Panorama Path: 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 Path
Largest movements
- Cash +€31,825
up €31,825 (+303.4%), from €10,490 to €42,315
mainly Net result for the year (+€50,770) and Other debts (+€45,596)
- Receivables within one year -€19,315
down €19,315 (-29.4%), from €65,788 to €46,473
of which Trade receivables: -€15,639
- Deferred charges and accrued income +€3,077
up €3,077 (+80.7%), from €3,813 to €6,890
- Other debts +€45,596
up €45,596 (+340.3%), from €13,398 to €58,995
- Trade debts -€19,784
down €19,784 (-40.8%), from €48,498 to €28,714
- Reserves -€13,713
down €13,713 (-21.2%), from €64,813 to €51,099
- Debts after one year -€12,872
down €12,872 (-12.4%), from €103,394 to €90,522
- Tax, wage and social debts +€7,449
up €7,449 (+330.9%), from €2,251 to €9,700
- Gross operating margin +€70,910
up €70,910 (+2239.8%), from €3,166 to €74,076
- Taxes +€13,284
up €13,284 (+8909.8%), from €149 to €13,433
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 | €257,112 | €270,902 | +€13,790 | +5.4% |
| Fixed assets | 21/28 | €177,020 | €175,223 | -€1,796 | -1.0% |
| Tangible fixed assets | 22/27 | €176,680 | €174,883 | -€1,796 | -1.0% |
| Land and buildings | 22 | €174,462 | €171,593 | -€2,870 | -1.6% |
| Furniture and vehicles | 24 | €2,217 | €3,291 | +€1,073 | +48.4% |
| Financial fixed assets | 28 | €340 | €340 | = | 0.0% |
| Current assets | 29/58 | €80,092 | €95,679 | +€15,587 | +19.5% |
| Amounts receivable within one year | 40/41 | €65,788 | €46,473 | -€19,315 | -29.4% |
| Trade receivables | 40 | €60,501 | €44,862 | -€15,639 | -25.8% |
| Other amounts receivable | 41 | €5,288 | €1,611 | -€3,677 | -69.5% |
| Cash at bank and in hand | 54/58 | €10,490 | €42,315 | +€31,825 | +303.4% |
| Deferred charges and accrued income | 490/1 | €3,813 | €6,890 | +€3,077 | +80.7% |
| Total equity and liabilities | 10/49 | €257,112 | €270,902 | +€13,790 | +5.4% |
| Equity | 10/15 | €76,887 | €70,099 | -€6,787 | -8.8% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €64,813 | €51,099 | -€13,713 | -21.2% |
| Distributable reserves | 133 | €64,813 | €51,099 | -€13,713 | -21.2% |
| Profit (loss) carried forward | 14 | -€6,926 | - | +€6,926 | |
| Amounts payable | 17/49 | €180,225 | €200,803 | +€20,578 | +11.4% |
| Amounts payable after more than one year | 17 | €103,394 | €90,522 | -€12,872 | -12.4% |
| Financial debts | 170/4 | €103,394 | €90,522 | -€12,872 | -12.4% |
| Amounts payable within one year | 42/48 | €76,831 | €110,281 | +€33,449 | +43.5% |
| Current portion of amounts payable after more than one year | 42 | €12,453 | €12,872 | +€418 | +3.4% |
| Trade debts | 44 | €48,498 | €28,714 | -€19,784 | -40.8% |
| Suppliers | 440/4 | €48,498 | €28,714 | -€19,784 | -40.8% |
| Advances received on contracts in progress | 46 | €230 | - | -€230 | |
| Taxes, remuneration and social security | 45 | €2,251 | €9,700 | +€7,449 | +330.9% |
| Taxes | 450/3 | €2,251 | €9,700 | +€7,449 | +330.9% |
| Other amounts payable | 47/48 | €13,398 | €58,995 | +€45,596 | +340.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | -€0 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,193 | €4,400 | +€207 | +4.9% |
| Other operating charges | 640/8 | €1,211 | €1,249 | +€38 | +3.2% |
| Gross operating margin | 9900 | €3,166 | €74,076 | +€70,910 | +2239.8% |
| Operating profit (loss) | 9901 | -€2,238 | €68,427 | +€70,664 | |
| Financial income | 75/76B | €0 | €2 | +€2 | +648.4% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +648.4% |
| Financial charges | 65/66B | €4,539 | €4,227 | -€313 | -6.9% |
| Recurring financial charges | 65 | €4,539 | €4,227 | -€313 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | -€6,777 | €64,202 | +€70,979 | |
| Income taxes | 67/77 | €149 | €13,433 | +€13,284 | +8909.8% |
| Profit (loss) for the period | 9904 | -€6,926 | €50,770 | +€57,696 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,926 | €50,770 | +€57,696 |
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 12 October 2026 via checked.be.