Panta Rhei: 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 Rhei
Largest movements
- Receivables within one year +€35,547
up €35,547 (+39.8%), from €89,238 to €124,785
of which Other amounts receivable: +€34,285
- Cash +€24,514
up €24,514 (+273%), from €8,987 to €33,501
mainly Net result for the year (+€59,259) and Tax, wage and social debts (+€5,103)
- Reserves +€59,259
up €59,259 (+80.7%), from €73,404 to €132,663
- Tax, wage and social debts +€5,103
up €5,103 (+25.7%), from €19,854 to €24,957
- Other debts -€3,886
no longer reported in 2025 (was €3,886)
- Gross operating margin +€17,638
up €17,638 (+29.3%), from €60,294 to €77,932
- Taxes +€4,417
up €4,417 (+37.5%), from €11,770 to €16,187
- Financial charges -€1,345
down €1,345 (-46.0%), from €2,923 to €1,578
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 | €99,530 | €159,755 | +€60,225 | +60.5% |
| Current assets | 29/58 | €99,530 | €159,755 | +€60,225 | +60.5% |
| Amounts receivable within one year | 40/41 | €89,238 | €124,785 | +€35,547 | +39.8% |
| Trade receivables | 40 | €89,238 | €90,500 | +€1,263 | +1.4% |
| Other amounts receivable | 41 | - | €34,285 | +€34,285 | |
| Cash at bank and in hand | 54/58 | €8,987 | €33,501 | +€24,514 | +273% |
| Deferred charges and accrued income | 490/1 | €1,306 | €1,469 | +€164 | +12.5% |
| Total equity and liabilities | 10/49 | €99,530 | €159,755 | +€60,225 | +60.5% |
| Equity | 10/15 | €74,404 | €133,663 | +€59,259 | +79.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €73,404 | €132,663 | +€59,259 | +80.7% |
| Distributable reserves | 133 | €73,404 | €132,663 | +€59,259 | +80.7% |
| Amounts payable | 17/49 | €25,127 | €26,092 | +€965 | +3.8% |
| Amounts payable within one year | 42/48 | €25,127 | €26,092 | +€965 | +3.8% |
| Financial debts | 43 | - | €6 | +€6 | |
| Credit institutions | 430/8 | - | €6 | +€6 | |
| Trade debts | 44 | €1,387 | €1,129 | -€258 | -18.6% |
| Suppliers | 440/4 | €1,387 | €1,129 | -€258 | -18.6% |
| Taxes, remuneration and social security | 45 | €19,854 | €24,957 | +€5,103 | +25.7% |
| Taxes | 450/3 | €19,854 | €24,957 | +€5,103 | +25.7% |
| Other amounts payable | 47/48 | €3,886 | - | -€3,886 | |
| Other operating charges | 640/8 | €162 | €907 | +€746 | +462% |
| Gross operating margin | 9900 | €60,294 | €77,932 | +€17,638 | +29.3% |
| Operating profit (loss) | 9901 | €60,133 | €77,024 | +€16,892 | +28.1% |
| Financial charges | 65/66B | €2,923 | €1,578 | -€1,345 | -46.0% |
| Recurring financial charges | 65 | €2,923 | €1,578 | -€1,345 | -46.0% |
| Profit (loss) for the period before taxes | 9903 | €57,210 | €75,447 | +€18,236 | +31.9% |
| Income taxes | 67/77 | €11,770 | €16,187 | +€4,417 | +37.5% |
| Profit (loss) for the period | 9904 | €45,440 | €59,259 | +€13,819 | +30.4% |
| Profit (loss) for the period to be appropriated | 9905 | €45,440 | €59,259 | +€13,819 | +30.4% |
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 31 October 2026 via checked.be.