PanTera: what changed
Two fiscal 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.
What changed
PanTera
NACE 74.999, Other professional, scientific and technical activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€3.9m
2024 · -€8.6m+€4.7m
Equity
€108.8m
2024 · €81.0m+€27.8m
Cash
€34.1m
2024 · €24.5m+€9.6m
Balance sheet total
€115.8m
2024 · €85.9m+€29.8m
Largest movements
Assets
- Tangible fixed assets +€17.4m
up €17.4m (+36.8%), from €47.1m to €64.5m
of which Assets under construction and advance payments: +€13.6m
- Cash +€9.6m
up €9.6m (+39.2%), from €24.5m to €34.1m
mainly Contributions, distributions and other (+€31.7m) and Depreciation (+€2.0m)
- Receivables within one year +€2.3m
up €2.3m (+207.8%), from €1.1m to €3.4m
of which Trade receivables: +€2.2m
Equity and liabilities
- Contributions +€31.7m
up €31.7m (+35.0%), from €90.7m to €122.5m
of which Outside capital: +€23.7m
- Profit (loss) carried forward -€3.9m
down €3.9m (-40.1%), from -€9.7m to -€13.6m
Income statement
- Turnover +€11.7m
up €11.7m (+731.4%), from €1.6m to €13.3m
- Goods and materials +€6.3m
up €6.3m (+989.5%), from €635,964 to €6.9m
of which Purchases: +€6.2m
- Financial charges -€3.2m
down €3.2m (-88.7%), from €3.6m to €403,910
of which Non-recurring financial charges: -€2.9m
- Staff costs +€1.7m
up €1.7m (+105.1%), from €1.6m to €3.3m
- Depreciation +€821,369
up €821,369 (+67.6%), from €1.2m to €2.0m
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.
Result 2024
-€8.6m
Turnover
+€11.7m
Other operating income
+€4,207
Goods and materials
-€6.3m
Services and other goods
-€419,272
Staff costs
-€1.7m
Depreciation
-€821,369
Other operating charges
-€9,121
Other operating items
-€1.0m
Financial income
+€140,574
Financial charges
+€3.2m
Taxes
+€1,183
Result 2025
-€3.9m
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.
From operations
-€2.3m
Investment
-€19.9m
Financing
+€31.7m
Cash 2024
€24.5m
From operations (derived)
-€2.3m
Net result for the year
-€3.9m
Depreciation
+€2.0m
Smaller working-capital items
-€51,760
Receivables within one year
-€2.3m
Trade debts
+€1.0m
Tax, wage and social debts
+€502,674
Accrued charges and deferred income
+€446,769
Investment (derived)
-€19.9m
Investment in fixed assets (net)
-€19.9m
Financing
+€31.7m
Contributions, distributions and other
+€31.7m
Cash 2025
€34.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €85,941,557 | €115,763,445 | +€29.8m | +34.7% |
| Formation expenses | 20 | €54,693 | €41,282 | -€13,411 | -24.5% |
| Fixed assets | 21/28 | €60,203,099 | €78,075,365 | +€17.9m | +29.7% |
| Intangible fixed assets | 21 | €13,081,555 | €13,602,311 | +€520,756 | +4.0% |
| Tangible fixed assets | 22/27 | €47,116,437 | €64,470,201 | +€17.4m | +36.8% |
| Land and buildings | 22 | €1,996,398 | €3,101,882 | +€1.1m | +55.4% |
| Plant, machinery and equipment | 23 | - | €2,494,838 | +€2.5m | |
| Furniture and vehicles | 24 | €48,817 | €179,102 | +€130,285 | +266.9% |
| Other tangible fixed assets | 26 | €22,400,000 | €22,400,000 | = | 0.0% |
| Assets under construction and advance payments | 27 | €22,671,221 | €36,294,378 | +€13.6m | +60.1% |
| Financial fixed assets | 28 | €5,108 | €2,853 | -€2,255 | -44.1% |
| Other financial fixed assets | 284/8 | €5,108 | €2,853 | -€2,255 | -44.1% |
| Amounts receivable and cash guarantees | 285/8 | €5,108 | €2,853 | -€2,255 | -44.1% |
| Current assets | 29/58 | €25,683,765 | €37,646,798 | +€12.0m | +46.6% |
| Stocks and contracts in progress | 3 | €40,102 | €19,454 | -€20,648 | -51.5% |
| Stocks | 30/36 | €40,102 | €19,454 | -€20,648 | -51.5% |
| Raw materials and consumables | 30/31 | €40,102 | €19,454 | -€20,648 | -51.5% |
| Amounts receivable within one year | 40/41 | €1,115,187 | €3,432,468 | +€2.3m | +207.8% |
| Trade receivables | 40 | €539,696 | €2,707,846 | +€2.2m | +401.7% |
| Other amounts receivable | 41 | €575,491 | €724,622 | +€149,131 | +25.9% |
| Cash at bank and in hand | 54/58 | €24,456,235 | €34,050,228 | +€9.6m | +39.2% |
| Deferred charges and accrued income | 490/1 | €72,240 | €144,648 | +€72,408 | +100.2% |
| Total equity and liabilities | 10/49 | €85,941,557 | €115,763,445 | +€29.8m | +34.7% |
| Equity | 10/15 | €80,966,944 | €108,809,235 | +€27.8m | +34.4% |
| Contributions | 10/11 | €90,703,573 | €122,452,300 | +€31.7m | +35.0% |
| Capital | 10 | €56,730,000 | €64,730,000 | +€8.0m | +14.1% |
| Issued capital | 100 | €56,730,000 | €64,730,000 | +€8.0m | +14.1% |
| Outside capital | 11 | €33,973,573 | €57,722,300 | +€23.7m | +69.9% |
| Share premium | 1100/10 | €33,973,573 | €57,722,300 | +€23.7m | +69.9% |
| Profit (loss) carried forward | 14 | -€9,736,629 | -€13,643,064 | -€3.9m | -40.1% |
| Amounts payable | 17/49 | €4,974,613 | €6,954,209 | +€2.0m | +39.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Other loans | 174 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €4,959,058 | €6,491,885 | +€1.5m | +30.9% |
| Trade debts | 44 | €4,781,932 | €5,812,085 | +€1.0m | +21.5% |
| Suppliers | 440/4 | €4,781,932 | €5,812,085 | +€1.0m | +21.5% |
| Taxes, remuneration and social security | 45 | €177,126 | €679,800 | +€502,674 | +283.8% |
| Taxes | 450/3 | €1,200 | €0 | -€1,200 | -100.0% |
| Remuneration and social security | 454/9 | €175,926 | €679,800 | +€503,874 | +286.4% |
| Accrued charges and deferred income | 492/3 | €15,555 | €462,324 | +€446,769 | +2872.2% |
| Operating income | 70/76A | €4,798,505 | €15,442,447 | +€10.6m | +221.8% |
| Turnover | 70 | €1,597,004 | €13,277,221 | +€11.7m | +731.4% |
| Own construction capitalised | 72 | €3,181,712 | €2,141,229 | -€1.0m | -32.7% |
| Other operating income | 74 | €19,789 | €23,996 | +€4,207 | +21.3% |
| Operating charges | 60/66A | €9,850,218 | €19,091,180 | +€9.2m | +93.8% |
| Goods for resale, raw materials and consumables | 60 | €635,964 | €6,928,996 | +€6.3m | +989.5% |
| Purchases | 600/8 | €676,066 | €6,908,348 | +€6.2m | +921.8% |
| Change in stocks: decrease (increase) | 609 | -€40,102 | €20,648 | +€60,750 | |
| Services and other goods | 61 | €6,377,488 | €6,796,760 | +€419,272 | +6.6% |
| Remuneration, social security and pensions | 62 | €1,615,995 | €3,314,163 | +€1.7m | +105.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,215,246 | €2,036,615 | +€821,369 | +67.6% |
| Other operating charges | 640/8 | €5,526 | €14,646 | +€9,121 | +165.1% |
| Operating profit (loss) | 9901 | -€5,051,713 | -€3,648,733 | +€1.4m | +27.8% |
| Financial income | 75/76B | €5,638 | €146,212 | +€140,574 | +2493.4% |
| Recurring financial income | 75 | €5,638 | €146,212 | +€140,574 | +2493.4% |
| Other financial income | 752/9 | €5,638 | €146,212 | +€140,574 | +2493.4% |
| Financial charges | 65/66B | €3,579,350 | €403,910 | -€3.2m | -88.7% |
| Recurring financial charges | 65 | €686,850 | €403,910 | -€282,940 | -41.2% |
| Debt charges | 650 | €223,694 | €380,779 | +€157,085 | +70.2% |
| Other financial charges | 652/9 | €463,156 | €23,131 | -€440,025 | -95.0% |
| Non-recurring financial charges | 66B | €2,892,500 | €0 | -€2.9m | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€8,625,425 | -€3,906,432 | +€4.7m | +54.7% |
| Income taxes | 67/77 | €1,187 | €3 | -€1,183 | -99.7% |
| Taxes | 670/3 | €1,200 | €3 | -€1,197 | -99.7% |
| Tax adjustments and reversals of tax provisions | 77 | €13 | €0 | -€13 | -100.0% |
| Profit (loss) for the period | 9904 | -€8,626,612 | -€3,906,435 | +€4.7m | +54.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,626,612 | -€3,906,435 | +€4.7m | +54.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.