PANINVEST: 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.
PANINVEST
Largest movements
- Current investments -€800,000
no longer reported in 2025 (was €800,000)
- Receivables within one year +€761,050
up €761,050 (+427%), from €178,342 to €939,392
of which Trade receivables: +€745,783
- Stocks and contracts -€506,125
down €506,125 (-11.3%), from €4.5m to €4.0m
- Financial fixed assets +€440,975
up €440,975 (+20.6%), from €2.1m to €2.6m
- Debts after one year -€250,000
down €250,000 (-4.8%), from €5.2m to €4.9m
- Profit (loss) carried forward +€222,991
up €222,991 (+11.1%), from €2.0m to €2.2m
- Other debts -€200,000
no longer reported in 2025 (was €200,000)
- Short-term financial debts +€112,500
up €112,500 (+159%), from €70,620 to €183,120
- Financial income -€410,030
down €410,030 (-98.4%), from €416,765 to €6,735
- Gross operating margin +€371,411
up €371,411 (+335%), from €110,921 to €482,332
- Financial charges -€65,781
down €65,781 (-24.5%), from €268,391 to €202,611
- Taxes +€62,233
new in 2025: €62,233
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 | €7,721,327 | €7,579,524 | -€141,803 | -1.8% |
| Fixed assets | 21/28 | €2,138,508 | €2,579,483 | +€440,975 | +20.6% |
| Financial fixed assets | 28 | €2,138,508 | €2,579,483 | +€440,975 | +20.6% |
| Current assets | 29/58 | €5,582,819 | €5,000,041 | -€582,778 | -10.4% |
| Stocks and contracts in progress | 3 | €4,469,959 | €3,963,835 | -€506,125 | -11.3% |
| Stocks | 30/36 | €4,469,959 | €3,963,835 | -€506,125 | -11.3% |
| Amounts receivable within one year | 40/41 | €178,342 | €939,392 | +€761,050 | +427% |
| Trade receivables | 40 | €140,382 | €886,165 | +€745,783 | +531% |
| Other amounts receivable | 41 | €37,960 | €53,227 | +€15,267 | +40.2% |
| Current investments | 50/53 | €800,000 | - | -€800,000 | |
| Cash at bank and in hand | 54/58 | €130,181 | €96,799 | -€33,382 | -25.6% |
| Deferred charges and accrued income | 490/1 | €4,337 | €15 | -€4,322 | -99.7% |
| Total equity and liabilities | 10/49 | €7,721,327 | €7,579,524 | -€141,803 | -1.8% |
| Equity | 10/15 | €2,195,156 | €2,418,148 | +€222,991 | +10.2% |
| Contributions | 10/11 | €106,566 | €106,566 | = | 0.0% |
| Capital | 10 | €106,566 | €106,566 | = | 0.0% |
| Issued capital | 100 | €106,566 | €106,566 | = | 0.0% |
| Reserves | 13 | €82,450 | €82,450 | = | 0.0% |
| Non-distributable reserves | 130/1 | €82,450 | €82,450 | = | 0.0% |
| Legal reserve | 130 | €82,450 | €82,450 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,006,140 | €2,229,132 | +€222,991 | +11.1% |
| Amounts payable | 17/49 | €5,526,171 | €5,161,377 | -€364,794 | -6.6% |
| Amounts payable after more than one year | 17 | €5,197,400 | €4,947,400 | -€250,000 | -4.8% |
| Financial debts | 170/4 | €5,197,400 | €4,947,400 | -€250,000 | -4.8% |
| Amounts payable within one year | 42/48 | €328,771 | €208,481 | -€120,290 | -36.6% |
| Financial debts | 43 | €70,620 | €183,120 | +€112,500 | +159% |
| Credit institutions | 430/8 | €70,620 | €183,120 | +€112,500 | +159% |
| Trade debts | 44 | €58,151 | €25,361 | -€32,790 | -56.4% |
| Suppliers | 440/4 | €58,151 | €25,361 | -€32,790 | -56.4% |
| Other amounts payable | 47/48 | €200,000 | - | -€200,000 | |
| Accrued charges and deferred income | 492/3 | - | €5,495 | +€5,495 | |
| Other operating charges | 640/8 | €1,196 | €1,232 | +€36 | +3.0% |
| Gross operating margin | 9900 | €110,921 | €482,332 | +€371,411 | +335% |
| Operating profit (loss) | 9901 | €109,725 | €481,100 | +€371,375 | +338% |
| Financial income | 75/76B | €416,765 | €6,735 | -€410,030 | -98.4% |
| Recurring financial income | 75 | €416,765 | €6,735 | -€410,030 | -98.4% |
| Financial charges | 65/66B | €268,391 | €202,611 | -€65,781 | -24.5% |
| Recurring financial charges | 65 | €268,391 | €202,611 | -€65,781 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | €258,098 | €285,224 | +€27,126 | +10.5% |
| Income taxes | 67/77 | - | €62,233 | +€62,233 | |
| Profit (loss) for the period | 9904 | €258,098 | €222,991 | -€35,107 | -13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €258,098 | €222,991 | -€35,107 | -13.6% |
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 1 November 2026 via checked.be.