PANQUIN CONSTRUCT: 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.
PANQUIN CONSTRUCT
Largest movements
- Cash -€9.1m
down €9.1m (-96.5%), from €9.5m to €335,332
mainly Advances received (-€4.1m) and Net result for the year (-€3.3m)
- Receivables within one year +€1.3m
up €1.3m (+35.8%), from €3.6m to €4.9m
of which Other amounts receivable: +€1.7m
- Deferred charges and accrued income +€1.2m
up €1.2m (+72.5%), from €1.6m to €2.8m
- Advances received -€4.1m
down €4.1m (-44.9%), from €9.1m to €5.0m
- Profit (loss) carried forward -€3.3m
down €3.3m (-87.8%), from -€3.8m to -€7.1m
- Trade debts +€681,125
up €681,125 (+14.1%), from €4.8m to €5.5m
- Accrued charges and deferred income +€196,612
up €196,612 (+42.4%), from €463,592 to €660,204
- Goods and materials +€9.6m
up €9.6m (+70.6%), from €13.6m to €23.3m
- Financial income +€399,612
up €399,612 (+190.0%), from €210,358 to €609,970
- Services and other goods -€227,713
down €227,713 (-59.6%), from €382,113 to €154,400
- Other operating income -€227,417
down €227,417 (-60.8%), from €374,042 to €146,625
- Financial charges -€175,607
down €175,607 (-4.4%), from €4.0m to €3.8m
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 | €14,722,600 | €8,061,065 | -€6.7m | -45.2% |
| Current assets | 29/58 | €14,722,600 | €8,061,065 | -€6.7m | -45.2% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €3,601,066 | €4,891,901 | +€1.3m | +35.8% |
| Trade receivables | 40 | €3,598,867 | €3,155,395 | -€443,472 | -12.3% |
| Other amounts receivable | 41 | €2,199 | €1,736,506 | +€1.7m | +78870.1% |
| Cash at bank and in hand | 54/58 | €9,478,449 | €335,332 | -€9.1m | -96.5% |
| Deferred charges and accrued income | 490/1 | €1,643,085 | €2,833,832 | +€1.2m | +72.5% |
| Total equity and liabilities | 10/49 | €14,722,600 | €8,061,065 | -€6.7m | -45.2% |
| Equity | 10/15 | -€3,081,700 | -€6,420,043 | -€3.3m | -108.3% |
| Contributions | 10/11 | €720,000 | €720,000 | = | 0.0% |
| Capital | 10 | €720,000 | €720,000 | = | 0.0% |
| Issued capital | 100 | €720,000 | €720,000 | = | 0.0% |
| Reserves | 13 | €88 | €88 | = | 0.0% |
| Non-distributable reserves | 130/1 | €88 | €88 | = | 0.0% |
| Legal reserve | 130 | €88 | €88 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,801,789 | -€7,140,131 | -€3.3m | -87.8% |
| Amounts payable | 17/49 | €17,804,300 | €14,481,108 | -€3.3m | -18.7% |
| Amounts payable within one year | 42/48 | €17,340,709 | €13,820,904 | -€3.5m | -20.3% |
| Current portion of amounts payable after more than one year | 42 | €3,025,172 | €3,020,349 | -€4,823 | -0.2% |
| Financial debts | 43 | €2,545 | €0 | -€2,545 | -100.0% |
| Credit institutions | 430/8 | €2,545 | €0 | -€2,545 | -100.0% |
| Trade debts | 44 | €4,837,546 | €5,518,671 | +€681,125 | +14.1% |
| Suppliers | 440/4 | €4,837,546 | €5,518,671 | +€681,125 | +14.1% |
| Advances received on contracts in progress | 46 | €9,066,901 | €4,998,468 | -€4.1m | -44.9% |
| Taxes, remuneration and social security | 45 | €408,545 | €283,416 | -€125,129 | -30.6% |
| Taxes | 450/3 | €408,545 | €283,416 | -€125,129 | -30.6% |
| Accrued charges and deferred income | 492/3 | €463,592 | €660,204 | +€196,612 | +42.4% |
| Operating income | 70/76A | €14,026,664 | €23,437,270 | +€9.4m | +67.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €13,652,622 | €23,290,645 | +€9.6m | +70.6% |
| Other operating income | 74 | €374,042 | €146,625 | -€227,417 | -60.8% |
| Operating charges | 60/66A | €14,032,262 | €23,445,642 | +€9.4m | +67.1% |
| Goods for resale, raw materials and consumables | 60 | €13,649,056 | €23,290,115 | +€9.6m | +70.6% |
| Purchases | 600/8 | €13,649,056 | €23,290,115 | +€9.6m | +70.6% |
| Services and other goods | 61 | €382,113 | €154,400 | -€227,713 | -59.6% |
| Other operating charges | 640/8 | €1,094 | €1,126 | +€33 | +3.0% |
| Operating profit (loss) | 9901 | -€5,598 | -€8,371 | -€2,773 | -49.5% |
| Financial income | 75/76B | €210,358 | €609,970 | +€399,612 | +190.0% |
| Recurring financial income | 75 | €210,358 | €609,970 | +€399,612 | +190.0% |
| Income from current assets | 751 | €210,358 | €608,160 | +€397,803 | +189.1% |
| Other financial income | 752/9 | €0 | €1,810 | +€1,810 | |
| Financial charges | 65/66B | €3,956,698 | €3,781,091 | -€175,607 | -4.4% |
| Recurring financial charges | 65 | €3,956,698 | €3,781,091 | -€175,607 | -4.4% |
| Debt charges | 650 | €10 | €0 | -€10 | -100.0% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €3,956,175 | €3,780,589 | -€175,586 | -4.4% |
| Other financial charges | 652/9 | €514 | €502 | -€12 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | -€3,751,939 | -€3,179,493 | +€572,446 | +15.3% |
| Income taxes | 67/77 | €51,283 | €158,850 | +€107,567 | +209.8% |
| Taxes | 670/3 | €51,283 | €158,850 | +€107,567 | +209.8% |
| Profit (loss) for the period | 9904 | -€3,803,222 | -€3,338,342 | +€464,879 | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,803,222 | -€3,338,342 | +€464,879 | +12.2% |
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 12 October 2026 via checked.be.