PANTOON: 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.
PANTOON
Largest movements
- Cash -€517,535
down €517,535 (-48.2%), from €1.1m to €555,882
mainly Receivables within one year (-€240,648) and Stocks and contracts (-€128,601)
- Receivables within one year +€240,648
up €240,648 (+21.2%), from €1.1m to €1.4m
of which Other amounts receivable: +€236,220
- Stocks and contracts +€128,601
up €128,601 (+27.5%), from €467,342 to €595,943
- Trade debts -€115,441
down €115,441 (-17.6%), from €656,976 to €541,536
- Tax, wage and social debts -€105,975
down €105,975 (-37.5%), from €282,619 to €176,644
of which Remuneration and social security: -€62,681
- Staff costs -€238,984
down €238,984 (-22.4%), from €1.1m to €826,660
- Gross operating margin -€186,168
down €186,168 (-16.4%), from €1.1m to €949,131
- Write-downs +€14,973
up €14,973 (+84.2%), from -€17,777 to -€2,804
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 | €2,921,593 | €2,741,214 | -€180,378 | -6.2% |
| Fixed assets | 21/28 | €227,032 | €203,079 | -€23,953 | -10.6% |
| Intangible fixed assets | 21 | €13,196 | €7,789 | -€5,407 | -41.0% |
| Tangible fixed assets | 22/27 | €210,762 | €192,215 | -€18,546 | -8.8% |
| Plant, machinery and equipment | 23 | €1,341 | €444 | -€897 | -66.9% |
| Furniture and vehicles | 24 | €195,001 | €176,289 | -€18,712 | -9.6% |
| Other tangible fixed assets | 26 | €14,419 | €15,482 | +€1,063 | +7.4% |
| Financial fixed assets | 28 | €3,074 | €3,074 | = | 0.0% |
| Current assets | 29/58 | €2,694,561 | €2,538,136 | -€156,425 | -5.8% |
| Stocks and contracts in progress | 3 | €467,342 | €595,943 | +€128,601 | +27.5% |
| Stocks | 30/36 | €467,342 | €595,943 | +€128,601 | +27.5% |
| Amounts receivable within one year | 40/41 | €1,133,657 | €1,374,306 | +€240,648 | +21.2% |
| Trade receivables | 40 | €1,089,045 | €1,093,473 | +€4,428 | +0.4% |
| Other amounts receivable | 41 | €44,612 | €280,833 | +€236,220 | +529.5% |
| Cash at bank and in hand | 54/58 | €1,073,417 | €555,882 | -€517,535 | -48.2% |
| Deferred charges and accrued income | 490/1 | €20,145 | €12,005 | -€8,140 | -40.4% |
| Total equity and liabilities | 10/49 | €2,921,593 | €2,741,214 | -€180,378 | -6.2% |
| Equity | 10/15 | €1,981,997 | €2,002,509 | +€20,512 | +1.0% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €31,250 | €31,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,888,247 | €1,908,759 | +€20,512 | +1.1% |
| Amounts payable | 17/49 | €939,596 | €738,705 | -€200,890 | -21.4% |
| Amounts payable after more than one year | 17 | - | €10,832 | +€10,832 | |
| Financial debts | 170/4 | - | €10,832 | +€10,832 | |
| Amounts payable within one year | 42/48 | €939,596 | €727,873 | -€211,723 | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | €9,693 | +€9,693 | |
| Trade debts | 44 | €656,976 | €541,536 | -€115,441 | -17.6% |
| Suppliers | 440/4 | €656,976 | €541,536 | -€115,441 | -17.6% |
| Taxes, remuneration and social security | 45 | €282,619 | €176,644 | -€105,975 | -37.5% |
| Taxes | 450/3 | €133,997 | €90,703 | -€43,294 | -32.3% |
| Remuneration and social security | 454/9 | €148,622 | €85,941 | -€62,681 | -42.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €31,352 | €0 | -€31,352 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,065,645 | €826,660 | -€238,984 | -22.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,161 | €67,811 | +€2,649 | +4.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€17,777 | -€2,804 | +€14,973 | +84.2% |
| Other operating charges | 640/8 | €13,282 | €9,375 | -€3,907 | -29.4% |
| Non-recurring operating charges | 66A | €0 | €6,726 | +€6,726 | |
| Gross operating margin | 9900 | €1,135,300 | €949,131 | -€186,168 | -16.4% |
| Operating profit (loss) | 9901 | €8,989 | €41,363 | +€32,373 | +360.1% |
| Financial income | 75/76B | €2,019 | €2,657 | +€638 | +31.6% |
| Recurring financial income | 75 | €2,019 | €2,657 | +€638 | +31.6% |
| Financial charges | 65/66B | €13,689 | €8,165 | -€5,524 | -40.4% |
| Recurring financial charges | 65 | €13,689 | €8,165 | -€5,524 | -40.4% |
| Profit (loss) for the period before taxes | 9903 | -€2,681 | €35,854 | +€38,536 | |
| Income taxes | 67/77 | €5,388 | €15,342 | +€9,955 | +184.8% |
| Profit (loss) for the period | 9904 | -€8,069 | €20,512 | +€28,581 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,069 | €20,512 | +€28,581 |
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 12 October 2026 via checked.be.