PANO: 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.
PANO
Largest movements
- Receivables within one year +€115,711
up €115,711 (+60.6%), from €190,934 to €306,644
of which Trade receivables: +€127,805
- Cash -€93,193
down €93,193 (-35.8%), from €260,119 to €166,926
mainly Receivables within one year (-€115,711) and Stocks and contracts (-€44,081)
- Stocks and contracts +€44,081
up €44,081 (+34.4%), from €128,151 to €172,232
- Reserves +€45,484
up €45,484 (+10.2%), from €447,634 to €493,118
- Other debts +€26,010
up €26,010 (+37.8%), from €68,810 to €94,820
- Trade debts -€18,122
down €18,122 (-41.7%), from €43,496 to €25,374
- Tax, wage and social debts +€12,741
up €12,741 (+63.6%), from €20,025 to €32,766
- Gross operating margin +€67,276
up €67,276 (+83.8%), from €80,317 to €147,594
- Taxes +€20,017
up €20,017 (+194%), from €10,300 to €30,317
- Other operating charges -€5,119
down €5,119 (-70.2%), from €7,297 to €2,178
- Financial income -€4,846
down €4,846 (-91.6%), from €5,290 to €444
- Financial charges +€3,199
up €3,199 (+9.5%), from €33,700 to €36,900
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 | €608,910 | €673,244 | +€64,335 | +10.6% |
| Fixed assets | 21/28 | €25,037 | €20,588 | -€4,449 | -17.8% |
| Tangible fixed assets | 22/27 | €18,632 | €14,183 | -€4,449 | -23.9% |
| Land and buildings | 22 | €10,553 | €7,036 | -€3,518 | -33.3% |
| Plant, machinery and equipment | 23 | €6,211 | €6,106 | -€105 | -1.7% |
| Furniture and vehicles | 24 | €1,868 | €1,042 | -€826 | -44.2% |
| Financial fixed assets | 28 | €6,405 | €6,405 | = | 0.0% |
| Current assets | 29/58 | €583,873 | €652,656 | +€68,783 | +11.8% |
| Stocks and contracts in progress | 3 | €128,151 | €172,232 | +€44,081 | +34.4% |
| Stocks | 30/36 | €128,151 | €172,232 | +€44,081 | +34.4% |
| Amounts receivable within one year | 40/41 | €190,934 | €306,644 | +€115,711 | +60.6% |
| Trade receivables | 40 | €178,840 | €306,644 | +€127,805 | +71.5% |
| Other amounts receivable | 41 | €12,094 | - | -€12,094 | |
| Cash at bank and in hand | 54/58 | €260,119 | €166,926 | -€93,193 | -35.8% |
| Deferred charges and accrued income | 490/1 | €4,669 | €6,854 | +€2,184 | +46.8% |
| Total equity and liabilities | 10/49 | €608,910 | €673,244 | +€64,335 | +10.6% |
| Equity | 10/15 | €474,801 | €520,285 | +€45,484 | +9.6% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €447,634 | €493,118 | +€45,484 | +10.2% |
| Distributable reserves | 133 | €447,634 | €493,118 | +€45,484 | +10.2% |
| Profit (loss) carried forward | 14 | €2,378 | €2,378 | = | 0.0% |
| Amounts payable | 17/49 | €134,109 | €152,959 | +€18,851 | +14.1% |
| Amounts payable within one year | 42/48 | €134,109 | €152,959 | +€18,851 | +14.1% |
| Current portion of amounts payable after more than one year | 42 | €1,778 | - | -€1,778 | |
| Trade debts | 44 | €43,496 | €25,374 | -€18,122 | -41.7% |
| Suppliers | 440/4 | €43,496 | €25,374 | -€18,122 | -41.7% |
| Taxes, remuneration and social security | 45 | €20,025 | €32,766 | +€12,741 | +63.6% |
| Taxes | 450/3 | €20,025 | €32,766 | +€12,741 | +63.6% |
| Other amounts payable | 47/48 | €68,810 | €94,820 | +€26,010 | +37.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,041 | €6,385 | +€345 | +5.7% |
| Other operating charges | 640/8 | €7,297 | €2,178 | -€5,119 | -70.2% |
| Gross operating margin | 9900 | €80,317 | €147,594 | +€67,276 | +83.8% |
| Operating profit (loss) | 9901 | €66,980 | €139,030 | +€72,050 | +108% |
| Financial income | 75/76B | €5,290 | €444 | -€4,846 | -91.6% |
| Recurring financial income | 75 | €5,290 | €444 | -€4,846 | -91.6% |
| Financial charges | 65/66B | €33,700 | €36,900 | +€3,199 | +9.5% |
| Recurring financial charges | 65 | €33,700 | €36,900 | +€3,199 | +9.5% |
| Profit (loss) for the period before taxes | 9903 | €38,570 | €102,575 | +€64,005 | +166% |
| Income taxes | 67/77 | €10,300 | €30,317 | +€20,017 | +194% |
| Profit (loss) for the period | 9904 | €28,270 | €72,258 | +€43,988 | +156% |
| Profit (loss) for the period to be appropriated | 9905 | €28,270 | €72,258 | +€43,988 | +156% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.