Pannarts: 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.
Pannarts
Largest movements
- Current investments +€51,463
new in 2025: €51,463
- Intangible fixed assets -€17,000
down €17,000 (-11.1%), from €152,489 to €135,489
- Cash +€11,783
up €11,783 (+20.7%), from €56,855 to €68,638
mainly Net result for the year (+€63,769) and Depreciation (+€19,123)
- Receivables within one year +€6,864
up €6,864 (+5,714%), from €120 to €6,985
of which Trade receivables: +€6,452
- Tangible fixed assets +€6,419
up €6,419 (+391%), from €1,642 to €8,061
of which Plant, machinery and equipment: +€6,068
- Reserves +€62,936
up €62,936 (+117%), from €53,682 to €116,618
- Debts after one year -€15,435
down €15,435 (-11.0%), from €140,768 to €125,333
- Tax, wage and social debts +€6,986
up €6,986 (+2,911%), from €240 to €7,226
- Gross operating margin +€13,516
up €13,516 (+13.8%), from €97,861 to €111,377
- Taxes +€7,096
up €7,096 (+47.7%), from €14,880 to €21,976
- Depreciation -€2,715
down €2,715 (-12.4%), from €21,837 to €19,123
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 | €216,170 | €272,638 | +€56,468 | +26.1% |
| Fixed assets | 21/28 | €154,731 | €144,150 | -€10,581 | -6.8% |
| Intangible fixed assets | 21 | €152,489 | €135,489 | -€17,000 | -11.1% |
| Tangible fixed assets | 22/27 | €1,642 | €8,061 | +€6,419 | +391% |
| Plant, machinery and equipment | 23 | €722 | €6,790 | +€6,068 | +840% |
| Furniture and vehicles | 24 | €919 | €1,271 | +€352 | +38.3% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €61,439 | €128,488 | +€67,049 | +109% |
| Amounts receivable within one year | 40/41 | €120 | €6,985 | +€6,864 | +5,714% |
| Trade receivables | 40 | - | €6,452 | +€6,452 | |
| Other amounts receivable | 41 | €120 | €532 | +€412 | +343% |
| Current investments | 50/53 | - | €51,463 | +€51,463 | |
| Cash at bank and in hand | 54/58 | €56,855 | €68,638 | +€11,783 | +20.7% |
| Deferred charges and accrued income | 490/1 | €4,465 | €1,403 | -€3,062 | -68.6% |
| Total equity and liabilities | 10/49 | €216,170 | €272,638 | +€56,468 | +26.1% |
| Equity | 10/15 | €57,182 | €120,118 | +€62,936 | +110% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €53,682 | €116,618 | +€62,936 | +117% |
| Distributable reserves | 133 | €53,682 | €116,618 | +€62,936 | +117% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €158,988 | €152,521 | -€6,468 | -4.1% |
| Amounts payable after more than one year | 17 | €140,768 | €125,333 | -€15,435 | -11.0% |
| Financial debts | 170/4 | €140,768 | €125,333 | -€15,435 | -11.0% |
| Amounts payable within one year | 42/48 | €18,221 | €27,188 | +€8,967 | +49.2% |
| Current portion of amounts payable after more than one year | 42 | €14,882 | €15,435 | +€552 | +3.7% |
| Trade debts | 44 | €2,218 | €3,944 | +€1,726 | +77.8% |
| Suppliers | 440/4 | €2,218 | €3,944 | +€1,726 | +77.8% |
| Taxes, remuneration and social security | 45 | €240 | €7,226 | +€6,986 | +2,911% |
| Taxes | 450/3 | €240 | €7,226 | +€6,986 | +2,911% |
| Other amounts payable | 47/48 | €880 | €583 | -€297 | -33.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,837 | €19,123 | -€2,715 | -12.4% |
| Other operating charges | 640/8 | - | €144 | +€144 | |
| Non-recurring operating charges | 66A | - | €722 | +€722 | |
| Gross operating margin | 9900 | €97,861 | €111,377 | +€13,516 | +13.8% |
| Operating profit (loss) | 9901 | €76,023 | €91,388 | +€15,365 | +20.2% |
| Financial income | 75/76B | - | €38 | +€38 | |
| Recurring financial income | 75 | - | €38 | +€38 | |
| Financial charges | 65/66B | €6,662 | €5,681 | -€981 | -14.7% |
| Recurring financial charges | 65 | €6,662 | €5,681 | -€981 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €69,362 | €85,745 | +€16,383 | +23.6% |
| Income taxes | 67/77 | €14,880 | €21,976 | +€7,096 | +47.7% |
| Profit (loss) for the period | 9904 | €54,482 | €63,769 | +€9,287 | +17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,482 | €63,769 | +€9,287 | +17.0% |
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 14 October 2026 via checked.be.