PANIX: 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.
PANIX
Largest movements
- Cash -€92,595
down €92,595 (-25.9%), from €357,697 to €265,102
mainly Other debts (-€87,228) and Contributions, distributions and other (-€80,000)
- Deferred charges and accrued income +€43,196
up €43,196 (+761.8%), from €5,670 to €48,866
- Intangible fixed assets -€36,500
down €36,500 (-50.0%), from €73,000 to €36,500
- Receivables within one year +€28,721
up €28,721 (+8.0%), from €357,692 to €386,413
of which Other amounts receivable: +€66,141
- Stocks and contracts -€14,474
down €14,474 (-5.8%), from €250,448 to €235,974
- Other debts -€87,228
down €87,228 (-54.5%), from €160,000 to €72,772
- Trade debts +€54,722
up €54,722 (+50.0%), from €109,363 to €164,085
- Tax, wage and social debts -€42,586
down €42,586 (-95.7%), from €44,503 to €1,917
of which Remuneration and social security: -€38,302
- Gross operating margin -€157,956
down €157,956 (-23.4%), from €674,955 to €516,999
- Staff costs -€84,788
down €84,788 (-16.9%), from €500,639 to €415,851
- Taxes -€16,256
down €16,256 (-32.0%), from €50,756 to €34,500
- Depreciation -€7,333
down €7,333 (-12.9%), from €56,842 to €49,509
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 | €1,058,609 | €984,430 | -€74,179 | -7.0% |
| Fixed assets | 21/28 | €87,102 | €48,075 | -€39,027 | -44.8% |
| Intangible fixed assets | 21 | €73,000 | €36,500 | -€36,500 | -50.0% |
| Tangible fixed assets | 22/27 | €14,102 | €11,575 | -€2,527 | -17.9% |
| Land and buildings | 22 | €2,442 | €1,602 | -€840 | -34.4% |
| Plant, machinery and equipment | 23 | €10,406 | €9,255 | -€1,151 | -11.1% |
| Furniture and vehicles | 24 | €1,254 | €718 | -€536 | -42.7% |
| Current assets | 29/58 | €971,507 | €936,355 | -€35,152 | -3.6% |
| Stocks and contracts in progress | 3 | €250,448 | €235,974 | -€14,474 | -5.8% |
| Stocks | 30/36 | €250,448 | €235,974 | -€14,474 | -5.8% |
| Amounts receivable within one year | 40/41 | €357,692 | €386,413 | +€28,721 | +8.0% |
| Trade receivables | 40 | €197,333 | €159,913 | -€37,420 | -19.0% |
| Other amounts receivable | 41 | €160,359 | €226,500 | +€66,141 | +41.2% |
| Cash at bank and in hand | 54/58 | €357,697 | €265,102 | -€92,595 | -25.9% |
| Deferred charges and accrued income | 490/1 | €5,670 | €48,866 | +€43,196 | +761.8% |
| Total equity and liabilities | 10/49 | €1,058,609 | €984,430 | -€74,179 | -7.0% |
| Equity | 10/15 | €240,195 | €243,865 | +€3,670 | +1.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €130,195 | €133,865 | +€3,670 | +2.8% |
| Amounts payable | 17/49 | €818,414 | €740,565 | -€77,849 | -9.5% |
| Amounts payable within one year | 42/48 | €818,414 | €740,565 | -€77,849 | -9.5% |
| Trade debts | 44 | €109,363 | €164,085 | +€54,722 | +50.0% |
| Suppliers | 440/4 | €109,363 | €164,085 | +€54,722 | +50.0% |
| Advances received on contracts in progress | 46 | €504,548 | €501,791 | -€2,757 | -0.5% |
| Taxes, remuneration and social security | 45 | €44,503 | €1,917 | -€42,586 | -95.7% |
| Taxes | 450/3 | €6,201 | €1,917 | -€4,284 | -69.1% |
| Remuneration and social security | 454/9 | €38,302 | - | -€38,302 | |
| Other amounts payable | 47/48 | €160,000 | €72,772 | -€87,228 | -54.5% |
| Remuneration, social security and pensions | 62 | €500,639 | €415,851 | -€84,788 | -16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,842 | €49,509 | -€7,333 | -12.9% |
| Other operating charges | 640/8 | €8,130 | €4,684 | -€3,446 | -42.4% |
| Gross operating margin | 9900 | €674,955 | €516,999 | -€157,956 | -23.4% |
| Operating profit (loss) | 9901 | €109,344 | €46,955 | -€62,389 | -57.1% |
| Financial income | 75/76B | €86,180 | €89,431 | +€3,251 | +3.8% |
| Recurring financial income | 75 | €86,180 | €89,431 | +€3,251 | +3.8% |
| Financial charges | 65/66B | €13,936 | €18,216 | +€4,280 | +30.7% |
| Recurring financial charges | 65 | €13,936 | €18,216 | +€4,280 | +30.7% |
| Profit (loss) for the period before taxes | 9903 | €181,588 | €118,170 | -€63,418 | -34.9% |
| Income taxes | 67/77 | €50,756 | €34,500 | -€16,256 | -32.0% |
| Profit (loss) for the period | 9904 | €130,832 | €83,670 | -€47,162 | -36.0% |
| Profit (loss) for the period to be appropriated | 9905 | €130,832 | €83,670 | -€47,162 | -36.0% |
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 7 October 2026 via checked.be.