Team Panoptes: 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.
Team Panoptes
Largest movements
- Intangible fixed assets +€108,276
up €108,276 (+201%), from €53,787 to €162,063
- Cash -€52,061
down €52,061 (-85.7%), from €60,762 to €8,701
mainly Investment in fixed assets (net) (-€139,455) and Receivables within one year (-€15,400)
- Receivables within one year +€15,400
up €15,400 (+23.1%), from €66,591 to €81,991
of which Trade receivables: +€23,027
- Trade debts +€40,093
up €40,093 (+226%), from €17,702 to €57,794
- Investment grants +€17,108
up €17,108 (+12.4%), from €137,500 to €154,608
- Other debts -€14,542
down €14,542 (-23.6%), from €61,741 to €47,199
- Debts after one year +€12,796
up €12,796 (+69.5%), from €18,410 to €31,205
- Profit (loss) carried forward +€12,619
up €12,619 (+13.7%), from -€92,173 to -€79,555
- Gross operating margin +€68,340
up €68,340 (+282%), from €24,194 to €92,534
- Staff costs +€30,559
up €30,559 (+44.2%), from €69,073 to €99,632
- Financial income +€17,661
up €17,661 (+50.1%), from €35,233 to €52,895
- Depreciation +€4,258
up €4,258 (+16.0%), from €26,641 to €30,899
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 | €185,833 | €257,498 | +€71,665 | +38.6% |
| Fixed assets | 21/28 | €57,085 | €165,641 | +€108,556 | +190% |
| Intangible fixed assets | 21 | €53,787 | €162,063 | +€108,276 | +201% |
| Tangible fixed assets | 22/27 | €2,855 | €2,820 | -€35 | -1.2% |
| Plant, machinery and equipment | 23 | €2,540 | €2,670 | +€130 | +5.1% |
| Furniture and vehicles | 24 | €316 | €151 | -€165 | -52.3% |
| Financial fixed assets | 28 | €443 | €758 | +€315 | +71.1% |
| Current assets | 29/58 | €128,748 | €91,857 | -€36,891 | -28.7% |
| Amounts receivable within one year | 40/41 | €66,591 | €81,991 | +€15,400 | +23.1% |
| Trade receivables | 40 | €47,341 | €70,368 | +€23,027 | +48.6% |
| Other amounts receivable | 41 | €19,250 | €11,622 | -€7,628 | -39.6% |
| Cash at bank and in hand | 54/58 | €60,762 | €8,701 | -€52,061 | -85.7% |
| Deferred charges and accrued income | 490/1 | €1,395 | €1,165 | -€230 | -16.5% |
| Total equity and liabilities | 10/49 | €185,833 | €257,498 | +€71,665 | +38.6% |
| Equity | 10/15 | €65,787 | €95,514 | +€29,727 | +45.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | -€92,173 | -€79,555 | +€12,619 | +13.7% |
| Investment grants | 15 | €137,500 | €154,608 | +€17,108 | +12.4% |
| Amounts payable | 17/49 | €120,047 | €161,984 | +€41,938 | +34.9% |
| Amounts payable after more than one year | 17 | €18,410 | €31,205 | +€12,796 | +69.5% |
| Other amounts payable | 178/9 | €18,410 | €31,205 | +€12,796 | +69.5% |
| Amounts payable within one year | 42/48 | €101,637 | €130,779 | +€29,142 | +28.7% |
| Trade debts | 44 | €17,702 | €57,794 | +€40,093 | +226% |
| Suppliers | 440/4 | €17,702 | €57,794 | +€40,093 | +226% |
| Taxes, remuneration and social security | 45 | €22,194 | €25,786 | +€3,592 | +16.2% |
| Taxes | 450/3 | €8,371 | €9,153 | +€782 | +9.3% |
| Remuneration and social security | 454/9 | €13,824 | €16,633 | +€2,809 | +20.3% |
| Other amounts payable | 47/48 | €61,741 | €47,199 | -€14,542 | -23.6% |
| Remuneration, social security and pensions | 62 | €69,073 | €99,632 | +€30,559 | +44.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,641 | €30,899 | +€4,258 | +16.0% |
| Other operating charges | 640/8 | €400 | €811 | +€412 | +103% |
| Gross operating margin | 9900 | €24,194 | €92,534 | +€68,340 | +282% |
| Operating profit (loss) | 9901 | -€71,919 | -€38,808 | +€33,111 | +46.0% |
| Financial income | 75/76B | €35,233 | €52,895 | +€17,661 | +50.1% |
| Recurring financial income | 75 | €35,233 | €52,895 | +€17,661 | +50.1% |
| Financial charges | 65/66B | €831 | €1,468 | +€636 | +76.6% |
| Recurring financial charges | 65 | €831 | €1,468 | +€636 | +76.6% |
| Profit (loss) for the period before taxes | 9903 | -€37,517 | €12,619 | +€50,135 | |
| Profit (loss) for the period | 9904 | -€37,517 | €12,619 | +€50,135 | |
| Profit (loss) for the period to be appropriated | 9905 | -€37,517 | €12,619 | +€50,135 |
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 16 October 2026 via checked.be.