PANORAMA B2B: what changed
Two fiscal 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 B2B
Largest movements
- Receivables within one year -€824,844
down €824,844 (-52.8%), from €1.6m to €738,779
of which Other amounts receivable: -€508,520
- Cash +€525,696
up €525,696 (+272.3%), from €193,037 to €718,733
mainly Receivables within one year (+€824,844) and Net result for the year (+€563,128)
- Current investments -€400,000
down €400,000 (-100.0%), from €400,000 to €0
- Other debts -€568,366
down €568,366 (-84.2%), from €675,403 to €107,037
- Trade debts -€435,244
down €435,244 (-63.3%), from €687,571 to €252,327
- Reserves +€271,030
up €271,030 (+20.2%), from €1.3m to €1.6m
- Taxes +€226,707
up €226,707 (+636.9%), from €35,595 to €262,302
- Gross operating margin +€36,117
up €36,117 (+3.6%), from €991,115 to €1.0m
- Staff costs +€22,885
up €22,885 (+15.1%), from €151,616 to €174,502
- Depreciation +€13,408
up €13,408 (+37.2%), from €36,004 to €49,412
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 | €2,739,851 | €2,008,858 | -€730,993 | -26.7% |
| Fixed assets | 21/28 | €562,710 | €551,347 | -€11,363 | -2.0% |
| Tangible fixed assets | 22/27 | €170,403 | €159,040 | -€11,363 | -6.7% |
| Land and buildings | 22 | €3,450 | €3,000 | -€450 | -13.0% |
| Plant, machinery and equipment | 23 | €8,324 | €4,844 | -€3,480 | -41.8% |
| Furniture and vehicles | 24 | €158,630 | €151,197 | -€7,434 | -4.7% |
| Financial fixed assets | 28 | €392,306 | €392,306 | = | 0.0% |
| Current assets | 29/58 | €2,177,142 | €1,457,512 | -€719,630 | -33.1% |
| Amounts receivable within one year | 40/41 | €1,563,623 | €738,779 | -€824,844 | -52.8% |
| Trade receivables | 40 | €1,006,629 | €690,305 | -€316,324 | -31.4% |
| Other amounts receivable | 41 | €556,994 | €48,474 | -€508,520 | -91.3% |
| Current investments | 50/53 | €400,000 | €0 | -€400,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €193,037 | €718,733 | +€525,696 | +272.3% |
| Deferred charges and accrued income | 490/1 | €20,482 | €0 | -€20,482 | -100.0% |
| Total equity and liabilities | 10/49 | €2,739,851 | €2,008,858 | -€730,993 | -26.7% |
| Equity | 10/15 | €1,347,041 | €1,618,070 | +€271,030 | +20.1% |
| Contributions | 10/11 | €6,699 | €6,699 | = | 0.0% |
| Reserves | 13 | €1,340,342 | €1,611,372 | +€271,030 | +20.2% |
| Distributable reserves | 133 | €1,340,342 | €1,611,372 | +€271,030 | +20.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,392,811 | €390,788 | -€1.0m | -71.9% |
| Amounts payable within one year | 42/48 | €1,392,811 | €390,788 | -€1.0m | -71.9% |
| Trade debts | 44 | €687,571 | €252,327 | -€435,244 | -63.3% |
| Suppliers | 440/4 | €687,571 | €252,327 | -€435,244 | -63.3% |
| Taxes, remuneration and social security | 45 | €29,837 | €31,425 | +€1,587 | +5.3% |
| Taxes | 450/3 | €24,920 | €21,134 | -€3,787 | -15.2% |
| Remuneration and social security | 454/9 | €4,917 | €10,291 | +€5,374 | +109.3% |
| Other amounts payable | 47/48 | €675,403 | €107,037 | -€568,366 | -84.2% |
| Remuneration, social security and pensions | 62 | €151,616 | €174,502 | +€22,885 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,004 | €49,412 | +€13,408 | +37.2% |
| Other operating charges | 640/8 | €9,377 | €3,205 | -€6,172 | -65.8% |
| Gross operating margin | 9900 | €991,115 | €1,027,232 | +€36,117 | +3.6% |
| Operating profit (loss) | 9901 | €794,118 | €800,114 | +€5,996 | +0.8% |
| Financial income | 75/76B | €30,941 | €32,086 | +€1,145 | +3.7% |
| Recurring financial income | 75 | €30,941 | €32,086 | +€1,145 | +3.7% |
| Financial charges | 65/66B | €246 | €6,770 | +€6,524 | +2647.7% |
| Recurring financial charges | 65 | €246 | €6,770 | +€6,524 | +2647.7% |
| Profit (loss) for the period before taxes | 9903 | €824,813 | €825,430 | +€617 | +0.1% |
| Income taxes | 67/77 | €35,595 | €262,302 | +€226,707 | +636.9% |
| Profit (loss) for the period | 9904 | €789,218 | €563,128 | -€226,090 | -28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €789,218 | €563,128 | -€226,090 | -28.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.