PANTHERA: 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.
PANTHERA
Largest movements
- Current investments -€50,121
down €50,121 (-37.0%), from €135,558 to €85,438
- Cash +€29,732
up €29,732 (+194%), from €15,322 to €45,054
mainly Current investments (+€50,121) and Depreciation (+€23,074)
- Tangible fixed assets -€23,074
down €23,074 (-24.9%), from €92,852 to €69,777
of which Furniture and vehicles: -€22,160
- Receivables within one year +€7,002
up €7,002 (+43.3%), from €16,173 to €23,175
of which Trade receivables: +€5,002
- Other debts -€39,203
down €39,203 (-82.0%), from €47,834 to €8,631
- Provisions +€15,914
new in 2025: €15,914
- Debts after one year -€10,023
down €10,023 (-51.4%), from €19,495 to €9,472
- Tax, wage and social debts -€3,364
down €3,364 (-28.5%), from €11,821 to €8,457
- Gross operating margin -€16,964
down €16,964 (-25.1%), from €67,468 to €50,504
- Provisions +€15,914
new in 2025: €15,914
- Depreciation +€13,951
up €13,951 (+153%), from €9,123 to €23,074
- Taxes -€7,653
down €7,653 (-56.4%), from €13,559 to €5,906
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 | €260,659 | €224,373 | -€36,287 | -13.9% |
| Fixed assets | 21/28 | €92,852 | €69,777 | -€23,074 | -24.9% |
| Tangible fixed assets | 22/27 | €92,852 | €69,777 | -€23,074 | -24.9% |
| Plant, machinery and equipment | 23 | €2,074 | €1,654 | -€420 | -20.2% |
| Furniture and vehicles | 24 | €90,282 | €68,123 | -€22,160 | -24.5% |
| Other tangible fixed assets | 26 | €495 | €0 | -€495 | -100% |
| Current assets | 29/58 | €167,808 | €154,595 | -€13,212 | -7.9% |
| Amounts receivable within one year | 40/41 | €16,173 | €23,175 | +€7,002 | +43.3% |
| Trade receivables | 40 | €16,173 | €21,175 | +€5,002 | +30.9% |
| Other amounts receivable | 41 | - | €2,000 | +€2,000 | |
| Current investments | 50/53 | €135,558 | €85,438 | -€50,121 | -37.0% |
| Cash at bank and in hand | 54/58 | €15,322 | €45,054 | +€29,732 | +194% |
| Deferred charges and accrued income | 490/1 | €754 | €929 | +€175 | +23.2% |
| Total equity and liabilities | 10/49 | €260,659 | €224,373 | -€36,287 | -13.9% |
| Equity | 10/15 | €169,465 | €171,599 | +€2,134 | +1.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €157,065 | €159,199 | +€2,134 | +1.4% |
| Distributable reserves | 133 | €157,065 | €159,199 | +€2,134 | +1.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €15,914 | +€15,914 | |
| Provisions for liabilities and charges | 160/5 | - | €15,914 | +€15,914 | |
| Other liabilities and charges | 164/5 | - | €15,914 | +€15,914 | |
| Amounts payable | 17/49 | €91,194 | €36,860 | -€54,334 | -59.6% |
| Amounts payable after more than one year | 17 | €19,495 | €9,472 | -€10,023 | -51.4% |
| Financial debts | 170/4 | €19,495 | €9,472 | -€10,023 | -51.4% |
| Amounts payable within one year | 42/48 | €71,700 | €27,388 | -€44,311 | -61.8% |
| Current portion of amounts payable after more than one year | 42 | €9,709 | €10,023 | +€314 | +3.2% |
| Financial debts | 43 | €240 | €19 | -€221 | -92.1% |
| Other loans | 439 | €240 | €19 | -€221 | -92.1% |
| Trade debts | 44 | €2,096 | €258 | -€1,838 | -87.7% |
| Suppliers | 440/4 | €2,096 | €258 | -€1,838 | -87.7% |
| Taxes, remuneration and social security | 45 | €11,821 | €8,457 | -€3,364 | -28.5% |
| Taxes | 450/3 | €11,821 | €8,457 | -€3,364 | -28.5% |
| Other amounts payable | 47/48 | €47,834 | €8,631 | -€39,203 | -82.0% |
| Non-recurring operating income | 76A | €22,581 | €0 | -€22,581 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,123 | €23,074 | +€13,951 | +153% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €15,914 | +€15,914 | |
| Other operating charges | 640/8 | €1,200 | €934 | -€265 | -22.1% |
| Gross operating margin | 9900 | €67,468 | €50,504 | -€16,964 | -25.1% |
| Operating profit (loss) | 9901 | €57,145 | €10,582 | -€46,563 | -81.5% |
| Financial income | 75/76B | €304 | €215 | -€89 | -29.2% |
| Recurring financial income | 75 | €304 | €215 | -€89 | -29.2% |
| Financial charges | 65/66B | €2,020 | €1,925 | -€95 | -4.7% |
| Recurring financial charges | 65 | €2,020 | €1,925 | -€95 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €55,430 | €8,872 | -€46,558 | -84.0% |
| Income taxes | 67/77 | €13,559 | €5,906 | -€7,653 | -56.4% |
| Profit (loss) for the period | 9904 | €41,871 | €2,967 | -€38,904 | -92.9% |
| Profit (loss) for the period to be appropriated | 9905 | €41,871 | €2,967 | -€38,904 | -92.9% |
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 15 October 2026 via checked.be.