PANORAMA: 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.
PANORAMA
Largest movements
- Tangible fixed assets +€1.0m
up €1.0m (+28.3%), from €3.5m to €4.5m
of which Land and buildings: +€1.0m
- Cash +€304,728
up €304,728 (+268.9%), from €113,329 to €418,057
mainly Net result for the year (+€547,225) and Other debts (+€381,996)
- Receivables within one year -€61,063
down €61,063 (-42.8%), from €142,561 to €81,498
of which Other amounts receivable: -€55,625
- Reserves +€611,868
up €611,868 (+126.2%), from €484,703 to €1.1m
of which Tax-exempt reserves: +€611,868
- Other debts +€381,996
up €381,996 (+50.0%), from €764,539 to €1.1m
- Short-term financial debts +€275,000
up €275,000 (+31.2%), from €882,500 to €1.2m
of which Other loans: +€275,000
- Provisions +€203,956
up €203,956 (+182.8%), from €111,568 to €315,524
- Current portion of long-term debt -€175,000
down €175,000 (-100.0%), from €175,000 to €0
- Gross operating margin +€604,694
up €604,694 (+149.3%), from €404,978 to €1.0m
- Financial charges +€56,852
up €56,852 (+84.8%), from €67,023 to €123,875
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 | €4,116,810 | €5,363,938 | +€1.2m | +30.3% |
| Fixed assets | 21/28 | €3,796,356 | €4,799,819 | +€1.0m | +26.4% |
| Tangible fixed assets | 22/27 | €3,546,356 | €4,549,819 | +€1.0m | +28.3% |
| Land and buildings | 22 | €3,545,181 | €4,548,513 | +€1.0m | +28.3% |
| Plant, machinery and equipment | 23 | - | €1,306 | +€1,306 | |
| Furniture and vehicles | 24 | €1,176 | €0 | -€1,176 | -100.0% |
| Financial fixed assets | 28 | €250,000 | €250,000 | = | 0.0% |
| Current assets | 29/58 | €320,454 | €564,119 | +€243,665 | +76.0% |
| Amounts receivable within one year | 40/41 | €142,561 | €81,498 | -€61,063 | -42.8% |
| Trade receivables | 40 | €10,931 | €5,492 | -€5,439 | -49.8% |
| Other amounts receivable | 41 | €131,631 | €76,006 | -€55,625 | -42.3% |
| Current investments | 50/53 | €64,563 | €64,563 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €113,329 | €418,057 | +€304,728 | +268.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €4,116,810 | €5,363,938 | +€1.2m | +30.3% |
| Equity | 10/15 | €2,182,138 | €2,729,363 | +€547,225 | +25.1% |
| Contributions | 10/11 | €1,500,150 | €1,500,150 | = | 0.0% |
| Capital | 10 | €1,500,000 | €1,500,000 | = | 0.0% |
| Issued capital | 100 | €1,500,000 | €1,500,000 | = | 0.0% |
| Contributions outside capital | 11 | €150 | €150 | = | 0.0% |
| Share premium | 1100/10 | €150 | €150 | = | 0.0% |
| Reserves | 13 | €484,703 | €1,096,571 | +€611,868 | +126.2% |
| Non-distributable reserves | 130/1 | €150,000 | €150,000 | = | 0.0% |
| Legal reserve | 130 | €150,000 | €150,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €334,703 | €946,571 | +€611,868 | +182.8% |
| Profit (loss) carried forward | 14 | €197,285 | €132,642 | -€64,644 | -32.8% |
| Provisions and deferred taxes | 16 | €111,568 | €315,524 | +€203,956 | +182.8% |
| Deferred taxes | 168 | €111,568 | €315,524 | +€203,956 | +182.8% |
| Amounts payable | 17/49 | €1,823,104 | €2,319,052 | +€495,947 | +27.2% |
| Amounts payable within one year | 42/48 | €1,823,104 | €2,319,052 | +€495,947 | +27.2% |
| Current portion of amounts payable after more than one year | 42 | €175,000 | €0 | -€175,000 | -100.0% |
| Financial debts | 43 | €882,500 | €1,157,500 | +€275,000 | +31.2% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €882,500 | €1,157,500 | +€275,000 | +31.2% |
| Trade debts | 44 | €183 | €15,017 | +€14,834 | +8111.9% |
| Suppliers | 440/4 | €183 | €15,017 | +€14,834 | +8111.9% |
| Taxes, remuneration and social security | 45 | €883 | €0 | -€883 | -100.0% |
| Taxes | 450/3 | €883 | €0 | -€883 | -100.0% |
| Other amounts payable | 47/48 | €764,539 | €1,146,534 | +€381,996 | +50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,252 | €120,020 | -€3,232 | -2.6% |
| Other operating charges | 640/8 | €27,515 | €19,046 | -€8,469 | -30.8% |
| Gross operating margin | 9900 | €404,978 | €1,009,672 | +€604,694 | +149.3% |
| Operating profit (loss) | 9901 | €254,211 | €870,606 | +€616,395 | +242.5% |
| Financial income | 75/76B | - | €5,250 | +€5,250 | |
| Recurring financial income | 75 | - | €5,250 | +€5,250 | |
| Financial charges | 65/66B | €67,023 | €123,875 | +€56,852 | +84.8% |
| Recurring financial charges | 65 | €67,023 | €123,875 | +€56,852 | +84.8% |
| Profit (loss) for the period before taxes | 9903 | €187,188 | €751,981 | +€564,792 | +301.7% |
| Transfer from deferred taxes | 780 | €2,257 | €5,177 | +€2,920 | +129.4% |
| Transfer to deferred taxes | 680 | €61,880 | €209,133 | +€147,253 | +238.0% |
| Income taxes | 67/77 | €883 | €800 | -€83 | -9.4% |
| Profit (loss) for the period | 9904 | €126,683 | €547,225 | +€420,542 | +332.0% |
| Transfer from tax-exempt reserves | 789 | €6,771 | €15,532 | +€8,761 | +129.4% |
| Transfer to tax-exempt reserves | 689 | €185,639 | €627,400 | +€441,760 | +238.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€52,186 | -€64,644 | -€12,458 | -23.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.