PANORTHO: 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.
PANORTHO
Largest movements
- Deferred charges and accrued income +€16,225
up €16,225 (+1160.1%), from €1,399 to €17,624
- Receivables after one year +€13,738
new in 2025: €13,738
- Cash +€11,805
up €11,805 (+10.8%), from €108,934 to €120,739
mainly Other debts (+€88,616) and Net result for the year (+€31,683)
- Stocks and contracts +€10,826
new in 2025: €10,826
- Tangible fixed assets +€3,376
up €3,376 (+414.8%), from €814 to €4,190
- Other debts +€88,616
up €88,616 (+3335.5%), from €2,657 to €91,272
- Profit (loss) carried forward -€68,317
down €68,317 (-100.0%), from €68,329 to €12
- Debts after one year +€16,194
new in 2025: €16,194
- Reserves +€10,000
up €10,000 (+45.7%), from €21,860 to €31,860
- Current portion of long-term debt +€4,076
new in 2025: €4,076
- Gross operating margin -€10,102
down €10,102 (-16.2%), from €62,213 to €52,111
- Depreciation -€2,893
down €2,893 (-76.2%), from €3,797 to €904
- Staff costs +€1,822
new in 2025: €1,822
- Taxes -€1,551
down €1,551 (-13.0%), from €11,968 to €10,418
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 | €116,637 | €172,137 | +€55,500 | +47.6% |
| Fixed assets | 21/28 | €5,834 | €9,210 | +€3,376 | +57.9% |
| Tangible fixed assets | 22/27 | €814 | €4,190 | +€3,376 | +414.8% |
| Furniture and vehicles | 24 | €814 | €4,190 | +€3,376 | +414.8% |
| Financial fixed assets | 28 | €5,020 | €5,020 | = | 0.0% |
| Current assets | 29/58 | €110,803 | €162,927 | +€52,124 | +47.0% |
| Amounts receivable after more than one year | 29 | - | €13,738 | +€13,738 | |
| Other amounts receivable | 291 | - | €13,738 | +€13,738 | |
| Stocks and contracts in progress | 3 | - | €10,826 | +€10,826 | |
| Stocks | 30/36 | - | €10,826 | +€10,826 | |
| Amounts receivable within one year | 40/41 | €470 | - | -€470 | |
| Other amounts receivable | 41 | €470 | - | -€470 | |
| Cash at bank and in hand | 54/58 | €108,934 | €120,739 | +€11,805 | +10.8% |
| Deferred charges and accrued income | 490/1 | €1,399 | €17,624 | +€16,225 | +1160.1% |
| Total equity and liabilities | 10/49 | €116,637 | €172,137 | +€55,500 | +47.6% |
| Equity | 10/15 | €108,789 | €50,472 | -€58,317 | -53.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €21,860 | €31,860 | +€10,000 | +45.7% |
| Distributable reserves | 133 | €21,860 | €31,860 | +€10,000 | +45.7% |
| Profit (loss) carried forward | 14 | €68,329 | €12 | -€68,317 | -100.0% |
| Amounts payable | 17/49 | €7,848 | €121,664 | +€113,817 | +1450.3% |
| Amounts payable after more than one year | 17 | - | €16,194 | +€16,194 | |
| Financial debts | 170/4 | - | €16,194 | +€16,194 | |
| Amounts payable within one year | 42/48 | €7,530 | €105,061 | +€97,531 | +1295.2% |
| Current portion of amounts payable after more than one year | 42 | - | €4,076 | +€4,076 | |
| Trade debts | 44 | €956 | €4,607 | +€3,651 | +381.8% |
| Suppliers | 440/4 | €956 | €4,607 | +€3,651 | +381.8% |
| Taxes, remuneration and social security | 45 | €3,917 | €5,105 | +€1,188 | +30.3% |
| Taxes | 450/3 | €3,917 | €5,105 | +€1,188 | +30.3% |
| Other amounts payable | 47/48 | €2,657 | €91,272 | +€88,616 | +3335.5% |
| Accrued charges and deferred income | 492/3 | €318 | €410 | +€92 | +29.0% |
| Remuneration, social security and pensions | 62 | - | €1,822 | +€1,822 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,797 | €904 | -€2,893 | -76.2% |
| Other operating charges | 640/8 | €895 | €917 | +€22 | +2.4% |
| Non-recurring operating charges | 66A | - | €6,216 | +€6,216 | |
| Gross operating margin | 9900 | €62,213 | €52,111 | -€10,102 | -16.2% |
| Operating profit (loss) | 9901 | €57,521 | €42,252 | -€15,269 | -26.5% |
| Financial income | 75/76B | €275 | €620 | +€345 | +125.1% |
| Recurring financial income | 75 | €275 | €620 | +€345 | +125.1% |
| Financial charges | 65/66B | €161 | €771 | +€611 | +380.5% |
| Recurring financial charges | 65 | €161 | €771 | +€611 | +380.5% |
| Profit (loss) for the period before taxes | 9903 | €57,636 | €42,101 | -€15,535 | -27.0% |
| Income taxes | 67/77 | €11,968 | €10,418 | -€1,551 | -13.0% |
| Profit (loss) for the period | 9904 | €45,668 | €31,683 | -€13,985 | -30.6% |
| Profit (loss) for the period to be appropriated | 9905 | €45,668 | €31,683 | -€13,985 | -30.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.