Panda Team: 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 Team
Largest movements
- Cash +€2,138
up €2,138 (+222%), from €961 to €3,099
mainly Net result for the year (+€1,936) and Trade debts (+€1,107)
- Stocks and contracts +€1,300
up €1,300 (+5.6%), from €23,167 to €24,467
- Receivables within one year -€652
down €652 (-23.3%), from €2,805 to €2,152
of which Other amounts receivable: -€1,007
- Tangible fixed assets -€391
down €391 (-34.6%), from €1,131 to €740
- Profit (loss) carried forward +€1,936
up €1,936 (+14.8%), from €13,045 to €14,981
- Tax, wage and social debts -€1,138
down €1,138 (-29.5%), from €3,853 to €2,715
- Trade debts +€1,107
up €1,107 (+55.7%), from €1,987 to €3,094
- Gross operating margin -€1,028
down €1,028 (-20.8%), from €4,955 to €3,927
- Taxes -€631
down €631 (-64.3%), from €980 to €349
- Financial charges +€474
up €474 (+79.6%), from €595 to €1,069
- Financial income +€295
up €295 (+1,821%), from €16 to €312
- Other operating charges +€105
up €105 (+27.2%), from €387 to €493
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 | €28,065 | €30,459 | +€2,394 | +8.5% |
| Fixed assets | 21/28 | €1,131 | €740 | -€391 | -34.6% |
| Tangible fixed assets | 22/27 | €1,131 | €740 | -€391 | -34.6% |
| Plant, machinery and equipment | 23 | €1,131 | €740 | -€391 | -34.6% |
| Current assets | 29/58 | €26,933 | €29,719 | +€2,785 | +10.3% |
| Stocks and contracts in progress | 3 | €23,167 | €24,467 | +€1,300 | +5.6% |
| Stocks | 30/36 | €23,167 | €24,467 | +€1,300 | +5.6% |
| Amounts receivable within one year | 40/41 | €2,805 | €2,152 | -€652 | -23.3% |
| Trade receivables | 40 | €1,349 | €1,703 | +€354 | +26.2% |
| Other amounts receivable | 41 | €1,456 | €449 | -€1,007 | -69.2% |
| Cash at bank and in hand | 54/58 | €961 | €3,099 | +€2,138 | +222% |
| Total equity and liabilities | 10/49 | €28,065 | €30,459 | +€2,394 | +8.5% |
| Equity | 10/15 | €18,045 | €19,981 | +€1,936 | +10.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,045 | €14,981 | +€1,936 | +14.8% |
| Amounts payable | 17/49 | €10,019 | €10,478 | +€458 | +4.6% |
| Amounts payable within one year | 42/48 | €9,938 | €10,162 | +€224 | +2.2% |
| Trade debts | 44 | €1,987 | €3,094 | +€1,107 | +55.7% |
| Suppliers | 440/4 | €1,987 | €3,094 | +€1,107 | +55.7% |
| Taxes, remuneration and social security | 45 | €3,853 | €2,715 | -€1,138 | -29.5% |
| Taxes | 450/3 | €3,853 | €2,715 | -€1,138 | -29.5% |
| Other amounts payable | 47/48 | €4,098 | €4,353 | +€255 | +6.2% |
| Accrued charges and deferred income | 492/3 | €81 | €316 | +€235 | +290% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €391 | €391 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €493 | +€105 | +27.2% |
| Gross operating margin | 9900 | €4,955 | €3,927 | -€1,028 | -20.8% |
| Operating profit (loss) | 9901 | €4,176 | €3,042 | -€1,133 | -27.1% |
| Financial income | 75/76B | €16 | €312 | +€295 | +1,821% |
| Recurring financial income | 75 | €16 | €312 | +€295 | +1,821% |
| Financial charges | 65/66B | €595 | €1,069 | +€474 | +79.6% |
| Recurring financial charges | 65 | €595 | €1,069 | +€474 | +79.6% |
| Profit (loss) for the period before taxes | 9903 | €3,597 | €2,285 | -€1,312 | -36.5% |
| Income taxes | 67/77 | €980 | €349 | -€631 | -64.3% |
| Profit (loss) for the period | 9904 | €2,617 | €1,936 | -€681 | -26.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,617 | €1,936 | -€681 | -26.0% |
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 14 October 2026 via checked.be.