RUNNING 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.
RUNNING PANDA
Largest movements
- Cash +€83,146
up €83,146 (+733.1%), from €11,341 to €94,487
mainly Net result for the year (+€75,730) and Other debts (+€55,168)
- Receivables within one year -€11,226
down €11,226 (-46.8%), from €23,997 to €12,771
of which Trade receivables: -€9,317
- Other debts +€55,168
up €55,168 (+556.4%), from €9,916 to €65,084
- Tax, wage and social debts +€17,120
up €17,120 (+185.1%), from €9,248 to €26,368
of which Taxes: +€17,119
- Gross operating margin +€79,655
up €79,655 (+453.9%), from €17,547 to €97,203
- Taxes +€15,909
up €15,909 (+451.2%), from €3,526 to €19,435
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 | €38,974 | €111,116 | +€72,142 | +185.1% |
| Fixed assets | 21/28 | €3,078 | €2,669 | -€410 | -13.3% |
| Tangible fixed assets | 22/27 | €3,078 | €2,669 | -€410 | -13.3% |
| Furniture and vehicles | 24 | €3,078 | €2,669 | -€410 | -13.3% |
| Current assets | 29/58 | €35,895 | €108,447 | +€72,552 | +202.1% |
| Amounts receivable within one year | 40/41 | €23,997 | €12,771 | -€11,226 | -46.8% |
| Trade receivables | 40 | €22,088 | €12,771 | -€9,317 | -42.2% |
| Other amounts receivable | 41 | €1,909 | - | -€1,909 | |
| Cash at bank and in hand | 54/58 | €11,341 | €94,487 | +€83,146 | +733.1% |
| Deferred charges and accrued income | 490/1 | €557 | €1,189 | +€632 | +113.4% |
| Total equity and liabilities | 10/49 | €38,974 | €111,116 | +€72,142 | +185.1% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Amounts payable | 17/49 | €20,374 | €92,516 | +€72,142 | +354.1% |
| Amounts payable within one year | 42/48 | €20,374 | €92,516 | +€72,142 | +354.1% |
| Trade debts | 44 | €1,210 | €1,064 | -€146 | -12.1% |
| Suppliers | 440/4 | €1,210 | €1,064 | -€146 | -12.1% |
| Taxes, remuneration and social security | 45 | €9,248 | €26,368 | +€17,120 | +185.1% |
| Taxes | 450/3 | €9,248 | €26,367 | +€17,119 | +185.1% |
| Remuneration and social security | 454/9 | - | €1 | +€1 | |
| Other amounts payable | 47/48 | €9,916 | €65,084 | +€55,168 | +556.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,365 | €2,017 | -€348 | -14.7% |
| Other operating charges | 640/8 | €200 | €208 | +€8 | +4.1% |
| Gross operating margin | 9900 | €17,547 | €97,203 | +€79,655 | +453.9% |
| Operating profit (loss) | 9901 | €14,983 | €94,978 | +€79,995 | +533.9% |
| Financial income | 75/76B | €299 | €283 | -€16 | -5.3% |
| Recurring financial income | 75 | €299 | €283 | -€16 | -5.3% |
| Financial charges | 65/66B | €90 | €96 | +€6 | +6.5% |
| Recurring financial charges | 65 | €90 | €96 | +€6 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €15,191 | €95,165 | +€79,973 | +526.4% |
| Income taxes | 67/77 | €3,526 | €19,435 | +€15,909 | +451.2% |
| Profit (loss) for the period | 9904 | €11,666 | €75,730 | +€64,064 | +549.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,666 | €75,730 | +€64,064 | +549.2% |
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.