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 -€498
down €498 (-52.6%), from €947 to €449
mainly Net result for the year (-€8,621) and Deferred charges and accrued income (-€84)
- Deferred charges and accrued income +€84
new in 2025: €84
- Profit (loss) carried forward -€8,621
down €8,621 (-1.2%), from -€721,443 to -€730,064
- Other debts +€8,207
up €8,207 (+21.3%), from €38,618 to €46,825
- Gross operating margin -€5,536
down €5,536 (-1,227%), from -€451 to -€5,987
- Financial charges +€515
up €515 (+26.1%), from €1,975 to €2,490
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 | €947 | €533 | -€414 | -43.7% |
| Current assets | 29/58 | €947 | €533 | -€414 | -43.7% |
| Cash at bank and in hand | 54/58 | €947 | €449 | -€498 | -52.6% |
| Deferred charges and accrued income | 490/1 | - | €84 | +€84 | |
| Total equity and liabilities | 10/49 | €947 | €533 | -€414 | -43.7% |
| Equity | 10/15 | -€37,671 | -€46,292 | -€8,621 | -22.9% |
| Contributions | 10/11 | €683,772 | €683,772 | = | 0.0% |
| Capital | 10 | €683,772 | €683,772 | = | 0.0% |
| Issued capital | 100 | €683,772 | €683,772 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€721,443 | -€730,064 | -€8,621 | -1.2% |
| Amounts payable | 17/49 | €38,618 | €46,825 | +€8,207 | +21.3% |
| Amounts payable within one year | 42/48 | €38,618 | €46,825 | +€8,207 | +21.3% |
| Other amounts payable | 47/48 | €38,618 | €46,825 | +€8,207 | +21.3% |
| Other operating charges | 640/8 | €141 | €144 | +€3 | +2.1% |
| Gross operating margin | 9900 | -€451 | -€5,987 | -€5,536 | -1,227% |
| Operating profit (loss) | 9901 | -€592 | -€6,131 | -€5,539 | -936% |
| Financial charges | 65/66B | €1,975 | €2,490 | +€515 | +26.1% |
| Recurring financial charges | 65 | €1,975 | €2,490 | +€515 | +26.1% |
| Profit (loss) for the period before taxes | 9903 | -€2,567 | -€8,621 | -€6,054 | -236% |
| Profit (loss) for the period | 9904 | -€2,567 | -€8,621 | -€6,054 | -236% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,567 | -€8,621 | -€6,054 | -236% |
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.