PANO-EXTRA: 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.
PANO-EXTRA
Largest movements
- Receivables within one year +€1.7m
up €1.7m (+858%), from €193,926 to €1.9m
of which Trade receivables: +€1.7m
- Financial fixed assets +€45,000
up €45,000 (+64.8%), from €69,440 to €114,440
- Cash +€25,036
up €25,036 (+2,017%), from €1,241 to €26,277
mainly Trade debts (+€1.6m) and Net result for the year (+€61,641)
- Trade debts +€1.6m
up €1.6m (+1,199%), from €133,051 to €1.7m
- Profit (loss) carried forward +€61,641
up €61,641 (+262%), from €23,550 to €85,191
- Tax, wage and social debts +€45,324
up €45,324 (+42.0%), from €108,006 to €153,330
of which Taxes: +€73,977
- Current portion of long-term debt +€32,185
new in 2025: €32,185
- Gross operating margin +€200,032
up €200,032 (+31.7%), from €630,510 to €830,542
- Staff costs -€28,765
down €28,765 (-3.9%), from €746,206 to €717,441
- Other operating charges -€10,383
down €10,383 (-96.3%), from €10,783 to €400
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 | €264,607 | €1,998,483 | +€1.7m | +655% |
| Fixed assets | 21/28 | €69,440 | €114,440 | +€45,000 | +64.8% |
| Financial fixed assets | 28 | €69,440 | €114,440 | +€45,000 | +64.8% |
| Current assets | 29/58 | €195,167 | €1,884,043 | +€1.7m | +865% |
| Amounts receivable within one year | 40/41 | €193,926 | €1,857,766 | +€1.7m | +858% |
| Trade receivables | 40 | €192,155 | €1,853,142 | +€1.7m | +864% |
| Other amounts receivable | 41 | €1,771 | €4,624 | +€2,853 | +161% |
| Cash at bank and in hand | 54/58 | €1,241 | €26,277 | +€25,036 | +2,017% |
| Total equity and liabilities | 10/49 | €264,607 | €1,998,483 | +€1.7m | +655% |
| Equity | 10/15 | €23,550 | €85,191 | +€61,641 | +262% |
| Profit (loss) carried forward | 14 | €23,550 | €85,191 | +€61,641 | +262% |
| Amounts payable | 17/49 | €241,057 | €1,913,292 | +€1.7m | +694% |
| Amounts payable within one year | 42/48 | €241,057 | €1,913,292 | +€1.7m | +694% |
| Current portion of amounts payable after more than one year | 42 | - | €32,185 | +€32,185 | |
| Trade debts | 44 | €133,051 | €1,727,777 | +€1.6m | +1,199% |
| Suppliers | 440/4 | €133,051 | €1,727,777 | +€1.6m | +1,199% |
| Taxes, remuneration and social security | 45 | €108,006 | €153,330 | +€45,324 | +42.0% |
| Taxes | 450/3 | €76,616 | €150,593 | +€73,977 | +96.6% |
| Remuneration and social security | 454/9 | €31,390 | €2,737 | -€28,653 | -91.3% |
| Remuneration, social security and pensions | 62 | €746,206 | €717,441 | -€28,765 | -3.9% |
| Other operating charges | 640/8 | €10,783 | €400 | -€10,383 | -96.3% |
| Gross operating margin | 9900 | €630,510 | €830,542 | +€200,032 | +31.7% |
| Operating profit (loss) | 9901 | -€126,479 | €112,701 | +€239,181 | |
| Financial charges | 65/66B | €2,541 | €1,560 | -€981 | -38.6% |
| Recurring financial charges | 65 | €2,541 | €1,560 | -€981 | -38.6% |
| Profit (loss) for the period before taxes | 9903 | -€129,020 | €111,141 | +€240,161 | |
| Income taxes | 67/77 | €45,417 | €49,500 | +€4,083 | +9.0% |
| Profit (loss) for the period | 9904 | -€174,437 | €61,641 | +€236,078 | |
| Profit (loss) for the period to be appropriated | 9905 | -€174,437 | €61,641 | +€236,078 |
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 29 October 2026 via checked.be.