PANO-SOLUTIONS: 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-SOLUTIONS
Largest movements
- Financial fixed assets -€60,000
down €60,000 (-98.7%), from €60,794 to €794
- Receivables within one year -€29,066
down €29,066 (-92.1%), from €31,564 to €2,497
of which Trade receivables: -€26,410
- Cash +€5,571
up €5,571 (+93.0%), from €5,992 to €11,563
mainly Investment in fixed assets (net) (+€55,000) and Receivables within one year (+€29,066)
- Tangible fixed assets +€3,207
up €3,207 (+150%), from €2,139 to €5,346
- Profit (loss) carried forward -€45,673
down €45,673 (-267%), from -€17,085 to -€62,758
- Tax, wage and social debts -€24,732
down €24,732 (-67.1%), from €36,877 to €12,145
of which Taxes: -€14,405
- Short-term financial debts -€9,128
down €9,128 (-100%), from €9,128 to €0
- Trade debts -€2,800
down €2,800 (-64.3%), from €4,355 to €1,555
- Other debts +€2,045
new in 2025: €2,045
- Financial charges +€58,899
up €58,899 (+2,334%), from €2,523 to €61,423
of which Non-recurring financial charges: +€60,000
- Staff costs -€19,057
down €19,057 (-23.0%), from €82,949 to €63,892
- Write-downs +€12,030
new in 2025: €12,030
- Gross operating margin +€5,538
up €5,538 (+6.0%), from €92,089 to €97,627
- Taxes -€1,007
down €1,007 (-26.4%), from €3,810 to €2,803
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 | €100,489 | €20,201 | -€80,289 | -79.9% |
| Fixed assets | 21/28 | €62,934 | €6,140 | -€56,793 | -90.2% |
| Tangible fixed assets | 22/27 | €2,139 | €5,346 | +€3,207 | +150% |
| Furniture and vehicles | 24 | €2,139 | €5,346 | +€3,207 | +150% |
| Financial fixed assets | 28 | €60,794 | €794 | -€60,000 | -98.7% |
| Current assets | 29/58 | €37,556 | €14,061 | -€23,495 | -62.6% |
| Amounts receivable within one year | 40/41 | €31,564 | €2,497 | -€29,066 | -92.1% |
| Trade receivables | 40 | €28,608 | €2,197 | -€26,410 | -92.3% |
| Other amounts receivable | 41 | €2,956 | €300 | -€2,656 | -89.9% |
| Cash at bank and in hand | 54/58 | €5,992 | €11,563 | +€5,571 | +93.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €100,489 | €20,201 | -€80,289 | -79.9% |
| Equity | 10/15 | €50,129 | €4,456 | -€45,673 | -91.1% |
| Contributions | 10/11 | €14,200 | €14,200 | = | 0.0% |
| Reserves | 13 | €53,015 | €53,015 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €51,155 | €51,155 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,085 | -€62,758 | -€45,673 | -267% |
| Amounts payable | 17/49 | €50,360 | €15,744 | -€34,616 | -68.7% |
| Amounts payable within one year | 42/48 | €50,360 | €15,744 | -€34,616 | -68.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €9,128 | €0 | -€9,128 | -100% |
| Credit institutions | 430/8 | €9,128 | €0 | -€9,128 | -100% |
| Trade debts | 44 | €4,355 | €1,555 | -€2,800 | -64.3% |
| Suppliers | 440/4 | €4,355 | €1,555 | -€2,800 | -64.3% |
| Taxes, remuneration and social security | 45 | €36,877 | €12,145 | -€24,732 | -67.1% |
| Taxes | 450/3 | €22,724 | €8,319 | -€14,405 | -63.4% |
| Remuneration and social security | 454/9 | €14,153 | €3,826 | -€10,328 | -73.0% |
| Other amounts payable | 47/48 | - | €2,045 | +€2,045 | |
| Remuneration, social security and pensions | 62 | €82,949 | €63,892 | -€19,057 | -23.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,108 | €1,793 | +€685 | +61.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €12,030 | +€12,030 | |
| Other operating charges | 640/8 | €519 | €1,358 | +€839 | +162% |
| Gross operating margin | 9900 | €92,089 | €97,627 | +€5,538 | +6.0% |
| Operating profit (loss) | 9901 | €7,513 | €18,553 | +€11,040 | +147% |
| Financial income | 75/76B | €374 | €0 | -€374 | -100% |
| Recurring financial income | 75 | €74 | €0 | -€74 | -100% |
| Non-recurring financial income | 76B | €300 | €0 | -€300 | -100% |
| Financial charges | 65/66B | €2,523 | €61,423 | +€58,899 | +2,334% |
| Recurring financial charges | 65 | €2,523 | €1,423 | -€1,101 | -43.6% |
| Non-recurring financial charges | 66B | - | €60,000 | +€60,000 | |
| Profit (loss) for the period before taxes | 9903 | €5,364 | -€42,869 | -€48,233 | |
| Income taxes | 67/77 | €3,810 | €2,803 | -€1,007 | -26.4% |
| Profit (loss) for the period | 9904 | €1,553 | -€45,673 | -€47,226 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,553 | -€45,673 | -€47,226 |
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 16 October 2026 via checked.be.