PANDA GARDEN: 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 GARDEN
Largest movements
- Tangible fixed assets -€18,027
down €18,027 (-12.9%), from €139,687 to €121,660
of which Other tangible fixed assets: -€11,873
- Receivables within one year -€9,887
down €9,887 (-26.8%), from €36,872 to €26,985
of which Trade receivables: -€8,009
- Cash +€6,193
up €6,193 (+18.4%), from €33,643 to €39,836
mainly Depreciation (+€19,531) and Receivables within one year (+€9,887)
- Debts after one year -€9,515
down €9,515 (-9.8%), from €97,513 to €87,997
- Trade debts -€7,230
down €7,230 (-67.8%), from €10,668 to €3,439
- Tax, wage and social debts -€5,441
down €5,441 (-57.6%), from €9,441 to €4,000
of which Taxes: -€3,252
- Gross operating margin -€37,630
down €37,630 (-53.7%), from €70,070 to €32,440
- Taxes -€3,819
down €3,819 (-82.7%), from €4,619 to €800
- Depreciation +€1,312
up €1,312 (+7.2%), from €18,220 to €19,531
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 | €219,246 | €195,519 | -€23,726 | -10.8% |
| Fixed assets | 21/28 | €139,787 | €121,760 | -€18,027 | -12.9% |
| Tangible fixed assets | 22/27 | €139,687 | €121,660 | -€18,027 | -12.9% |
| Plant, machinery and equipment | 23 | €38,600 | €32,878 | -€5,722 | -14.8% |
| Furniture and vehicles | 24 | €14,033 | €13,601 | -€432 | -3.1% |
| Other tangible fixed assets | 26 | €87,054 | €75,181 | -€11,873 | -13.6% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €79,459 | €73,760 | -€5,699 | -7.2% |
| Stocks and contracts in progress | 3 | €8,944 | €6,939 | -€2,006 | -22.4% |
| Stocks | 30/36 | €8,944 | €6,939 | -€2,006 | -22.4% |
| Amounts receivable within one year | 40/41 | €36,872 | €26,985 | -€9,887 | -26.8% |
| Trade receivables | 40 | €8,756 | €747 | -€8,009 | -91.5% |
| Other amounts receivable | 41 | €28,116 | €26,238 | -€1,878 | -6.7% |
| Cash at bank and in hand | 54/58 | €33,643 | €39,836 | +€6,193 | +18.4% |
| Total equity and liabilities | 10/49 | €219,246 | €195,519 | -€23,726 | -10.8% |
| Equity | 10/15 | €90,261 | €89,902 | -€359 | -0.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €69,801 | €69,442 | -€359 | -0.5% |
| Amounts payable | 17/49 | €128,985 | €105,618 | -€23,368 | -18.1% |
| Amounts payable after more than one year | 17 | €97,513 | €87,997 | -€9,515 | -9.8% |
| Financial debts | 170/4 | €97,513 | €87,997 | -€9,515 | -9.8% |
| Amounts payable within one year | 42/48 | €31,473 | €17,620 | -€13,852 | -44.0% |
| Current portion of amounts payable after more than one year | 42 | €11,363 | €10,181 | -€1,182 | -10.4% |
| Trade debts | 44 | €10,668 | €3,439 | -€7,230 | -67.8% |
| Suppliers | 440/4 | €10,668 | €3,439 | -€7,230 | -67.8% |
| Taxes, remuneration and social security | 45 | €9,441 | €4,000 | -€5,441 | -57.6% |
| Taxes | 450/3 | €3,252 | €0 | -€3,252 | -100% |
| Remuneration and social security | 454/9 | €6,189 | €4,000 | -€2,189 | -35.4% |
| Remuneration, social security and pensions | 62 | €3,893 | €4,029 | +€135 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,220 | €19,531 | +€1,312 | +7.2% |
| Other operating charges | 640/8 | €1,627 | €2,017 | +€390 | +24.0% |
| Gross operating margin | 9900 | €70,070 | €32,440 | -€37,630 | -53.7% |
| Operating profit (loss) | 9901 | €46,329 | €6,863 | -€39,467 | -85.2% |
| Financial income | 75/76B | €77 | €3 | -€75 | -96.6% |
| Recurring financial income | 75 | €77 | €3 | -€75 | -96.6% |
| Financial charges | 65/66B | €6,818 | €6,425 | -€394 | -5.8% |
| Recurring financial charges | 65 | €6,818 | €6,425 | -€394 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €39,588 | €441 | -€39,148 | -98.9% |
| Income taxes | 67/77 | €4,619 | €800 | -€3,819 | -82.7% |
| Profit (loss) for the period | 9904 | €34,969 | -€359 | -€35,328 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,969 | -€359 | -€35,328 |
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 18 October 2026 via checked.be.