PANTHERE 3: 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.
PANTHERE 3
Largest movements
- Receivables within one year +€17,942
up €17,942 (+63.4%), from €28,317 to €46,259
of which Trade receivables: +€20,008
- Stocks and contracts +€12,775
up €12,775 (+421.1%), from €3,034 to €15,809
- Cash +€1,860
up €1,860 (+253.8%), from €733 to €2,593
mainly Net result for the year (+€17,298) and Trade debts (+€7,947)
- Tangible fixed assets -€1,600
no longer reported in 2025 (was €1,600)
- Deferred charges and accrued income -€732
no longer reported in 2025 (was €732)
- Profit (loss) carried forward +€17,298
up €17,298 (+85.8%), from €20,160 to €37,458
- Trade debts +€7,947
up €7,947 (+238.2%), from €3,337 to €11,284
- Current portion of long-term debt +€2,103
up €2,103 (+87.7%), from €2,399 to €4,501
- Tax, wage and social debts +€1,578
up €1,578 (+44.8%), from €3,522 to €5,100
of which Taxes: +€4,777
- Other debts +€1,319
new in 2025: €1,319
- Gross operating margin +€29,654
up €29,654 (+626.2%), from €4,736 to €34,389
- Taxes +€5,697
up €5,697 (+1762.8%), from €323 to €6,020
- Other operating charges +€1,289
up €1,289 (+535.7%), from €241 to €1,530
- Depreciation -€1,152
down €1,152 (-41.9%), from €2,752 to €1,600
- Financial charges +€558
up €558 (+257.0%), from €217 to €775
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €34,416 | €64,662 | +€30,245 | +87.9% |
| Fixed assets | 21/28 | €1,600 | - | -€1,600 | |
| Tangible fixed assets | 22/27 | €1,600 | - | -€1,600 | |
| Furniture and vehicles | 24 | €1,600 | - | -€1,600 | |
| Current assets | 29/58 | €32,816 | €64,662 | +€31,845 | +97.0% |
| Stocks and contracts in progress | 3 | €3,034 | €15,809 | +€12,775 | +421.1% |
| Stocks | 30/36 | €3,034 | €15,809 | +€12,775 | +421.1% |
| Amounts receivable within one year | 40/41 | €28,317 | €46,259 | +€17,942 | +63.4% |
| Trade receivables | 40 | €24,633 | €44,642 | +€20,008 | +81.2% |
| Other amounts receivable | 41 | €3,684 | €1,618 | -€2,066 | -56.1% |
| Cash at bank and in hand | 54/58 | €733 | €2,593 | +€1,860 | +253.8% |
| Deferred charges and accrued income | 490/1 | €732 | - | -€732 | |
| Total equity and liabilities | 10/49 | €34,416 | €64,662 | +€30,245 | +87.9% |
| Equity | 10/15 | €25,160 | €42,458 | +€17,298 | +68.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | €5,000 | = | 0.0% |
| Issued capital | 100 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,160 | €37,458 | +€17,298 | +85.8% |
| Amounts payable | 17/49 | €9,257 | €22,204 | +€12,947 | +139.9% |
| Amounts payable within one year | 42/48 | €9,257 | €22,204 | +€12,947 | +139.9% |
| Current portion of amounts payable after more than one year | 42 | €2,399 | €4,501 | +€2,103 | +87.7% |
| Trade debts | 44 | €3,337 | €11,284 | +€7,947 | +238.2% |
| Suppliers | 440/4 | €3,337 | €11,284 | +€7,947 | +238.2% |
| Taxes, remuneration and social security | 45 | €3,522 | €5,100 | +€1,578 | +44.8% |
| Taxes | 450/3 | €323 | €5,100 | +€4,777 | +1478.0% |
| Remuneration and social security | 454/9 | €3,199 | - | -€3,199 | |
| Other amounts payable | 47/48 | - | €1,319 | +€1,319 | |
| Non-recurring operating income | 76A | - | €171 | +€171 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,752 | €1,600 | -€1,152 | -41.9% |
| Other operating charges | 640/8 | €241 | €1,530 | +€1,289 | +535.7% |
| Non-recurring operating charges | 66A | - | €7,169 | +€7,169 | |
| Gross operating margin | 9900 | €4,736 | €34,389 | +€29,654 | +626.2% |
| Operating profit (loss) | 9901 | €1,743 | €24,091 | +€22,348 | +1282.0% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €217 | €775 | +€558 | +257.0% |
| Recurring financial charges | 65 | €217 | €775 | +€558 | +257.0% |
| Profit (loss) for the period before taxes | 9903 | €1,526 | €23,319 | +€21,792 | +1428.0% |
| Income taxes | 67/77 | €323 | €6,020 | +€5,697 | +1762.8% |
| Profit (loss) for the period | 9904 | €1,203 | €17,298 | +€16,095 | +1338.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,203 | €17,298 | +€16,095 | +1338.1% |
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 6 October 2026 via checked.be.