PANAM: 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.
PANAM
Largest movements
- Tangible fixed assets -€59,810
down €59,810 (-33.1%), from €180,771 to €120,961
of which Leasing and similar rights: -€33,128
- Receivables within one year +€35,494
up €35,494 (+26.7%), from €133,138 to €168,632
of which Other amounts receivable: +€53,555
- Cash -€23,045
down €23,045 (-21.6%), from €106,589 to €83,544
mainly Contributions, distributions and other (-€135,142) and Debts after one year (-€38,193)
- Stocks and contracts -€5,363
down €5,363 (-8.4%), from €63,635 to €58,272
- Other debts +€110,435
up €110,435 (+4,060%), from €2,720 to €113,155
- Reserves -€105,125
down €105,125 (-55.6%), from €189,038 to €83,913
- Debts after one year -€38,193
down €38,193 (-26.6%), from €143,663 to €105,471
of which Financial debts: -€38,193
- Current portion of long-term debt -€11,423
down €11,423 (-23.0%), from €49,616 to €38,193
- Tax, wage and social debts -€8,274
down €8,274 (-12.8%), from €64,762 to €56,488
of which Taxes: -€5,741
- Gross operating margin +€53,573
up €53,573 (+17.4%), from €307,156 to €360,729
- Staff costs +€28,706
up €28,706 (+12.8%), from €225,129 to €253,835
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 | €534,764 | €479,676 | -€55,088 | -10.3% |
| Fixed assets | 21/28 | €210,557 | €151,984 | -€58,572 | -27.8% |
| Intangible fixed assets | 21 | €16,760 | €17,998 | +€1,238 | +7.4% |
| Tangible fixed assets | 22/27 | €180,771 | €120,961 | -€59,810 | -33.1% |
| Plant, machinery and equipment | 23 | €32,132 | €22,505 | -€9,627 | -30.0% |
| Furniture and vehicles | 24 | €24,266 | €9,708 | -€14,558 | -60.0% |
| Leasing and similar rights | 25 | €106,226 | €73,098 | -€33,128 | -31.2% |
| Other tangible fixed assets | 26 | €18,147 | €15,650 | -€2,497 | -13.8% |
| Financial fixed assets | 28 | €13,025 | €13,025 | = | 0.0% |
| Current assets | 29/58 | €324,207 | €327,692 | +€3,484 | +1.1% |
| Stocks and contracts in progress | 3 | €63,635 | €58,272 | -€5,363 | -8.4% |
| Stocks | 30/36 | €63,635 | €58,272 | -€5,363 | -8.4% |
| Amounts receivable within one year | 40/41 | €133,138 | €168,632 | +€35,494 | +26.7% |
| Trade receivables | 40 | €122,504 | €104,443 | -€18,061 | -14.7% |
| Other amounts receivable | 41 | €10,634 | €64,189 | +€53,555 | +504% |
| Cash at bank and in hand | 54/58 | €106,589 | €83,544 | -€23,045 | -21.6% |
| Deferred charges and accrued income | 490/1 | €20,845 | €17,244 | -€3,601 | -17.3% |
| Total equity and liabilities | 10/49 | €534,764 | €479,676 | -€55,088 | -10.3% |
| Equity | 10/15 | €213,731 | €107,381 | -€106,350 | -49.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €189,038 | €83,913 | -€105,125 | -55.6% |
| Distributable reserves | 133 | €189,038 | €83,913 | -€105,125 | -55.6% |
| Profit (loss) carried forward | 14 | €2,910 | €2,702 | -€208 | -7.1% |
| Investment grants | 15 | €3,183 | €2,166 | -€1,017 | -32.0% |
| Amounts payable | 17/49 | €321,033 | €372,295 | +€51,262 | +16.0% |
| Amounts payable after more than one year | 17 | €143,663 | €105,471 | -€38,193 | -26.6% |
| Financial debts | 170/4 | €93,663 | €55,471 | -€38,193 | -40.8% |
| Other amounts payable | 178/9 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €168,859 | €266,179 | +€97,320 | +57.6% |
| Current portion of amounts payable after more than one year | 42 | €49,616 | €38,193 | -€11,423 | -23.0% |
| Financial debts | 43 | €678 | €1,415 | +€737 | +109% |
| Credit institutions | 430/8 | €678 | €0 | -€678 | -100% |
| Other loans | 439 | - | €1,415 | +€1,415 | |
| Trade debts | 44 | €51,083 | €50,624 | -€459 | -0.9% |
| Suppliers | 440/4 | €51,083 | €50,624 | -€459 | -0.9% |
| Advances received on contracts in progress | 46 | - | €6,304 | +€6,304 | |
| Taxes, remuneration and social security | 45 | €64,762 | €56,488 | -€8,274 | -12.8% |
| Taxes | 450/3 | €28,740 | €23,000 | -€5,741 | -20.0% |
| Remuneration and social security | 454/9 | €36,021 | €33,488 | -€2,533 | -7.0% |
| Other amounts payable | 47/48 | €2,720 | €113,155 | +€110,435 | +4,060% |
| Accrued charges and deferred income | 492/3 | €8,510 | €646 | -€7,865 | -92.4% |
| Remuneration, social security and pensions | 62 | €225,129 | €253,835 | +€28,706 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,825 | €69,442 | -€383 | -0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,946 | -€3,432 | -€1,487 | -76.4% |
| Other operating charges | 640/8 | €3,211 | €5,208 | +€1,998 | +62.2% |
| Gross operating margin | 9900 | €307,156 | €360,729 | +€53,573 | +17.4% |
| Operating profit (loss) | 9901 | €10,937 | €35,676 | +€24,739 | +226% |
| Financial income | 75/76B | €1,162 | €1,139 | -€23 | -2.0% |
| Recurring financial income | 75 | €1,162 | €1,139 | -€23 | -2.0% |
| Financial charges | 65/66B | €9,005 | €7,851 | -€1,154 | -12.8% |
| Recurring financial charges | 65 | €9,005 | €7,851 | -€1,154 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | €3,094 | €28,964 | +€25,870 | +836% |
| Income taxes | 67/77 | €163 | €172 | +€9 | +5.8% |
| Profit (loss) for the period | 9904 | €2,931 | €28,792 | +€25,861 | +882% |
| Profit (loss) for the period to be appropriated | 9905 | €2,931 | €28,792 | +€25,861 | +882% |
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 25 October 2026 via checked.be.