Panorame: 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.
Panorame
Largest movements
- Receivables within one year +€31,546
up €31,546 (+77.6%), from €40,630 to €72,176
of which Trade receivables: +€18,192
- Stocks and contracts -€30,634
down €30,634 (-100%), from €30,634 to €0
of which Contracts in progress: -€30,634
- Tangible fixed assets -€27,051
down €27,051 (-9.2%), from €295,426 to €268,375
of which Land and buildings: -€22,311
- Cash -€17,499
down €17,499 (-89.4%), from €19,585 to €2,085
mainly Receivables within one year (-€31,546) and Debts after one year (-€26,853)
- Debts after one year -€26,853
down €26,853 (-9.2%), from €293,169 to €266,316
- Profit (loss) carried forward -€24,058
down €24,058 (-113%), from -€21,375 to -€45,433
- Tax, wage and social debts +€10,867
up €10,867 (+290%), from €3,743 to €14,610
- Gross operating margin -€16,945
down €16,945 (-56.8%), from €29,829 to €12,884
- Financial charges -€3,275
down €3,275 (-25.0%), from €13,118 to €9,843
- Depreciation +€717
up €717 (+2.7%), from €26,335 to €27,051
- Other operating charges -€611
down €611 (-23.9%), from €2,560 to €1,948
- Financial income +€356
up €356 (+23.1%), from €1,544 to €1,900
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 | €387,936 | €344,150 | -€43,786 | -11.3% |
| Fixed assets | 21/28 | €295,426 | €268,375 | -€27,051 | -9.2% |
| Tangible fixed assets | 22/27 | €295,426 | €268,375 | -€27,051 | -9.2% |
| Land and buildings | 22 | €283,638 | €261,327 | -€22,311 | -7.9% |
| Plant, machinery and equipment | 23 | €2,248 | €317 | -€1,931 | -85.9% |
| Furniture and vehicles | 24 | €9,541 | €6,731 | -€2,810 | -29.5% |
| Current assets | 29/58 | €92,510 | €75,774 | -€16,735 | -18.1% |
| Stocks and contracts in progress | 3 | €30,634 | €0 | -€30,634 | -100% |
| Stocks | 30/36 | €0 | - | = | |
| Contracts in progress | 37 | €30,634 | €0 | -€30,634 | -100% |
| Amounts receivable within one year | 40/41 | €40,630 | €72,176 | +€31,546 | +77.6% |
| Trade receivables | 40 | €12,654 | €30,846 | +€18,192 | +144% |
| Other amounts receivable | 41 | €27,976 | €41,330 | +€13,354 | +47.7% |
| Cash at bank and in hand | 54/58 | €19,585 | €2,085 | -€17,499 | -89.4% |
| Deferred charges and accrued income | 490/1 | €1,661 | €1,513 | -€148 | -8.9% |
| Total equity and liabilities | 10/49 | €387,936 | €344,150 | -€43,786 | -11.3% |
| Equity | 10/15 | €29,531 | €5,473 | -€24,058 | -81.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €44,706 | €44,706 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €42,846 | €42,846 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,375 | -€45,433 | -€24,058 | -113% |
| Amounts payable | 17/49 | €358,405 | €338,676 | -€19,728 | -5.5% |
| Amounts payable after more than one year | 17 | €293,169 | €266,316 | -€26,853 | -9.2% |
| Financial debts | 170/4 | €293,169 | €266,316 | -€26,853 | -9.2% |
| Amounts payable within one year | 42/48 | €64,817 | €72,361 | +€7,544 | +11.6% |
| Current portion of amounts payable after more than one year | 42 | €29,143 | €29,111 | -€32 | -0.1% |
| Financial debts | 43 | €268 | €45 | -€223 | -83.1% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €268 | €45 | -€223 | -83.1% |
| Trade debts | 44 | €31,664 | €28,595 | -€3,069 | -9.7% |
| Suppliers | 440/4 | €31,664 | €28,595 | -€3,069 | -9.7% |
| Taxes, remuneration and social security | 45 | €3,743 | €14,610 | +€10,867 | +290% |
| Taxes | 450/3 | €3,743 | €14,610 | +€10,867 | +290% |
| Accrued charges and deferred income | 492/3 | €419 | €0 | -€419 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,335 | €27,051 | +€717 | +2.7% |
| Other operating charges | 640/8 | €2,560 | €1,948 | -€611 | -23.9% |
| Gross operating margin | 9900 | €29,829 | €12,884 | -€16,945 | -56.8% |
| Operating profit (loss) | 9901 | €935 | -€16,115 | -€17,050 | |
| Financial income | 75/76B | €1,544 | €1,900 | +€356 | +23.1% |
| Recurring financial income | 75 | €1,544 | €1,900 | +€356 | +23.1% |
| Financial charges | 65/66B | €13,118 | €9,843 | -€3,275 | -25.0% |
| Recurring financial charges | 65 | €13,118 | €9,843 | -€3,275 | -25.0% |
| Profit (loss) for the period before taxes | 9903 | -€10,640 | -€24,058 | -€13,419 | -126% |
| Profit (loss) for the period | 9904 | -€10,640 | -€24,058 | -€13,419 | -126% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,640 | -€24,058 | -€13,419 | -126% |
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 25 October 2026 via checked.be.