PANATHENA: 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.
PANATHENA
Largest movements
- Cash +€1.8m
up €1.8m (+102%), from €1.8m to €3.6m
mainly Net result for the year (+€1.5m) and Tax, wage and social debts (+€265,126)
- Receivables within one year -€132,036
down €132,036 (-54.6%), from €241,900 to €109,864
of which Trade receivables: -€132,941
- Reserves +€1.5m
up €1.5m (+54.6%), from €2.8m to €4.3m
of which Distributable reserves: +€1.5m
- Tax, wage and social debts +€265,126
up €265,126 (+688%), from €38,537 to €303,663
- Gross operating margin +€798,477
up €798,477 (+56.0%), from €1.4m to €2.2m
- Taxes +€241,077
up €241,077 (+51.3%), from €469,723 to €710,799
- Other operating charges +€51,425
up €51,425 (+1,889%), from €2,723 to €54,147
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 | €2,951,594 | €4,686,681 | +€1.7m | +58.8% |
| Fixed assets | 21/28 | €3,415 | €49,259 | +€45,844 | +1,342% |
| Tangible fixed assets | 22/27 | €3,415 | €49,259 | +€45,844 | +1,342% |
| Plant, machinery and equipment | 23 | €566 | €134 | -€433 | -76.4% |
| Furniture and vehicles | 24 | €2,849 | €49,125 | +€46,276 | +1,624% |
| Current assets | 29/58 | €2,948,179 | €4,637,422 | +€1.7m | +57.3% |
| Amounts receivable within one year | 40/41 | €241,900 | €109,864 | -€132,036 | -54.6% |
| Trade receivables | 40 | €211,284 | €78,343 | -€132,941 | -62.9% |
| Other amounts receivable | 41 | €30,615 | €31,521 | +€906 | +3.0% |
| Current investments | 50/53 | €942,676 | €967,634 | +€24,958 | +2.6% |
| Cash at bank and in hand | 54/58 | €1,760,235 | €3,550,814 | +€1.8m | +102% |
| Deferred charges and accrued income | 490/1 | €3,369 | €9,110 | +€5,741 | +170% |
| Total equity and liabilities | 10/49 | €2,951,594 | €4,686,681 | +€1.7m | +58.8% |
| Equity | 10/15 | €2,849,844 | €4,358,653 | +€1.5m | +52.9% |
| Contributions | 10/11 | €87,900 | €87,900 | = | 0.0% |
| Reserves | 13 | €2,761,944 | €4,270,753 | +€1.5m | +54.6% |
| Non-distributable reserves | 130/1 | €8,790 | €8,790 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,790 | €8,790 | = | 0.0% |
| Distributable reserves | 133 | €2,753,154 | €4,261,963 | +€1.5m | +54.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €101,750 | €328,028 | +€226,278 | +222% |
| Amounts payable within one year | 42/48 | €97,586 | €328,028 | +€230,442 | +236% |
| Trade debts | 44 | €54,301 | €12,823 | -€41,478 | -76.4% |
| Suppliers | 440/4 | €54,301 | €12,823 | -€41,478 | -76.4% |
| Taxes, remuneration and social security | 45 | €38,537 | €303,663 | +€265,126 | +688% |
| Taxes | 450/3 | €38,537 | €303,663 | +€265,126 | +688% |
| Other amounts payable | 47/48 | €4,748 | €11,542 | +€6,794 | +143% |
| Accrued charges and deferred income | 492/3 | €4,164 | €0 | -€4,164 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €890 | €5,206 | +€4,316 | +485% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,548 | +€2,548 | |
| Other operating charges | 640/8 | €2,723 | €54,147 | +€51,425 | +1,889% |
| Gross operating margin | 9900 | €1,424,687 | €2,223,164 | +€798,477 | +56.0% |
| Operating profit (loss) | 9901 | €1,421,075 | €2,161,263 | +€740,188 | +52.1% |
| Financial income | 75/76B | €56,709 | €59,978 | +€3,270 | +5.8% |
| Recurring financial income | 75 | €56,709 | €59,978 | +€3,270 | +5.8% |
| Financial charges | 65/66B | -€11,098 | €1,633 | +€12,731 | |
| Recurring financial charges | 65 | -€11,098 | €1,633 | +€12,731 | |
| Profit (loss) for the period before taxes | 9903 | €1,488,882 | €2,219,608 | +€730,726 | +49.1% |
| Income taxes | 67/77 | €469,723 | €710,799 | +€241,077 | +51.3% |
| Profit (loss) for the period | 9904 | €1,019,159 | €1,508,808 | +€489,649 | +48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,019,159 | €1,508,808 | +€489,649 | +48.0% |
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 16 October 2026 via checked.be.