PANISTAR: 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.
What changed
PANISTAR
NACE 10.711, Manufacture of food products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€291,340
2024 · €520,343-€229,003
Equity
€1.5m
2024 · €2.0m-€441,599
Cash
€227,539
2024 · €762,434-€534,894
Balance sheet total
€3.1m
2024 · €3.3m-€201,001
Largest movements
Assets
- Cash -€534,894
down €534,894 (-70.2%), from €762,434 to €227,539
mainly Contributions, distributions and other (-€732,939) and Receivables within one year (-€309,634)
- Receivables within one year +€309,634
up €309,634 (+22.7%), from €1.4m to €1.7m
of which Other amounts receivable: +€247,615
- Stocks and contracts +€52,776
up €52,776 (+14.3%), from €368,117 to €420,893
Equity and liabilities
- Profit (loss) carried forward -€433,660
down €433,660 (-26.8%), from €1.6m to €1.2m
- Other debts +€225,000
up €225,000 (+45.0%), from €500,000 to €725,000
- Tax, wage and social debts -€39,673
down €39,673 (-17.7%), from €224,235 to €184,562
of which Remuneration and social security: -€31,523
- Current portion of long-term debt +€37,702
up €37,702 (+52.3%), from €72,153 to €109,855
Income statement
- Gross operating margin -€196,546
down €196,546 (-8.7%), from €2.3m to €2.1m
- Staff costs +€121,123
up €121,123 (+9.0%), from €1.3m to €1.5m
- Taxes -€75,727
down €75,727 (-43.1%), from €175,672 to €99,945
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.
Result 2024
€520,343
Gross operating margin
-€196,546
Staff costs
-€121,123
Depreciation
-€9,611
Write-downs
-€637
Other operating charges
+€13,727
Financial income
+€4,261
Financial charges
+€5,199
Taxes
+€75,727
Result 2025
€291,340
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.
From operations
+€330,469
Investment
-€176,227
Financing
-€689,136
Cash 2024
€762,434
From operations (derived)
+€330,469
Net result for the year
+€291,340
Depreciation
+€206,369
Stocks and contracts
-€52,776
Receivables within one year
-€309,634
Deferred charges and accrued income
-€1,626
Trade debts
-€15,013
Tax, wage and social debts
-€39,673
Other debts
+€225,000
Accrued charges and deferred income
+€26,481
Investment (derived)
-€176,227
Investment in fixed assets (net)
-€176,227
Financing
-€689,136
Debts after one year
+€7,524
Current portion of long-term debt
+€37,702
Short-term financial debts
-€1,423
Contributions, distributions and other
-€732,939
Cash 2025
€227,539
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,345,751 | €3,144,750 | -€201,001 | -6.0% |
| Fixed assets | 21/28 | €839,644 | €809,502 | -€30,143 | -3.6% |
| Intangible fixed assets | 21 | - | €2,501 | +€2,501 | |
| Tangible fixed assets | 22/27 | €833,217 | €800,573 | -€32,644 | -3.9% |
| Plant, machinery and equipment | 23 | €358,287 | €444,521 | +€86,234 | +24.1% |
| Furniture and vehicles | 24 | €39,937 | €33,284 | -€6,653 | -16.7% |
| Leasing and similar rights | 25 | €309,277 | €267,637 | -€41,640 | -13.5% |
| Other tangible fixed assets | 26 | €58,919 | €55,131 | -€3,788 | -6.4% |
| Assets under construction and advance payments | 27 | €66,798 | €0 | -€66,798 | -100.0% |
| Financial fixed assets | 28 | €6,427 | €6,427 | = | 0.0% |
| Current assets | 29/58 | €2,506,107 | €2,335,249 | -€170,858 | -6.8% |
| Stocks and contracts in progress | 3 | €368,117 | €420,893 | +€52,776 | +14.3% |
| Stocks | 30/36 | €368,117 | €420,893 | +€52,776 | +14.3% |
| Amounts receivable within one year | 40/41 | €1,365,416 | €1,675,050 | +€309,634 | +22.7% |
| Trade receivables | 40 | €1,349,757 | €1,411,775 | +€62,018 | +4.6% |
| Other amounts receivable | 41 | €15,659 | €263,274 | +€247,615 | +1581.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €762,434 | €227,539 | -€534,894 | -70.2% |
| Deferred charges and accrued income | 490/1 | €10,141 | €11,766 | +€1,626 | +16.0% |
| Total equity and liabilities | 10/49 | €3,345,751 | €3,144,750 | -€201,001 | -6.0% |
| Equity | 10/15 | €1,963,254 | €1,521,655 | -€441,599 | -22.5% |
| Contributions | 10/11 | €95,439 | €95,439 | = | 0.0% |
| Capital | 10 | €95,439 | €95,439 | = | 0.0% |
| Issued capital | 100 | €95,439 | €95,439 | = | 0.0% |
| Reserves | 13 | €222,756 | €222,756 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,544 | €9,544 | = | 0.0% |
| Legal reserve | 130 | €9,544 | €9,544 | = | 0.0% |
| Distributable reserves | 133 | €213,212 | €213,212 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,619,394 | €1,185,734 | -€433,660 | -26.8% |
| Investment grants | 15 | €25,665 | €17,726 | -€7,939 | -30.9% |
| Amounts payable | 17/49 | €1,382,497 | €1,623,096 | +€240,598 | +17.4% |
| Amounts payable after more than one year | 17 | €211,453 | €218,976 | +€7,524 | +3.6% |
| Financial debts | 170/4 | €211,453 | €218,976 | +€7,524 | +3.6% |
| Amounts payable within one year | 42/48 | €1,161,368 | €1,367,961 | +€206,593 | +17.8% |
| Current portion of amounts payable after more than one year | 42 | €72,153 | €109,855 | +€37,702 | +52.3% |
| Financial debts | 43 | €1,423 | €0 | -€1,423 | -100.0% |
| Credit institutions | 430/8 | €1,423 | €0 | -€1,423 | -100.0% |
| Trade debts | 44 | €363,557 | €348,545 | -€15,013 | -4.1% |
| Suppliers | 440/4 | €363,557 | €348,545 | -€15,013 | -4.1% |
| Taxes, remuneration and social security | 45 | €224,235 | €184,562 | -€39,673 | -17.7% |
| Taxes | 450/3 | €31,377 | €23,226 | -€8,150 | -26.0% |
| Remuneration and social security | 454/9 | €192,858 | €161,335 | -€31,523 | -16.3% |
| Other amounts payable | 47/48 | €500,000 | €725,000 | +€225,000 | +45.0% |
| Accrued charges and deferred income | 492/3 | €9,677 | €36,158 | +€26,481 | +273.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,343,361 | €1,464,484 | +€121,123 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €196,759 | €206,369 | +€9,611 | +4.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€637 | €0 | +€637 | |
| Other operating charges | 640/8 | €15,596 | €1,869 | -€13,727 | -88.0% |
| Gross operating margin | 9900 | €2,256,559 | €2,060,013 | -€196,546 | -8.7% |
| Operating profit (loss) | 9901 | €701,479 | €387,290 | -€314,190 | -44.8% |
| Financial income | 75/76B | €22,137 | €26,398 | +€4,261 | +19.2% |
| Recurring financial income | 75 | €22,137 | €26,398 | +€4,261 | +19.2% |
| Financial charges | 65/66B | €27,602 | €22,403 | -€5,199 | -18.8% |
| Recurring financial charges | 65 | €27,602 | €22,403 | -€5,199 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €696,015 | €391,285 | -€304,730 | -43.8% |
| Income taxes | 67/77 | €175,672 | €99,945 | -€75,727 | -43.1% |
| Profit (loss) for the period | 9904 | €520,343 | €291,340 | -€229,003 | -44.0% |
| Profit (loss) for the period to be appropriated | 9905 | €520,343 | €291,340 | -€229,003 | -44.0% |
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 30 September 2026 via checked.be.