IP 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.
IP Panda
Largest movements
- Cash -€175,284
down €175,284 (-58.5%), from €299,750 to €124,466
mainly Other debts (-€195,783) and Contributions, distributions and other (-€84,355)
- Receivables within one year -€39,050
down €39,050 (-83.4%), from €46,846 to €7,796
of which Other amounts receivable: -€46,846
- Tangible fixed assets +€5,043
up €5,043 (+46.8%), from €10,765 to €15,808
- Other debts -€195,783
down €195,783 (-61.2%), from €320,000 to €124,217
- Trade debts -€22,531
down €22,531 (-92.1%), from €24,461 to €1,930
- Tax, wage and social debts +€5,759
up €5,759 (+46.8%), from €12,303 to €18,062
- Gross operating margin +€13,309
up €13,309 (+12.8%), from €103,848 to €117,157
- Taxes +€8,017
up €8,017 (+36.5%), from €21,969 to €29,987
- Financial income -€1,690
no longer reported in 2025 (was €1,690)
- Depreciation +€1,657
up €1,657 (+66.0%), from €2,509 to €4,166
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 | €362,120 | €150,554 | -€211,566 | -58.4% |
| Fixed assets | 21/28 | €13,185 | €18,228 | +€5,043 | +38.2% |
| Tangible fixed assets | 22/27 | €10,765 | €15,808 | +€5,043 | +46.8% |
| Furniture and vehicles | 24 | €10,765 | €15,808 | +€5,043 | +46.8% |
| Financial fixed assets | 28 | €2,420 | €2,420 | = | 0.0% |
| Current assets | 29/58 | €348,935 | €132,326 | -€216,609 | -62.1% |
| Amounts receivable within one year | 40/41 | €46,846 | €7,796 | -€39,050 | -83.4% |
| Trade receivables | 40 | - | €7,796 | +€7,796 | |
| Other amounts receivable | 41 | €46,846 | - | -€46,846 | |
| Cash at bank and in hand | 54/58 | €299,750 | €124,466 | -€175,284 | -58.5% |
| Deferred charges and accrued income | 490/1 | €2,339 | €64 | -€2,274 | -97.3% |
| Total equity and liabilities | 10/49 | €362,120 | €150,554 | -€211,566 | -58.4% |
| Equity | 10/15 | €5,355 | €3,015 | -€2,341 | -43.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,355 | €15 | -€2,341 | -99.4% |
| Amounts payable | 17/49 | €356,765 | €147,540 | -€209,225 | -58.6% |
| Amounts payable within one year | 42/48 | €356,765 | €147,540 | -€209,225 | -58.6% |
| Financial debts | 43 | - | €3,331 | +€3,331 | |
| Credit institutions | 430/8 | - | €3,331 | +€3,331 | |
| Trade debts | 44 | €24,461 | €1,930 | -€22,531 | -92.1% |
| Suppliers | 440/4 | €24,461 | €1,930 | -€22,531 | -92.1% |
| Taxes, remuneration and social security | 45 | €12,303 | €18,062 | +€5,759 | +46.8% |
| Taxes | 450/3 | €12,303 | €18,062 | +€5,759 | +46.8% |
| Other amounts payable | 47/48 | €320,000 | €124,217 | -€195,783 | -61.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,509 | €4,166 | +€1,657 | +66.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €103,848 | €117,157 | +€13,309 | +12.8% |
| Operating profit (loss) | 9901 | €100,952 | €112,591 | +€11,640 | +11.5% |
| Financial income | 75/76B | €1,690 | - | -€1,690 | |
| Recurring financial income | 75 | €1,690 | - | -€1,690 | |
| Financial charges | 65/66B | €613 | €590 | -€23 | -3.7% |
| Recurring financial charges | 65 | €613 | €590 | -€23 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €102,029 | €112,001 | +€9,972 | +9.8% |
| Income taxes | 67/77 | €21,969 | €29,987 | +€8,017 | +36.5% |
| Profit (loss) for the period | 9904 | €80,060 | €82,014 | +€1,955 | +2.4% |
| Profit (loss) for the period to be appropriated | 9905 | €80,060 | €82,014 | +€1,955 | +2.4% |
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 30 September 2026 via checked.be.