PANDA PROMOTION: 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 PROMOTION
Largest movements
- Tangible fixed assets -€17,342
down €17,342 (-10.0%), from €173,673 to €156,331
of which Plant, machinery and equipment: -€10,460
- Deferred charges and accrued income -€8,424
down €8,424 (-39.9%), from €21,094 to €12,670
- Cash -€6,870
down €6,870 (-22.1%), from €31,149 to €24,279
mainly Other debts (-€62,521) and Receivables within one year (-€2,197)
- Other debts -€62,521
no longer reported in 2025 (was €62,521)
- Accrued charges and deferred income +€22,539
up €22,539 (+1,399%), from €1,611 to €24,150
- Trade debts +€6,988
up €6,988 (+92.0%), from €7,592 to €14,580
- Profit (loss) carried forward +€2,555
up €2,555 (+3.0%), from €86,022 to €88,577
- Gross operating margin +€8,301
up €8,301 (+11.9%), from €69,609 to €77,910
- Purchases and services -€7,190
down €7,190 (-7.0%), from €103,289 to €96,099
- Other operating charges +€7,169
up €7,169 (+14.1%), from €50,791 to €57,960
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 | €225,916 | €195,477 | -€30,439 | -13.5% |
| Fixed assets | 21/28 | €173,673 | €156,331 | -€17,342 | -10.0% |
| Tangible fixed assets | 22/27 | €173,673 | €156,331 | -€17,342 | -10.0% |
| Land and buildings | 22 | €138,253 | €131,371 | -€6,882 | -5.0% |
| Plant, machinery and equipment | 23 | €35,420 | €24,960 | -€10,460 | -29.5% |
| Current assets | 29/58 | €52,243 | €39,146 | -€13,097 | -25.1% |
| Amounts receivable within one year | 40/41 | - | €2,197 | +€2,197 | |
| Other amounts receivable | 41 | - | €2,197 | +€2,197 | |
| Cash at bank and in hand | 54/58 | €31,149 | €24,279 | -€6,870 | -22.1% |
| Deferred charges and accrued income | 490/1 | €21,094 | €12,670 | -€8,424 | -39.9% |
| Total equity and liabilities | 10/49 | €225,916 | €195,477 | -€30,439 | -13.5% |
| Equity | 10/15 | €154,192 | €156,747 | +€2,555 | +1.7% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €6,197 | €6,197 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Profit (loss) carried forward | 14 | €86,022 | €88,577 | +€2,555 | +3.0% |
| Amounts payable | 17/49 | €71,724 | €38,730 | -€32,994 | -46.0% |
| Amounts payable within one year | 42/48 | €70,113 | €14,580 | -€55,533 | -79.2% |
| Trade debts | 44 | €7,592 | €14,580 | +€6,988 | +92.0% |
| Suppliers | 440/4 | €7,592 | €14,580 | +€6,988 | +92.0% |
| Other amounts payable | 47/48 | €62,521 | - | -€62,521 | |
| Accrued charges and deferred income | 492/3 | €1,611 | €24,150 | +€22,539 | +1,399% |
| Non-recurring operating income | 76A | €172,898 | €174,009 | +€1,111 | +0.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €103,289 | €96,099 | -€7,190 | -7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,676 | €17,342 | -€334 | -1.9% |
| Other operating charges | 640/8 | €50,791 | €57,960 | +€7,169 | +14.1% |
| Gross operating margin | 9900 | €69,609 | €77,910 | +€8,301 | +11.9% |
| Operating profit (loss) | 9901 | €1,142 | €2,608 | +€1,466 | +128% |
| Financial charges | 65/66B | €48 | €53 | +€5 | +10.4% |
| Recurring financial charges | 65 | €48 | €53 | +€5 | +10.4% |
| Profit (loss) for the period before taxes | 9903 | €1,094 | €2,555 | +€1,461 | +134% |
| Profit (loss) for the period | 9904 | €1,094 | €2,555 | +€1,461 | +134% |
| Profit (loss) for the period to be appropriated | 9905 | €1,094 | €2,555 | +€1,461 | +134% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.