PANDA GROUP: 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 GROUP
Largest movements
- Receivables within one year +€219,156
up €219,156 (+399.2%), from €54,898 to €274,054
of which Trade receivables: +€219,457
- Tangible fixed assets +€118,169
up €118,169 (+4942.9%), from €2,391 to €120,560
of which Furniture and vehicles: +€115,509
- Cash +€24,125
up €24,125 (+230.2%), from €10,479 to €34,604
mainly Net result for the year (+€214,495) and Trade debts (+€79,863)
- Deferred charges and accrued income +€4,552
up €4,552 (+559.5%), from €814 to €5,365
- Reserves +€208,111
new in 2025: €208,111
- Trade debts +€79,863
up €79,863 (+203.8%), from €39,183 to €119,045
- Tax, wage and social debts +€75,235
new in 2025: €75,235
- Profit (loss) carried forward +€6,383
no longer reported in 2025 (was -€6,383)
- Current portion of long-term debt -€6,000
down €6,000 (-44.4%), from €13,500 to €7,500
- Gross operating margin +€292,323
up €292,323 (+92618.8%), from €316 to €292,639
- Taxes +€71,498
new in 2025: €71,498
- Depreciation +€5,132
up €5,132 (+4695.9%), from €109 to €5,241
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 | €68,582 | €434,584 | +€366,003 | +533.7% |
| Fixed assets | 21/28 | €2,391 | €120,560 | +€118,169 | +4942.9% |
| Tangible fixed assets | 22/27 | €2,391 | €120,560 | +€118,169 | +4942.9% |
| Plant, machinery and equipment | 23 | - | €2,660 | +€2,660 | |
| Furniture and vehicles | 24 | €2,391 | €117,900 | +€115,509 | +4831.6% |
| Current assets | 29/58 | €66,191 | €314,024 | +€247,833 | +374.4% |
| Amounts receivable within one year | 40/41 | €54,898 | €274,054 | +€219,156 | +399.2% |
| Trade receivables | 40 | €54,597 | €274,054 | +€219,457 | +402.0% |
| Other amounts receivable | 41 | €301 | - | -€301 | |
| Cash at bank and in hand | 54/58 | €10,479 | €34,604 | +€24,125 | +230.2% |
| Deferred charges and accrued income | 490/1 | €814 | €5,365 | +€4,552 | +559.5% |
| Total equity and liabilities | 10/49 | €68,582 | €434,584 | +€366,003 | +533.7% |
| Equity | 10/15 | -€3,883 | €210,611 | +€214,495 | |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | - | €208,111 | +€208,111 | |
| Distributable reserves | 133 | - | €208,111 | +€208,111 | |
| Profit (loss) carried forward | 14 | -€6,383 | - | +€6,383 | |
| Amounts payable | 17/49 | €72,465 | €223,973 | +€151,508 | +209.1% |
| Amounts payable within one year | 42/48 | €72,465 | €223,973 | +€151,508 | +209.1% |
| Current portion of amounts payable after more than one year | 42 | €13,500 | €7,500 | -€6,000 | -44.4% |
| Trade debts | 44 | €39,183 | €119,045 | +€79,863 | +203.8% |
| Suppliers | 440/4 | €39,183 | €119,045 | +€79,863 | +203.8% |
| Taxes, remuneration and social security | 45 | - | €75,235 | +€75,235 | |
| Taxes | 450/3 | - | €75,235 | +€75,235 | |
| Other amounts payable | 47/48 | €19,782 | €22,193 | +€2,411 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109 | €5,241 | +€5,132 | +4695.9% |
| Other operating charges | 640/8 | €841 | €1,383 | +€542 | +64.5% |
| Gross operating margin | 9900 | €316 | €292,639 | +€292,323 | +92618.8% |
| Operating profit (loss) | 9901 | -€634 | €286,015 | +€286,649 | |
| Financial income | 75/76B | €61 | €1,142 | +€1,081 | +1764.7% |
| Recurring financial income | 75 | €61 | €1,142 | +€1,081 | +1764.7% |
| Financial charges | 65/66B | €3,653 | €1,164 | -€2,490 | -68.1% |
| Recurring financial charges | 65 | €3,653 | €1,164 | -€2,490 | -68.1% |
| Profit (loss) for the period before taxes | 9903 | -€4,226 | €285,993 | +€290,219 | |
| Income taxes | 67/77 | - | €71,498 | +€71,498 | |
| Profit (loss) for the period | 9904 | -€4,226 | €214,495 | +€218,721 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,226 | €214,495 | +€218,721 |
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 6 October 2026 via checked.be.