Redo Panda: 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.
Redo Panda
Largest movements
- Stocks and contracts -€64,766
down €64,766 (-25.3%), from €255,851 to €191,085
- Cash +€21,463
up €21,463 (+1043.0%), from €2,058 to €23,521
mainly Stocks and contracts (+€64,766) and Net result for the year (+€22,019)
- Short-term financial debts -€65,000
down €65,000 (-100.0%), from €65,000 to €0
- Profit (loss) carried forward +€21,535
up €21,535, from -€21,535 to €0
- Gross operating margin +€38,320
up €38,320, from -€13,335 to €24,985
- Depreciation -€1,132
down €1,132 (-100.0%), from €1,132 to €0
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 | €257,908 | €214,606 | -€43,302 | -16.8% |
| Formation expenses | 20 | €0 | - | = | |
| Current assets | 29/58 | €257,908 | €214,606 | -€43,302 | -16.8% |
| Stocks and contracts in progress | 3 | €255,851 | €191,085 | -€64,766 | -25.3% |
| Stocks | 30/36 | €255,851 | €191,085 | -€64,766 | -25.3% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €2,058 | €23,521 | +€21,463 | +1043.0% |
| Total equity and liabilities | 10/49 | €257,908 | €214,606 | -€43,302 | -16.8% |
| Equity | 10/15 | -€11,535 | €10,485 | +€22,019 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | - | €485 | +€485 | |
| Distributable reserves | 133 | - | €485 | +€485 | |
| Profit (loss) carried forward | 14 | -€21,535 | €0 | +€21,535 | |
| Amounts payable | 17/49 | €269,443 | €204,121 | -€65,322 | -24.2% |
| Amounts payable after more than one year | 17 | €204,000 | €204,000 | = | 0.0% |
| Financial debts | 170/4 | €204,000 | €204,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €65,443 | €121 | -€65,322 | -99.8% |
| Financial debts | 43 | €65,000 | €0 | -€65,000 | -100.0% |
| Credit institutions | 430/8 | €65,000 | €0 | -€65,000 | -100.0% |
| Trade debts | 44 | €443 | €0 | -€443 | -100.0% |
| Suppliers | 440/4 | €443 | €0 | -€443 | -100.0% |
| Taxes, remuneration and social security | 45 | - | €121 | +€121 | |
| Taxes | 450/3 | - | €121 | +€121 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,132 | €0 | -€1,132 | -100.0% |
| Other operating charges | 640/8 | €1,132 | €896 | -€236 | -20.9% |
| Gross operating margin | 9900 | -€13,335 | €24,985 | +€38,320 | |
| Operating profit (loss) | 9901 | -€15,600 | €24,090 | +€39,689 | |
| Financial charges | 65/66B | €1,805 | €1,949 | +€144 | +8.0% |
| Recurring financial charges | 65 | €1,805 | €1,949 | +€144 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | -€17,405 | €22,140 | +€39,545 | |
| Income taxes | 67/77 | - | €121 | +€121 | |
| Profit (loss) for the period | 9904 | -€17,405 | €22,019 | +€39,424 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,405 | €22,019 | +€39,424 |
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 3 October 2026 via checked.be.