BRUXELLES PANDA: 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.
BRUXELLES PANDA
Largest movements
- Cash +€57,298
up €57,298 (+110%), from €52,311 to €109,609
mainly Net result for the year (+€47,780) and Depreciation (+€9,970)
- Tangible fixed assets -€6,798
down €6,798 (-16.4%), from €41,423 to €34,625
of which Furniture and vehicles: -€4,649
- Receivables within one year -€4,100
down €4,100 (-15.8%), from €26,027 to €21,927
of which Other amounts receivable: -€6,460
- Stocks and contracts +€2,139
up €2,139 (+98.6%), from €2,170 to €4,309
- Reserves +€47,780
up €47,780 (+2,569%), from €1,860 to €49,640
of which Distributable reserves: +€47,780
- Trade debts -€2,949
down €2,949 (-98.7%), from €2,989 to €40
- Tax, wage and social debts +€2,908
up €2,908 (+15.1%), from €19,284 to €22,191
- Turnover -€170,012
no longer reported in 2025 (was €170,012)
- Gross operating margin +€38,667
up €38,667 (+84.2%), from €45,934 to €84,601
- Taxes +€11,329
up €11,329 (+87.6%), from €12,931 to €24,260
- Purchases and services -€10,900
down €10,900 (-8.4%), from €129,162 to €118,262
- Depreciation +€7,082
up €7,082 (+245%), from €2,889 to €9,970
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 | €125,317 | €173,056 | +€47,739 | +38.1% |
| Formation expenses | 20 | €814 | €606 | -€208 | -25.5% |
| Fixed assets | 21/28 | €43,994 | €36,605 | -€7,390 | -16.8% |
| Intangible fixed assets | 21 | €592 | - | -€592 | |
| Tangible fixed assets | 22/27 | €41,423 | €34,625 | -€6,798 | -16.4% |
| Land and buildings | 22 | €5,168 | €3,769 | -€1,400 | -27.1% |
| Plant, machinery and equipment | 23 | €2,551 | €1,801 | -€750 | -29.4% |
| Furniture and vehicles | 24 | €33,704 | €29,055 | -€4,649 | -13.8% |
| Financial fixed assets | 28 | €1,980 | €1,980 | = | 0.0% |
| Current assets | 29/58 | €80,508 | €135,845 | +€55,337 | +68.7% |
| Stocks and contracts in progress | 3 | €2,170 | €4,309 | +€2,139 | +98.6% |
| Stocks | 30/36 | €2,170 | €4,309 | +€2,139 | +98.6% |
| Amounts receivable within one year | 40/41 | €26,027 | €21,927 | -€4,100 | -15.8% |
| Trade receivables | 40 | €4,222 | €6,582 | +€2,360 | +55.9% |
| Other amounts receivable | 41 | €21,805 | €15,345 | -€6,460 | -29.6% |
| Cash at bank and in hand | 54/58 | €52,311 | €109,609 | +€57,298 | +110% |
| Total equity and liabilities | 10/49 | €125,317 | €173,056 | +€47,739 | +38.1% |
| Equity | 10/15 | €103,044 | €150,824 | +€47,780 | +46.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €49,640 | +€47,780 | +2,569% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €47,780 | +€47,780 | |
| Profit (loss) carried forward | 14 | €94,984 | €94,984 | = | 0.0% |
| Amounts payable | 17/49 | €22,273 | €22,232 | -€41 | -0.2% |
| Amounts payable within one year | 42/48 | €22,273 | €22,232 | -€41 | -0.2% |
| Trade debts | 44 | €2,989 | €40 | -€2,949 | -98.7% |
| Suppliers | 440/4 | €2,989 | €40 | -€2,949 | -98.7% |
| Taxes, remuneration and social security | 45 | €19,284 | €22,191 | +€2,908 | +15.1% |
| Taxes | 450/3 | €19,284 | €22,191 | +€2,908 | +15.1% |
| Turnover | 70 | €170,012 | - | -€170,012 | |
| Goods, raw materials, services and sundry goods | 60/61 | €129,162 | €118,262 | -€10,900 | -8.4% |
| Remuneration, social security and pensions | 62 | €387 | €400 | +€12 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,889 | €9,970 | +€7,082 | +245% |
| Other operating charges | 640/8 | €2,516 | €2,073 | -€442 | -17.6% |
| Gross operating margin | 9900 | €45,934 | €84,601 | +€38,667 | +84.2% |
| Operating profit (loss) | 9901 | €40,143 | €72,158 | +€32,015 | +79.8% |
| Financial charges | 65/66B | €0 | €118 | +€118 | +78,333% |
| Recurring financial charges | 65 | €0 | €118 | +€118 | +78,333% |
| Profit (loss) for the period before taxes | 9903 | €40,142 | €72,040 | +€31,898 | +79.5% |
| Income taxes | 67/77 | €12,931 | €24,260 | +€11,329 | +87.6% |
| Profit (loss) for the period | 9904 | €27,211 | €47,780 | +€20,569 | +75.6% |
| Profit (loss) for the period to be appropriated | 9905 | €27,211 | €47,780 | +€20,569 | +75.6% |
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 29 October 2026 via checked.be.