PAN-TERRE: what changed
Two fiscal 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.
What changed
PAN-TERRE
NACE 38.210, Materials recovery from waste
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€794
2024 · -€81,638+€82,432
Equity
€379,922
2024 · €379,128+€794
Cash
€28,936
2024 · €19,463+€9,473
Balance sheet total
€964,489
2024 · €955,191+€9,297
Largest movements
Assets
- Tangible fixed assets -€66,192
down €66,192 (-17.5%), from €378,630 to €312,437
of which Plant, machinery and equipment: -€38,778
- Intangible fixed assets +€60,698
up €60,698 (+99.5%), from €60,992 to €121,690
- Stocks and contracts +€13,137
up €13,137 (+22.5%), from €58,487 to €71,624
Equity and liabilities
- Trade debts +€74,593
up €74,593 (+40.0%), from €186,471 to €261,064
- Debts after one year -€47,138
down €47,138 (-18.0%), from €262,146 to €215,008
- Short-term financial debts -€13,923
down €13,923 (-71.2%), from €19,547 to €5,624
Income statement
- Gross operating margin +€114,485
up €114,485 (+23.6%), from €485,133 to €599,618
- Other operating charges +€43,636
up €43,636 (+25.8%), from €168,934 to €212,569
- Staff costs -€16,941
down €16,941 (-5.4%), from €316,628 to €299,687
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.
Result 2024
-€81,638
Gross operating margin
+€114,485
Staff costs
+€16,941
Depreciation
-€5,100
Other operating charges
-€43,636
Financial income
+€83
Financial charges
-€75
Taxes
-€266
Result 2025
€794
Cash bridge derived
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.
From operations
+€147,317
Investment
-€71,174
Financing
-€66,670
Cash 2024
€19,463
From operations (derived)
+€147,317
Net result for the year
+€794
Depreciation
+€76,668
Stocks and contracts
-€13,137
Receivables within one year
+€3,288
Deferred charges and accrued income
+€4,530
Trade debts
+€74,593
Tax, wage and social debts
+€1,221
Other debts
-€424
Accrued charges and deferred income
-€217
Investment (derived)
-€71,174
Investment in fixed assets (net)
-€71,174
Financing
-€66,670
Debts after one year
-€47,138
Current portion of long-term debt
-€5,609
Short-term financial debts
-€13,923
Cash 2025
€28,936
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €955,191 | €964,489 | +€9,297 | +1.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €555,360 | €549,865 | -€5,494 | -1.0% |
| Intangible fixed assets | 21 | €60,992 | €121,690 | +€60,698 | +99.5% |
| Tangible fixed assets | 22/27 | €378,630 | €312,437 | -€66,192 | -17.5% |
| Land and buildings | 22 | €175,887 | €158,588 | -€17,298 | -9.8% |
| Plant, machinery and equipment | 23 | €186,639 | €147,861 | -€38,778 | -20.8% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Leasing and similar rights | 25 | €16,104 | €4,064 | -€12,039 | -74.8% |
| Assets under construction and advance payments | 27 | - | €1,924 | +€1,924 | |
| Financial fixed assets | 28 | €115,738 | €115,738 | = | 0.0% |
| Current assets | 29/58 | €399,832 | €414,623 | +€14,792 | +3.7% |
| Stocks and contracts in progress | 3 | €58,487 | €71,624 | +€13,137 | +22.5% |
| Stocks | 30/36 | €58,487 | €71,624 | +€13,137 | +22.5% |
| Amounts receivable within one year | 40/41 | €312,748 | €309,459 | -€3,288 | -1.1% |
| Trade receivables | 40 | €230,315 | €196,513 | -€33,802 | -14.7% |
| Other amounts receivable | 41 | €82,433 | €112,947 | +€30,514 | +37.0% |
| Cash at bank and in hand | 54/58 | €19,463 | €28,936 | +€9,473 | +48.7% |
| Deferred charges and accrued income | 490/1 | €9,134 | €4,604 | -€4,530 | -49.6% |
| Total equity and liabilities | 10/49 | €955,191 | €964,489 | +€9,297 | +1.0% |
| Equity | 10/15 | €379,128 | €379,922 | +€794 | +0.2% |
| Contributions | 10/11 | €228,718 | €228,718 | = | 0.0% |
| Revaluation surpluses | 12 | €35,948 | €35,948 | = | 0.0% |
| Reserves | 13 | €174,496 | €174,496 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,711 | €15,711 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15,711 | €15,711 | = | 0.0% |
| Tax-exempt reserves | 132 | €158,784 | €158,784 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€60,034 | -€59,239 | +€794 | +1.3% |
| Amounts payable | 17/49 | €576,063 | €584,567 | +€8,503 | +1.5% |
| Amounts payable after more than one year | 17 | €262,146 | €215,008 | -€47,138 | -18.0% |
| Financial debts | 170/4 | €262,146 | €215,008 | -€47,138 | -18.0% |
| Amounts payable within one year | 42/48 | €306,615 | €362,473 | +€55,858 | +18.2% |
| Current portion of amounts payable after more than one year | 42 | €52,747 | €47,138 | -€5,609 | -10.6% |
| Financial debts | 43 | €19,547 | €5,624 | -€13,923 | -71.2% |
| Credit institutions | 430/8 | €19,547 | €5,624 | -€13,923 | -71.2% |
| Trade debts | 44 | €186,471 | €261,064 | +€74,593 | +40.0% |
| Suppliers | 440/4 | €186,471 | €261,064 | +€74,593 | +40.0% |
| Taxes, remuneration and social security | 45 | €46,842 | €48,063 | +€1,221 | +2.6% |
| Taxes | 450/3 | €5,039 | €3,262 | -€1,777 | -35.3% |
| Remuneration and social security | 454/9 | €41,803 | €44,801 | +€2,999 | +7.2% |
| Other amounts payable | 47/48 | €1,008 | €584 | -€424 | -42.1% |
| Accrued charges and deferred income | 492/3 | €7,302 | €7,085 | -€217 | -3.0% |
| Remuneration, social security and pensions | 62 | €316,628 | €299,687 | -€16,941 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,568 | €76,668 | +€5,100 | +7.1% |
| Other operating charges | 640/8 | €168,934 | €212,569 | +€43,636 | +25.8% |
| Gross operating margin | 9900 | €485,133 | €599,618 | +€114,485 | +23.6% |
| Operating profit (loss) | 9901 | -€71,997 | €10,694 | +€82,690 | |
| Financial income | 75/76B | €548 | €632 | +€83 | +15.2% |
| Recurring financial income | 75 | €548 | €632 | +€83 | +15.2% |
| Financial charges | 65/66B | €10,189 | €10,264 | +€75 | +0.7% |
| Recurring financial charges | 65 | €10,189 | €10,264 | +€75 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | -€81,638 | €1,061 | +€82,699 | |
| Income taxes | 67/77 | - | €266 | +€266 | |
| Profit (loss) for the period | 9904 | -€81,638 | €794 | +€82,432 | |
| Profit (loss) for the period to be appropriated | 9905 | -€81,638 | €794 | +€82,432 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.