PANN-TRADE: 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.
PANN-TRADE
Largest movements
- Receivables within one year -€332,648
down €332,648 (-71.6%), from €464,273 to €131,625
of which Trade receivables: -€331,800
- Stocks and contracts -€303,007
down €303,007 (-65.7%), from €460,864 to €157,858
- Cash +€232,421
up €232,421 (+186%), from €124,903 to €357,324
mainly Receivables within one year (+€332,648) and Stocks and contracts (+€303,007)
- Other debts -€348,141
down €348,141 (-73.5%), from €473,647 to €125,506
- Trade debts -€195,526
down €195,526 (-73.6%), from €265,671 to €70,145
- Reserves +€54,861
up €54,861 (+31.9%), from €171,734 to €226,595
of which Distributable reserves: +€54,861
- Accrued charges and deferred income +€37,618
new in 2025: €37,618
- Tax, wage and social debts +€24,953
up €24,953 (+167%), from €14,954 to €39,908
- Write-downs -€117,890
no longer reported in 2025 (was €117,890)
- Gross operating margin -€65,353
down €65,353 (-43.7%), from €149,431 to €84,078
- Taxes +€14,486
up €14,486 (+198%), from €7,323 to €21,809
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 | €1,050,040 | €646,806 | -€403,234 | -38.4% |
| Current assets | 29/58 | €1,050,040 | €646,806 | -€403,234 | -38.4% |
| Stocks and contracts in progress | 3 | €460,864 | €157,858 | -€303,007 | -65.7% |
| Stocks | 30/36 | €460,864 | €157,858 | -€303,007 | -65.7% |
| Amounts receivable within one year | 40/41 | €464,273 | €131,625 | -€332,648 | -71.6% |
| Trade receivables | 40 | €460,700 | €128,900 | -€331,800 | -72.0% |
| Other amounts receivable | 41 | €3,573 | €2,725 | -€848 | -23.7% |
| Cash at bank and in hand | 54/58 | €124,903 | €357,324 | +€232,421 | +186% |
| Total equity and liabilities | 10/49 | €1,050,040 | €646,806 | -€403,234 | -38.4% |
| Equity | 10/15 | €200,768 | €255,628 | +€54,861 | +27.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €171,734 | €226,595 | +€54,861 | +31.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €169,874 | €224,735 | +€54,861 | +32.3% |
| Profit (loss) carried forward | 14 | €10,433 | €10,433 | = | 0.0% |
| Amounts payable | 17/49 | €849,273 | €391,178 | -€458,095 | -53.9% |
| Amounts payable after more than one year | 17 | €95,000 | €95,000 | = | 0.0% |
| Financial debts | 170/4 | €95,000 | €95,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €754,273 | €258,559 | -€495,713 | -65.7% |
| Trade debts | 44 | €265,671 | €70,145 | -€195,526 | -73.6% |
| Suppliers | 440/4 | €265,671 | €70,145 | -€195,526 | -73.6% |
| Advances received on contracts in progress | 46 | - | €23,000 | +€23,000 | |
| Taxes, remuneration and social security | 45 | €14,954 | €39,908 | +€24,953 | +167% |
| Taxes | 450/3 | €14,954 | €39,908 | +€24,953 | +167% |
| Other amounts payable | 47/48 | €473,647 | €125,506 | -€348,141 | -73.5% |
| Accrued charges and deferred income | 492/3 | - | €37,618 | +€37,618 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €117,890 | - | -€117,890 | |
| Other operating charges | 640/8 | €2,210 | €2,090 | -€120 | -5.4% |
| Gross operating margin | 9900 | €149,431 | €84,078 | -€65,353 | -43.7% |
| Operating profit (loss) | 9901 | €29,331 | €81,988 | +€52,657 | +180% |
| Financial income | 75/76B | €255 | €1,700 | +€1,445 | +567% |
| Recurring financial income | 75 | €255 | €1,700 | +€1,445 | +567% |
| Financial charges | 65/66B | €282 | €1,531 | +€1,249 | +443% |
| Recurring financial charges | 65 | €282 | €1,531 | +€1,249 | +443% |
| Profit (loss) for the period before taxes | 9903 | €29,304 | €82,156 | +€52,853 | +180% |
| Income taxes | 67/77 | €7,323 | €21,809 | +€14,486 | +198% |
| Profit (loss) for the period | 9904 | €21,981 | €60,347 | +€38,366 | +175% |
| Profit (loss) for the period to be appropriated | 9905 | €21,981 | €60,347 | +€38,366 | +175% |
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 18 October 2026 via checked.be.