PANNACEA: 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.
What changed
PANNACEA
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€23,086
2024 · €22,052+€1,034
Equity
€210,690
2024 · €187,604+€23,086
Cash
€72
2024 · €427-€355
Balance sheet total
€1.9m
2024 · €2.0m-€66,688
Largest movements
Assets
- Tangible fixed assets -€49,123
down €49,123 (-2.9%), from €1.7m to €1.7m
Equity and liabilities
- Debts after one year -€93,119
down €93,119 (-6.2%), from €1.5m to €1.4m
- Other debts -€21,771
down €21,771 (-15.2%), from €143,688 to €121,918
Income statement
- Gross operating margin +€11,045
up €11,045 (+10.2%), from €107,930 to €118,975
- Other operating charges +€10,658
up €10,658 (+366%), from €2,914 to €13,572
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
€22,052
Gross operating margin
+€11,045
Depreciation
-€367
Other operating charges
-€10,658
Financial charges
+€1,013
Result 2025
€23,086
raises the resultlowers the result
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.
From operations
+€96,483
Investment
-€2,700
Financing
-€94,138
Cash 2024
€427
From operations (derived)
+€96,483
Net result for the year
+€23,086
Depreciation
+€51,823
Receivables within one year
+€17,611
Deferred charges and accrued income
-€400
Trade debts
+€12,763
Tax, wage and social debts
+€13,371
Other debts
-€21,771
Investment (derived)
-€2,700
Investment in fixed assets (net)
-€2,700
Financing
-€94,138
Debts after one year
-€93,119
Current portion of long-term debt
-€1,018
Cash 2025
€72
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,001,012 | €1,934,323 | -€66,688 | -3.3% |
| Fixed assets | 21/28 | €1,965,508 | €1,916,385 | -€49,123 | -2.5% |
| Tangible fixed assets | 22/27 | €1,715,508 | €1,666,385 | -€49,123 | -2.9% |
| Land and buildings | 22 | €1,715,508 | €1,666,385 | -€49,123 | -2.9% |
| Financial fixed assets | 28 | €250,000 | €250,000 | = | 0.0% |
| Current assets | 29/58 | €35,504 | €17,938 | -€17,566 | -49.5% |
| Amounts receivable within one year | 40/41 | €35,077 | €17,466 | -€17,611 | -50.2% |
| Trade receivables | 40 | €34,489 | €16,878 | -€17,611 | -51.1% |
| Other amounts receivable | 41 | €588 | €588 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €427 | €72 | -€355 | -83.1% |
| Deferred charges and accrued income | 490/1 | - | €400 | +€400 | |
| Total equity and liabilities | 10/49 | €2,001,012 | €1,934,323 | -€66,688 | -3.3% |
| Equity | 10/15 | €187,604 | €210,690 | +€23,086 | +12.3% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | - | €10,690 | +€10,690 | |
| Distributable reserves | 133 | - | €10,690 | +€10,690 | |
| Profit (loss) carried forward | 14 | -€12,396 | €0 | +€12,396 | |
| Amounts payable | 17/49 | €1,813,407 | €1,723,633 | -€89,774 | -5.0% |
| Amounts payable after more than one year | 17 | €1,499,478 | €1,406,358 | -€93,119 | -6.2% |
| Financial debts | 170/4 | €1,499,478 | €1,406,358 | -€93,119 | -6.2% |
| Amounts payable within one year | 42/48 | €313,930 | €317,275 | +€3,345 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €100,044 | €99,026 | -€1,018 | -1.0% |
| Trade debts | 44 | €60,180 | €72,943 | +€12,763 | +21.2% |
| Suppliers | 440/4 | €60,180 | €72,943 | +€12,763 | +21.2% |
| Taxes, remuneration and social security | 45 | €10,018 | €23,389 | +€13,371 | +133% |
| Taxes | 450/3 | €10,018 | €19,389 | +€9,371 | +93.5% |
| Remuneration and social security | 454/9 | - | €4,000 | +€4,000 | |
| Other amounts payable | 47/48 | €143,688 | €121,918 | -€21,771 | -15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,456 | €51,823 | +€367 | +0.7% |
| Other operating charges | 640/8 | €2,914 | €13,572 | +€10,658 | +366% |
| Gross operating margin | 9900 | €107,930 | €118,975 | +€11,045 | +10.2% |
| Operating profit (loss) | 9901 | €53,560 | €53,581 | +€21 | 0.0% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €31,508 | €30,495 | -€1,013 | -3.2% |
| Recurring financial charges | 65 | €31,508 | €30,495 | -€1,013 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €22,052 | €23,086 | +€1,034 | +4.7% |
| Profit (loss) for the period | 9904 | €22,052 | €23,086 | +€1,034 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €22,052 | €23,086 | +€1,034 | +4.7% |
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 17 October 2026 via checked.be.