PANVILLE: 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.
PANVILLE
Largest movements
- Tangible fixed assets +€699,558
up €699,558 (+11.9%), from €5.9m to €6.6m
of which Land and buildings: +€699,770
- Current investments -€566,958
no longer reported in 2025 (was €566,958)
- Cash +€73,429
up €73,429 (+49.0%), from €149,821 to €223,250
mainly Current investments (+€566,958) and Debts after one year (+€210,662)
- Debts after one year +€210,662
up €210,662 (+8.9%), from €2.4m to €2.6m
of which Financial debts: +€271,808
- Financial income +€97,509
up €97,509 (+2826.0%), from €3,450 to €100,959
- Depreciation +€40,509
up €40,509 (+71.5%), from €56,669 to €97,178
- Gross operating margin -€8,370
down €8,370 (-11.9%), from €70,551 to €62,182
- Financial charges -€4,863
down €4,863 (-93.5%), from €5,200 to €337
- Taxes +€2,284
up €2,284 (+59.0%), from €3,870 to €6,155
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 | €6,604,582 | €6,811,596 | +€207,013 | +3.1% |
| Fixed assets | 21/28 | €5,885,976 | €6,585,533 | +€699,558 | +11.9% |
| Tangible fixed assets | 22/27 | €5,880,176 | €6,579,733 | +€699,558 | +11.9% |
| Land and buildings | 22 | €5,863,689 | €6,563,459 | +€699,770 | +11.9% |
| Plant, machinery and equipment | 23 | €195 | €74 | -€121 | -62.0% |
| Furniture and vehicles | 24 | €92 | - | -€92 | |
| Other tangible fixed assets | 26 | €16,200 | €16,200 | = | 0.0% |
| Financial fixed assets | 28 | €5,800 | €5,800 | = | 0.0% |
| Current assets | 29/58 | €718,607 | €226,063 | -€492,544 | -68.5% |
| Current investments | 50/53 | €566,958 | - | -€566,958 | |
| Cash at bank and in hand | 54/58 | €149,821 | €223,250 | +€73,429 | +49.0% |
| Deferred charges and accrued income | 490/1 | €1,827 | €2,812 | +€985 | +53.9% |
| Total equity and liabilities | 10/49 | €6,604,582 | €6,811,596 | +€207,013 | +3.1% |
| Equity | 10/15 | €4,139,166 | €4,186,212 | +€47,047 | +1.1% |
| Contributions | 10/11 | €1,444,624 | €1,444,624 | = | 0.0% |
| Reserves | 13 | €2,694,542 | €2,741,588 | +€47,047 | +1.7% |
| Distributable reserves | 133 | €2,694,542 | €2,741,588 | +€47,047 | +1.7% |
| Amounts payable | 17/49 | €2,465,417 | €2,625,384 | +€159,967 | +6.5% |
| Amounts payable after more than one year | 17 | €2,376,290 | €2,586,953 | +€210,662 | +8.9% |
| Financial debts | 170/4 | €1,468,192 | €1,740,000 | +€271,808 | +18.5% |
| Other amounts payable | 178/9 | €908,098 | €846,953 | -€61,146 | -6.7% |
| Amounts payable within one year | 42/48 | €89,127 | €38,431 | -€50,696 | -56.9% |
| Current portion of amounts payable after more than one year | 42 | €20,110 | €6,776 | -€13,334 | -66.3% |
| Trade debts | 44 | €143 | €24,000 | +€23,857 | +16653.9% |
| Suppliers | 440/4 | €143 | €24,000 | +€23,857 | +16653.9% |
| Taxes, remuneration and social security | 45 | €68,873 | €7,655 | -€61,219 | -88.9% |
| Taxes | 450/3 | €68,873 | €7,655 | -€61,219 | -88.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,669 | €97,178 | +€40,509 | +71.5% |
| Other operating charges | 640/8 | €14,450 | €12,425 | -€2,025 | -14.0% |
| Gross operating margin | 9900 | €70,551 | €62,182 | -€8,370 | -11.9% |
| Operating profit (loss) | 9901 | -€567 | -€47,421 | -€46,854 | -8259.2% |
| Financial income | 75/76B | €3,450 | €100,959 | +€97,509 | +2826.0% |
| Recurring financial income | 75 | €3,450 | €100,959 | +€97,509 | +2826.0% |
| Financial charges | 65/66B | €5,200 | €337 | -€4,863 | -93.5% |
| Recurring financial charges | 65 | €5,200 | €337 | -€4,863 | -93.5% |
| Profit (loss) for the period before taxes | 9903 | -€2,317 | €53,202 | +€55,518 | |
| Income taxes | 67/77 | €3,870 | €6,155 | +€2,284 | +59.0% |
| Profit (loss) for the period | 9904 | -€6,187 | €47,047 | +€53,234 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,187 | €47,047 | +€53,234 |
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.