PANTA: 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.
PANTA
Largest movements
- Current investments +€3.9m
up €3.9m (+16.6%), from €23.5m to €27.4m
- Receivables after one year +€3.6m
up €3.6m (+154.9%), from €2.4m to €6.0m
- Receivables within one year +€2.5m
up €2.5m (+293.7%), from €851,468 to €3.4m
of which Other amounts receivable: +€2.6m
- Financial fixed assets +€2.3m
up €2.3m (+7.2%), from €32.3m to €34.6m
- Profit (loss) carried forward +€16.3m
up €16.3m (+44.9%), from €36.2m to €52.5m
- Debts after one year -€2.8m
down €2.8m (-19.6%), from €14.4m to €11.6m
- Other debts -€776,177
down €776,177 (-19.1%), from €4.1m to €3.3m
- Financial income +€16.3m
up €16.3m (+1817.4%), from €894,225 to €17.1m
- Financial charges +€246,112
up €246,112 (+43.0%), from €572,728 to €818,839
- Staff costs +€30,971
up €30,971 (+10.6%), from €291,569 to €322,539
- Depreciation +€24,580
up €24,580 (+28.6%), from €86,018 to €110,598
- Other operating charges +€10,750
up €10,750 (+29.3%), from €36,634 to €47,384
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €62,927,278 | €75,788,359 | +€12.9m | +20.4% |
| Fixed assets | 21/28 | €36,211,367 | €38,508,103 | +€2.3m | +6.3% |
| Tangible fixed assets | 22/27 | €3,899,876 | €3,859,111 | -€40,765 | -1.0% |
| Land and buildings | 22 | €3,850,348 | €3,764,066 | -€86,282 | -2.2% |
| Other tangible fixed assets | 26 | €49,528 | €95,045 | +€45,517 | +91.9% |
| Financial fixed assets | 28 | €32,311,491 | €34,648,991 | +€2.3m | +7.2% |
| Current assets | 29/58 | €26,715,910 | €37,280,257 | +€10.6m | +39.5% |
| Amounts receivable after more than one year | 29 | €2,352,418 | €5,995,340 | +€3.6m | +154.9% |
| Other amounts receivable | 291 | €2,352,418 | €5,995,340 | +€3.6m | +154.9% |
| Amounts receivable within one year | 40/41 | €851,468 | €3,352,592 | +€2.5m | +293.7% |
| Trade receivables | 40 | €151,612 | €8,872 | -€142,739 | -94.1% |
| Other amounts receivable | 41 | €699,856 | €3,343,719 | +€2.6m | +377.8% |
| Current investments | 50/53 | €23,482,280 | €27,370,196 | +€3.9m | +16.6% |
| Cash at bank and in hand | 54/58 | €27,114 | €560,544 | +€533,430 | +1967.4% |
| Deferred charges and accrued income | 490/1 | €2,632 | €1,585 | -€1,047 | -39.8% |
| Total equity and liabilities | 10/49 | €62,927,278 | €75,788,359 | +€12.9m | +20.4% |
| Equity | 10/15 | €44,306,382 | €60,737,780 | +€16.4m | +37.1% |
| Contributions | 10/11 | €7,810,956 | €7,810,956 | = | 0.0% |
| Reserves | 13 | €250,495 | €418,895 | +€168,400 | +67.2% |
| Tax-exempt reserves | 132 | €250,495 | €418,895 | +€168,400 | +67.2% |
| Profit (loss) carried forward | 14 | €36,244,932 | €52,507,929 | +€16.3m | +44.9% |
| Amounts payable | 17/49 | €18,620,895 | €15,050,580 | -€3.6m | -19.2% |
| Amounts payable after more than one year | 17 | €14,448,191 | €11,623,490 | -€2.8m | -19.6% |
| Other amounts payable | 178/9 | €14,448,191 | €11,623,490 | -€2.8m | -19.6% |
| Amounts payable within one year | 42/48 | €4,171,743 | €3,426,208 | -€745,535 | -17.9% |
| Trade debts | 44 | €51,891 | €78,490 | +€26,600 | +51.3% |
| Suppliers | 440/4 | €51,891 | €78,490 | +€26,600 | +51.3% |
| Taxes, remuneration and social security | 45 | €54,768 | €58,811 | +€4,042 | +7.4% |
| Taxes | 450/3 | €52 | €78 | +€26 | +50.0% |
| Remuneration and social security | 454/9 | €54,716 | €58,733 | +€4,017 | +7.3% |
| Other amounts payable | 47/48 | €4,065,084 | €3,288,907 | -€776,177 | -19.1% |
| Accrued charges and deferred income | 492/3 | €961 | €881 | -€80 | -8.3% |
| Remuneration, social security and pensions | 62 | €291,569 | €322,539 | +€30,971 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,018 | €110,598 | +€24,580 | +28.6% |
| Other operating charges | 640/8 | €36,634 | €47,384 | +€10,750 | +29.3% |
| Gross operating margin | 9900 | €680,101 | €676,353 | -€3,747 | -0.6% |
| Operating profit (loss) | 9901 | €265,880 | €195,833 | -€70,047 | -26.3% |
| Financial income | 75/76B | €894,225 | €17,145,616 | +€16.3m | +1817.4% |
| Recurring financial income | 75 | €894,225 | €17,145,616 | +€16.3m | +1817.4% |
| Financial charges | 65/66B | €572,728 | €818,839 | +€246,112 | +43.0% |
| Recurring financial charges | 65 | €572,728 | €818,839 | +€246,112 | +43.0% |
| Profit (loss) for the period before taxes | 9903 | €587,377 | €16,522,609 | +€15.9m | +2712.9% |
| Income taxes | 67/77 | €81,344 | €91,212 | +€9,867 | +12.1% |
| Profit (loss) for the period | 9904 | €506,033 | €16,431,397 | +€15.9m | +3147.1% |
| Transfer to tax-exempt reserves | 689 | €189,450 | €168,400 | -€21,050 | -11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €316,583 | €16,262,997 | +€15.9m | +5037.0% |
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 7 October 2026 via checked.be.