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.
Panda
Largest movements
- Receivables within one year -€50,042
down €50,042 (-27.0%), from €185,540 to €135,498
of which Other amounts receivable: -€50,982
- Cash -€11,147
down €11,147 (-19.2%), from €58,168 to €47,021
mainly Debts after one year (-€51,500) and Current portion of long-term debt (-€7,696)
- Tangible fixed assets -€3,984
down €3,984 (-8.2%), from €48,882 to €44,898
of which Land and buildings: -€3,268
- Deferred charges and accrued income -€3,338
down €3,338 (-54.9%), from €6,078 to €2,740
- Debts after one year -€51,500
down €51,500 (-79.2%), from €65,000 to €13,500
- Current portion of long-term debt -€7,696
down €7,696 (-84.5%), from €9,113 to €1,417
- Trade debts -€6,277
down €6,277 (-14.2%), from €44,142 to €37,865
- Financial income +€17,393
up €17,393 (+219%), from €7,927 to €25,320
- Depreciation -€13,186
down €13,186 (-68.3%), from €19,315 to €6,129
- Gross operating margin +€4,923
up €4,923 (+23.9%), from -€20,583 to -€15,660
- Other operating charges +€1,814
up €1,814 (+68.0%), from €2,668 to €4,482
- Financial charges -€778
down €778 (-64.9%), from €1,199 to €421
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 | €306,581 | €238,820 | -€67,761 | -22.1% |
| Fixed assets | 21/28 | €48,882 | €44,898 | -€3,984 | -8.2% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €48,882 | €44,898 | -€3,984 | -8.2% |
| Land and buildings | 22 | €43,847 | €40,579 | -€3,268 | -7.5% |
| Plant, machinery and equipment | 23 | €4,730 | €2,542 | -€2,188 | -46.3% |
| Furniture and vehicles | 24 | €305 | €1,777 | +€1,472 | +483% |
| Current assets | 29/58 | €257,699 | €193,922 | -€63,777 | -24.7% |
| Stocks and contracts in progress | 3 | €7,913 | €8,663 | +€750 | +9.5% |
| Stocks | 30/36 | €7,913 | €8,663 | +€750 | +9.5% |
| Amounts receivable within one year | 40/41 | €185,540 | €135,498 | -€50,042 | -27.0% |
| Trade receivables | 40 | €19,012 | €19,952 | +€940 | +4.9% |
| Other amounts receivable | 41 | €166,528 | €115,546 | -€50,982 | -30.6% |
| Cash at bank and in hand | 54/58 | €58,168 | €47,021 | -€11,147 | -19.2% |
| Deferred charges and accrued income | 490/1 | €6,078 | €2,740 | -€3,338 | -54.9% |
| Total equity and liabilities | 10/49 | €306,581 | €238,820 | -€67,761 | -22.1% |
| Equity | 10/15 | €98,289 | €96,579 | -€1,710 | -1.7% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €153,167 | €153,167 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €126,917 | €126,917 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€129,878 | -€131,588 | -€1,710 | -1.3% |
| Amounts payable | 17/49 | €208,292 | €142,241 | -€66,051 | -31.7% |
| Amounts payable after more than one year | 17 | €65,000 | €13,500 | -€51,500 | -79.2% |
| Financial debts | 170/4 | €65,000 | €13,500 | -€51,500 | -79.2% |
| Amounts payable within one year | 42/48 | €143,292 | €128,741 | -€14,551 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €9,113 | €1,417 | -€7,696 | -84.5% |
| Trade debts | 44 | €44,142 | €37,865 | -€6,277 | -14.2% |
| Suppliers | 440/4 | €44,142 | €37,865 | -€6,277 | -14.2% |
| Taxes, remuneration and social security | 45 | €424 | €1,187 | +€763 | +180% |
| Taxes | 450/3 | €424 | €1,187 | +€763 | +180% |
| Other amounts payable | 47/48 | €89,613 | €88,272 | -€1,341 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,315 | €6,129 | -€13,186 | -68.3% |
| Other operating charges | 640/8 | €2,668 | €4,482 | +€1,814 | +68.0% |
| Gross operating margin | 9900 | -€20,583 | -€15,660 | +€4,923 | +23.9% |
| Operating profit (loss) | 9901 | -€42,566 | -€26,271 | +€16,295 | +38.3% |
| Financial income | 75/76B | €7,927 | €25,320 | +€17,393 | +219% |
| Recurring financial income | 75 | €7,927 | €25,320 | +€17,393 | +219% |
| Financial charges | 65/66B | €1,199 | €421 | -€778 | -64.9% |
| Recurring financial charges | 65 | €1,199 | €421 | -€778 | -64.9% |
| Profit (loss) for the period before taxes | 9903 | -€35,838 | -€1,372 | +€34,466 | +96.2% |
| Income taxes | 67/77 | €324 | €338 | +€14 | +4.3% |
| Profit (loss) for the period | 9904 | -€36,162 | -€1,710 | +€34,452 | +95.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,162 | -€1,710 | +€34,452 | +95.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.