Panta Rhei: what changed
What changed
Panta Rhei
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€38,471
2024 · €38,303+€168
Equity
€235,728
2024 · €234,597+€1,131
Cash
€221,667
2024 · €36,776+€184,891
Balance sheet total
€240,677
2024 · €242,377-€1,699
Largest movements
Assets
- Current investments -€190,000
no longer reported in 2025 (was €190,000)
- Cash +€184,891
up €184,891 (+503%), from €36,776 to €221,667
mainly Current investments (+€190,000) and Net result for the year (+€38,471)
- Tangible fixed assets +€3,471
up €3,471 (+146%), from €2,382 to €5,853
of which Furniture and vehicles: +€4,034
Equity and liabilities
- Tax, wage and social debts -€2,659
down €2,659 (-54.6%), from €4,872 to €2,212
of which Remuneration and social security: -€2,505
Income statement
- Gross operating margin +€3,737
up €3,737 (+8.3%), from €45,214 to €48,951
- Financial income -€3,519
down €3,519 (-58.6%), from €6,000 to €2,481
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€38,303
Gross operating margin
+€3,737
Depreciation
-€293
Other operating charges
+€40
Financial income
-€3,519
Financial charges
-€39
Taxes
+€241
Result 2025
€38,471
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€36,840
Investment
+€185,392
Financing
-€37,340
Cash 2024
€36,776
From operations (derived)
+€36,840
Net result for the year
+€38,471
Depreciation
+€1,137
Receivables within one year
+€969
Deferred charges and accrued income
-€908
Smaller working-capital items
-€171
Tax, wage and social debts
-€2,659
Investment (derived)
+€185,392
Investment in fixed assets (net)
-€4,608
Current investments
+€190,000
Financing
-€37,340
Contributions, distributions and other
-€37,340
Cash 2025
€221,667
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €242,377 | €240,677 | -€1,699 | -0.7% |
| Fixed assets | 21/28 | €2,382 | €5,853 | +€3,471 | +146% |
| Tangible fixed assets | 22/27 | €2,382 | €5,853 | +€3,471 | +146% |
| Plant, machinery and equipment | 23 | €1,869 | €1,306 | -€563 | -30.1% |
| Furniture and vehicles | 24 | €512 | €4,547 | +€4,034 | +787% |
| Current assets | 29/58 | €239,995 | €234,825 | -€5,170 | -2.2% |
| Amounts receivable within one year | 40/41 | €10,122 | €9,153 | -€969 | -9.6% |
| Other amounts receivable | 41 | €10,122 | €9,153 | -€969 | -9.6% |
| Current investments | 50/53 | €190,000 | - | -€190,000 | |
| Cash at bank and in hand | 54/58 | €36,776 | €221,667 | +€184,891 | +503% |
| Deferred charges and accrued income | 490/1 | €3,097 | €4,005 | +€908 | +29.3% |
| Total equity and liabilities | 10/49 | €242,377 | €240,677 | -€1,699 | -0.7% |
| Equity | 10/15 | €234,597 | €235,728 | +€1,131 | +0.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €228,397 | €229,528 | +€1,131 | +0.5% |
| Distributable reserves | 133 | €228,397 | €229,528 | +€1,131 | +0.5% |
| Amounts payable | 17/49 | €7,779 | €4,950 | -€2,830 | -36.4% |
| Amounts payable within one year | 42/48 | €7,779 | €4,950 | -€2,830 | -36.4% |
| Trade debts | 44 | €2,908 | €2,678 | -€229 | -7.9% |
| Suppliers | 440/4 | €2,908 | €2,678 | -€229 | -7.9% |
| Taxes, remuneration and social security | 45 | €4,872 | €2,212 | -€2,659 | -54.6% |
| Taxes | 450/3 | €2,367 | €2,212 | -€154 | -6.5% |
| Remuneration and social security | 454/9 | €2,505 | - | -€2,505 | |
| Other amounts payable | 47/48 | - | €59 | +€59 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €845 | €1,137 | +€293 | +34.6% |
| Other operating charges | 640/8 | €995 | €955 | -€40 | -4.0% |
| Gross operating margin | 9900 | €45,214 | €48,951 | +€3,737 | +8.3% |
| Operating profit (loss) | 9901 | €43,374 | €46,859 | +€3,485 | +8.0% |
| Financial income | 75/76B | €6,000 | €2,481 | -€3,519 | -58.6% |
| Recurring financial income | 75 | €6,000 | €2,481 | -€3,519 | -58.6% |
| Financial charges | 65/66B | €254 | €293 | +€39 | +15.4% |
| Recurring financial charges | 65 | €254 | €293 | +€39 | +15.4% |
| Profit (loss) for the period before taxes | 9903 | €49,121 | €49,047 | -€73 | -0.1% |
| Income taxes | 67/77 | €10,818 | €10,577 | -€241 | -2.2% |
| Profit (loss) for the period | 9904 | €38,303 | €38,471 | +€168 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €38,303 | €38,471 | +€168 | +0.4% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.