PandaPanda: 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.
PandaPanda
Largest movements
- Receivables within one year +€51,727
up €51,727 (+149%), from €34,687 to €86,414
of which Trade receivables: +€52,018
- Cash -€18,118
down €18,118 (-39.2%), from €46,205 to €28,087
mainly Receivables within one year (-€51,727) and Other debts (-€19,976)
- Stocks and contracts -€10,000
down €10,000 (-100%), from €10,000 to €0
- Intangible fixed assets -€6,000
down €6,000 (-13.8%), from €43,603 to €37,603
- Profit (loss) carried forward +€24,950
up €24,950 (+80.2%), from €31,095 to €56,046
- Other debts -€19,976
down €19,976 (-37.3%), from €53,546 to €33,571
- Tax, wage and social debts +€6,120
up €6,120 (+20.8%), from €29,399 to €35,519
of which Remuneration and social security: +€4,567
- Trade debts +€5,824
up €5,824 (+28.0%), from €20,783 to €26,607
- Staff costs -€21,644
down €21,644 (-9.4%), from €229,926 to €208,283
- Gross operating margin +€11,551
up €11,551 (+4.6%), from €252,061 to €263,613
- Taxes +€6,614
up €6,614 (+197%), from €3,362 to €9,976
- Other operating charges +€2,971
up €2,971 (+368%), from €807 to €3,778
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 | €157,590 | €173,886 | +€16,295 | +10.3% |
| Fixed assets | 21/28 | €50,445 | €42,949 | -€7,495 | -14.9% |
| Intangible fixed assets | 21 | €43,603 | €37,603 | -€6,000 | -13.8% |
| Tangible fixed assets | 22/27 | €6,842 | €5,346 | -€1,495 | -21.9% |
| Plant, machinery and equipment | 23 | - | €2,518 | +€2,518 | |
| Furniture and vehicles | 24 | €6,842 | €2,828 | -€4,014 | -58.7% |
| Current assets | 29/58 | €107,146 | €130,937 | +€23,791 | +22.2% |
| Stocks and contracts in progress | 3 | €10,000 | €0 | -€10,000 | -100% |
| Contracts in progress | 37 | €10,000 | €0 | -€10,000 | -100% |
| Amounts receivable within one year | 40/41 | €34,687 | €86,414 | +€51,727 | +149% |
| Trade receivables | 40 | €32,247 | €84,265 | +€52,018 | +161% |
| Other amounts receivable | 41 | €2,440 | €2,149 | -€291 | -11.9% |
| Cash at bank and in hand | 54/58 | €46,205 | €28,087 | -€18,118 | -39.2% |
| Deferred charges and accrued income | 490/1 | €16,254 | €16,436 | +€182 | +1.1% |
| Total equity and liabilities | 10/49 | €157,590 | €173,886 | +€16,295 | +10.3% |
| Equity | 10/15 | €36,095 | €61,046 | +€24,950 | +69.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,095 | €56,046 | +€24,950 | +80.2% |
| Amounts payable | 17/49 | €121,495 | €112,840 | -€8,655 | -7.1% |
| Amounts payable within one year | 42/48 | €118,783 | €110,390 | -€8,392 | -7.1% |
| Financial debts | 43 | €15,054 | €14,694 | -€360 | -2.4% |
| Credit institutions | 430/8 | €15,054 | €14,694 | -€360 | -2.4% |
| Trade debts | 44 | €20,783 | €26,607 | +€5,824 | +28.0% |
| Suppliers | 440/4 | €20,783 | €26,607 | +€5,824 | +28.0% |
| Taxes, remuneration and social security | 45 | €29,399 | €35,519 | +€6,120 | +20.8% |
| Taxes | 450/3 | €4,102 | €5,655 | +€1,553 | +37.9% |
| Remuneration and social security | 454/9 | €25,297 | €29,864 | +€4,567 | +18.1% |
| Other amounts payable | 47/48 | €53,546 | €33,571 | -€19,976 | -37.3% |
| Accrued charges and deferred income | 492/3 | €2,713 | €2,450 | -€263 | -9.7% |
| Non-recurring operating income | 76A | €1,885 | €0 | -€1,885 | -100% |
| Remuneration, social security and pensions | 62 | €229,926 | €208,283 | -€21,644 | -9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,340 | €10,547 | -€794 | -7.0% |
| Other operating charges | 640/8 | €807 | €3,778 | +€2,971 | +368% |
| Gross operating margin | 9900 | €252,061 | €263,613 | +€11,551 | +4.6% |
| Operating profit (loss) | 9901 | €9,988 | €41,005 | +€31,017 | +311% |
| Financial income | 75/76B | €0 | €0 | -€0 | -84.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -84.0% |
| Financial charges | 65/66B | €4,355 | €6,078 | +€1,723 | +39.6% |
| Recurring financial charges | 65 | €4,355 | €6,078 | +€1,723 | +39.6% |
| Profit (loss) for the period before taxes | 9903 | €5,633 | €34,927 | +€29,294 | +520% |
| Income taxes | 67/77 | €3,362 | €9,976 | +€6,614 | +197% |
| Profit (loss) for the period | 9904 | €2,271 | €24,950 | +€22,680 | +999% |
| Profit (loss) for the period to be appropriated | 9905 | €2,271 | €24,950 | +€22,680 | +999% |
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 13 October 2026 via checked.be.