Pantser: 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.
Pantser
Largest movements
- Cash -€28,222
down €28,222 (-38.5%), from €73,335 to €45,113
mainly Contributions, distributions and other (-€37,492) and Other debts (-€24,146)
- Tangible fixed assets -€22,037
down €22,037 (-61.3%), from €35,976 to €13,939
of which Furniture and vehicles: -€23,571
- Receivables within one year +€4,408
up €4,408 (+18.1%), from €24,419 to €28,828
of which Trade receivables: +€11,772
- Receivables after one year -€3,000
no longer reported in 2025 (was €3,000)
- Other debts -€24,146
down €24,146 (-43.1%), from €56,014 to €31,869
- Debts after one year -€13,020
down €13,020 (-38.9%), from €33,469 to €20,449
- Reserves -€11,100
no longer reported in 2025 (was €11,100)
- Tax, wage and social debts -€1,698
down €1,698 (-8.0%), from €21,352 to €19,654
- Trade debts +€1,684
up €1,684 (+1,691%), from €100 to €1,784
- Gross operating margin -€6,545
down €6,545 (-9.3%), from €70,199 to €63,654
- Other operating charges -€868
down €868 (-33.4%), from €2,595 to €1,727
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 | €137,972 | €89,651 | -€48,321 | -35.0% |
| Fixed assets | 21/28 | €35,976 | €13,939 | -€22,037 | -61.3% |
| Tangible fixed assets | 22/27 | €35,976 | €13,939 | -€22,037 | -61.3% |
| Plant, machinery and equipment | 23 | €2,130 | €3,664 | +€1,534 | +72.0% |
| Furniture and vehicles | 24 | €33,846 | €10,275 | -€23,571 | -69.6% |
| Current assets | 29/58 | €101,996 | €75,712 | -€26,284 | -25.8% |
| Amounts receivable after more than one year | 29 | €3,000 | - | -€3,000 | |
| Other amounts receivable | 291 | €3,000 | - | -€3,000 | |
| Amounts receivable within one year | 40/41 | €24,419 | €28,828 | +€4,408 | +18.1% |
| Trade receivables | 40 | €9,075 | €20,847 | +€11,772 | +130% |
| Other amounts receivable | 41 | €15,344 | €7,981 | -€7,363 | -48.0% |
| Cash at bank and in hand | 54/58 | €73,335 | €45,113 | -€28,222 | -38.5% |
| Deferred charges and accrued income | 490/1 | €1,242 | €1,771 | +€530 | +42.6% |
| Total equity and liabilities | 10/49 | €137,972 | €89,651 | -€48,321 | -35.0% |
| Equity | 10/15 | €12,612 | €1,000 | -€11,612 | -92.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €11,100 | - | -€11,100 | |
| Distributable reserves | 133 | €11,100 | - | -€11,100 | |
| Profit (loss) carried forward | 14 | €512 | - | -€512 | |
| Amounts payable | 17/49 | €125,360 | €88,651 | -€36,709 | -29.3% |
| Amounts payable after more than one year | 17 | €33,469 | €20,449 | -€13,020 | -38.9% |
| Financial debts | 170/4 | €33,469 | €20,449 | -€13,020 | -38.9% |
| Amounts payable within one year | 42/48 | €90,016 | €66,327 | -€23,689 | -26.3% |
| Current portion of amounts payable after more than one year | 42 | €12,550 | €13,020 | +€470 | +3.7% |
| Trade debts | 44 | €100 | €1,784 | +€1,684 | +1,691% |
| Suppliers | 440/4 | €100 | €1,784 | +€1,684 | +1,691% |
| Taxes, remuneration and social security | 45 | €21,352 | €19,654 | -€1,698 | -8.0% |
| Taxes | 450/3 | €21,352 | €19,654 | -€1,698 | -8.0% |
| Other amounts payable | 47/48 | €56,014 | €31,869 | -€24,146 | -43.1% |
| Accrued charges and deferred income | 492/3 | €1,875 | €1,875 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,914 | €24,912 | -€2 | 0.0% |
| Other operating charges | 640/8 | €2,595 | €1,727 | -€868 | -33.4% |
| Gross operating margin | 9900 | €70,199 | €63,654 | -€6,545 | -9.3% |
| Operating profit (loss) | 9901 | €42,690 | €37,015 | -€5,676 | -13.3% |
| Financial income | 75/76B | €303 | €230 | -€73 | -24.1% |
| Recurring financial income | 75 | €303 | €230 | -€73 | -24.1% |
| Financial charges | 65/66B | €2,056 | €1,779 | -€277 | -13.5% |
| Recurring financial charges | 65 | €2,056 | €1,779 | -€277 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €40,937 | €35,465 | -€5,472 | -13.4% |
| Income taxes | 67/77 | €9,656 | €9,585 | -€70 | -0.7% |
| Profit (loss) for the period | 9904 | €31,281 | €25,880 | -€5,401 | -17.3% |
| Profit (loss) for the period to be appropriated | 9905 | €31,281 | €25,880 | -€5,401 | -17.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.