PANDA MANAGEMENT: 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 MANAGEMENT
Largest movements
- Cash -€40,188
down €40,188 (-68.4%), from €58,726 to €18,539
mainly Net result for the year (-€29,705) and Receivables within one year (-€15,156)
- Receivables within one year +€15,156
up €15,156 (+41.1%), from €36,885 to €52,041
of which Other amounts receivable: +€45,300
- Tangible fixed assets +€1,117
up €1,117 (+111.5%), from €1,002 to €2,119
- Profit (loss) carried forward -€30,538
down €30,538 (-80.7%), from €37,849 to €7,311
- Other debts +€6,014
up €6,014 (+53.4%), from €11,257 to €17,271
- Provisions +€1,295
up €1,295 (+3.6%), from €36,041 to €37,336
- Gross operating margin -€43,729
down €43,729 (-80.3%), from €54,444 to €10,715
- Financial charges -€6,759
down €6,759 (-15.2%), from €44,568 to €37,809
- Taxes -€2,849
down €2,849 (-93.4%), from €3,049 to €200
- Depreciation +€691
up €691 (+2858.0%), from €24 to €716
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 | €96,613 | €72,699 | -€23,914 | -24.8% |
| Fixed assets | 21/28 | €1,002 | €2,119 | +€1,117 | +111.5% |
| Tangible fixed assets | 22/27 | €1,002 | €2,119 | +€1,117 | +111.5% |
| Furniture and vehicles | 24 | €1,002 | €2,119 | +€1,117 | +111.5% |
| Current assets | 29/58 | €95,611 | €70,580 | -€25,031 | -26.2% |
| Amounts receivable within one year | 40/41 | €36,885 | €52,041 | +€15,156 | +41.1% |
| Trade receivables | 40 | €36,885 | €6,741 | -€30,144 | -81.7% |
| Other amounts receivable | 41 | - | €45,300 | +€45,300 | |
| Cash at bank and in hand | 54/58 | €58,726 | €18,539 | -€40,188 | -68.4% |
| Total equity and liabilities | 10/49 | €96,613 | €72,699 | -€23,914 | -24.8% |
| Equity | 10/15 | €43,849 | €13,311 | -€30,538 | -69.6% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €37,849 | €7,311 | -€30,538 | -80.7% |
| Provisions and deferred taxes | 16 | €36,041 | €37,336 | +€1,295 | +3.6% |
| Provisions for liabilities and charges | 160/5 | €36,041 | €37,336 | +€1,295 | +3.6% |
| Other liabilities and charges | 164/5 | €36,041 | €37,336 | +€1,295 | +3.6% |
| Amounts payable | 17/49 | €16,724 | €22,052 | +€5,329 | +31.9% |
| Amounts payable within one year | 42/48 | €16,724 | €22,052 | +€5,329 | +31.9% |
| Trade debts | 44 | €1,139 | €304 | -€835 | -73.3% |
| Suppliers | 440/4 | €1,139 | €304 | -€835 | -73.3% |
| Taxes, remuneration and social security | 45 | €4,328 | €4,477 | +€149 | +3.4% |
| Taxes | 450/3 | €2,197 | €2,347 | +€149 | +6.8% |
| Remuneration and social security | 454/9 | €2,131 | €2,131 | = | 0.0% |
| Other amounts payable | 47/48 | €11,257 | €17,271 | +€6,014 | +53.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24 | €716 | +€691 | +2858.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €1,041 | €1,295 | +€254 | +24.4% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €54,444 | €10,715 | -€43,729 | -80.3% |
| Operating profit (loss) | 9901 | €52,992 | €8,304 | -€44,687 | -84.3% |
| Financial charges | 65/66B | €44,568 | €37,809 | -€6,759 | -15.2% |
| Recurring financial charges | 65 | €44,568 | €37,809 | -€6,759 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €8,424 | -€29,505 | -€37,929 | |
| Income taxes | 67/77 | €3,049 | €200 | -€2,849 | -93.4% |
| Profit (loss) for the period | 9904 | €5,375 | -€29,705 | -€35,080 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,375 | -€29,705 | -€35,080 |
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 8 October 2026 via checked.be.