WALTER PANIS: 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.
WALTER PANIS
Largest movements
- Receivables after one year -€410,000
down €410,000 (-100%), from €410,000 to €0
- Cash +€118,359
up €118,359 (+109%), from €108,895 to €227,254
mainly Receivables after one year (+€410,000) and Depreciation (+€50,114)
- Reserves -€315,785
down €315,785 (-11.1%), from €2.8m to €2.5m
- Gross operating margin -€5,462
down €5,462 (-8.6%), from €63,564 to €58,103
- Financial income -€5,037
down €5,037 (-48.6%), from €10,363 to €5,326
- Taxes -€1,832
down €1,832 (-76.0%), from €2,410 to €578
- Financial charges -€1,667
down €1,667 (-14.1%), from €11,786 to €10,119
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 | €10,121,824 | €9,782,166 | -€339,658 | -3.4% |
| Fixed assets | 21/28 | €9,558,325 | €9,509,460 | -€48,864 | -0.5% |
| Tangible fixed assets | 22/27 | €881,528 | €831,414 | -€50,114 | -5.7% |
| Land and buildings | 22 | €858,427 | €818,332 | -€40,095 | -4.7% |
| Plant, machinery and equipment | 23 | €2,756 | €2,411 | -€345 | -12.5% |
| Furniture and vehicles | 24 | €20,345 | €10,670 | -€9,675 | -47.6% |
| Financial fixed assets | 28 | €8,676,796 | €8,678,046 | +€1,250 | 0.0% |
| Current assets | 29/58 | €563,499 | €272,706 | -€290,794 | -51.6% |
| Amounts receivable after more than one year | 29 | €410,000 | €0 | -€410,000 | -100% |
| Other amounts receivable | 291 | €410,000 | €0 | -€410,000 | -100% |
| Amounts receivable within one year | 40/41 | €30,743 | €28,466 | -€2,277 | -7.4% |
| Trade receivables | 40 | €6,788 | €18,571 | +€11,783 | +174% |
| Other amounts receivable | 41 | €23,955 | €9,895 | -€14,060 | -58.7% |
| Current investments | 50/53 | €11,678 | €13,235 | +€1,558 | +13.3% |
| Cash at bank and in hand | 54/58 | €108,895 | €227,254 | +€118,359 | +109% |
| Deferred charges and accrued income | 490/1 | €2,184 | €3,750 | +€1,566 | +71.7% |
| Total equity and liabilities | 10/49 | €10,121,824 | €9,782,166 | -€339,658 | -3.4% |
| Equity | 10/15 | €9,943,355 | €9,622,819 | -€320,536 | -3.2% |
| Contributions | 10/11 | €6,951,528 | €6,951,528 | = | 0.0% |
| Reserves | 13 | €2,845,407 | €2,529,622 | -€315,785 | -11.1% |
| Distributable reserves | 133 | €2,845,407 | €2,529,622 | -€315,785 | -11.1% |
| Profit (loss) carried forward | 14 | €146,419 | €141,669 | -€4,751 | -3.2% |
| Amounts payable | 17/49 | €178,469 | €159,347 | -€19,122 | -10.7% |
| Amounts payable within one year | 42/48 | €166,855 | €149,418 | -€17,437 | -10.5% |
| Trade debts | 44 | €7,689 | €5,973 | -€1,716 | -22.3% |
| Suppliers | 440/4 | €7,689 | €5,973 | -€1,716 | -22.3% |
| Taxes, remuneration and social security | 45 | €21,426 | €6,454 | -€14,973 | -69.9% |
| Taxes | 450/3 | €21,426 | €6,454 | -€14,973 | -69.9% |
| Other amounts payable | 47/48 | €137,739 | €136,992 | -€747 | -0.5% |
| Accrued charges and deferred income | 492/3 | €11,614 | €9,929 | -€1,686 | -14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,114 | €50,114 | = | 0.0% |
| Other operating charges | 640/8 | €7,420 | €7,368 | -€52 | -0.7% |
| Gross operating margin | 9900 | €63,564 | €58,103 | -€5,462 | -8.6% |
| Operating profit (loss) | 9901 | €6,030 | €620 | -€5,410 | -89.7% |
| Financial income | 75/76B | €10,363 | €5,326 | -€5,037 | -48.6% |
| Recurring financial income | 75 | €10,363 | €5,326 | -€5,037 | -48.6% |
| Financial charges | 65/66B | €11,786 | €10,119 | -€1,667 | -14.1% |
| Recurring financial charges | 65 | €11,786 | €10,119 | -€1,667 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €4,607 | -€4,173 | -€8,780 | |
| Income taxes | 67/77 | €2,410 | €578 | -€1,832 | -76.0% |
| Profit (loss) for the period | 9904 | €2,197 | -€4,751 | -€6,948 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,197 | -€4,751 | -€6,948 |
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 20 October 2026 via checked.be.