Big Panda: 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.
Big Panda
Largest movements
- Stocks and contracts -€28,453
down €28,453 (-6.9%), from €415,206 to €386,753
- Deferred charges and accrued income +€16,253
up €16,253 (+151.8%), from €10,709 to €26,962
- Cash +€11,090
up €11,090 (+257.9%), from €4,300 to €15,390
mainly Other debts (+€60,699) and Advances received (+€36,710)
- Short-term financial debts -€82,114
down €82,114 (-54.0%), from €152,114 to €70,000
- Other debts +€60,699
up €60,699 (+68.0%), from €89,298 to €149,997
- Advances received +€36,710
new in 2025: €36,710
- Trade debts -€35,079
down €35,079 (-35.0%), from €100,355 to €65,276
- Tax, wage and social debts -€30,639
down €30,639 (-47.8%), from €64,053 to €33,414
of which Remuneration and social security: -€18,603
- Staff costs -€36,459
down €36,459 (-26.1%), from €139,674 to €103,214
- Financial charges +€8,483
up €8,483 (+47.2%), from €17,980 to €26,463
- Gross operating margin +€6,504
up €6,504 (+4.3%), from €151,417 to €157,921
- Write-downs +€2,333
new in 2025: €2,333
- Other operating charges -€2,320
down €2,320 (-46.1%), from €5,027 to €2,707
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 | €512,785 | €502,541 | -€10,245 | -2.0% |
| Fixed assets | 21/28 | €66,196 | €57,234 | -€8,963 | -13.5% |
| Intangible fixed assets | 21 | €24,782 | €20,893 | -€3,889 | -15.7% |
| Tangible fixed assets | 22/27 | €33,419 | €28,345 | -€5,074 | -15.2% |
| Plant, machinery and equipment | 23 | €3,757 | €3,063 | -€695 | -18.5% |
| Furniture and vehicles | 24 | €6,703 | €5,969 | -€735 | -11.0% |
| Other tangible fixed assets | 26 | €22,959 | €19,314 | -€3,644 | -15.9% |
| Financial fixed assets | 28 | €7,995 | €7,995 | = | 0.0% |
| Current assets | 29/58 | €446,589 | €445,307 | -€1,282 | -0.3% |
| Stocks and contracts in progress | 3 | €415,206 | €386,753 | -€28,453 | -6.9% |
| Stocks | 30/36 | €415,206 | €386,753 | -€28,453 | -6.9% |
| Amounts receivable within one year | 40/41 | €16,374 | €16,202 | -€172 | -1.0% |
| Trade receivables | 40 | €16,374 | €16,202 | -€172 | -1.0% |
| Cash at bank and in hand | 54/58 | €4,300 | €15,390 | +€11,090 | +257.9% |
| Deferred charges and accrued income | 490/1 | €10,709 | €26,962 | +€16,253 | +151.8% |
| Total equity and liabilities | 10/49 | €512,785 | €502,541 | -€10,245 | -2.0% |
| Equity | 10/15 | €106,965 | €117,143 | +€10,178 | +9.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €84,965 | €95,143 | +€10,178 | +12.0% |
| Amounts payable | 17/49 | €405,821 | €385,398 | -€20,423 | -5.0% |
| Amounts payable after more than one year | 17 | - | €30,000 | +€30,000 | |
| Financial debts | 170/4 | - | €30,000 | +€30,000 | |
| Amounts payable within one year | 42/48 | €405,821 | €355,398 | -€50,423 | -12.4% |
| Financial debts | 43 | €152,114 | €70,000 | -€82,114 | -54.0% |
| Credit institutions | 430/8 | €152,114 | €70,000 | -€82,114 | -54.0% |
| Trade debts | 44 | €100,355 | €65,276 | -€35,079 | -35.0% |
| Suppliers | 440/4 | €100,355 | €65,276 | -€35,079 | -35.0% |
| Advances received on contracts in progress | 46 | - | €36,710 | +€36,710 | |
| Taxes, remuneration and social security | 45 | €64,053 | €33,414 | -€30,639 | -47.8% |
| Taxes | 450/3 | €35,814 | €23,778 | -€12,036 | -33.6% |
| Remuneration and social security | 454/9 | €28,239 | €9,636 | -€18,603 | -65.9% |
| Other amounts payable | 47/48 | €89,298 | €149,997 | +€60,699 | +68.0% |
| Remuneration, social security and pensions | 62 | €139,674 | €103,214 | -€36,459 | -26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,910 | €13,169 | -€741 | -5.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,333 | +€2,333 | |
| Other operating charges | 640/8 | €5,027 | €2,707 | -€2,320 | -46.1% |
| Gross operating margin | 9900 | €151,417 | €157,921 | +€6,504 | +4.3% |
| Operating profit (loss) | 9901 | -€7,193 | €36,497 | +€43,691 | |
| Financial income | 75/76B | €165 | €144 | -€21 | -12.8% |
| Recurring financial income | 75 | €165 | €144 | -€21 | -12.8% |
| Financial charges | 65/66B | €17,980 | €26,463 | +€8,483 | +47.2% |
| Recurring financial charges | 65 | €17,980 | €26,463 | +€8,483 | +47.2% |
| Profit (loss) for the period before taxes | 9903 | -€25,008 | €10,178 | +€35,186 | |
| Income taxes | 67/77 | €70 | - | -€70 | |
| Profit (loss) for the period | 9904 | -€25,078 | €10,178 | +€35,256 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,078 | €10,178 | +€35,256 |
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 8 October 2026 via checked.be.