Peignoir & Panda: what changed
Peignoir & Panda
Largest movements
- Receivables within one year -€27,648
down €27,648 (-72.0%), from €38,414 to €10,766
of which Trade receivables: -€26,248
- Cash +€5,555
up €5,555 (+17,602%), from €32 to €5,587
mainly Receivables within one year (+€27,648) and Trade debts (+€981)
- Tangible fixed assets +€1,044
up €1,044 (+95.8%), from €1,091 to €2,135
- Other debts -€8,442
down €8,442 (-95.9%), from €8,805 to €363
- Tax, wage and social debts -€6,659
down €6,659 (-52.8%), from €12,600 to €5,941
- Short-term financial debts -€3,739
no longer reported in 2025 (was €3,739)
- Profit (loss) carried forward -€3,189
down €3,189 (-73.3%), from €4,349 to €1,159
- Trade debts +€981
up €981 (+19.4%), from €5,043 to €6,024
- Taxes -€2,409
down €2,409 (-89.5%), from €2,690 to €282
- Gross operating margin -€2,303
down €2,303, from €2,151 to -€152
- Other operating charges +€395
up €395 (+43.1%), from €915 to €1,310
- Depreciation +€192
up €192 (+24.4%), from €787 to €979
- Financial charges -€124
down €124 (-21.1%), from €590 to €466
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €39,536 | €18,488 | -€21,049 | -53.2% |
| Fixed assets | 21/28 | €1,091 | €2,135 | +€1,044 | +95.8% |
| Tangible fixed assets | 22/27 | €1,091 | €2,135 | +€1,044 | +95.8% |
| Furniture and vehicles | 24 | €1,091 | €2,135 | +€1,044 | +95.8% |
| Current assets | 29/58 | €38,446 | €16,353 | -€22,093 | -57.5% |
| Amounts receivable within one year | 40/41 | €38,414 | €10,766 | -€27,648 | -72.0% |
| Trade receivables | 40 | €37,014 | €10,766 | -€26,248 | -70.9% |
| Other amounts receivable | 41 | €1,400 | - | -€1,400 | |
| Cash at bank and in hand | 54/58 | €32 | €5,587 | +€5,555 | +17,602% |
| Total equity and liabilities | 10/49 | €39,536 | €18,488 | -€21,049 | -53.2% |
| Equity | 10/15 | €9,349 | €6,159 | -€3,189 | -34.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,349 | €1,159 | -€3,189 | -73.3% |
| Amounts payable | 17/49 | €30,188 | €12,329 | -€17,859 | -59.2% |
| Amounts payable within one year | 42/48 | €30,188 | €12,329 | -€17,859 | -59.2% |
| Financial debts | 43 | €3,739 | - | -€3,739 | |
| Credit institutions | 430/8 | €3,739 | - | -€3,739 | |
| Trade debts | 44 | €5,043 | €6,024 | +€981 | +19.4% |
| Suppliers | 440/4 | €5,043 | €6,024 | +€981 | +19.4% |
| Taxes, remuneration and social security | 45 | €12,600 | €5,941 | -€6,659 | -52.8% |
| Taxes | 450/3 | €12,600 | €5,941 | -€6,659 | -52.8% |
| Other amounts payable | 47/48 | €8,805 | €363 | -€8,442 | -95.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €787 | €979 | +€192 | +24.4% |
| Other operating charges | 640/8 | €915 | €1,310 | +€395 | +43.1% |
| Gross operating margin | 9900 | €2,151 | -€152 | -€2,303 | |
| Operating profit (loss) | 9901 | €448 | -€2,442 | -€2,890 | |
| Financial charges | 65/66B | €590 | €466 | -€124 | -21.1% |
| Recurring financial charges | 65 | €590 | €466 | -€124 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | -€142 | -€2,908 | -€2,766 | -1,950% |
| Income taxes | 67/77 | €2,690 | €282 | -€2,409 | -89.5% |
| Profit (loss) for the period | 9904 | -€2,832 | -€3,189 | -€357 | -12.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,832 | -€3,189 | -€357 | -12.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.