PANTA RE: 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.
PANTA RE
Largest movements
- Tangible fixed assets -€41,658
down €41,658 (-4.4%), from €951,956 to €910,299
of which Land and buildings: -€26,059
- Financial fixed assets +€35,950
up €35,950 (+27.3%), from €131,854 to €167,804
- Reserves +€59,761
up €59,761 (+22.3%), from €267,688 to €327,449
of which Distributable reserves: +€59,761
- Debts after one year -€57,958
down €57,958 (-7.1%), from €821,419 to €763,460
of which Financial debts: -€64,536
- Financial charges -€111,724
down €111,724 (-79.5%), from €140,597 to €28,873
of which Non-recurring financial charges: -€110,126
- Gross operating margin +€7,914
up €7,914 (+5.0%), from €157,495 to €165,409
- Other operating charges -€5,957
down €5,957 (-38.5%), from €15,452 to €9,495
- Taxes +€2,584
up €2,584 (+18.7%), from €13,831 to €16,415
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 | €1,200,187 | €1,198,159 | -€2,028 | -0.2% |
| Fixed assets | 21/28 | €1,083,810 | €1,078,103 | -€5,707 | -0.5% |
| Tangible fixed assets | 22/27 | €951,956 | €910,299 | -€41,658 | -4.4% |
| Land and buildings | 22 | €881,995 | €855,935 | -€26,059 | -3.0% |
| Plant, machinery and equipment | 23 | €6,083 | €5,031 | -€1,052 | -17.3% |
| Furniture and vehicles | 24 | €886 | €2,554 | +€1,668 | +188% |
| Leasing and similar rights | 25 | €62,993 | €46,778 | -€16,215 | -25.7% |
| Financial fixed assets | 28 | €131,854 | €167,804 | +€35,950 | +27.3% |
| Current assets | 29/58 | €116,377 | €120,056 | +€3,680 | +3.2% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €26,540 | €23,770 | -€2,769 | -10.4% |
| Trade receivables | 40 | €23,871 | €23,185 | -€686 | -2.9% |
| Other amounts receivable | 41 | €2,669 | €585 | -€2,084 | -78.1% |
| Cash at bank and in hand | 54/58 | €85,510 | €90,818 | +€5,309 | +6.2% |
| Deferred charges and accrued income | 490/1 | €4,327 | €5,467 | +€1,140 | +26.3% |
| Total equity and liabilities | 10/49 | €1,200,187 | €1,198,159 | -€2,028 | -0.2% |
| Equity | 10/15 | €286,288 | €346,049 | +€59,761 | +20.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €267,688 | €327,449 | +€59,761 | +22.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €267,688 | €327,449 | +€59,761 | +22.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €913,899 | €852,110 | -€61,789 | -6.8% |
| Amounts payable after more than one year | 17 | €821,419 | €763,460 | -€57,958 | -7.1% |
| Financial debts | 170/4 | €677,133 | €612,598 | -€64,536 | -9.5% |
| Other amounts payable | 178/9 | €144,286 | €150,863 | +€6,577 | +4.6% |
| Amounts payable within one year | 42/48 | €92,377 | €88,542 | -€3,835 | -4.2% |
| Current portion of amounts payable after more than one year | 42 | €63,321 | €64,536 | +€1,215 | +1.9% |
| Trade debts | 44 | €7,322 | €5,489 | -€1,832 | -25.0% |
| Suppliers | 440/4 | €7,322 | €5,489 | -€1,832 | -25.0% |
| Taxes, remuneration and social security | 45 | €10,707 | €7,519 | -€3,188 | -29.8% |
| Taxes | 450/3 | €10,707 | €7,519 | -€3,188 | -29.8% |
| Other amounts payable | 47/48 | €11,028 | €10,998 | -€30 | -0.3% |
| Accrued charges and deferred income | 492/3 | €103 | €107 | +€4 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,981 | €50,865 | -€117 | -0.2% |
| Other operating charges | 640/8 | €15,452 | €9,495 | -€5,957 | -38.5% |
| Gross operating margin | 9900 | €157,495 | €165,409 | +€7,914 | +5.0% |
| Operating profit (loss) | 9901 | €91,062 | €105,049 | +€13,988 | +15.4% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €140,597 | €28,873 | -€111,724 | -79.5% |
| Recurring financial charges | 65 | €30,471 | €28,873 | -€1,598 | -5.2% |
| Non-recurring financial charges | 66B | €110,126 | €0 | -€110,126 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€49,536 | €76,176 | +€125,712 | |
| Income taxes | 67/77 | €13,831 | €16,415 | +€2,584 | +18.7% |
| Profit (loss) for the period | 9904 | -€63,367 | €59,761 | +€123,128 | |
| Profit (loss) for the period to be appropriated | 9905 | -€63,367 | €59,761 | +€123,128 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.