PANDA GARDENS: 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 GARDENS
Largest movements
- Receivables within one year +€34,957
up €34,957 (+457%), from €7,646 to €42,603
of which Trade receivables: +€34,174
- Stocks and contracts +€4,200
up €4,200 (+17.4%), from €24,200 to €28,400
- Tangible fixed assets -€3,862
down €3,862 (-13.5%), from €28,532 to €24,671
of which Plant, machinery and equipment: -€3,246
- Cash +€2,544
up €2,544 (+31.1%), from €8,171 to €10,715
mainly Trade debts (+€31,482) and Depreciation (+€10,859)
- Financial fixed assets -€1,650
down €1,650 (-26.4%), from €6,250 to €4,600
- Trade debts +€31,482
up €31,482 (+573%), from €5,494 to €36,976
- Other debts +€6,428
up €6,428 (+30.3%), from €21,199 to €27,627
- Debts after one year -€4,067
down €4,067 (-34.0%), from €11,956 to €7,889
- Profit (loss) carried forward +€2,335
up €2,335 (+7.1%), from -€32,688 to -€30,353
- Staff costs -€36,163
down €36,163 (-45.4%), from €79,710 to €43,548
- Depreciation +€3,585
up €3,585 (+49.3%), from €7,274 to €10,859
- Gross operating margin +€1,785
up €1,785 (+3.0%), from €59,687 to €61,472
- Other operating charges +€1,140
up €1,140 (+70.4%), from €1,620 to €2,760
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 | €77,366 | €112,362 | +€34,995 | +45.2% |
| Fixed assets | 21/28 | €35,526 | €29,271 | -€6,255 | -17.6% |
| Intangible fixed assets | 21 | €744 | €0 | -€744 | -100% |
| Tangible fixed assets | 22/27 | €28,532 | €24,671 | -€3,862 | -13.5% |
| Plant, machinery and equipment | 23 | €6,958 | €3,712 | -€3,246 | -46.7% |
| Furniture and vehicles | 24 | €21,574 | €18,955 | -€2,619 | -12.1% |
| Other tangible fixed assets | 26 | - | €2,004 | +€2,004 | |
| Financial fixed assets | 28 | €6,250 | €4,600 | -€1,650 | -26.4% |
| Current assets | 29/58 | €41,841 | €83,091 | +€41,251 | +98.6% |
| Stocks and contracts in progress | 3 | €24,200 | €28,400 | +€4,200 | +17.4% |
| Stocks | 30/36 | €24,200 | €28,400 | +€4,200 | +17.4% |
| Amounts receivable within one year | 40/41 | €7,646 | €42,603 | +€34,957 | +457% |
| Trade receivables | 40 | €3,561 | €37,735 | +€34,174 | +960% |
| Other amounts receivable | 41 | €4,084 | €4,868 | +€784 | +19.2% |
| Cash at bank and in hand | 54/58 | €8,171 | €10,715 | +€2,544 | +31.1% |
| Deferred charges and accrued income | 490/1 | €1,823 | €1,373 | -€450 | -24.7% |
| Total equity and liabilities | 10/49 | €77,366 | €112,362 | +€34,995 | +45.2% |
| Equity | 10/15 | €14,934 | €17,270 | +€2,335 | +15.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €27,623 | €27,623 | = | 0.0% |
| Distributable reserves | 133 | €27,623 | €27,623 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,688 | -€30,353 | +€2,335 | +7.1% |
| Amounts payable | 17/49 | €62,432 | €95,092 | +€32,660 | +52.3% |
| Amounts payable after more than one year | 17 | €11,956 | €7,889 | -€4,067 | -34.0% |
| Financial debts | 170/4 | €11,956 | €7,889 | -€4,067 | -34.0% |
| Amounts payable within one year | 42/48 | €49,269 | €86,643 | +€37,373 | +75.9% |
| Current portion of amounts payable after more than one year | 42 | €3,908 | €4,067 | +€159 | +4.1% |
| Trade debts | 44 | €5,494 | €36,976 | +€31,482 | +573% |
| Suppliers | 440/4 | €5,494 | €36,976 | +€31,482 | +573% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €18,668 | €17,973 | -€696 | -3.7% |
| Taxes | 450/3 | €10,049 | €7,152 | -€2,897 | -28.8% |
| Remuneration and social security | 454/9 | €8,619 | €10,821 | +€2,202 | +25.5% |
| Other amounts payable | 47/48 | €21,199 | €27,627 | +€6,428 | +30.3% |
| Accrued charges and deferred income | 492/3 | €1,207 | €560 | -€647 | -53.6% |
| Remuneration, social security and pensions | 62 | €79,710 | €43,548 | -€36,163 | -45.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,274 | €10,859 | +€3,585 | +49.3% |
| Other operating charges | 640/8 | €1,620 | €2,760 | +€1,140 | +70.4% |
| Non-recurring operating charges | 66A | €1,391 | €0 | -€1,391 | -100% |
| Gross operating margin | 9900 | €59,687 | €61,472 | +€1,785 | +3.0% |
| Operating profit (loss) | 9901 | -€30,308 | €4,305 | +€34,613 | |
| Financial income | 75/76B | €4 | €159 | +€155 | +4,330% |
| Recurring financial income | 75 | €4 | €159 | +€155 | +4,330% |
| Financial charges | 65/66B | €2,384 | €2,128 | -€256 | -10.7% |
| Recurring financial charges | 65 | €2,384 | €2,128 | -€256 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | -€32,688 | €2,335 | +€35,024 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€32,688 | €2,335 | +€35,024 | |
| Profit (loss) for the period to be appropriated | 9905 | -€32,688 | €2,335 | +€35,024 |
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 26 October 2026 via checked.be.