PANINO: 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.
PANINO
Largest movements
- Tangible fixed assets -€36,645
down €36,645 (-17.1%), from €214,094 to €177,449
of which Land and buildings: -€32,833
- Receivables within one year +€13,747
up €13,747 (+133%), from €10,304 to €24,051
of which Trade receivables: +€18,386
- Cash +€9,821
up €9,821 (+2,178%), from €451 to €10,272
mainly Depreciation (+€36,645) and Stocks and contracts (+€3,554)
- Stocks and contracts -€3,554
down €3,554 (-70.3%), from €5,055 to €1,501
- Debts after one year -€9,203
down €9,203 (-5.6%), from €165,415 to €156,212
- Trade debts -€7,216
down €7,216 (-20.5%), from €35,195 to €27,979
- Other debts -€4,472
down €4,472 (-47.3%), from €9,454 to €4,982
- Tax, wage and social debts +€2,968
up €2,968 (+125%), from €2,382 to €5,349
- Gross operating margin +€39,731
up €39,731 (+368%), from €10,785 to €50,516
- Depreciation +€28,540
up €28,540 (+352%), from €8,105 to €36,645
- Financial charges +€6,221
up €6,221 (+519%), from €1,198 to €7,419
- Taxes +€1,619
up €1,619 (+147%), from €1,099 to €2,718
- Other operating charges +€1,282
up €1,282 (+1,086%), from €118 to €1,400
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.
Derived cash bridge
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 | €229,904 | €213,463 | -€16,440 | -7.2% |
| Fixed assets | 21/28 | €214,094 | €177,449 | -€36,645 | -17.1% |
| Tangible fixed assets | 22/27 | €214,094 | €177,449 | -€36,645 | -17.1% |
| Land and buildings | 22 | €198,196 | €165,363 | -€32,833 | -16.6% |
| Plant, machinery and equipment | 23 | €15,898 | €12,086 | -€3,812 | -24.0% |
| Current assets | 29/58 | €15,810 | €36,014 | +€20,205 | +128% |
| Stocks and contracts in progress | 3 | €5,055 | €1,501 | -€3,554 | -70.3% |
| Stocks | 30/36 | €5,055 | €1,501 | -€3,554 | -70.3% |
| Amounts receivable within one year | 40/41 | €10,304 | €24,051 | +€13,747 | +133% |
| Trade receivables | 40 | €3,107 | €21,493 | +€18,386 | +592% |
| Other amounts receivable | 41 | €7,197 | €2,558 | -€4,639 | -64.5% |
| Cash at bank and in hand | 54/58 | €451 | €10,272 | +€9,821 | +2,178% |
| Deferred charges and accrued income | 490/1 | - | €191 | +€191 | |
| Total equity and liabilities | 10/49 | €229,904 | €213,463 | -€16,440 | -7.2% |
| Equity | 10/15 | €3,275 | €4,045 | +€770 | +23.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €275 | €1,045 | +€770 | +279% |
| Amounts payable | 17/49 | €226,628 | €209,418 | -€17,210 | -7.6% |
| Amounts payable after more than one year | 17 | €165,415 | €156,212 | -€9,203 | -5.6% |
| Financial debts | 170/4 | €165,415 | €156,212 | -€9,203 | -5.6% |
| Amounts payable within one year | 42/48 | €60,457 | €52,664 | -€7,794 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €9,585 | €9,954 | +€370 | +3.9% |
| Financial debts | 43 | €3,842 | €4,400 | +€558 | +14.5% |
| Credit institutions | 430/8 | €3,842 | €4,400 | +€558 | +14.5% |
| Trade debts | 44 | €35,195 | €27,979 | -€7,216 | -20.5% |
| Suppliers | 440/4 | €35,195 | €27,979 | -€7,216 | -20.5% |
| Taxes, remuneration and social security | 45 | €2,382 | €5,349 | +€2,968 | +125% |
| Taxes | 450/3 | €2,382 | €5,349 | +€2,968 | +125% |
| Other amounts payable | 47/48 | €9,454 | €4,982 | -€4,472 | -47.3% |
| Accrued charges and deferred income | 492/3 | €755 | €542 | -€213 | -28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,105 | €36,645 | +€28,540 | +352% |
| Other operating charges | 640/8 | €118 | €1,400 | +€1,282 | +1,086% |
| Gross operating margin | 9900 | €10,785 | €50,516 | +€39,731 | +368% |
| Operating profit (loss) | 9901 | €2,561 | €12,470 | +€9,909 | +387% |
| Financial income | 75/76B | €11 | €102 | +€91 | +791% |
| Recurring financial income | 75 | €11 | €102 | +€91 | +791% |
| Financial charges | 65/66B | €1,198 | €7,419 | +€6,221 | +519% |
| Recurring financial charges | 65 | €1,198 | €7,419 | +€6,221 | +519% |
| Profit (loss) for the period before taxes | 9903 | €1,375 | €5,154 | +€3,779 | +275% |
| Income taxes | 67/77 | €1,099 | €2,718 | +€1,619 | +147% |
| Profit (loss) for the period | 9904 | €275 | €2,436 | +€2,160 | +784% |
| Profit (loss) for the period to be appropriated | 9905 | €275 | €2,436 | +€2,160 | +784% |
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 17 October 2026 via checked.be.