Pantheon: what changed
What changed
Pantheon
NACE 46.190, Agents in non-specialised wholesale trade
filed annual accounts (NBB)
Net result for the year
€406,498
2024 · €242,157+€164,341
Equity
€861,162
2024 · €454,665+€406,498
Cash
€3,966
2024 · €9,271-€5,306
Balance sheet total
€8.1m
2024 · €8.0m+€76,281
Largest movements
Assets
- Receivables within one year +€84,901
up €84,901 (+19.4%), from €436,918 to €521,819
of which Other amounts receivable: +€48,082
Equity and liabilities
- Reserves +€406,498
up €406,498 (+93.2%), from €436,065 to €842,562
- Debts after one year -€291,157
down €291,157 (-6.7%), from €4.4m to €4.1m
- Other debts -€133,057
down €133,057 (-20.8%), from €639,446 to €506,388
Income statement
- Gross operating margin +€126,470
up €126,470 (+163%), from €77,808 to €204,278
- Other operating charges -€41,765
down €41,765 (-99.3%), from €42,070 to €304
- Financial charges -€25,321
down €25,321 (-12.3%), from €205,888 to €180,567
- Financial income -€15,913
down €15,913 (-3.6%), from €446,000 to €430,087
- Taxes +€14,008
up €14,008 (+52.5%), from €26,673 to €40,681
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€242,157
Gross operating margin
+€126,470
Depreciation
+€3,705
Other operating charges
+€41,765
Other operating items
-€3,000
Financial income
-€15,913
Financial charges
+€25,321
Taxes
-€14,008
Result 2025
€406,498
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€289,901
Investment
€0
Financing
-€295,206
Cash 2024
€9,271
From operations (derived)
+€289,901
Net result for the year
+€406,498
Depreciation
+€3,315
Receivables within one year
-€84,901
Trade debts
-€16,308
Tax, wage and social debts
+€33,729
Other debts
-€133,057
Accrued charges and deferred income
+€80,626
Financing
-€295,206
Debts after one year
-€291,157
Current portion of long-term debt
+€485
Short-term financial debts
-€4,534
Cash 2025
€3,966
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,989,819 | €8,066,101 | +€76,281 | +1.0% |
| Fixed assets | 21/28 | €7,543,630 | €7,540,316 | -€3,315 | 0.0% |
| Tangible fixed assets | 22/27 | €43,630 | €40,316 | -€3,315 | -7.6% |
| Furniture and vehicles | 24 | €6,329 | €3,014 | -€3,315 | -52.4% |
| Leasing and similar rights | 25 | €21,250 | €21,250 | = | 0.0% |
| Other tangible fixed assets | 26 | €16,052 | €16,052 | = | 0.0% |
| Financial fixed assets | 28 | €7,500,000 | €7,500,000 | = | 0.0% |
| Current assets | 29/58 | €446,189 | €525,785 | +€79,596 | +17.8% |
| Amounts receivable within one year | 40/41 | €436,918 | €521,819 | +€84,901 | +19.4% |
| Trade receivables | 40 | €0 | €36,819 | +€36,819 | |
| Other amounts receivable | 41 | €436,918 | €485,000 | +€48,082 | +11.0% |
| Cash at bank and in hand | 54/58 | €9,271 | €3,966 | -€5,306 | -57.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €7,989,819 | €8,066,101 | +€76,281 | +1.0% |
| Equity | 10/15 | €454,665 | €861,162 | +€406,498 | +89.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €436,065 | €842,562 | +€406,498 | +93.2% |
| Distributable reserves | 133 | €436,065 | €842,562 | +€406,498 | +93.2% |
| Amounts payable | 17/49 | €7,535,155 | €7,204,938 | -€330,217 | -4.4% |
| Amounts payable after more than one year | 17 | €4,368,043 | €4,076,885 | -€291,157 | -6.7% |
| Financial debts | 170/4 | €4,368,043 | €4,076,885 | -€291,157 | -6.7% |
| Amounts payable within one year | 42/48 | €3,020,941 | €2,901,256 | -€119,685 | -4.0% |
| Current portion of amounts payable after more than one year | 42 | €290,672 | €291,157 | +€485 | +0.2% |
| Financial debts | 43 | €2,004,534 | €2,000,000 | -€4,534 | -0.2% |
| Credit institutions | 430/8 | €2,004,534 | €2,000,000 | -€4,534 | -0.2% |
| Trade debts | 44 | €48,929 | €32,622 | -€16,308 | -33.3% |
| Suppliers | 440/4 | €48,929 | €32,622 | -€16,308 | -33.3% |
| Taxes, remuneration and social security | 45 | €37,360 | €71,089 | +€33,729 | +90.3% |
| Taxes | 450/3 | €37,360 | €71,089 | +€33,729 | +90.3% |
| Other amounts payable | 47/48 | €639,446 | €506,388 | -€133,057 | -20.8% |
| Accrued charges and deferred income | 492/3 | €146,171 | €226,797 | +€80,626 | +55.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,020 | €3,315 | -€3,705 | -52.8% |
| Other operating charges | 640/8 | €42,070 | €304 | -€41,765 | -99.3% |
| Non-recurring operating charges | 66A | €0 | €3,000 | +€3,000 | |
| Gross operating margin | 9900 | €77,808 | €204,278 | +€126,470 | +163% |
| Operating profit (loss) | 9901 | €28,718 | €197,659 | +€168,941 | +588% |
| Financial income | 75/76B | €446,000 | €430,087 | -€15,913 | -3.6% |
| Recurring financial income | 75 | €446,000 | €430,087 | -€15,913 | -3.6% |
| Financial charges | 65/66B | €205,888 | €180,567 | -€25,321 | -12.3% |
| Recurring financial charges | 65 | €205,888 | €180,567 | -€25,321 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €268,830 | €447,179 | +€178,349 | +66.3% |
| Income taxes | 67/77 | €26,673 | €40,681 | +€14,008 | +52.5% |
| Profit (loss) for the period | 9904 | €242,157 | €406,498 | +€164,341 | +67.9% |
| Profit (loss) for the period to be appropriated | 9905 | €242,157 | €406,498 | +€164,341 | +67.9% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.