Panda Design: 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.
Panda Design
Largest movements
- Cash -€48,585
down €48,585 (-45.7%), from €106,372 to €57,787
mainly Other debts (-€58,522) and Receivables within one year (-€36,858)
- Receivables within one year +€36,858
up €36,858 (+3568.5%), from €1,033 to €37,891
of which Trade receivables: +€37,060
- Tangible fixed assets +€30,494
up €30,494 (+237.2%), from €12,855 to €43,349
of which Furniture and vehicles: +€26,206
- Deferred charges and accrued income -€2,126
down €2,126 (-43.2%), from €4,921 to €2,795
- Profit (loss) carried forward +€69,335
up €69,335 (+135.2%), from €51,297 to €120,632
- Other debts -€58,522
down €58,522 (-88.1%), from €66,420 to €7,898
- Tax, wage and social debts +€6,092
new in 2025: €6,092
of which Taxes: +€4,092
- Gross operating margin +€38,948
up €38,948 (+69.5%), from €56,068 to €95,016
- Taxes +€6,911
up €6,911 (+58.2%), from €11,876 to €18,787
- Depreciation +€1,215
up €1,215 (+41.5%), from €2,927 to €4,142
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 | €125,181 | €141,822 | +€16,642 | +13.3% |
| Fixed assets | 21/28 | €12,855 | €43,349 | +€30,494 | +237.2% |
| Tangible fixed assets | 22/27 | €12,855 | €43,349 | +€30,494 | +237.2% |
| Plant, machinery and equipment | 23 | €10,086 | €14,375 | +€4,288 | +42.5% |
| Furniture and vehicles | 24 | €2,768 | €28,974 | +€26,206 | +946.7% |
| Current assets | 29/58 | €112,326 | €98,473 | -€13,853 | -12.3% |
| Amounts receivable within one year | 40/41 | €1,033 | €37,891 | +€36,858 | +3568.5% |
| Trade receivables | 40 | €207 | €37,267 | +€37,060 | +17911.3% |
| Other amounts receivable | 41 | €826 | €624 | -€202 | -24.4% |
| Cash at bank and in hand | 54/58 | €106,372 | €57,787 | -€48,585 | -45.7% |
| Deferred charges and accrued income | 490/1 | €4,921 | €2,795 | -€2,126 | -43.2% |
| Total equity and liabilities | 10/49 | €125,181 | €141,822 | +€16,642 | +13.3% |
| Equity | 10/15 | €57,497 | €126,832 | +€69,335 | +120.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,297 | €120,632 | +€69,335 | +135.2% |
| Amounts payable | 17/49 | €67,684 | €14,991 | -€52,693 | -77.9% |
| Amounts payable within one year | 42/48 | €67,602 | €14,991 | -€52,611 | -77.8% |
| Trade debts | 44 | €1,182 | €1,001 | -€181 | -15.3% |
| Suppliers | 440/4 | €1,182 | €1,001 | -€181 | -15.3% |
| Taxes, remuneration and social security | 45 | - | €6,092 | +€6,092 | |
| Taxes | 450/3 | - | €4,092 | +€4,092 | |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €66,420 | €7,898 | -€58,522 | -88.1% |
| Accrued charges and deferred income | 492/3 | €82 | - | -€82 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,927 | €4,142 | +€1,215 | +41.5% |
| Other operating charges | 640/8 | €53 | €479 | +€426 | +803.8% |
| Gross operating margin | 9900 | €56,068 | €95,016 | +€38,948 | +69.5% |
| Operating profit (loss) | 9901 | €53,088 | €90,395 | +€37,307 | +70.3% |
| Financial income | 75/76B | €33 | €0 | -€33 | -99.9% |
| Recurring financial income | 75 | €33 | €0 | -€33 | -99.9% |
| Financial charges | 65/66B | €290 | €272 | -€18 | -6.2% |
| Recurring financial charges | 65 | €290 | €272 | -€18 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €52,830 | €90,122 | +€37,292 | +70.6% |
| Income taxes | 67/77 | €11,876 | €18,787 | +€6,911 | +58.2% |
| Profit (loss) for the period | 9904 | €40,954 | €71,335 | +€30,381 | +74.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,954 | €71,335 | +€30,381 | +74.2% |
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 2 October 2026 via checked.be.