PANOS@FSB: 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.
PANOS@FSB
Largest movements
- Cash -€47,691
down €47,691 (-19.4%), from €246,355 to €198,664
mainly Debts after one year (-€51,368) and Contributions, distributions and other (-€24,764)
- Tangible fixed assets -€45,273
down €45,273 (-17.0%), from €266,181 to €220,907
of which Furniture and vehicles: -€24,915
- Receivables within one year +€10,745
up €10,745 (+249%), from €4,307 to €15,053
of which Other amounts receivable: +€10,826
- Debts after one year -€51,368
down €51,368 (-58.1%), from €88,379 to €37,010
- Reserves -€17,973
down €17,973 (-8.2%), from €220,382 to €202,409
of which Distributable reserves: -€17,973
- Tax, wage and social debts -€10,386
down €10,386 (-17.4%), from €59,607 to €49,221
of which Taxes: -€9,147
- Other debts -€7,809
down €7,809 (-53.6%), from €14,558 to €6,749
- Staff costs +€9,963
up €9,963 (+2.0%), from €489,202 to €499,165
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 | €533,320 | €450,411 | -€82,909 | -15.5% |
| Fixed assets | 21/28 | €271,431 | €226,157 | -€45,273 | -16.7% |
| Tangible fixed assets | 22/27 | €266,181 | €220,907 | -€45,273 | -17.0% |
| Land and buildings | 22 | €120,691 | €105,272 | -€15,419 | -12.8% |
| Plant, machinery and equipment | 23 | €67,499 | €62,559 | -€4,939 | -7.3% |
| Furniture and vehicles | 24 | €77,991 | €53,076 | -€24,915 | -31.9% |
| Financial fixed assets | 28 | €5,250 | €5,250 | = | 0.0% |
| Current assets | 29/58 | €261,889 | €224,254 | -€37,636 | -14.4% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €10,226 | €9,605 | -€621 | -6.1% |
| Stocks | 30/36 | €10,226 | €9,605 | -€621 | -6.1% |
| Amounts receivable within one year | 40/41 | €4,307 | €15,053 | +€10,745 | +249% |
| Trade receivables | 40 | €81 | €0 | -€81 | -100% |
| Other amounts receivable | 41 | €4,226 | €15,053 | +€10,826 | +256% |
| Cash at bank and in hand | 54/58 | €246,355 | €198,664 | -€47,691 | -19.4% |
| Deferred charges and accrued income | 490/1 | €1,001 | €933 | -€68 | -6.8% |
| Total equity and liabilities | 10/49 | €533,320 | €450,411 | -€82,909 | -15.5% |
| Equity | 10/15 | €247,882 | €229,909 | -€17,973 | -7.3% |
| Contributions | 10/11 | €27,500 | €27,500 | = | 0.0% |
| Reserves | 13 | €220,382 | €202,409 | -€17,973 | -8.2% |
| Non-distributable reserves | 130/1 | €2,750 | €2,750 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,750 | €2,750 | = | 0.0% |
| Distributable reserves | 133 | €217,632 | €199,659 | -€17,973 | -8.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €285,437 | €220,502 | -€64,936 | -22.7% |
| Amounts payable after more than one year | 17 | €88,379 | €37,010 | -€51,368 | -58.1% |
| Financial debts | 170/4 | €88,379 | €37,010 | -€51,368 | -58.1% |
| Amounts payable within one year | 42/48 | €197,059 | €183,491 | -€13,567 | -6.9% |
| Current portion of amounts payable after more than one year | 42 | €51,934 | €51,572 | -€362 | -0.7% |
| Trade debts | 44 | €70,960 | €75,950 | +€4,990 | +7.0% |
| Suppliers | 440/4 | €70,960 | €75,950 | +€4,990 | +7.0% |
| Taxes, remuneration and social security | 45 | €59,607 | €49,221 | -€10,386 | -17.4% |
| Taxes | 450/3 | €16,383 | €7,236 | -€9,147 | -55.8% |
| Remuneration and social security | 454/9 | €43,224 | €41,985 | -€1,239 | -2.9% |
| Other amounts payable | 47/48 | €14,558 | €6,749 | -€7,809 | -53.6% |
| Remuneration, social security and pensions | 62 | €489,202 | €499,165 | +€9,963 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,061 | €62,527 | +€2,466 | +4.1% |
| Other operating charges | 640/8 | €2,116 | €2,990 | +€874 | +41.3% |
| Gross operating margin | 9900 | €580,514 | €580,211 | -€303 | -0.1% |
| Operating profit (loss) | 9901 | €29,135 | €15,529 | -€13,606 | -46.7% |
| Financial income | 75/76B | €5 | €11 | +€6 | +109% |
| Recurring financial income | 75 | €5 | €11 | +€6 | +109% |
| Financial charges | 65/66B | €4,061 | €3,876 | -€184 | -4.5% |
| Recurring financial charges | 65 | €4,061 | €3,876 | -€184 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €25,079 | €11,664 | -€13,416 | -53.5% |
| Income taxes | 67/77 | €8,659 | €4,873 | -€3,786 | -43.7% |
| Profit (loss) for the period | 9904 | €16,421 | €6,791 | -€9,630 | -58.6% |
| Profit (loss) for the period to be appropriated | 9905 | €16,421 | €6,791 | -€9,630 | -58.6% |
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 18 October 2026 via checked.be.