PANOBIRDS: what changed
PANOBIRDS
Largest movements
- Cash -€1,967
no longer reported in 2025 (was €1,967)
mainly Net result for the year (-€31,246) and Investment in fixed assets (net) (-€12,757)
- Receivables within one year -€1,707
down €1,707 (-29.6%), from €5,769 to €4,062
of which Trade receivables: -€1,219
- Tangible fixed assets +€679
up €679 (+2.2%), from €31,025 to €31,704
of which Other tangible fixed assets: +€2,253
- Profit (loss) carried forward -€31,246
down €31,246 (-43.1%), from -€72,463 to -€103,710
- Other debts +€27,234
up €27,234 (+30.8%), from €88,347 to €115,581
- Short-term financial debts +€550
new in 2025: €550
- Trade debts +€496
up €496 (+12.3%), from €4,020 to €4,515
- Gross operating margin -€14,263
down €14,263 (-427%), from -€3,344 to -€17,607
- Depreciation -€579
down €579 (-4.6%), from €12,658 to €12,079
- Financial income -€534
no longer reported in 2025 (was €534)
- Financial charges +€518
up €518 (+239%), from €216 to €734
- Other operating charges +€264
up €264 (+46.8%), from €563 to €827
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €38,803 | €36,162 | -€2,641 | -6.8% |
| Fixed assets | 21/28 | €31,025 | €31,704 | +€679 | +2.2% |
| Tangible fixed assets | 22/27 | €31,025 | €31,704 | +€679 | +2.2% |
| Plant, machinery and equipment | 23 | €10,916 | €8,855 | -€2,061 | -18.9% |
| Furniture and vehicles | 24 | €7,964 | €8,451 | +€487 | +6.1% |
| Other tangible fixed assets | 26 | €12,146 | €14,398 | +€2,253 | +18.5% |
| Current assets | 29/58 | €7,778 | €4,458 | -€3,320 | -42.7% |
| Amounts receivable within one year | 40/41 | €5,769 | €4,062 | -€1,707 | -29.6% |
| Trade receivables | 40 | €5,195 | €3,976 | -€1,219 | -23.5% |
| Other amounts receivable | 41 | €573 | €86 | -€488 | -85.1% |
| Cash at bank and in hand | 54/58 | €1,967 | - | -€1,967 | |
| Deferred charges and accrued income | 490/1 | €43 | €396 | +€354 | +830% |
| Total equity and liabilities | 10/49 | €38,803 | €36,162 | -€2,641 | -6.8% |
| Equity | 10/15 | -€53,863 | -€85,110 | -€31,246 | -58.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€72,463 | -€103,710 | -€31,246 | -43.1% |
| Amounts payable | 17/49 | €92,667 | €121,272 | +€28,605 | +30.9% |
| Amounts payable within one year | 42/48 | €92,667 | €121,272 | +€28,605 | +30.9% |
| Financial debts | 43 | - | €550 | +€550 | |
| Credit institutions | 430/8 | - | €550 | +€550 | |
| Trade debts | 44 | €4,020 | €4,515 | +€496 | +12.3% |
| Suppliers | 440/4 | €4,020 | €4,515 | +€496 | +12.3% |
| Taxes, remuneration and social security | 45 | €300 | €626 | +€326 | +109% |
| Taxes | 450/3 | €300 | €626 | +€326 | +109% |
| Other amounts payable | 47/48 | €88,347 | €115,581 | +€27,234 | +30.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,658 | €12,079 | -€579 | -4.6% |
| Other operating charges | 640/8 | €563 | €827 | +€264 | +46.8% |
| Gross operating margin | 9900 | -€3,344 | -€17,607 | -€14,263 | -427% |
| Operating profit (loss) | 9901 | -€16,565 | -€30,512 | -€13,947 | -84.2% |
| Financial income | 75/76B | €534 | - | -€534 | |
| Recurring financial income | 75 | €534 | - | -€534 | |
| Financial charges | 65/66B | €216 | €734 | +€518 | +239% |
| Recurring financial charges | 65 | €216 | €734 | +€518 | +239% |
| Profit (loss) for the period before taxes | 9903 | -€16,247 | -€31,246 | -€14,999 | -92.3% |
| Profit (loss) for the period | 9904 | -€16,247 | -€31,246 | -€14,999 | -92.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,247 | -€31,246 | -€14,999 | -92.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.