PANNENHOEF: 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.
PANNENHOEF
Largest movements
- Tangible fixed assets +€3.9m
up €3.9m (+49.2%), from €7.8m to €11.7m
of which Land and buildings: +€8.3m
- Receivables within one year -€1.8m
down €1.8m (-81.7%), from €2.2m to €403,785
of which Other amounts receivable: -€1.9m
- Intangible fixed assets +€192,570
up €192,570 (+2627.0%), from €7,330 to €199,901
- Other debts +€3.1m
new in 2025: €3.1m
- Profit (loss) carried forward -€401,350
down €401,350, from €286,895 to -€114,454
- Trade debts -€238,391
down €238,391 (-28.2%), from €844,605 to €606,214
- Reserves -€212,018
down €212,018 (-3.9%), from €5.4m to €5.2m
of which Tax-exempt reserves: -€212,018
- Gross operating margin -€5.9m
down €5.9m (-98.4%), from €6.0m to €96,392
- Depreciation +€503,897
up €503,897 (+448.6%), from €112,318 to €616,214
- Financial income -€100,145
down €100,145 (-99.2%), from €100,926 to €781
- Other operating charges +€97,978
up €97,978 (+3991.0%), from €2,455 to €100,433
- Financial charges +€63,826
up €63,826 (+8619.8%), from €740 to €64,566
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 | €10,163,704 | €12,374,679 | +€2.2m | +21.8% |
| Fixed assets | 21/28 | €7,852,389 | €11,906,948 | +€4.1m | +51.6% |
| Intangible fixed assets | 21 | €7,330 | €199,901 | +€192,570 | +2627.0% |
| Tangible fixed assets | 22/27 | €7,845,058 | €11,707,047 | +€3.9m | +49.2% |
| Land and buildings | 22 | €1,286,953 | €9,620,494 | +€8.3m | +647.5% |
| Plant, machinery and equipment | 23 | €188,440 | €1,799,744 | +€1.6m | +855.1% |
| Furniture and vehicles | 24 | - | €11,555 | +€11,555 | |
| Assets under construction and advance payments | 27 | €6,369,666 | €275,255 | -€6.1m | -95.7% |
| Current assets | 29/58 | €2,311,315 | €467,731 | -€1.8m | -79.8% |
| Amounts receivable within one year | 40/41 | €2,201,138 | €403,785 | -€1.8m | -81.7% |
| Trade receivables | 40 | €183,375 | €329,313 | +€145,938 | +79.6% |
| Other amounts receivable | 41 | €2,017,763 | €74,472 | -€1.9m | -96.3% |
| Cash at bank and in hand | 54/58 | €58,555 | €60,338 | +€1,782 | +3.0% |
| Deferred charges and accrued income | 490/1 | €51,622 | €3,608 | -€48,013 | -93.0% |
| Total equity and liabilities | 10/49 | €10,163,704 | €12,374,679 | +€2.2m | +21.8% |
| Equity | 10/15 | €7,564,253 | €6,950,104 | -€614,149 | -8.1% |
| Contributions | 10/11 | €1,887,151 | €1,887,151 | = | 0.0% |
| Reserves | 13 | €5,385,929 | €5,173,911 | -€212,018 | -3.9% |
| Tax-exempt reserves | 132 | €5,375,929 | €5,163,911 | -€212,018 | -3.9% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €286,895 | -€114,454 | -€401,350 | |
| Investment grants | 15 | €4,278 | €3,497 | -€781 | -18.3% |
| Provisions and deferred taxes | 16 | €1,741,121 | €1,670,448 | -€70,673 | -4.1% |
| Deferred taxes | 168 | €1,741,121 | €1,670,448 | -€70,673 | -4.1% |
| Amounts payable | 17/49 | €858,330 | €3,754,127 | +€2.9m | +337.4% |
| Amounts payable within one year | 42/48 | €844,605 | €3,740,627 | +€2.9m | +342.9% |
| Trade debts | 44 | €844,605 | €606,214 | -€238,391 | -28.2% |
| Suppliers | 440/4 | €844,605 | €606,214 | -€238,391 | -28.2% |
| Other amounts payable | 47/48 | - | €3,134,414 | +€3.1m | |
| Accrued charges and deferred income | 492/3 | €13,725 | €13,500 | -€225 | -1.6% |
| Non-recurring operating income | 76A | €5,997,094 | - | -€6.0m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,318 | €616,214 | +€503,897 | +448.6% |
| Other operating charges | 640/8 | €2,455 | €100,433 | +€97,978 | +3991.0% |
| Gross operating margin | 9900 | €5,986,715 | €96,392 | -€5.9m | -98.4% |
| Operating profit (loss) | 9901 | €5,871,943 | -€620,256 | -€6.5m | |
| Financial income | 75/76B | €100,926 | €781 | -€100,145 | -99.2% |
| Recurring financial income | 75 | €100,926 | €781 | -€100,145 | -99.2% |
| Financial charges | 65/66B | €740 | €64,566 | +€63,826 | +8619.8% |
| Recurring financial charges | 65 | €740 | €64,566 | +€63,826 | +8619.8% |
| Profit (loss) for the period before taxes | 9903 | €5,972,128 | -€684,041 | -€6.7m | |
| Transfer from deferred taxes | 780 | €1,556 | €70,673 | +€69,116 | +4440.9% |
| Transfer to deferred taxes | 680 | €1,498,942 | - | -€1.5m | |
| Profit (loss) for the period | 9904 | €4,474,742 | -€613,368 | -€5.1m | |
| Transfer from tax-exempt reserves | 789 | €4,669 | €212,018 | +€207,349 | +4440.9% |
| Transfer to tax-exempt reserves | 689 | €4,496,827 | - | -€4.5m | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,416 | -€401,350 | -€383,934 | -2204.6% |
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 5 October 2026 via checked.be.