PANORA.ME: 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.
PANORA.ME
Largest movements
- Receivables within one year +€50,166
up €50,166 (+63.1%), from €79,444 to €129,609
of which Trade receivables: +€61,333
- Cash -€34,697
down €34,697 (-51.3%), from €67,645 to €32,948
mainly Receivables within one year (-€50,166) and Net result for the year (-€25,085)
- Intangible fixed assets -€11,082
down €11,082 (-42.6%), from €26,031 to €14,949
- Stocks and contracts -€8,241
down €8,241 (-100%), from €8,241 to €0
- Tangible fixed assets -€4,475
down €4,475 (-26.3%), from €16,988 to €12,513
of which Furniture and vehicles: -€4,169
- Profit (loss) carried forward -€24,899
down €24,899 (-18.1%), from -€137,530 to -€162,429
- Trade debts +€14,625
up €14,625 (+65.8%), from €22,229 to €36,854
- Gross operating margin +€36,408
up €36,408 (+93.4%), from €38,985 to €75,393
- Depreciation -€14,802
down €14,802 (-39.6%), from €37,420 to €22,619
- Staff costs +€2,861
up €2,861 (+3.9%), from €73,907 to €76,768
- Financial charges -€1,106
down €1,106 (-63.9%), from €1,730 to €624
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 | €203,946 | €194,339 | -€9,606 | -4.7% |
| Fixed assets | 21/28 | €43,899 | €28,342 | -€15,557 | -35.4% |
| Intangible fixed assets | 21 | €26,031 | €14,949 | -€11,082 | -42.6% |
| Tangible fixed assets | 22/27 | €16,988 | €12,513 | -€4,475 | -26.3% |
| Furniture and vehicles | 24 | €15,738 | €11,569 | -€4,169 | -26.5% |
| Other tangible fixed assets | 26 | €1,250 | €944 | -€306 | -24.5% |
| Financial fixed assets | 28 | €880 | €880 | = | 0.0% |
| Current assets | 29/58 | €160,046 | €165,997 | +€5,951 | +3.7% |
| Stocks and contracts in progress | 3 | €8,241 | €0 | -€8,241 | -100% |
| Stocks | 30/36 | €8,241 | €0 | -€8,241 | -100% |
| Amounts receivable within one year | 40/41 | €79,444 | €129,609 | +€50,166 | +63.1% |
| Trade receivables | 40 | €50,667 | €112,000 | +€61,333 | +121% |
| Other amounts receivable | 41 | €28,777 | €17,609 | -€11,168 | -38.8% |
| Cash at bank and in hand | 54/58 | €67,645 | €32,948 | -€34,697 | -51.3% |
| Deferred charges and accrued income | 490/1 | €4,717 | €3,440 | -€1,277 | -27.1% |
| Total equity and liabilities | 10/49 | €203,946 | €194,339 | -€9,606 | -4.7% |
| Equity | 10/15 | €170,574 | €145,675 | -€24,899 | -14.6% |
| Contributions | 10/11 | €308,104 | €308,104 | = | 0.0% |
| Capital | 10 | €308,104 | €308,104 | = | 0.0% |
| Issued capital | 100 | €308,104 | €308,104 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€137,530 | -€162,429 | -€24,899 | -18.1% |
| Amounts payable | 17/49 | €33,372 | €48,664 | +€15,293 | +45.8% |
| Amounts payable within one year | 42/48 | €33,372 | €48,664 | +€15,293 | +45.8% |
| Financial debts | 43 | €2,007 | €1,721 | -€286 | -14.3% |
| Credit institutions | 430/8 | €2,007 | €1,721 | -€286 | -14.3% |
| Trade debts | 44 | €22,229 | €36,854 | +€14,625 | +65.8% |
| Suppliers | 440/4 | €22,229 | €36,854 | +€14,625 | +65.8% |
| Taxes, remuneration and social security | 45 | €9,136 | €10,090 | +€954 | +10.4% |
| Taxes | 450/3 | €193 | €177 | -€16 | -8.1% |
| Remuneration and social security | 454/9 | €8,943 | €9,913 | +€969 | +10.8% |
| Remuneration, social security and pensions | 62 | €73,907 | €76,768 | +€2,861 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,420 | €22,619 | -€14,802 | -39.6% |
| Other operating charges | 640/8 | €525 | €463 | -€62 | -11.8% |
| Gross operating margin | 9900 | €38,985 | €75,393 | +€36,408 | +93.4% |
| Operating profit (loss) | 9901 | -€72,867 | -€24,457 | +€48,410 | +66.4% |
| Financial income | 75/76B | €31 | €173 | +€142 | +465% |
| Recurring financial income | 75 | €31 | €173 | +€142 | +465% |
| Financial charges | 65/66B | €1,730 | €624 | -€1,106 | -63.9% |
| Recurring financial charges | 65 | €1,730 | €624 | -€1,106 | -63.9% |
| Profit (loss) for the period before taxes | 9903 | -€74,566 | -€24,908 | +€49,658 | +66.6% |
| Income taxes | 67/77 | €193 | €177 | -€16 | -8.1% |
| Profit (loss) for the period | 9904 | -€74,759 | -€25,085 | +€49,674 | +66.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€74,759 | -€25,085 | +€49,674 | +66.4% |
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 23 October 2026 via checked.be.