PANISTO: 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.
PANISTO
Largest movements
- Tangible fixed assets -€36,438
down €36,438 (-8.2%), from €444,548 to €408,109
- Deferred charges and accrued income -€19,465
no longer reported in 2025 (was €19,465)
- Receivables within one year -€10,297
down €10,297 (-60.2%), from €17,092 to €6,794
of which Trade receivables: -€10,281
- Cash -€5,796
down €5,796 (-34.1%), from €16,987 to €11,190
mainly Debts after one year (-€28,324) and Contributions, distributions and other (-€24,000)
- Debts after one year -€28,324
down €28,324 (-8.9%), from €319,745 to €291,421
- Reserves -€24,000
down €24,000 (-20.0%), from €120,258 to €96,258
- Profit (loss) carried forward -€18,549
down €18,549 (-152%), from -€12,167 to -€30,716
- Trade debts -€11,527
down €11,527 (-62.9%), from €18,340 to €6,813
- Gross operating margin -€15,149
down €15,149 (-30.4%), from €49,843 to €34,694
- Depreciation +€8,327
up €8,327 (+28.5%), from €29,217 to €37,544
- Financial charges +€1,717
up €1,717 (+16.1%), from €10,694 to €12,411
- Taxes -€511
down €511 (-73.2%), from €699 to €187
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 | €552,276 | €476,560 | -€75,716 | -13.7% |
| Fixed assets | 21/28 | €444,548 | €408,109 | -€36,438 | -8.2% |
| Tangible fixed assets | 22/27 | €444,548 | €408,109 | -€36,438 | -8.2% |
| Land and buildings | 22 | €368,358 | €352,036 | -€16,323 | -4.4% |
| Plant, machinery and equipment | 23 | €6,282 | €4,106 | -€2,176 | -34.6% |
| Furniture and vehicles | 24 | €69,907 | €51,968 | -€17,939 | -25.7% |
| Current assets | 29/58 | €107,728 | €68,450 | -€39,278 | -36.5% |
| Stocks and contracts in progress | 3 | €54,184 | €50,465 | -€3,719 | -6.9% |
| Stocks | 30/36 | €54,184 | €50,465 | -€3,719 | -6.9% |
| Amounts receivable within one year | 40/41 | €17,092 | €6,794 | -€10,297 | -60.2% |
| Trade receivables | 40 | €17,075 | €6,794 | -€10,281 | -60.2% |
| Other amounts receivable | 41 | €17 | - | -€17 | |
| Cash at bank and in hand | 54/58 | €16,987 | €11,190 | -€5,796 | -34.1% |
| Deferred charges and accrued income | 490/1 | €19,465 | - | -€19,465 | |
| Total equity and liabilities | 10/49 | €552,276 | €476,560 | -€75,716 | -13.7% |
| Equity | 10/15 | €126,691 | €84,142 | -€42,549 | -33.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €120,258 | €96,258 | -€24,000 | -20.0% |
| Distributable reserves | 133 | €120,258 | €96,258 | -€24,000 | -20.0% |
| Profit (loss) carried forward | 14 | -€12,167 | -€30,716 | -€18,549 | -152% |
| Amounts payable | 17/49 | €425,585 | €392,418 | -€33,167 | -7.8% |
| Amounts payable after more than one year | 17 | €319,745 | €291,421 | -€28,324 | -8.9% |
| Financial debts | 170/4 | €319,745 | €291,421 | -€28,324 | -8.9% |
| Amounts payable within one year | 42/48 | €105,840 | €100,997 | -€4,843 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €27,001 | €28,324 | +€1,323 | +4.9% |
| Financial debts | 43 | €325 | - | -€325 | |
| Credit institutions | 430/8 | €325 | - | -€325 | |
| Trade debts | 44 | €18,340 | €6,813 | -€11,527 | -62.9% |
| Suppliers | 440/4 | €18,340 | €6,813 | -€11,527 | -62.9% |
| Taxes, remuneration and social security | 45 | €8,627 | €10,007 | +€1,380 | +16.0% |
| Taxes | 450/3 | €8,627 | €10,007 | +€1,380 | +16.0% |
| Other amounts payable | 47/48 | €51,547 | €55,853 | +€4,306 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,217 | €37,544 | +€8,327 | +28.5% |
| Other operating charges | 640/8 | €3,829 | €3,589 | -€239 | -6.3% |
| Gross operating margin | 9900 | €49,843 | €34,694 | -€15,149 | -30.4% |
| Operating profit (loss) | 9901 | €16,797 | -€6,439 | -€23,236 | |
| Financial income | 75/76B | €365 | €488 | +€123 | +33.8% |
| Recurring financial income | 75 | €365 | €488 | +€123 | +33.8% |
| Financial charges | 65/66B | €10,694 | €12,411 | +€1,717 | +16.1% |
| Recurring financial charges | 65 | €10,694 | €12,411 | +€1,717 | +16.1% |
| Profit (loss) for the period before taxes | 9903 | €6,469 | -€18,361 | -€24,830 | |
| Income taxes | 67/77 | €699 | €187 | -€511 | -73.2% |
| Profit (loss) for the period | 9904 | €5,770 | -€18,549 | -€24,319 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,770 | -€18,549 | -€24,319 |
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 19 October 2026 via checked.be.