SMART 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.
SMART PANDA
Largest movements
- Cash -€12,866
down €12,866 (-35.8%), from €35,942 to €23,077
mainly Contributions, distributions and other (-€35,674) and Other debts (-€17,026)
- Tangible fixed assets +€10,356
up €10,356 (+475.2%), from €2,179 to €12,536
of which Furniture and vehicles: +€9,145
- Receivables within one year -€4,152
down €4,152 (-15.5%), from €26,873 to €22,720
of which Trade receivables: -€4,367
- Other debts -€17,026
down €17,026 (-35.3%), from €48,208 to €31,181
- Current portion of long-term debt +€8,358
new in 2025: €8,358
- Tax, wage and social debts +€5,210
up €5,210 (+66.6%), from €7,827 to €13,037
- Trade debts -€3,254
down €3,254 (-68.8%), from €4,727 to €1,473
- Depreciation +€1,735
up €1,735 (+135.7%), from €1,279 to €3,014
- Gross operating margin -€1,644
down €1,644 (-3.2%), from €50,762 to €49,118
- Taxes -€702
down €702 (-6.7%), from €10,488 to €9,786
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 | €65,762 | €59,049 | -€6,713 | -10.2% |
| Formation expenses | 20 | €50 | - | -€50 | |
| Fixed assets | 21/28 | €2,179 | €12,536 | +€10,356 | +475.2% |
| Tangible fixed assets | 22/27 | €2,179 | €12,536 | +€10,356 | +475.2% |
| Plant, machinery and equipment | 23 | €1,607 | €2,819 | +€1,212 | +75.4% |
| Furniture and vehicles | 24 | €572 | €9,717 | +€9,145 | +1598.9% |
| Current assets | 29/58 | €63,533 | €46,513 | -€17,020 | -26.8% |
| Amounts receivable within one year | 40/41 | €26,873 | €22,720 | -€4,152 | -15.5% |
| Trade receivables | 40 | €26,873 | €22,506 | -€4,367 | -16.2% |
| Other amounts receivable | 41 | - | €214 | +€214 | |
| Cash at bank and in hand | 54/58 | €35,942 | €23,077 | -€12,866 | -35.8% |
| Deferred charges and accrued income | 490/1 | €718 | €716 | -€1 | -0.2% |
| Total equity and liabilities | 10/49 | €65,762 | €59,049 | -€6,713 | -10.2% |
| Equity | 10/15 | €5,000 | €5,000 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €60,762 | €54,049 | -€6,713 | -11.0% |
| Amounts payable within one year | 42/48 | €60,762 | €54,049 | -€6,713 | -11.0% |
| Current portion of amounts payable after more than one year | 42 | - | €8,358 | +€8,358 | |
| Trade debts | 44 | €4,727 | €1,473 | -€3,254 | -68.8% |
| Suppliers | 440/4 | €4,727 | €1,473 | -€3,254 | -68.8% |
| Taxes, remuneration and social security | 45 | €7,827 | €13,037 | +€5,210 | +66.6% |
| Taxes | 450/3 | €7,827 | €13,037 | +€5,210 | +66.6% |
| Other amounts payable | 47/48 | €48,208 | €31,181 | -€17,026 | -35.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,279 | €3,014 | +€1,735 | +135.7% |
| Other operating charges | 640/8 | €98 | €363 | +€266 | +272.1% |
| Gross operating margin | 9900 | €50,762 | €49,118 | -€1,644 | -3.2% |
| Operating profit (loss) | 9901 | €49,386 | €45,741 | -€3,645 | -7.4% |
| Financial income | 75/76B | - | €70 | +€70 | |
| Recurring financial income | 75 | - | €70 | +€70 | |
| Financial charges | 65/66B | €632 | €351 | -€281 | -44.4% |
| Recurring financial charges | 65 | €632 | €351 | -€281 | -44.4% |
| Profit (loss) for the period before taxes | 9903 | €48,754 | €45,460 | -€3,294 | -6.8% |
| Income taxes | 67/77 | €10,488 | €9,786 | -€702 | -6.7% |
| Profit (loss) for the period | 9904 | €38,266 | €35,674 | -€2,592 | -6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €38,266 | €35,674 | -€2,592 | -6.8% |
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 4 October 2026 via checked.be.