | €476,187 | €463,170 | -€13,017 | -2.7% |
| Tangible fixed assets | 22/27 | €473,787 | €460,770 | -€13,017 | -2.7% |
| Plant, machinery and equipment | 23 | €22,616 | €65,414 | +€42,797 | +189.2% |
| Furniture and vehicles | 24 | €393 | €90 | -€303 | -77.0% |
| Leasing and similar rights | 25 | €406,552 | €364,052 | -€42,500 | -10.5% |
| Other tangible fixed assets | 26 | €44,225 | €31,214 | -€13,012 | -29.4% |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €917,458 | €1,395,032 | +€477,574 | +52.1% |
| Stocks and contracts in progress | 3 | €618,837 | €1,006,370 | +€387,534 | +62.6% |
| Stocks | 30/36 | €618,837 | €1,006,370 | +€387,534 | +62.6% |
| Amounts receivable within one year | 40/41 | €220,019 | €220,776 | +€757 | +0.3% |
| Trade receivables | 40 | €176,055 | €164,654 | -€11,401 | -6.5% |
| Other amounts receivable | 41 | €43,964 | €56,122 | +€12,158 | +27.7% |
| Cash at bank and in hand | 54/58 | €73,291 | €160,555 | +€87,264 | +119.1% |
| Deferred charges and accrued income | 490/1 | €5,312 | €7,330 | +€2,019 | +38.0% |
| Total equity and liabilities | 10/49 | €1,393,645 | €1,858,202 | +€464,557 | +33.3% |
| Equity | 10/15 | €474,471 | €475,806 | +€1,335 | +0.3% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €399,471 | €400,806 | +€1,335 | +0.3% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,079 | €4,079 | = | 0.0% |
| Distributable reserves | 133 | €387,892 | €389,227 | +€1,335 | +0.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €919,174 | €1,382,396 | +€463,222 | +50.4% |
| Amounts payable after more than one year | 17 | €471,719 | €415,108 | -€56,611 | -12.0% |
| Financial debts | 170/4 | €471,719 | €415,108 | -€56,611 | -12.0% |
| Amounts payable within one year | 42/48 | €447,455 | €967,288 | +€519,834 | +116.2% |
| Current portion of amounts payable after more than one year | 42 | €61,536 | €56,611 | -€4,925 | -8.0% |
| Trade debts | 44 | €89,261 | €296,645 | +€207,384 | +232.3% |
| Suppliers | 440/4 | €89,261 | €296,645 | +€207,384 | +232.3% |
| Advances received on contracts in progress | 46 | €0 | €4,260 | +€4,260 | |
| Taxes, remuneration and social security | 45 | €24,657 | €31,721 | +€7,064 | +28.6% |
| Taxes | 450/3 | €2,057 | €2,717 | +€660 | +32.1% |
| Remuneration and social security | 454/9 | €22,600 | €29,004 | +€6,404 | +28.3% |
| Other amounts payable | 47/48 | €272,000 | €578,051 | +€306,051 | +112.5% |
| Remuneration, social security and pensions | 62 | €342,083 | €359,553 | +€17,470 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,143 | €64,289 | -€11,854 | -15.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €100,136 | €18,013 | -€82,123 | -82.0% |
| Other operating charges | 640/8 | €9,530 | €10,188 | +€658 | +6.9% |
| Gross operating margin | 9900 | €813,760 | €712,058 | -€101,702 | -12.5% |
| Operating profit (loss) | 9901 | €285,868 | €260,015 | -€25,852 | -9.0% |
| Financial income | 75/76B | €3,629 | €2,772 | -€857 | -23.6% |
| Recurring financial income | 75 | €3,629 | €2,772 | -€857 | -23.6% |
| Financial charges | 65/66B | €17,471 | €21,324 | +€3,854 | +22.1% |
| Recurring financial charges | 65 | €17,471 | €21,324 | +€3,854 | +22.1% |
| Profit (loss) for the period before taxes | 9903 | €272,026 | €241,463 | -€30,563 | -11.2% |
| Income taxes | 67/77 | - | €128 | +€128 | |
| Profit (loss) for the period | 9904 | €272,026 | €241,335 | -€30,691 | -11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €272,026 | €241,335 | -€30,691 | -11.3% |
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 12 October 2026 via checked.be.