PANORAMA CONSTRUCT: 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 CONSTRUCT
Largest movements
- Receivables within one year +€11,761
up €11,761 (+51.2%), from €22,985 to €34,747
of which Trade receivables: +€9,528
- Tangible fixed assets -€4,333
down €4,333 (-36.2%), from €11,967 to €7,634
of which Leasing and similar rights: -€5,845
- Cash +€3,722
up €3,722 (+33.9%), from €10,968 to €14,691
mainly Trade debts (+€11,006) and Depreciation (+€8,442)
- Trade debts +€11,006
up €11,006 (+109.3%), from €10,074 to €21,080
- Current portion of long-term debt -€8,503
no longer reported in 2025 (was €8,503)
- Profit (loss) carried forward +€8,360
new in 2025: €8,360
- Gross operating margin +€6,428
up €6,428 (+48.0%), from €13,403 to €19,831
- Taxes +€1,499
up €1,499 (+192.6%), from €778 to €2,277
- Financial charges -€1,123
down €1,123 (-94.8%), from €1,185 to €62
- Other operating charges +€550
up €550 (+391.6%), from €141 to €691
- Depreciation +€364
up €364 (+4.5%), from €8,078 to €8,442
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 | €45,920 | €57,072 | +€11,151 | +24.3% |
| Fixed assets | 21/28 | €11,967 | €7,634 | -€4,333 | -36.2% |
| Tangible fixed assets | 22/27 | €11,967 | €7,634 | -€4,333 | -36.2% |
| Plant, machinery and equipment | 23 | €5,527 | €7,297 | +€1,770 | +32.0% |
| Furniture and vehicles | 24 | €595 | €338 | -€257 | -43.3% |
| Leasing and similar rights | 25 | €5,845 | - | -€5,845 | |
| Current assets | 29/58 | €33,954 | €49,437 | +€15,484 | +45.6% |
| Amounts receivable within one year | 40/41 | €22,985 | €34,747 | +€11,761 | +51.2% |
| Trade receivables | 40 | €20,735 | €30,263 | +€9,528 | +46.0% |
| Other amounts receivable | 41 | €2,250 | €4,484 | +€2,233 | +99.2% |
| Cash at bank and in hand | 54/58 | €10,968 | €14,691 | +€3,722 | +33.9% |
| Total equity and liabilities | 10/49 | €45,920 | €57,072 | +€11,151 | +24.3% |
| Equity | 10/15 | €13,477 | €21,837 | +€8,360 | +62.0% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €6,477 | €6,477 | = | 0.0% |
| Distributable reserves | 133 | €6,477 | €6,477 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €8,360 | +€8,360 | |
| Amounts payable | 17/49 | €32,443 | €35,235 | +€2,792 | +8.6% |
| Amounts payable within one year | 42/48 | €32,443 | €35,235 | +€2,792 | +8.6% |
| Current portion of amounts payable after more than one year | 42 | €8,503 | - | -€8,503 | |
| Trade debts | 44 | €10,074 | €21,080 | +€11,006 | +109.3% |
| Suppliers | 440/4 | €10,074 | €21,080 | +€11,006 | +109.3% |
| Taxes, remuneration and social security | 45 | €4,513 | €4,802 | +€288 | +6.4% |
| Taxes | 450/3 | €900 | €2,393 | +€1,493 | +165.8% |
| Remuneration and social security | 454/9 | €3,613 | €2,409 | -€1,204 | -33.3% |
| Other amounts payable | 47/48 | €9,353 | €9,353 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,078 | €8,442 | +€364 | +4.5% |
| Other operating charges | 640/8 | €141 | €691 | +€550 | +391.6% |
| Gross operating margin | 9900 | €13,403 | €19,831 | +€6,428 | +48.0% |
| Operating profit (loss) | 9901 | €5,184 | €10,698 | +€5,514 | +106.4% |
| Financial charges | 65/66B | €1,185 | €62 | -€1,123 | -94.8% |
| Recurring financial charges | 65 | €1,185 | €62 | -€1,123 | -94.8% |
| Profit (loss) for the period before taxes | 9903 | €4,000 | €10,636 | +€6,637 | +165.9% |
| Income taxes | 67/77 | €778 | €2,277 | +€1,499 | +192.6% |
| Profit (loss) for the period | 9904 | €3,221 | €8,360 | +€5,138 | +159.5% |
| Profit (loss) for the period to be appropriated | 9905 | €3,221 | €8,360 | +€5,138 | +159.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.