PanTera
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 08-09-2026 at the NBB all 3 filings
Turnover
€13.3m▲ 731%
2024 · €1.6m
EBIT margin
-27.5%▲ 288.8pp
2024 · -316.3%
Net result
-€3.9m▲ 54.7%
2024 · -€8.6m
Working capital
€31.2m▲ 50.3%
2024 · €20.7m
In the rankings
#1 company by equity in Belgium, Other professional activities sector#1 company by total assets in the province of Antwerp, Other professional activities sector#8 employer in the province of Antwerp, Other professional activities sector
Multi-year overview
2023 to 2025, 3 financial yearsTurnover
€13.3m
▲ 731%
2025
20232025
Operating result
-€3.6m
▲ 27.8%
2025
20232025
Net result
-€3.9m
▲ 54.7%
2025
lowest quarter of the sector
20232025
EBIT margin
-27.5%
▲ 288.8pp
2025
20232025
Equity
€108.8m
▲ 34.4%
2025
highest quarter of the sector
20232025
Total assets
€115.8m
▲ 34.7%
2025
highest quarter of the sector
20232025
Debt
€7.0m
▲ 39.8%
2025
20232025
Working capital
€31.2m
▲ 50.3%
2025
highest quarter of the sector
20232025
Solvency
94.0%
▼ 0.2pp
2025
highest quarter of the sector
20232025
Current ratio
5.80
▲ 0.62
2025
highest quarter of the sector
20232025
Return on assets (ROA)
-3.4%
▲ 6.7pp
2025
middle half of the sector
20232025
Staff (FTE)
24.2
▲ 133%
2025
highest quarter of the sector
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Turnover€0.04m-€1.6m▲ 42×€13.3m▲ 731%
Operating result-€1.1m--€5.1m▼ 371%-€3.6m▲ 27.8%
Net result-€1.1mbelow the sector's middle half--€8.6mbelow the sector's middle half▼ 677%-€3.9mbelow the sector's middle half▲ 54.7%
EBIT margin-2794.9%--316.3%▲ 2478.5pp-27.5%▲ 288.8pp
Equity€40.2mabove the sector's middle half-€81.0mabove the sector's middle half▲ 101%€108.8mabove the sector's middle half▲ 34.4%
Total assets€44.4mabove the sector's middle half-€85.9mabove the sector's middle half▲ 93.6%€115.8mabove the sector's middle half▲ 34.7%
Debt€4.2m-€5.0m▲ 18.6%€7.0m▲ 39.8%
Working capital-€0.8mbelow the sector's middle half-€20.7mabove the sector's middle half€31.2mabove the sector's middle half▲ 50.3%
Solvency90.6%above the sector's middle half-94.2%above the sector's middle half▲ 3.7pp94.0%above the sector's middle half▼ 0.2pp
Current ratio0.62below the sector's middle half-5.18above the sector's middle half▲ 4.565.80above the sector's middle half▲ 0.62
Return on assets (ROA)-2.5%below the sector's middle half--10.0%below the sector's middle half▼ 7.5pp-3.4%within the sector's middle half▲ 6.7pp
Staff (FTE)6within the sector's middle half-10.4within the sector's middle half▲ 73.3%24.2above the sector's middle half▲ 133%
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €3.6m, smaller than the loss of €5.1m in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €115.7m
Fixed assets
€78.1m ▲ 29.7%
Current assets
€37.6m ▲ 46.6%
Equity and liabilities €115.8m
Equity
€108.8m ▲ 34.4%
Debt
€7.0m ▲ 39.8%
Debt's share of the balance-sheet total rises from 5.8% to 6.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
-€1.6m▲
2024 · -€3.8m
Cash flow
-€1.9m▲
2024 · -€7.4m
Quick ratio
5.80▲
2024 · 5.17
Debt to equity
0.06▲
2024 · 0.06
ROE
-3.6%▲
2024 · -10.7%
Interest coverage
-4.23▲
2024 · -17.15
Debt ≤ 1 year
€6.5m▲
2024 · €5.0m
Income taxes
€3▼
2024 · €1,187
Customer credit
74 days▼
2024 · 123 days
Supplier credit
306 days▼
2024 · 2745 days
Staff costs
€3.3m▲
2024 · €1.6m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 6 | 16 | 33 |
| full-time | 6 | 16 | 32 |
| part-time | 0 | 0 | 1 |
| in full-time equivalents | 6 | 16 | 32.8 |
| Average over the year, in full-time equivalents | 6 | 10.4 | 24.2 |
| On a permanent contract | 6 | 16 | 33 |
| Joined | 6 | 11 | 20 |
| Left | 0 | 1 | 3 |
| Training hours | - | 56 | - |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €32.2m | €15.1m | €17.8m |
| Intangible fixed assets | €11.1m | €3.2m | €2.1m |
| Depreciation and write-downs of the year | €319,385 | €1.2m | €2.0m |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is PricewaterhouseCoopers Reviseurs d'Entreprises.
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Fee for the audit | €5,000 | €10,000 | €15,000 |
| Other work by the auditor | €13,000 | €17,500 | €2,000 |
Source: notes to the 2023 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2025 · 2 entries · €42,509 awarded · €42,509 paidAnnual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Operating income70/76A | €2.3m | €4.8m | €15.4m | ▲ 222% |
| Turnover70 | €0.04m | €1.6m | €13.3m | ▲ 731% |
| Own construction capitalised72 | €2.3m | €3.2m | €2.1m | ▼ 32.7% |
| Other operating income74 | €0.002m | €0.02m | €0.02m | ▲ 21.3% |
| Operating charges60/66A | €3.4m | €9.9m | €19.1m | ▲ 93.8% |
| Goods for resale, raw materials and consumables60 | €0.03m | €0.6m | €6.9m | ▲ 990% |
| Purchases600/8 | €0.03m | €0.7m | €6.9m | ▲ 922% |
| Change in stocks: decrease (increase)609 | - | -€0.04m | €0.02m | - |
| Services and other goods61 | €2.9m | €6.4m | €6.8m | ▲ 6.6% |
| Remuneration, social security and pensions62 | €0.1m | €1.6m | €3.3m | ▲ 105% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €1.2m | €2.0m | ▲ 67.6% |
| Other operating charges640/8 | €0.002m | €0.006m | €0.01m | ▲ 165% |
| Operating profit (loss)9901 | -€1.1m | -€5.1m | -€3.6m | ▲ 27.8% |
| Financial income75/76B | - | €0.006m | €0.1m | ▲ 26× |
| Recurring financial income75 | - | €0.006m | €0.1m | ▲ 26× |
| Other financial income752/9 | - | €0.006m | €0.1m | ▲ 26× |
| Financial charges65/66B | €0.04m | €3.6m | €0.4m | ▼ 88.7% |
| Recurring financial charges65 | €0.04m | €0.7m | €0.4m | ▼ 41.2% |
| Debt charges650 | €0.04m | €0.2m | €0.4m | ▲ 70.2% |
| Other financial charges652/9 | €0.002m | €0.5m | €0.02m | ▼ 95.0% |
| Non-recurring financial charges66B | - | €2.9m | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | -€1.1m | -€8.6m | -€3.9m | ▲ 54.7% |
| Income taxes67/77 | €100 | €0.001m | €3 | ▼ 99.7% |
| Taxes670/3 | €100 | €0.001m | €3 | ▼ 99.7% |
| Tax adjustments and reversals of tax provisions77 | - | €13 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€1.1m | -€8.6m | -€3.9m | ▲ 54.7% |
| Profit (loss) for the period to be appropriated9905 | -€1.1m | -€8.6m | -€3.9m | ▲ 54.7% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €44.4m | €85.9m | €115.8m | ▲ 34.7% |
| Formation expenses20 | €0.04m | €0.05m | €0.04m | ▼ 24.5% |
| Fixed assets21/28 | €43.0m | €60.2m | €78.1m | ▲ 29.7% |
| Intangible fixed assets21 | €10.8m | €13.1m | €13.6m | ▲ 4.0% |
| Tangible fixed assets22/27 | €32.2m | €47.1m | €64.5m | ▲ 36.8% |
| Land and buildings22 | - | €2.0m | €3.1m | ▲ 55.4% |
| Plant, machinery and equipment23 | - | - | €2.5m | - |
| Furniture and vehicles24 | €0.03m | €0.05m | €0.2m | ▲ 267% |
| Other tangible fixed assets26 | €16.0m | €22.4m | €22.4m | = |
| Assets under construction and advance payments27 | €16.2m | €22.7m | €36.3m | ▲ 60.1% |
| Financial fixed assets28 | - | €0.005m | €0.003m | ▼ 44.1% |
| Other financial fixed assets284/8 | - | €0.005m | €0.003m | ▼ 44.1% |
| Amounts receivable and cash guarantees285/8 | - | €0.005m | €0.003m | ▼ 44.1% |
| Current assets29/58 | €1.3m | €25.7m | €37.6m | ▲ 46.6% |
| Stocks and contracts in progress3 | €0 | €0.04m | €0.02m | ▼ 51.5% |
| Stocks30/36 | - | €0.04m | €0.02m | ▼ 51.5% |
| Raw materials and consumables30/31 | - | €0.04m | €0.02m | ▼ 51.5% |
| Amounts receivable within one year40/41 | €0.2m | €1.1m | €3.4m | ▲ 208% |
| Trade receivables40 | €0.2m | €0.5m | €2.7m | ▲ 402% |
| Other amounts receivable41 | €0.05m | €0.6m | €0.7m | ▲ 25.9% |
| Cash at bank and in hand54/58 | €1.1m | €24.5m | €34.1m | ▲ 39.2% |
| Deferred charges and accrued income490/1 | €0.03m | €0.07m | €0.1m | ▲ 100% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €44.4m | €85.9m | €115.8m | ▲ 34.7% |
| Equity10/15 | €40.2m | €81.0m | €108.8m | ▲ 34.4% |
| Contributions10/11 | €41.3m | €90.7m | €122.5m | ▲ 35.0% |
| Capital10 | €41.3m | €56.7m | €64.7m | ▲ 14.1% |
| Issued capital100 | €41.3m | €56.7m | €64.7m | ▲ 14.1% |
| Contributions outside capital11 | - | €34.0m | €57.7m | ▲ 69.9% |
| Share premium1100/10 | - | €34.0m | €57.7m | ▲ 69.9% |
| Profit (loss) carried forward14 | -€1.1m | -€9.7m | -€13.6m | ▼ 40.1% |
| Amounts payable17/49 | €4.2m | €5.0m | €7.0m | ▲ 39.8% |
| Amounts payable after more than one year17 | €2.0m | €0 | - | - |
| Financial debts170/4 | €2.0m | €0 | - | - |
| Other loans174 | €2.0m | €0 | - | - |
| Amounts payable within one year42/48 | €2.1m | €5.0m | €6.5m | ▲ 30.9% |
| Trade debts44 | €2.1m | €4.8m | €5.8m | ▲ 21.5% |
| Suppliers440/4 | €2.1m | €4.8m | €5.8m | ▲ 21.5% |
| Taxes, remuneration and social security45 | €0.02m | €0.2m | €0.7m | ▲ 284% |
| Taxes450/3 | €100 | €0.001m | €0 | ▼ 100% |
| Remuneration and social security454/9 | €0.02m | €0.2m | €0.7m | ▲ 286% |
| Accrued charges and deferred income492/3 | €0.07m | €0.02m | €0.5m | ▲ 30× |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1.1m | -€8.6m | -€3.9m | ▲ 54.7% |
| + Depreciation and write-downs630 | €0.3m | €1.2m | €2.0m | ▲ 67.6% |
| Operating cash flow (approximation) | -€0.8m | -€7.4m | -€1.9m | ▲ 74.8% |
| Investment in fixed assets (approximation) | - | -€18.4m | -€19.9m | ▼ 8.3% |
| Change in cash | - | €23.4m | €9.6m | ▼ 59.0% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 480 companies had the same profile as PanTera has now. Two years later, 95.8% were still going and 0.8% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency 30% or more
- a small loss
95.8%
was still going
3.1%
stopped otherwise
0.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PanTera itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 480 companies, not a prediction for PanTera. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.