PANORAMAX: 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.
PANORAMAX
Largest movements
- Receivables within one year -€196,548
down €196,548 (-43.3%), from €454,227 to €257,679
of which Other amounts receivable: -€206,360
- Cash -€19,492
down €19,492 (-5.2%), from €374,531 to €355,038
mainly Contributions, distributions and other (-€160,000) and Other debts (-€86,155)
- Reserves -€132,121
down €132,121 (-7.8%), from €1.7m to €1.6m
- Other debts -€86,155
down €86,155 (-99.8%), from €86,366 to €211
- Gross operating margin -€119,411
down €119,411 (-73.8%), from €161,774 to €42,362
- Taxes -€8,172
down €8,172 (-38.6%), from €21,182 to €13,010
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 | €1,821,572 | €1,605,156 | -€216,415 | -11.9% |
| Fixed assets | 21/28 | €992,439 | €992,439 | = | 0.0% |
| Financial fixed assets | 28 | €992,439 | €992,439 | = | 0.0% |
| Current assets | 29/58 | €829,132 | €612,717 | -€216,415 | -26.1% |
| Amounts receivable within one year | 40/41 | €454,227 | €257,679 | -€196,548 | -43.3% |
| Trade receivables | 40 | €184,305 | €194,117 | +€9,812 | +5.3% |
| Other amounts receivable | 41 | €269,922 | €63,563 | -€206,360 | -76.5% |
| Cash at bank and in hand | 54/58 | €374,531 | €355,038 | -€19,492 | -5.2% |
| Deferred charges and accrued income | 490/1 | €375 | €0 | -€375 | -100% |
| Total equity and liabilities | 10/49 | €1,821,572 | €1,605,156 | -€216,415 | -11.9% |
| Equity | 10/15 | €1,711,582 | €1,579,462 | -€132,121 | -7.7% |
| Contributions | 10/11 | €9,859 | €9,859 | = | 0.0% |
| Reserves | 13 | €1,701,724 | €1,569,603 | -€132,121 | -7.8% |
| Distributable reserves | 133 | €1,701,724 | €1,569,603 | -€132,121 | -7.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €109,989 | €25,695 | -€84,295 | -76.6% |
| Amounts payable within one year | 42/48 | €109,989 | €25,695 | -€84,295 | -76.6% |
| Trade debts | 44 | €23,181 | €25,393 | +€2,212 | +9.5% |
| Suppliers | 440/4 | €23,181 | €25,393 | +€2,212 | +9.5% |
| Taxes, remuneration and social security | 45 | €442 | €91 | -€352 | -79.5% |
| Taxes | 450/3 | €442 | €91 | -€352 | -79.5% |
| Other amounts payable | 47/48 | €86,366 | €211 | -€86,155 | -99.8% |
| Other operating charges | 640/8 | €1,124 | €1,126 | +€3 | +0.3% |
| Gross operating margin | 9900 | €161,774 | €42,362 | -€119,411 | -73.8% |
| Operating profit (loss) | 9901 | €160,650 | €41,236 | -€119,414 | -74.3% |
| Financial charges | 65/66B | €922 | €346 | -€576 | -62.5% |
| Recurring financial charges | 65 | €922 | €346 | -€576 | -62.5% |
| Profit (loss) for the period before taxes | 9903 | €159,728 | €40,890 | -€118,839 | -74.4% |
| Income taxes | 67/77 | €21,182 | €13,010 | -€8,172 | -38.6% |
| Profit (loss) for the period | 9904 | €138,546 | €27,879 | -€110,667 | -79.9% |
| Profit (loss) for the period to be appropriated | 9905 | €138,546 | €27,879 | -€110,667 | -79.9% |
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 14 October 2026 via checked.be.