Panter: 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.
Panter
Largest movements
- Receivables within one year +€121,560
up €121,560 (+88.5%), from €137,430 to €258,990
of which Other amounts receivable: +€95,761
- Current investments +€53,655
new in 2025: €53,655
- Cash -€21,887
down €21,887 (-6.8%), from €321,323 to €299,435
mainly Receivables within one year (-€121,560) and Current investments (-€53,655)
- Reserves +€158,730
up €158,730 (+38.2%), from €415,099 to €573,829
- Staff costs -€24,965
down €24,965 (-49.2%), from €50,707 to €25,742
- Gross operating margin -€14,733
down €14,733 (-5.8%), from €253,130 to €238,396
- Taxes -€12,928
down €12,928 (-20.9%), from €62,000 to €49,072
- Financial income +€4,184
up €4,184 (+123%), from €3,397 to €7,581
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 | €482,705 | €632,053 | +€149,348 | +30.9% |
| Fixed assets | 21/28 | €23,058 | €19,546 | -€3,512 | -15.2% |
| Tangible fixed assets | 22/27 | €23,058 | €19,546 | -€3,512 | -15.2% |
| Furniture and vehicles | 24 | €4,274 | €7,304 | +€3,030 | +70.9% |
| Leasing and similar rights | 25 | €13,649 | €7,265 | -€6,384 | -46.8% |
| Other tangible fixed assets | 26 | €5,136 | €4,977 | -€158 | -3.1% |
| Current assets | 29/58 | €459,647 | €612,506 | +€152,859 | +33.3% |
| Amounts receivable within one year | 40/41 | €137,430 | €258,990 | +€121,560 | +88.5% |
| Trade receivables | 40 | €57,444 | €83,244 | +€25,800 | +44.9% |
| Other amounts receivable | 41 | €79,986 | €175,746 | +€95,761 | +120% |
| Current investments | 50/53 | - | €53,655 | +€53,655 | |
| Cash at bank and in hand | 54/58 | €321,323 | €299,435 | -€21,887 | -6.8% |
| Deferred charges and accrued income | 490/1 | €894 | €425 | -€469 | -52.4% |
| Total equity and liabilities | 10/49 | €482,705 | €632,053 | +€149,348 | +30.9% |
| Equity | 10/15 | €415,599 | €574,329 | +€158,730 | +38.2% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €415,099 | €573,829 | +€158,730 | +38.2% |
| Distributable reserves | 133 | €415,099 | €573,829 | +€158,730 | +38.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €67,106 | €57,724 | -€9,382 | -14.0% |
| Amounts payable after more than one year | 17 | €6,214 | €1,263 | -€4,951 | -79.7% |
| Financial debts | 170/4 | €6,214 | €1,263 | -€4,951 | -79.7% |
| Amounts payable within one year | 42/48 | €60,892 | €56,461 | -€4,431 | -7.3% |
| Current portion of amounts payable after more than one year | 42 | €4,793 | €4,951 | +€157 | +3.3% |
| Trade debts | 44 | €29,598 | €28,256 | -€1,342 | -4.5% |
| Suppliers | 440/4 | €29,598 | €28,256 | -€1,342 | -4.5% |
| Taxes, remuneration and social security | 45 | €26,501 | €23,254 | -€3,247 | -12.3% |
| Taxes | 450/3 | €26,501 | €23,254 | -€3,247 | -12.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €50,707 | €25,742 | -€24,965 | -49.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,741 | €8,913 | +€172 | +2.0% |
| Other operating charges | 640/8 | €682 | €1,329 | +€647 | +94.8% |
| Gross operating margin | 9900 | €253,130 | €238,396 | -€14,733 | -5.8% |
| Operating profit (loss) | 9901 | €192,999 | €202,412 | +€9,413 | +4.9% |
| Financial income | 75/76B | €3,397 | €7,581 | +€4,184 | +123% |
| Recurring financial income | 75 | €3,397 | €7,581 | +€4,184 | +123% |
| Financial charges | 65/66B | €861 | €2,191 | +€1,330 | +154% |
| Recurring financial charges | 65 | €861 | €2,191 | +€1,330 | +154% |
| Profit (loss) for the period before taxes | 9903 | €195,535 | €207,802 | +€12,267 | +6.3% |
| Income taxes | 67/77 | €62,000 | €49,072 | -€12,928 | -20.9% |
| Profit (loss) for the period | 9904 | €133,535 | €158,730 | +€25,194 | +18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €133,535 | €158,730 | +€25,194 | +18.9% |
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 13 October 2026 via checked.be.