PANDA RESTO: 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 RESTO
Largest movements
- Receivables within one year +€29,929
up €29,929 (+22.6%), from €132,653 to €162,582
of which Other amounts receivable: +€26,706
- Stocks and contracts -€13,088
down €13,088 (-80.8%), from €16,199 to €3,110
- Tangible fixed assets -€4,492
down €4,492 (-62.2%), from €7,220 to €2,729
of which Furniture and vehicles: -€2,877
- Reserves +€16,919
up €16,919 (+24.0%), from €70,438 to €87,357
- Trade debts -€9,013
down €9,013 (-59.3%), from €15,188 to €6,175
- Tax, wage and social debts +€8,541
up €8,541 (+30.2%), from €28,296 to €36,837
of which Taxes: +€8,310
- Current portion of long-term debt -€2,342
no longer reported in 2025 (was €2,342)
- Gross operating margin -€18,635
down €18,635 (-26.5%), from €70,253 to €51,618
- Taxes -€7,964
down €7,964 (-43.8%), from €18,167 to €10,203
- Staff costs +€1,444
up €1,444 (+6.7%), from €21,505 to €22,950
- Financial income +€1,205
up €1,205 (+22.8%), from €5,293 to €6,498
- Financial charges -€768
down €768 (-30.5%), from €2,522 to €1,754
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 | €193,787 | €208,666 | +€14,880 | +7.7% |
| Fixed assets | 21/28 | €7,220 | €2,729 | -€4,492 | -62.2% |
| Tangible fixed assets | 22/27 | €7,220 | €2,729 | -€4,492 | -62.2% |
| Plant, machinery and equipment | 23 | €1,740 | €829 | -€911 | -52.4% |
| Furniture and vehicles | 24 | €3,369 | €492 | -€2,877 | -85.4% |
| Other tangible fixed assets | 26 | €2,111 | €1,408 | -€704 | -33.3% |
| Current assets | 29/58 | €186,566 | €205,938 | +€19,371 | +10.4% |
| Stocks and contracts in progress | 3 | €16,199 | €3,110 | -€13,088 | -80.8% |
| Stocks | 30/36 | €16,199 | €3,110 | -€13,088 | -80.8% |
| Amounts receivable within one year | 40/41 | €132,653 | €162,582 | +€29,929 | +22.6% |
| Trade receivables | 40 | €13,715 | €16,938 | +€3,223 | +23.5% |
| Other amounts receivable | 41 | €118,939 | €145,644 | +€26,706 | +22.5% |
| Cash at bank and in hand | 54/58 | €15,709 | €17,781 | +€2,073 | +13.2% |
| Deferred charges and accrued income | 490/1 | €22,006 | €22,464 | +€458 | +2.1% |
| Total equity and liabilities | 10/49 | €193,787 | €208,666 | +€14,880 | +7.7% |
| Equity | 10/15 | €108,438 | €125,357 | +€16,919 | +15.6% |
| Contributions | 10/11 | €38,000 | €38,000 | = | 0.0% |
| Reserves | 13 | €70,438 | €87,357 | +€16,919 | +24.0% |
| Distributable reserves | 133 | €70,438 | €87,357 | +€16,919 | +24.0% |
| Amounts payable | 17/49 | €85,348 | €83,309 | -€2,040 | -2.4% |
| Amounts payable within one year | 42/48 | €85,348 | €83,309 | -€2,040 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €2,342 | - | -€2,342 | |
| Trade debts | 44 | €15,188 | €6,175 | -€9,013 | -59.3% |
| Suppliers | 440/4 | €15,188 | €6,175 | -€9,013 | -59.3% |
| Taxes, remuneration and social security | 45 | €28,296 | €36,837 | +€8,541 | +30.2% |
| Taxes | 450/3 | €22,749 | €31,059 | +€8,310 | +36.5% |
| Remuneration and social security | 454/9 | €5,547 | €5,777 | +€230 | +4.2% |
| Other amounts payable | 47/48 | €39,522 | €40,297 | +€775 | +2.0% |
| Remuneration, social security and pensions | 62 | €21,505 | €22,950 | +€1,444 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,118 | €4,492 | -€626 | -12.2% |
| Other operating charges | 640/8 | €1,821 | €1,799 | -€22 | -1.2% |
| Gross operating margin | 9900 | €70,253 | €51,618 | -€18,635 | -26.5% |
| Operating profit (loss) | 9901 | €41,809 | €22,378 | -€19,431 | -46.5% |
| Financial income | 75/76B | €5,293 | €6,498 | +€1,205 | +22.8% |
| Recurring financial income | 75 | €5,293 | €6,498 | +€1,205 | +22.8% |
| Financial charges | 65/66B | €2,522 | €1,754 | -€768 | -30.5% |
| Recurring financial charges | 65 | €2,522 | €1,754 | -€768 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | €44,580 | €27,122 | -€17,458 | -39.2% |
| Income taxes | 67/77 | €18,167 | €10,203 | -€7,964 | -43.8% |
| Profit (loss) for the period | 9904 | €26,413 | €16,919 | -€9,494 | -35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €26,413 | €16,919 | -€9,494 | -35.9% |
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 5 October 2026 via checked.be.