OPERATION 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.
OPERATION PANDA
Largest movements
- Tangible fixed assets +€49,629
up €49,629 (+155.7%), from €31,865 to €81,494
of which Furniture and vehicles: +€48,439
- Receivables within one year -€14,346
down €14,346 (-31.7%), from €45,217 to €30,871
of which Trade receivables: -€11,156
- Cash -€8,246
down €8,246 (-99.8%), from €8,265 to €19
mainly Investment in fixed assets (net) (-€74,832) and Trade debts (-€17,254)
- Deferred charges and accrued income +€1,273
up €1,273 (+76.6%), from €1,662 to €2,935
- Debts after one year +€36,934
new in 2024: €36,934
- Trade debts -€17,254
down €17,254 (-41.5%), from €41,573 to €24,319
- Short-term financial debts +€17,060
new in 2024: €17,060
- Profit (loss) carried forward -€12,848
down €12,848 (-139.3%), from -€9,221 to -€22,069
- Current portion of long-term debt +€4,362
new in 2024: €4,362
- Purchases and services +€154,420
new in 2024: €154,420
- Turnover +€148,578
new in 2024: €148,578
- Gross operating margin -€27,127
down €27,127 (-62.2%), from €43,624 to €16,497
- Depreciation +€14,229
up €14,229 (+129.7%), from €10,973 to €25,202
- Other operating charges +€1,907
up €1,907 (+128.0%), from €1,489 to €3,396
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €87,009 | €115,320 | +€28,310 | +32.5% |
| Fixed assets | 21/28 | €31,865 | €81,494 | +€49,629 | +155.7% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €31,865 | €81,494 | +€49,629 | +155.7% |
| Plant, machinery and equipment | 23 | €25,602 | €26,792 | +€1,190 | +4.6% |
| Furniture and vehicles | 24 | €6,263 | €54,702 | +€48,439 | +773.4% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €55,144 | €33,825 | -€21,319 | -38.7% |
| Amounts receivable within one year | 40/41 | €45,217 | €30,871 | -€14,346 | -31.7% |
| Trade receivables | 40 | €22,400 | €11,244 | -€11,156 | -49.8% |
| Other amounts receivable | 41 | €22,817 | €19,627 | -€3,190 | -14.0% |
| Cash at bank and in hand | 54/58 | €8,265 | €19 | -€8,246 | -99.8% |
| Deferred charges and accrued income | 490/1 | €1,662 | €2,935 | +€1,273 | +76.6% |
| Total equity and liabilities | 10/49 | €87,009 | €115,320 | +€28,310 | +32.5% |
| Equity | 10/15 | €40,479 | €27,631 | -€12,848 | -31.7% |
| Contributions | 10/11 | €27,000 | €27,000 | = | 0.0% |
| Reserves | 13 | €22,700 | €22,700 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,700 | €2,700 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,700 | €2,700 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,221 | -€22,069 | -€12,848 | -139.3% |
| Amounts payable | 17/49 | €46,530 | €87,689 | +€41,158 | +88.5% |
| Amounts payable after more than one year | 17 | - | €36,934 | +€36,934 | |
| Financial debts | 170/4 | - | €36,934 | +€36,934 | |
| Amounts payable within one year | 42/48 | €45,884 | €50,755 | +€4,871 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | - | €4,362 | +€4,362 | |
| Financial debts | 43 | - | €17,060 | +€17,060 | |
| Credit institutions | 430/8 | - | €17,060 | +€17,060 | |
| Trade debts | 44 | €41,573 | €24,319 | -€17,254 | -41.5% |
| Suppliers | 440/4 | €41,573 | €24,319 | -€17,254 | -41.5% |
| Taxes, remuneration and social security | 45 | €4,310 | €5,014 | +€704 | +16.3% |
| Taxes | 450/3 | €4,310 | €5,014 | +€704 | +16.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €647 | €0 | -€647 | -100.0% |
| Turnover | 70 | - | €148,578 | +€148,578 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €154,420 | +€154,420 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,973 | €25,202 | +€14,229 | +129.7% |
| Other operating charges | 640/8 | €1,489 | €3,396 | +€1,907 | +128.0% |
| Non-recurring operating charges | 66A | €518 | - | -€518 | |
| Gross operating margin | 9900 | €43,624 | €16,497 | -€27,127 | -62.2% |
| Operating profit (loss) | 9901 | €30,644 | -€12,102 | -€42,745 | |
| Financial income | 75/76B | €1,557 | €1,250 | -€307 | -19.7% |
| Recurring financial income | 75 | €1,557 | €1,250 | -€307 | -19.7% |
| Financial charges | 65/66B | €2,905 | €1,996 | -€909 | -31.3% |
| Recurring financial charges | 65 | €2,905 | €1,996 | -€909 | -31.3% |
| Profit (loss) for the period before taxes | 9903 | €29,296 | -€12,848 | -€42,143 | |
| Profit (loss) for the period | 9904 | €29,296 | -€12,848 | -€42,143 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,296 | -€12,848 | -€42,143 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.