PANIS: 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.
PANIS
Largest movements
- Cash -€239,049
down €239,049 (-30.2%), from €790,802 to €551,753
mainly Contributions, distributions and other (-€2.8m) and Trade debts (-€138,735)
- Receivables within one year -€101,836
down €101,836 (-3.9%), from €2.6m to €2.5m
of which Other amounts receivable: -€198,330
- Tangible fixed assets -€45,218
down €45,218 (-39.2%), from €115,311 to €70,093
of which Plant, machinery and equipment: -€45,098
- Trade debts -€138,735
down €138,735 (-49.6%), from €279,814 to €141,079
- Current portion of long-term debt -€107,133
down €107,133 (-38.4%), from €279,053 to €171,920
- Other debts -€84,716
down €84,716 (-4.1%), from €2.1m to €2.0m
- Gross operating margin -€249,137
down €249,137 (-4.1%), from €6.1m to €5.9m
- Taxes +€178,949
up €178,949 (+19.9%), from €897,103 to €1.1m
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 | €3,554,150 | €3,196,752 | -€357,398 | -10.1% |
| Fixed assets | 21/28 | €133,618 | €97,163 | -€36,455 | -27.3% |
| Intangible fixed assets | 21 | €257 | €8,820 | +€8,563 | +3334.7% |
| Tangible fixed assets | 22/27 | €115,311 | €70,093 | -€45,218 | -39.2% |
| Plant, machinery and equipment | 23 | €113,292 | €68,193 | -€45,098 | -39.8% |
| Furniture and vehicles | 24 | €2,019 | €1,899 | -€120 | -5.9% |
| Financial fixed assets | 28 | €18,050 | €18,250 | +€200 | +1.1% |
| Current assets | 29/58 | €3,420,532 | €3,099,589 | -€320,943 | -9.4% |
| Amounts receivable within one year | 40/41 | €2,609,833 | €2,507,997 | -€101,836 | -3.9% |
| Trade receivables | 40 | €2,373,877 | €2,470,371 | +€96,494 | +4.1% |
| Other amounts receivable | 41 | €235,956 | €37,626 | -€198,330 | -84.1% |
| Cash at bank and in hand | 54/58 | €790,802 | €551,753 | -€239,049 | -30.2% |
| Deferred charges and accrued income | 490/1 | €19,898 | €39,839 | +€19,941 | +100.2% |
| Total equity and liabilities | 10/49 | €3,554,150 | €3,196,752 | -€357,398 | -10.1% |
| Equity | 10/15 | €80,809 | €68,200 | -€12,609 | -15.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €18,809 | €6,200 | -€12,609 | -67.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €12,609 | - | -€12,609 | |
| Amounts payable | 17/49 | €3,473,341 | €3,128,552 | -€344,790 | -9.9% |
| Amounts payable within one year | 42/48 | €3,473,341 | €3,128,552 | -€344,790 | -9.9% |
| Current portion of amounts payable after more than one year | 42 | €279,053 | €171,920 | -€107,133 | -38.4% |
| Financial debts | 43 | €18,542 | €12,080 | -€6,462 | -34.9% |
| Credit institutions | 430/8 | €18,542 | €12,080 | -€6,462 | -34.9% |
| Trade debts | 44 | €279,814 | €141,079 | -€138,735 | -49.6% |
| Suppliers | 440/4 | €279,814 | €141,079 | -€138,735 | -49.6% |
| Taxes, remuneration and social security | 45 | €831,354 | €823,611 | -€7,744 | -0.9% |
| Taxes | 450/3 | €558,753 | €562,674 | +€3,921 | +0.7% |
| Remuneration and social security | 454/9 | €272,602 | €260,937 | -€11,665 | -4.3% |
| Other amounts payable | 47/48 | €2,064,579 | €1,979,863 | -€84,716 | -4.1% |
| Non-recurring operating income | 76A | €14,489 | - | -€14,489 | |
| Remuneration, social security and pensions | 62 | €1,924,947 | €1,883,543 | -€41,404 | -2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,561 | €47,909 | -€1,652 | -3.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €84,143 | €28,126 | -€56,017 | -66.6% |
| Other operating charges | 640/8 | €36,204 | €39,308 | +€3,104 | +8.6% |
| Non-recurring operating charges | 66A | €23,216 | - | -€23,216 | |
| Gross operating margin | 9900 | €6,106,356 | €5,857,219 | -€249,137 | -4.1% |
| Operating profit (loss) | 9901 | €3,988,286 | €3,858,334 | -€129,953 | -3.3% |
| Financial income | 75/76B | €6,963 | €8,249 | +€1,286 | +18.5% |
| Recurring financial income | 75 | €6,963 | €8,249 | +€1,286 | +18.5% |
| Financial charges | 65/66B | €36,860 | €19,829 | -€17,031 | -46.2% |
| Recurring financial charges | 65 | €36,860 | €19,829 | -€17,031 | -46.2% |
| Profit (loss) for the period before taxes | 9903 | €3,958,389 | €3,846,753 | -€111,636 | -2.8% |
| Income taxes | 67/77 | €897,103 | €1,076,052 | +€178,949 | +19.9% |
| Profit (loss) for the period | 9904 | €3,061,287 | €2,770,701 | -€290,585 | -9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €3,061,287 | €2,770,701 | -€290,585 | -9.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.