PANORAMA VENTURES: 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 VENTURES
Largest movements
- Receivables within one year +€25,674
up €25,674 (+344%), from €7,458 to €33,131
of which Trade receivables: +€25,224
- Cash +€14,748
up €14,748 (+7,000%), from €211 to €14,959
mainly Net result for the year (+€28,571) and Tax, wage and social debts (+€25,934)
- Tangible fixed assets +€14,559
new in 2025: €14,559
- Financial fixed assets +€2,000
new in 2025: €2,000
- Deferred charges and accrued income +€1,646
new in 2025: €1,646
- Profit (loss) carried forward +€27,738
up €27,738, from -€3,327 to €24,410
- Tax, wage and social debts +€25,934
up €25,934 (+718%), from €3,610 to €29,545
of which Taxes: +€18,495
- Trade debts +€9,457
up €9,457 (+2,272%), from €416 to €9,873
- Other debts -€4,503
down €4,503 (-69.6%), from €6,469 to €1,966
- Gross operating margin +€101,690
up €101,690, from -€364 to €101,327
- Staff costs +€55,516
up €55,516 (+1,873%), from €2,964 to €58,480
- Taxes +€10,455
new in 2025: €10,455
- Financial charges +€1,521
new in 2025: €1,521
- Other operating charges +€1,264
new in 2025: €1,264
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.
Derived cash bridge
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 | €7,668 | €66,294 | +€58,626 | +765% |
| Fixed assets | 21/28 | - | €16,559 | +€16,559 | |
| Tangible fixed assets | 22/27 | - | €14,559 | +€14,559 | |
| Furniture and vehicles | 24 | - | €14,559 | +€14,559 | |
| Financial fixed assets | 28 | - | €2,000 | +€2,000 | |
| Current assets | 29/58 | €7,668 | €49,736 | +€42,067 | +549% |
| Amounts receivable within one year | 40/41 | €7,458 | €33,131 | +€25,674 | +344% |
| Trade receivables | 40 | €7,458 | €32,681 | +€25,224 | +338% |
| Other amounts receivable | 41 | - | €450 | +€450 | |
| Cash at bank and in hand | 54/58 | €211 | €14,959 | +€14,748 | +7,000% |
| Deferred charges and accrued income | 490/1 | - | €1,646 | +€1,646 | |
| Total equity and liabilities | 10/49 | €7,668 | €66,294 | +€58,626 | +765% |
| Equity | 10/15 | -€2,827 | €24,910 | +€27,738 | |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,327 | €24,410 | +€27,738 | |
| Amounts payable | 17/49 | €10,496 | €41,384 | +€30,888 | +294% |
| Amounts payable within one year | 42/48 | €10,496 | €41,384 | +€30,888 | +294% |
| Trade debts | 44 | €416 | €9,873 | +€9,457 | +2,272% |
| Suppliers | 440/4 | €416 | €9,873 | +€9,457 | +2,272% |
| Taxes, remuneration and social security | 45 | €3,610 | €29,545 | +€25,934 | +718% |
| Taxes | 450/3 | €929 | €19,423 | +€18,495 | +1,991% |
| Remuneration and social security | 454/9 | €2,682 | €10,121 | +€7,440 | +277% |
| Other amounts payable | 47/48 | €6,469 | €1,966 | -€4,503 | -69.6% |
| Remuneration, social security and pensions | 62 | €2,964 | €58,480 | +€55,516 | +1,873% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,036 | +€1,036 | |
| Other operating charges | 640/8 | - | €1,264 | +€1,264 | |
| Gross operating margin | 9900 | -€364 | €101,327 | +€101,690 | |
| Operating profit (loss) | 9901 | -€3,328 | €40,547 | +€43,875 | |
| Financial income | 75/76B | €1 | €0 | -€1 | -98.8% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -98.8% |
| Financial charges | 65/66B | - | €1,521 | +€1,521 | |
| Recurring financial charges | 65 | - | €1,521 | +€1,521 | |
| Profit (loss) for the period before taxes | 9903 | -€3,327 | €39,026 | +€42,353 | |
| Income taxes | 67/77 | - | €10,455 | +€10,455 | |
| Profit (loss) for the period | 9904 | -€3,327 | €28,571 | +€31,898 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,327 | €28,571 | +€31,898 |
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 20 October 2026 via checked.be.