PANIN: what changed
PANIN
Largest movements
- Tangible fixed assets -€10,781
down €10,781 (-5.5%), from €197,806 to €187,025
- Other debts +€16,600
up €16,600 (+47.6%), from €34,900 to €51,500
- Profit (loss) carried forward -€10,287
down €10,287 (-26.7%), from €38,502 to €28,215
- Debts after one year -€9,457
down €9,457 (-10.5%), from €89,906 to €80,449
- Tax, wage and social debts -€7,117
down €7,117 (-66.9%), from €10,637 to €3,520
- Gross operating margin -€28,242
down €28,242 (-92.5%), from €30,532 to €2,290
- Taxes -€4,309
down €4,309 (-100%), from €4,309 to €0
- Depreciation +€1,764
up €1,764 (+19.6%), from €9,017 to €10,781
- Other operating charges +€454
up €454 (+83.3%), from €545 to €999
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €199,293 | €189,032 | -€10,261 | -5.1% |
| Fixed assets | 21/28 | €197,806 | €187,125 | -€10,681 | -5.4% |
| Tangible fixed assets | 22/27 | €197,806 | €187,025 | -€10,781 | -5.5% |
| Land and buildings | 22 | €197,806 | €187,025 | -€10,781 | -5.5% |
| Financial fixed assets | 28 | - | €100 | +€100 | |
| Current assets | 29/58 | €1,486 | €1,907 | +€421 | +28.3% |
| Amounts receivable within one year | 40/41 | - | €768 | +€768 | |
| Trade receivables | 40 | - | €768 | +€768 | |
| Other amounts receivable | 41 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €1,486 | €1,139 | -€347 | -23.4% |
| Total equity and liabilities | 10/49 | €199,293 | €189,032 | -€10,261 | -5.1% |
| Equity | 10/15 | €63,502 | €53,215 | -€10,287 | -16.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,502 | €28,215 | -€10,287 | -26.7% |
| Amounts payable | 17/49 | €135,790 | €135,817 | +€26 | 0.0% |
| Amounts payable after more than one year | 17 | €89,906 | €80,449 | -€9,457 | -10.5% |
| Financial debts | 170/4 | €89,906 | €80,449 | -€9,457 | -10.5% |
| Amounts payable within one year | 42/48 | €45,884 | €55,368 | +€9,483 | +20.7% |
| Trade debts | 44 | €348 | €348 | = | 0.0% |
| Suppliers | 440/4 | €348 | €348 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €10,637 | €3,520 | -€7,117 | -66.9% |
| Taxes | 450/3 | €10,637 | €3,520 | -€7,117 | -66.9% |
| Other amounts payable | 47/48 | €34,900 | €51,500 | +€16,600 | +47.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,017 | €10,781 | +€1,764 | +19.6% |
| Other operating charges | 640/8 | €545 | €999 | +€454 | +83.3% |
| Gross operating margin | 9900 | €30,532 | €2,290 | -€28,242 | -92.5% |
| Operating profit (loss) | 9901 | €20,969 | -€9,491 | -€30,460 | |
| Financial charges | 65/66B | €801 | €796 | -€5 | -0.6% |
| Recurring financial charges | 65 | €801 | €796 | -€5 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €20,169 | -€10,287 | -€30,456 | |
| Income taxes | 67/77 | €4,309 | €0 | -€4,309 | -100% |
| Profit (loss) for the period | 9904 | €15,859 | -€10,287 | -€26,146 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,859 | -€10,287 | -€26,146 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.