PANO: 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.
PANO
Largest movements
- Current investments -€150,000
no longer reported in 2025 (was €150,000)
- Cash +€140,641
up €140,641 (+336.3%), from €41,824 to €182,466
mainly Current investments (+€150,000) and Receivables within one year (+€11,400)
- Receivables within one year -€11,400
down €11,400 (-94.2%), from €12,102 to €702
- Other debts -€11,761
down €11,761 (-7.1%), from €166,290 to €154,529
- Profit (loss) carried forward -€11,330
down €11,330 (-15.1%), from -€75,040 to -€86,370
- Depreciation -€8,736
down €8,736 (-84.2%), from €10,380 to €1,643
- Financial income -€3,768
down €3,768 (-69.2%), from €5,442 to €1,674
- Gross operating margin +€2,920
up €2,920 (+294.2%), from €993 to €3,913
- Financial charges -€210
down €210 (-1.7%), from €12,405 to €12,195
- Other operating charges +€115
up €115 (+3.9%), from €2,963 to €3,079
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 | €337,471 | €314,197 | -€23,274 | -6.9% |
| Fixed assets | 21/28 | €132,487 | €130,844 | -€1,643 | -1.2% |
| Tangible fixed assets | 22/27 | €132,487 | €130,844 | -€1,643 | -1.2% |
| Land and buildings | 22 | €132,487 | €130,844 | -€1,643 | -1.2% |
| Current assets | 29/58 | €204,983 | €183,352 | -€21,631 | -10.6% |
| Amounts receivable within one year | 40/41 | €12,102 | €702 | -€11,400 | -94.2% |
| Other amounts receivable | 41 | €12,102 | €702 | -€11,400 | -94.2% |
| Current investments | 50/53 | €150,000 | - | -€150,000 | |
| Cash at bank and in hand | 54/58 | €41,824 | €182,466 | +€140,641 | +336.3% |
| Deferred charges and accrued income | 490/1 | €1,057 | €184 | -€873 | -82.6% |
| Total equity and liabilities | 10/49 | €337,471 | €314,197 | -€23,274 | -6.9% |
| Equity | 10/15 | €158,421 | €147,091 | -€11,330 | -7.2% |
| Contributions | 10/11 | €225,000 | €225,000 | = | 0.0% |
| Reserves | 13 | €8,461 | €8,461 | = | 0.0% |
| Distributable reserves | 133 | €8,461 | €8,461 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€75,040 | -€86,370 | -€11,330 | -15.1% |
| Amounts payable | 17/49 | €179,050 | €167,105 | -€11,944 | -6.7% |
| Amounts payable within one year | 42/48 | €170,001 | €158,196 | -€11,806 | -6.9% |
| Trade debts | 44 | - | €20 | +€20 | |
| Suppliers | 440/4 | - | €20 | +€20 | |
| Taxes, remuneration and social security | 45 | €3,712 | €3,647 | -€65 | -1.7% |
| Taxes | 450/3 | €3,712 | €3,647 | -€65 | -1.7% |
| Other amounts payable | 47/48 | €166,290 | €154,529 | -€11,761 | -7.1% |
| Accrued charges and deferred income | 492/3 | €9,048 | €8,910 | -€139 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,380 | €1,643 | -€8,736 | -84.2% |
| Other operating charges | 640/8 | €2,963 | €3,079 | +€115 | +3.9% |
| Gross operating margin | 9900 | €993 | €3,913 | +€2,920 | +294.2% |
| Operating profit (loss) | 9901 | -€12,350 | -€809 | +€11,541 | +93.4% |
| Financial income | 75/76B | €5,442 | €1,674 | -€3,768 | -69.2% |
| Recurring financial income | 75 | €5,442 | €1,674 | -€3,768 | -69.2% |
| Financial charges | 65/66B | €12,405 | €12,195 | -€210 | -1.7% |
| Recurring financial charges | 65 | €12,405 | €12,195 | -€210 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | -€19,313 | -€11,330 | +€7,983 | +41.3% |
| Transfer from deferred taxes | 780 | €2,359 | - | -€2,359 | |
| Profit (loss) for the period | 9904 | -€16,954 | -€11,330 | +€5,624 | +33.2% |
| Transfer from tax-exempt reserves | 789 | €4,582 | - | -€4,582 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,371 | -€11,330 | +€1,041 | +8.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.