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
- Cash -€11,169
down €11,169 (-89.1%), from €12,537 to €1,368
mainly Net result for the year (-€18,376) and Trade debts (-€2,003)
- Tangible fixed assets -€9,274
down €9,274 (-27.5%), from €33,722 to €24,448
- Deferred charges and accrued income -€1,547
down €1,547 (-80.7%), from €1,916 to €370
- Profit (loss) carried forward -€18,376
down €18,376 (-131%), from -€14,050 to -€32,426
- Trade debts -€2,003
down €2,003 (-54.0%), from €3,712 to €1,709
- Other debts -€986
down €986 (-4.0%), from €24,901 to €23,915
- Gross operating margin -€14,298
down €14,298, from €6,100 to -€8,198
- Financial charges -€2,085
down €2,085 (-90.6%), from €2,300 to €216
- Depreciation -€778
down €778 (-7.7%), from €10,052 to €9,274
- Other operating charges +€107
up €107 (+23.5%), from €456 to €563
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 | €50,818 | €29,199 | -€21,619 | -42.5% |
| Fixed assets | 21/28 | €33,722 | €24,448 | -€9,274 | -27.5% |
| Tangible fixed assets | 22/27 | €33,722 | €24,448 | -€9,274 | -27.5% |
| Furniture and vehicles | 24 | €33,722 | €24,448 | -€9,274 | -27.5% |
| Current assets | 29/58 | €17,095 | €4,751 | -€12,345 | -72.2% |
| Amounts receivable within one year | 40/41 | €2,642 | €3,013 | +€371 | +14.0% |
| Trade receivables | 40 | €2,642 | €2,449 | -€193 | -7.3% |
| Other amounts receivable | 41 | - | €564 | +€564 | |
| Cash at bank and in hand | 54/58 | €12,537 | €1,368 | -€11,169 | -89.1% |
| Deferred charges and accrued income | 490/1 | €1,916 | €370 | -€1,547 | -80.7% |
| Total equity and liabilities | 10/49 | €50,818 | €29,199 | -€21,619 | -42.5% |
| Equity | 10/15 | €20,036 | €1,660 | -€18,376 | -91.7% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Contributions outside capital | 11 | €30,987 | €30,987 | = | 0.0% |
| Other | 1109/19 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €3,099 | €3,099 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,050 | -€32,426 | -€18,376 | -131% |
| Amounts payable | 17/49 | €30,782 | €27,539 | -€3,243 | -10.5% |
| Amounts payable within one year | 42/48 | €30,782 | €27,539 | -€3,243 | -10.5% |
| Trade debts | 44 | €3,712 | €1,709 | -€2,003 | -54.0% |
| Suppliers | 440/4 | €3,712 | €1,709 | -€2,003 | -54.0% |
| Advances received on contracts in progress | 46 | €997 | €997 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €1,171 | €918 | -€254 | -21.6% |
| Taxes | 450/3 | €1,171 | €918 | -€254 | -21.6% |
| Other amounts payable | 47/48 | €24,901 | €23,915 | -€986 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,052 | €9,274 | -€778 | -7.7% |
| Other operating charges | 640/8 | €456 | €563 | +€107 | +23.5% |
| Gross operating margin | 9900 | €6,100 | -€8,198 | -€14,298 | |
| Operating profit (loss) | 9901 | -€4,408 | -€18,036 | -€13,628 | -309% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €2,300 | €216 | -€2,085 | -90.6% |
| Recurring financial charges | 65 | €2,300 | €216 | -€2,085 | -90.6% |
| Profit (loss) for the period before taxes | 9903 | -€6,708 | -€18,251 | -€11,543 | -172% |
| Income taxes | 67/77 | €174 | €125 | -€50 | -28.5% |
| Profit (loss) for the period | 9904 | -€6,882 | -€18,376 | -€11,494 | -167% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,882 | -€18,376 | -€11,494 | -167% |
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 16 October 2026 via checked.be.