PANDA MEUBLES: 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.
What changed
PANDA MEUBLES
NACE 47.551, Retail sale of household furniture
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1,920
2024 · -€62,910+€64,830
Equity
€627,147
2024 · €608,078+€19,069
Cash
€274,670
2024 · €260,747+€13,923
Balance sheet total
€1.6m
2024 · €1.6m-€37,225
Largest movements
Assets
- Tangible fixed assets -€52,471
down €52,471 (-4.0%), from €1.3m to €1.3m
of which Plant, machinery and equipment: -€86,957
Equity and liabilities
- Debts after one year -€48,437
down €48,437 (-6.0%), from €801,368 to €752,931
of which Financial debts: -€43,288
- Reserves +€19,069
up €19,069 (+3.5%), from €546,078 to €565,147
of which Distributable reserves: +€32,583
Income statement
- Turnover +€117,724
new in 2025: €117,724
- Purchases and services +€38,217
new in 2025: €38,217
- Depreciation -€36,588
down €36,588 (-41.1%), from €89,059 to €52,471
- Gross operating margin +€29,415
up €29,415 (+58.1%), from €50,656 to €80,071
- Other operating charges -€4,599
down €4,599 (-43.6%), from €10,550 to €5,951
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.
Result 2024
-€62,910
Gross operating margin
+€29,415
Depreciation
+€36,588
Other operating charges
+€4,599
Financial income
+€241
Financial charges
-€4,515
Taxes
-€1,498
Result 2025
€1,920
raises the resultlowers the result
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.
From operations
+€44,219
Investment
+€0
Financing
-€30,295
Cash 2024
€260,747
From operations (derived)
+€44,219
Net result for the year
+€1,920
Depreciation
+€52,471
Stocks and contracts
+€0
Receivables within one year
-€1,322
Provisions
-€4,505
Trade debts
-€11,283
Tax, wage and social debts
+€1,652
Other debts
+€5,285
Investment (derived)
+€0
Investment in fixed assets (net)
+€0
Financing
-€30,295
Debts after one year
-€48,437
Current portion of long-term debt
+€992
Short-term financial debts
+€0
Contributions, distributions and other
+€17,149
Cash 2025
€274,670
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,598,560 | €1,561,335 | -€37,225 | -2.3% |
| Fixed assets | 21/28 | €1,323,309 | €1,270,838 | -€52,471 | -4.0% |
| Tangible fixed assets | 22/27 | €1,323,309 | €1,270,838 | -€52,471 | -4.0% |
| Land and buildings | 22 | €1,196,708 | €1,240,933 | +€44,225 | +3.7% |
| Plant, machinery and equipment | 23 | €86,957 | - | -€86,957 | |
| Furniture and vehicles | 24 | €39,644 | €29,905 | -€9,739 | -24.6% |
| Current assets | 29/58 | €275,251 | €290,497 | +€15,246 | +5.5% |
| Stocks and contracts in progress | 3 | €7,605 | €7,605 | -€0 | 0.0% |
| Stocks | 30/36 | €7,605 | €7,605 | -€0 | 0.0% |
| Amounts receivable within one year | 40/41 | €6,900 | €8,222 | +€1,322 | +19.2% |
| Trade receivables | 40 | €2,219 | €8,222 | +€6,003 | +270% |
| Other amounts receivable | 41 | €4,680 | - | -€4,680 | |
| Cash at bank and in hand | 54/58 | €260,747 | €274,670 | +€13,923 | +5.3% |
| Total equity and liabilities | 10/49 | €1,598,560 | €1,561,335 | -€37,225 | -2.3% |
| Equity | 10/15 | €608,078 | €627,147 | +€19,069 | +3.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €546,078 | €565,147 | +€19,069 | +3.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €435,792 | €422,278 | -€13,514 | -3.1% |
| Distributable reserves | 133 | €104,086 | €136,669 | +€32,583 | +31.3% |
| Provisions and deferred taxes | 16 | €131,373 | €126,868 | -€4,505 | -3.4% |
| Deferred taxes | 168 | €131,373 | €126,868 | -€4,505 | -3.4% |
| Amounts payable | 17/49 | €859,110 | €807,320 | -€51,790 | -6.0% |
| Amounts payable after more than one year | 17 | €801,368 | €752,931 | -€48,437 | -6.0% |
| Financial debts | 170/4 | €701,885 | €658,597 | -€43,288 | -6.2% |
| Other amounts payable | 178/9 | €99,483 | €94,334 | -€5,149 | -5.2% |
| Amounts payable within one year | 42/48 | €57,742 | €54,389 | -€3,353 | -5.8% |
| Current portion of amounts payable after more than one year | 42 | €42,296 | €43,288 | +€992 | +2.3% |
| Financial debts | 43 | €3,845 | €3,845 | +€0 | 0.0% |
| Credit institutions | 430/8 | €3,845 | €3,845 | +€0 | 0.0% |
| Trade debts | 44 | €11,283 | - | -€11,283 | |
| Suppliers | 440/4 | €11,283 | - | -€11,283 | |
| Taxes, remuneration and social security | 45 | €319 | €1,971 | +€1,652 | +518% |
| Taxes | 450/3 | €319 | €1,971 | +€1,652 | +518% |
| Other amounts payable | 47/48 | - | €5,285 | +€5,285 | |
| Turnover | 70 | - | €117,724 | +€117,724 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €38,217 | +€38,217 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,059 | €52,471 | -€36,588 | -41.1% |
| Other operating charges | 640/8 | €10,550 | €5,951 | -€4,599 | -43.6% |
| Gross operating margin | 9900 | €50,656 | €80,071 | +€29,415 | +58.1% |
| Operating profit (loss) | 9901 | -€48,952 | €21,649 | +€70,601 | |
| Financial income | 75/76B | - | €241 | +€241 | |
| Recurring financial income | 75 | - | €241 | +€241 | |
| Financial charges | 65/66B | €18,245 | €22,760 | +€4,515 | +24.7% |
| Recurring financial charges | 65 | €18,245 | €22,759 | +€4,514 | +24.7% |
| Non-recurring financial charges | 66B | - | €1 | +€1 | |
| Profit (loss) for the period before taxes | 9903 | -€67,198 | -€870 | +€66,328 | +98.7% |
| Transfer from deferred taxes | 780 | €4,505 | €4,505 | +€0 | 0.0% |
| Income taxes | 67/77 | €217 | €1,715 | +€1,498 | +692% |
| Profit (loss) for the period | 9904 | -€62,910 | €1,920 | +€64,830 | |
| Transfer from tax-exempt reserves | 789 | €13,514 | €13,514 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€49,396 | €15,434 | +€64,830 |
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 20 October 2026 via checked.be.