PANINCOR: 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.
PANINCOR
Largest movements
- Cash -€1.1m
down €1.1m (-35.3%), from €3.2m to €2.0m
mainly Contributions, distributions and other (-€2.1m) and Tax, wage and social debts (-€374,586)
- Receivables after one year -€288,949
no longer reported in 2025 (was €288,949)
- Current investments +€270,806
up €270,806 (+54.0%), from €501,924 to €772,731
- Receivables within one year +€100,298
up €100,298 (+53.8%), from €186,481 to €286,779
of which Other amounts receivable: +€98,058
- Tax, wage and social debts -€374,586
down €374,586 (-37.3%), from €1.0m to €628,719
- Other debts -€335,709
down €335,709 (-15.8%), from €2.1m to €1.8m
- Reserves -€320,000
down €320,000 (-29.8%), from €1.1m to €755,000
- Gross operating margin +€534,463
up €534,463 (+24.3%), from €2.2m to €2.7m
- Provisions +€114,316
no longer reported in 2025 (was -€114,316)
- Taxes +€78,846
up €78,846 (+15.4%), from €513,215 to €592,061
- Financial charges +€72,373
up €72,373 (+21.6%), from €334,673 to €407,046
- Financial income +€33,325
up €33,325 (+114.0%), from €29,220 to €62,545
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 | €4,264,700 | €3,242,656 | -€1.0m | -24.0% |
| Fixed assets | 21/28 | €126,030 | €129,818 | +€3,788 | +3.0% |
| Tangible fixed assets | 22/27 | €123,311 | €127,078 | +€3,767 | +3.1% |
| Furniture and vehicles | 24 | €111,806 | €117,409 | +€5,603 | +5.0% |
| Other tangible fixed assets | 26 | €11,505 | €9,669 | -€1,836 | -16.0% |
| Financial fixed assets | 28 | €2,719 | €2,740 | +€21 | +0.8% |
| Current assets | 29/58 | €4,138,670 | €3,112,838 | -€1.0m | -24.8% |
| Amounts receivable after more than one year | 29 | €288,949 | - | -€288,949 | |
| Other amounts receivable | 291 | €288,949 | - | -€288,949 | |
| Stocks and contracts in progress | 3 | €3,348 | €4,315 | +€966 | +28.9% |
| Stocks | 30/36 | €3,348 | €4,315 | +€966 | +28.9% |
| Amounts receivable within one year | 40/41 | €186,481 | €286,779 | +€100,298 | +53.8% |
| Trade receivables | 40 | €178,335 | €180,575 | +€2,240 | +1.3% |
| Other amounts receivable | 41 | €8,146 | €106,204 | +€98,058 | +1203.7% |
| Current investments | 50/53 | €501,924 | €772,731 | +€270,806 | +54.0% |
| Cash at bank and in hand | 54/58 | €3,156,424 | €2,043,411 | -€1.1m | -35.3% |
| Deferred charges and accrued income | 490/1 | €1,544 | €5,603 | +€4,059 | +262.9% |
| Total equity and liabilities | 10/49 | €4,264,700 | €3,242,656 | -€1.0m | -24.0% |
| Equity | 10/15 | €1,121,562 | €810,508 | -€311,055 | -27.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €1,075,000 | €755,000 | -€320,000 | -29.8% |
| Distributable reserves | 133 | €1,075,000 | €755,000 | -€320,000 | -29.8% |
| Profit (loss) carried forward | 14 | €41,562 | €50,508 | +€8,945 | +21.5% |
| Amounts payable | 17/49 | €3,143,137 | €2,432,148 | -€710,990 | -22.6% |
| Amounts payable within one year | 42/48 | €3,141,730 | €2,428,109 | -€713,622 | -22.7% |
| Trade debts | 44 | €10,339 | €7,013 | -€3,326 | -32.2% |
| Suppliers | 440/4 | €10,339 | €7,013 | -€3,326 | -32.2% |
| Taxes, remuneration and social security | 45 | €1,003,305 | €628,719 | -€374,586 | -37.3% |
| Taxes | 450/3 | €1,003,305 | €628,719 | -€374,586 | -37.3% |
| Other amounts payable | 47/48 | €2,128,086 | €1,792,377 | -€335,709 | -15.8% |
| Accrued charges and deferred income | 492/3 | €1,407 | €4,039 | +€2,632 | +187.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,762 | €10,788 | +€26 | +0.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€114,316 | - | +€114,316 | |
| Gross operating margin | 9900 | €2,201,833 | €2,736,295 | +€534,463 | +24.3% |
| Operating profit (loss) | 9901 | €2,305,386 | €2,725,507 | +€420,121 | +18.2% |
| Financial income | 75/76B | €29,220 | €62,545 | +€33,325 | +114.0% |
| Recurring financial income | 75 | €29,220 | €62,545 | +€33,325 | +114.0% |
| Financial charges | 65/66B | €334,673 | €407,046 | +€72,373 | +21.6% |
| Recurring financial charges | 65 | €334,673 | €407,046 | +€72,373 | +21.6% |
| Profit (loss) for the period before taxes | 9903 | €1,999,934 | €2,381,006 | +€381,073 | +19.1% |
| Income taxes | 67/77 | €513,215 | €592,061 | +€78,846 | +15.4% |
| Profit (loss) for the period | 9904 | €1,486,718 | €1,788,945 | +€302,227 | +20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,486,718 | €1,788,945 | +€302,227 | +20.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.