PANTARHEI: 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.
PANTARHEI
Largest movements
- Tangible fixed assets -€159,568
down €159,568 (-5.2%), from €3.0m to €2.9m
of which Land and buildings: -€165,986
- Cash -€50,541
down €50,541 (-52.5%), from €96,244 to €45,703
mainly Net result for the year (-€106,072) and Debts after one year (-€82,120)
- Debts after one year -€82,120
down €82,120 (-3.1%), from €2.7m to €2.6m
of which Financial debts: -€46,720
- Reserves -€75,759
down €75,759 (-8.7%), from €875,532 to €799,773
of which Tax-exempt reserves: -€75,759
- Provisions -€39,010
down €39,010 (-20.1%), from €193,919 to €154,909
- Trade debts +€35,980
up €35,980 (+406.0%), from €8,862 to €44,842
- Provisions +€203,609
up €203,609, from -€203,609 to €0
- Gross operating margin -€70,443
down €70,443 (-31.7%), from €221,963 to €151,521
- Taxes -€30,328
down €30,328 (-94.2%), from €32,187 to €1,859
- Financial income +€6,321
up €6,321 (+783.4%), from €807 to €7,128
- Financial charges +€3,373
up €3,373 (+5.8%), from €57,833 to €61,206
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 | €3,200,775 | €3,015,929 | -€184,845 | -5.8% |
| Fixed assets | 21/28 | €3,045,826 | €2,885,136 | -€160,690 | -5.3% |
| Intangible fixed assets | 21 | €1,675 | €553 | -€1,122 | -67.0% |
| Tangible fixed assets | 22/27 | €3,044,151 | €2,884,583 | -€159,568 | -5.2% |
| Land and buildings | 22 | €3,027,156 | €2,861,170 | -€165,986 | -5.5% |
| Plant, machinery and equipment | 23 | €2,966 | €7,800 | +€4,834 | +163.0% |
| Furniture and vehicles | 24 | €14,029 | €15,613 | +€1,584 | +11.3% |
| Current assets | 29/58 | €154,948 | €130,793 | -€24,156 | -15.6% |
| Amounts receivable within one year | 40/41 | €55,761 | €82,498 | +€26,737 | +47.9% |
| Trade receivables | 40 | €35,592 | €57,695 | +€22,103 | +62.1% |
| Other amounts receivable | 41 | €20,169 | €24,803 | +€4,633 | +23.0% |
| Cash at bank and in hand | 54/58 | €96,244 | €45,703 | -€50,541 | -52.5% |
| Deferred charges and accrued income | 490/1 | €2,943 | €2,592 | -€351 | -11.9% |
| Total equity and liabilities | 10/49 | €3,200,775 | €3,015,929 | -€184,845 | -5.8% |
| Equity | 10/15 | €223,461 | €117,389 | -€106,072 | -47.5% |
| Contributions | 10/11 | €548,300 | €548,300 | = | 0.0% |
| Revaluation surpluses | 12 | €1,348,036 | €1,348,036 | = | 0.0% |
| Reserves | 13 | €875,532 | €799,773 | -€75,759 | -8.7% |
| Non-distributable reserves | 130/1 | €21,000 | €21,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €21,000 | €21,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €549,432 | €473,673 | -€75,759 | -13.8% |
| Distributable reserves | 133 | €305,100 | €305,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,548,407 | -€2,578,720 | -€30,313 | -1.2% |
| Provisions and deferred taxes | 16 | €193,919 | €154,909 | -€39,010 | -20.1% |
| Deferred taxes | 168 | €193,919 | €154,909 | -€39,010 | -20.1% |
| Amounts payable | 17/49 | €2,783,395 | €2,743,632 | -€39,763 | -1.4% |
| Amounts payable after more than one year | 17 | €2,661,591 | €2,579,472 | -€82,120 | -3.1% |
| Financial debts | 170/4 | €1,570,720 | €1,524,000 | -€46,720 | -3.0% |
| Other amounts payable | 178/9 | €1,090,872 | €1,055,472 | -€35,400 | -3.2% |
| Amounts payable within one year | 42/48 | €121,804 | €164,160 | +€42,356 | +34.8% |
| Current portion of amounts payable after more than one year | 42 | €46,383 | €46,720 | +€337 | +0.7% |
| Trade debts | 44 | €8,862 | €44,842 | +€35,980 | +406.0% |
| Suppliers | 440/4 | €8,862 | €44,842 | +€35,980 | +406.0% |
| Taxes, remuneration and social security | 45 | €55,669 | €44,926 | -€10,744 | -19.3% |
| Taxes | 450/3 | €53,044 | €42,183 | -€10,861 | -20.5% |
| Remuneration and social security | 454/9 | €2,625 | €2,743 | +€118 | +4.5% |
| Other amounts payable | 47/48 | €10,889 | €27,673 | +€16,784 | +154.1% |
| Remuneration, social security and pensions | 62 | €34,602 | €36,327 | +€1,725 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185,750 | €185,382 | -€367 | -0.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€203,609 | €0 | +€203,609 | |
| Other operating charges | 640/8 | €19,203 | €18,956 | -€247 | -1.3% |
| Gross operating margin | 9900 | €221,963 | €151,521 | -€70,443 | -31.7% |
| Operating profit (loss) | 9901 | €186,017 | -€89,145 | -€275,162 | |
| Financial income | 75/76B | €807 | €7,128 | +€6,321 | +783.4% |
| Recurring financial income | 75 | €807 | €7,128 | +€6,321 | +783.4% |
| Financial charges | 65/66B | €57,833 | €61,206 | +€3,373 | +5.8% |
| Recurring financial charges | 65 | €57,833 | €61,206 | +€3,373 | +5.8% |
| Profit (loss) for the period before taxes | 9903 | €128,992 | -€143,223 | -€272,215 | |
| Transfer from deferred taxes | 780 | €37,307 | €39,010 | +€1,703 | +4.6% |
| Income taxes | 67/77 | €32,187 | €1,859 | -€30,328 | -94.2% |
| Profit (loss) for the period | 9904 | €134,112 | -€106,072 | -€240,184 | |
| Transfer from tax-exempt reserves | 789 | €72,451 | €75,759 | +€3,308 | +4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €206,563 | -€30,313 | -€236,876 |
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 9 October 2026 via checked.be.