After clean install of the game, I boot it up and after skipping intro, I get same result every time:
I get to the main menu, see the wrecked city and an animation with a soldier limping towards building.
It freezes and that's it... Can't do anything, can't click anything, can't see anything else.
I can see my mouse as I move it around, but that's it.

I tried admin-rights and compatibility modes: (with Win XP, Win ME/98, Win 95, even Vista, nothing helps.)
I installed another codec pack as recommended (The K-lite) - no effect.
I switched the settings in the config app for the game, but nothing helped (it seems that portion is reserved for the 3d engine part, but I cannot get past the main menu screen.)

Please, what can I do? I'm trying everything and am close to loosing my mind.

maybe you could try running it through Dxwnd and see how it performs- look up dxwnd on google, its a sourceforge project - download the latest version, run it with admin settings and drop the panzer elite exe into it and see if i runs, or check its existing game profiles in the exports folder there may already be an entry

i was having a problem with PE freezing up as soon as i selected one of hte menu options. I had the Ostpak redux mod enabled, - i disabled that, but issue was still there, so i uninstalled PE and reinstalled through GOG galaxy and its working now - i havent applied any mods yet, and not sure if i will for now.