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.
What changed
PANORAMA
NACE 70.200, Business and other management consultancy
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€24,149
2024 · €19,245-€43,394
Equity
€580,929
2024 · €605,078-€24,149
Cash
€12,790
2024 · €12,460+€330
Balance sheet total
€2.5m
2024 · €2.5m-€61,338
Largest movements
Assets
- Tangible fixed assets -€81,675
down €81,675 (-3.3%), from €2.5m to €2.4m
of which Land and buildings: -€98,852
Equity and liabilities
- Debts after one year -€67,403
down €67,403 (-3.8%), from €1.8m to €1.7m
- Accrued charges and deferred income +€40,632
new in 2025: €40,632
Income statement
- Gross operating margin -€20,506
down €20,506 (-14.3%), from €143,330 to €122,824
- Depreciation +€14,098
up €14,098 (+13.8%), from €101,864 to €115,962
- Financial charges +€8,638
up €8,638 (+40.5%), from €21,340 to €29,979
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.
Result 2024
€19,245
Gross operating margin
-€20,506
Depreciation
-€14,098
Other operating charges
+€53
Financial income
-€206
Financial charges
-€8,638
Result 2025
-€24,149
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.
From operations
+€100,254
Investment
-€34,287
Financing
-€65,637
Cash 2024
€12,460
From operations (derived)
+€100,254
Net result for the year
-€24,149
Depreciation
+€115,962
Receivables within one year
-€20,007
Trade debts
-€19,262
Tax, wage and social debts
+€7,078
Accrued charges and deferred income
+€40,632
Investment (derived)
-€34,287
Investment in fixed assets (net)
-€34,287
Financing
-€65,637
Debts after one year
-€67,403
Current portion of long-term debt
+€1,766
Cash 2025
€12,790
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,546,338 | €2,485,000 | -€61,338 | -2.4% |
| Fixed assets | 21/28 | €2,453,509 | €2,371,834 | -€81,675 | -3.3% |
| Tangible fixed assets | 22/27 | €2,453,509 | €2,371,834 | -€81,675 | -3.3% |
| Land and buildings | 22 | €2,384,614 | €2,285,762 | -€98,852 | -4.1% |
| Plant, machinery and equipment | 23 | €33,363 | €33,232 | -€131 | -0.4% |
| Furniture and vehicles | 24 | €35,532 | €52,840 | +€17,308 | +48.7% |
| Current assets | 29/58 | €92,829 | €113,166 | +€20,337 | +21.9% |
| Amounts receivable within one year | 40/41 | €53,019 | €73,026 | +€20,007 | +37.7% |
| Trade receivables | 40 | €51,754 | €72,965 | +€21,212 | +41.0% |
| Other amounts receivable | 41 | €1,266 | €61 | -€1,204 | -95.2% |
| Cash at bank and in hand | 54/58 | €12,460 | €12,790 | +€330 | +2.6% |
| Deferred charges and accrued income | 490/1 | €27,350 | €27,350 | = | 0.0% |
| Total equity and liabilities | 10/49 | €2,546,338 | €2,485,000 | -€61,338 | -2.4% |
| Equity | 10/15 | €605,078 | €580,929 | -€24,149 | -4.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,753 | - | -€1,753 | |
| Tax-exempt reserves | 132 | €1,753 | - | -€1,753 | |
| Profit (loss) carried forward | 14 | €584,725 | €562,329 | -€22,396 | -3.8% |
| Amounts payable | 17/49 | €1,941,260 | €1,904,071 | -€37,189 | -1.9% |
| Amounts payable after more than one year | 17 | €1,791,043 | €1,723,641 | -€67,403 | -3.8% |
| Financial debts | 170/4 | €1,791,043 | €1,723,641 | -€67,403 | -3.8% |
| Amounts payable within one year | 42/48 | €150,217 | €139,798 | -€10,418 | -6.9% |
| Current portion of amounts payable after more than one year | 42 | €126,137 | €127,903 | +€1,766 | +1.4% |
| Trade debts | 44 | €24,080 | €4,818 | -€19,262 | -80.0% |
| Suppliers | 440/4 | €24,080 | €4,818 | -€19,262 | -80.0% |
| Taxes, remuneration and social security | 45 | - | €7,078 | +€7,078 | |
| Taxes | 450/3 | - | €7,078 | +€7,078 | |
| Accrued charges and deferred income | 492/3 | - | €40,632 | +€40,632 | |
| Non-recurring operating income | 76A | €4,151 | - | -€4,151 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,864 | €115,962 | +€14,098 | +13.8% |
| Other operating charges | 640/8 | €1,086 | €1,032 | -€53 | -4.9% |
| Gross operating margin | 9900 | €143,330 | €122,824 | -€20,506 | -14.3% |
| Operating profit (loss) | 9901 | €40,380 | €5,830 | -€34,551 | -85.6% |
| Financial income | 75/76B | €206 | - | -€206 | |
| Recurring financial income | 75 | €206 | - | -€206 | |
| Financial charges | 65/66B | €21,340 | €29,979 | +€8,638 | +40.5% |
| Recurring financial charges | 65 | €21,340 | €29,979 | +€8,638 | +40.5% |
| Profit (loss) for the period before taxes | 9903 | €19,245 | -€24,149 | -€43,394 | |
| Profit (loss) for the period | 9904 | €19,245 | -€24,149 | -€43,394 | |
| Transfer from tax-exempt reserves | 789 | - | €1,753 | +€1,753 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,245 | -€22,396 | -€41,641 |
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 11 October 2026 via checked.be.