PANTELCO: 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.
PANTELCO
Largest movements
- Receivables within one year -€19,463
down €19,463 (-71.0%), from €27,412 to €7,948
of which Other amounts receivable: -€12,361
- Cash -€9,789
down €9,789 (-29.9%), from €32,784 to €22,994
mainly Other debts (-€31,914) and Net result for the year (-€3,018)
- Tangible fixed assets -€1,443
down €1,443 (-30.8%), from €4,687 to €3,245
of which Furniture and vehicles: -€3,448
- Other debts -€31,914
down €31,914 (-87.4%), from €36,497 to €4,583
- Profit (loss) carried forward -€3,018
down €3,018 (-25.0%), from -€12,091 to -€15,109
- Short-term financial debts +€2,949
new in 2025: €2,949
- Contributions +€1,231
up €1,231 (+19.9%), from €6,200 to €7,431
- Reserves -€1,231
down €1,231 (-4.2%), from €29,231 to €28,000
of which Non-distributable reserves: -€1,231
- Gross operating margin -€7,820
down €7,820 (-57.2%), from €13,665 to €5,845
- Staff costs -€3,934
no longer reported in 2025 (was €3,934)
- Taxes +€2,237
up €2,237 (+221%), from €1,010 to €3,247
- Other operating charges +€1,248
up €1,248 (+266%), from €469 to €1,717
- Depreciation +€161
up €161 (+4.7%), from €3,433 to €3,594
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 | €65,133 | €34,847 | -€30,285 | -46.5% |
| Fixed assets | 21/28 | €4,937 | €3,495 | -€1,443 | -29.2% |
| Tangible fixed assets | 22/27 | €4,687 | €3,245 | -€1,443 | -30.8% |
| Plant, machinery and equipment | 23 | - | €2,006 | +€2,006 | |
| Furniture and vehicles | 24 | €4,687 | €1,239 | -€3,448 | -73.6% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €60,195 | €31,353 | -€28,843 | -47.9% |
| Amounts receivable within one year | 40/41 | €27,412 | €7,948 | -€19,463 | -71.0% |
| Trade receivables | 40 | €14,623 | €7,521 | -€7,102 | -48.6% |
| Other amounts receivable | 41 | €12,789 | €428 | -€12,361 | -96.7% |
| Cash at bank and in hand | 54/58 | €32,784 | €22,994 | -€9,789 | -29.9% |
| Deferred charges and accrued income | 490/1 | - | €410 | +€410 | |
| Total equity and liabilities | 10/49 | €65,133 | €34,847 | -€30,285 | -46.5% |
| Equity | 10/15 | €23,340 | €20,323 | -€3,018 | -12.9% |
| Contributions | 10/11 | €6,200 | €7,431 | +€1,231 | +19.9% |
| Capital | 10 | €6,200 | - | -€6,200 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €29,231 | €28,000 | -€1,231 | -4.2% |
| Non-distributable reserves | 130/1 | €1,231 | - | -€1,231 | |
| Legal reserve | 130 | €1,231 | - | -€1,231 | |
| Distributable reserves | 133 | €28,000 | €28,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,091 | -€15,109 | -€3,018 | -25.0% |
| Amounts payable | 17/49 | €41,793 | €14,525 | -€27,268 | -65.2% |
| Amounts payable within one year | 42/48 | €41,793 | €14,525 | -€27,268 | -65.2% |
| Financial debts | 43 | - | €2,949 | +€2,949 | |
| Credit institutions | 430/8 | - | €2,949 | +€2,949 | |
| Trade debts | 44 | €3,523 | €4,625 | +€1,102 | +31.3% |
| Suppliers | 440/4 | €3,523 | €4,625 | +€1,102 | +31.3% |
| Taxes, remuneration and social security | 45 | €1,772 | €2,368 | +€596 | +33.6% |
| Taxes | 450/3 | €1,772 | €968 | -€804 | -45.4% |
| Remuneration and social security | 454/9 | - | €1,400 | +€1,400 | |
| Other amounts payable | 47/48 | €36,497 | €4,583 | -€31,914 | -87.4% |
| Non-recurring operating income | 76A | €2,384 | €0 | -€2,384 | -100% |
| Remuneration, social security and pensions | 62 | €3,934 | - | -€3,934 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,433 | €3,594 | +€161 | +4.7% |
| Other operating charges | 640/8 | €469 | €1,717 | +€1,248 | +266% |
| Gross operating margin | 9900 | €13,665 | €5,845 | -€7,820 | -57.2% |
| Operating profit (loss) | 9901 | €5,829 | €534 | -€5,295 | -90.8% |
| Financial income | 75/76B | €7 | €0 | -€7 | -100% |
| Recurring financial income | 75 | €7 | €0 | -€7 | -100% |
| Financial charges | 65/66B | €223 | €305 | +€81 | +36.4% |
| Recurring financial charges | 65 | €223 | €305 | +€81 | +36.4% |
| Profit (loss) for the period before taxes | 9903 | €5,613 | €229 | -€5,383 | -95.9% |
| Income taxes | 67/77 | €1,010 | €3,247 | +€2,237 | +221% |
| Profit (loss) for the period | 9904 | €4,603 | -€3,018 | -€7,620 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,603 | -€3,018 | -€7,620 |
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 14 October 2026 via checked.be.