GANDAPANDA: 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.
GANDAPANDA
Largest movements
- Receivables within one year -€29,373
down €29,373 (-61.5%), from €47,799 to €18,427
of which Other amounts receivable: -€29,685
- Cash -€5,230
down €5,230 (-40.2%), from €13,002 to €7,772
mainly Net result for the year (-€21,385) and Trade debts (-€18,559)
- Tangible fixed assets +€1,404
up €1,404 (+41.1%), from €3,412 to €4,816
of which Plant, machinery and equipment: +€1,937
- Profit (loss) carried forward -€21,385
down €21,385 (-217%), from -€9,863 to -€31,248
- Trade debts -€18,559
down €18,559 (-25.3%), from €73,297 to €54,738
- Tax, wage and social debts +€7,053
up €7,053 (+108%), from €6,558 to €13,610
of which Taxes: +€4,808
- Write-downs +€26,102
new in 2025: €26,102
- Gross operating margin -€8,619
down €8,619 (-24.6%), from €34,968 to €26,349
- Taxes -€2,292
no longer reported in 2025 (was €2,292)
- Staff costs -€2,162
down €2,162 (-16.9%), from €12,819 to €10,657
- Financial charges -€980
down €980 (-20.1%), from €4,885 to €3,906
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 | €130,367 | €97,476 | -€32,891 | -25.2% |
| Fixed assets | 21/28 | €15,361 | €16,765 | +€1,404 | +9.1% |
| Tangible fixed assets | 22/27 | €3,412 | €4,816 | +€1,404 | +41.1% |
| Plant, machinery and equipment | 23 | €576 | €2,513 | +€1,937 | +336% |
| Other tangible fixed assets | 26 | €2,836 | €2,303 | -€533 | -18.8% |
| Financial fixed assets | 28 | €11,949 | €11,949 | = | 0.0% |
| Current assets | 29/58 | €115,006 | €80,711 | -€34,295 | -29.8% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €3,665 | €3,407 | -€257 | -7.0% |
| Stocks | 30/36 | €3,665 | €3,407 | -€257 | -7.0% |
| Amounts receivable within one year | 40/41 | €47,799 | €18,427 | -€29,373 | -61.5% |
| Trade receivables | 40 | - | €313 | +€313 | |
| Other amounts receivable | 41 | €47,799 | €18,114 | -€29,685 | -62.1% |
| Cash at bank and in hand | 54/58 | €13,002 | €7,772 | -€5,230 | -40.2% |
| Deferred charges and accrued income | 490/1 | €540 | €1,105 | +€565 | +105% |
| Total equity and liabilities | 10/49 | €130,367 | €97,476 | -€32,891 | -25.2% |
| Equity | 10/15 | €50,512 | €29,128 | -€21,385 | -42.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €47,976 | €47,976 | = | 0.0% |
| Distributable reserves | 133 | €47,976 | €47,976 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,863 | -€31,248 | -€21,385 | -217% |
| Amounts payable | 17/49 | €79,854 | €68,348 | -€11,506 | -14.4% |
| Amounts payable within one year | 42/48 | €79,854 | €68,348 | -€11,506 | -14.4% |
| Trade debts | 44 | €73,297 | €54,738 | -€18,559 | -25.3% |
| Suppliers | 440/4 | €73,297 | €54,738 | -€18,559 | -25.3% |
| Taxes, remuneration and social security | 45 | €6,558 | €13,610 | +€7,053 | +108% |
| Taxes | 450/3 | €5,560 | €10,368 | +€4,808 | +86.5% |
| Remuneration and social security | 454/9 | €998 | €3,242 | +€2,245 | +225% |
| Remuneration, social security and pensions | 62 | €12,819 | €10,657 | -€2,162 | -16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €732 | €1,456 | +€723 | +98.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €26,102 | +€26,102 | |
| Other operating charges | 640/8 | €7,525 | €7,030 | -€495 | -6.6% |
| Non-recurring operating charges | 66A | €18,000 | - | -€18,000 | |
| Gross operating margin | 9900 | €34,968 | €26,349 | -€8,619 | -24.6% |
| Operating profit (loss) | 9901 | -€4,108 | -€18,895 | -€14,788 | -360% |
| Financial income | 75/76B | €1,422 | €1,416 | -€6 | -0.4% |
| Recurring financial income | 75 | €1,422 | €1,416 | -€6 | -0.4% |
| Financial charges | 65/66B | €4,885 | €3,906 | -€980 | -20.1% |
| Recurring financial charges | 65 | €4,885 | €3,906 | -€980 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | -€7,571 | -€21,385 | -€13,814 | -182% |
| Income taxes | 67/77 | €2,292 | - | -€2,292 | |
| Profit (loss) for the period | 9904 | -€9,863 | -€21,385 | -€11,522 | -117% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,863 | -€21,385 | -€11,522 | -117% |
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 24 October 2026 via checked.be.