HONEST 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.
HONEST PANDA
Largest movements
- Tangible fixed assets +€36,190
up €36,190 (+447%), from €8,103 to €44,293
of which Furniture and vehicles: +€36,625
- Receivables within one year -€9,356
down €9,356 (-32.6%), from €28,676 to €19,321
of which Trade receivables: -€8,858
- Cash -€3,659
down €3,659 (-7.2%), from €50,843 to €47,185
mainly Contributions, distributions and other (-€47,219) and Investment in fixed assets (net) (-€46,659)
- Other debts +€16,071
up €16,071 (+23.7%), from €67,778 to €83,849
- Profit (loss) carried forward -€10,000
down €10,000 (-100%), from €10,000 to €0
- Debts after one year +€9,354
new in 2025: €9,354
- Current portion of long-term debt +€8,303
new in 2025: €8,303
- Gross operating margin +€12,384
up €12,384 (+24.7%), from €50,134 to €62,517
- Depreciation +€8,960
up €8,960 (+425%), from €2,110 to €11,070
- Taxes +€984
up €984 (+9.6%), from €10,260 to €11,244
- Financial charges +€626
up €626 (+235%), from €266 to €893
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 | €88,749 | €111,771 | +€23,023 | +25.9% |
| Fixed assets | 21/28 | €8,743 | €44,333 | +€35,590 | +407% |
| Tangible fixed assets | 22/27 | €8,103 | €44,293 | +€36,190 | +447% |
| Furniture and vehicles | 24 | €4,590 | €41,215 | +€36,625 | +798% |
| Other tangible fixed assets | 26 | €3,514 | €3,078 | -€436 | -12.4% |
| Financial fixed assets | 28 | €640 | €40 | -€600 | -93.8% |
| Current assets | 29/58 | €80,005 | €67,438 | -€12,567 | -15.7% |
| Amounts receivable within one year | 40/41 | €28,676 | €19,321 | -€9,356 | -32.6% |
| Trade receivables | 40 | €27,422 | €18,564 | -€8,858 | -32.3% |
| Other amounts receivable | 41 | €1,254 | €756 | -€498 | -39.7% |
| Cash at bank and in hand | 54/58 | €50,843 | €47,185 | -€3,659 | -7.2% |
| Deferred charges and accrued income | 490/1 | €486 | €933 | +€447 | +92.1% |
| Total equity and liabilities | 10/49 | €88,749 | €111,771 | +€23,023 | +25.9% |
| Equity | 10/15 | €11,000 | €1,000 | -€10,000 | -90.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,000 | €0 | -€10,000 | -100% |
| Amounts payable | 17/49 | €77,749 | €110,771 | +€33,023 | +42.5% |
| Amounts payable after more than one year | 17 | - | €9,354 | +€9,354 | |
| Financial debts | 170/4 | - | €9,354 | +€9,354 | |
| Amounts payable within one year | 42/48 | €77,749 | €101,418 | +€23,669 | +30.4% |
| Current portion of amounts payable after more than one year | 42 | - | €8,303 | +€8,303 | |
| Trade debts | 44 | €3,162 | €2,118 | -€1,043 | -33.0% |
| Suppliers | 440/4 | €3,162 | €2,118 | -€1,043 | -33.0% |
| Taxes, remuneration and social security | 45 | €6,809 | €7,147 | +€339 | +5.0% |
| Taxes | 450/3 | €6,809 | €7,147 | +€339 | +5.0% |
| Other amounts payable | 47/48 | €67,778 | €83,849 | +€16,071 | +23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,110 | €11,070 | +€8,960 | +425% |
| Other operating charges | 640/8 | €1,554 | €1,770 | +€217 | +14.0% |
| Non-recurring operating charges | 66A | - | €347 | +€347 | |
| Gross operating margin | 9900 | €50,134 | €62,517 | +€12,384 | +24.7% |
| Operating profit (loss) | 9901 | €46,470 | €49,331 | +€2,860 | +6.2% |
| Financial income | 75/76B | €0 | €25 | +€25 | |
| Recurring financial income | 75 | €0 | €25 | +€25 | |
| Financial charges | 65/66B | €266 | €893 | +€626 | +235% |
| Recurring financial charges | 65 | €266 | €893 | +€626 | +235% |
| Profit (loss) for the period before taxes | 9903 | €46,204 | €48,463 | +€2,259 | +4.9% |
| Income taxes | 67/77 | €10,260 | €11,244 | +€984 | +9.6% |
| Profit (loss) for the period | 9904 | €35,944 | €37,219 | +€1,275 | +3.5% |
| Profit (loss) for the period to be appropriated | 9905 | €35,944 | €37,219 | +€1,275 | +3.5% |
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 20 October 2026 via checked.be.