Antonio Padovan: 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.
Antonio Padovan
Largest movements
- Financial fixed assets +€2.0m
up €2.0m (+2028.6%), from €96,856 to €2.1m
- Receivables within one year +€40,236
up €40,236 (+163.4%), from €24,616 to €64,852
of which Other amounts receivable: +€23,096
- Reserves +€1.3m
up €1.3m (+226.8%), from €592,601 to €1.9m
- Other debts +€502,201
up €502,201 (+655.7%), from €76,591 to €578,792
- Tax, wage and social debts +€121,142
up €121,142 (+3411.1%), from €3,551 to €124,693
- Accrued charges and deferred income +€30,158
up €30,158 (+928.3%), from €3,249 to €33,406
- Financial income +€1.5m
up €1.5m (+21002.7%), from €7,099 to €1.5m
of which Non-recurring financial income: +€1.5m
- Taxes +€134,201
up €134,201 (+31231.2%), from €430 to €134,630
- Financial charges +€27,587
up €27,587 (+162.8%), from €16,944 to €44,532
- Gross operating margin +€20,542
up €20,542 (+61.7%), from €33,302 to €53,844
- Depreciation -€768
down €768 (-2.7%), from €27,980 to €27,212
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 | €884,942 | €2,857,813 | +€2.0m | +222.9% |
| Fixed assets | 21/28 | €376,063 | €2,313,705 | +€1.9m | +515.2% |
| Tangible fixed assets | 22/27 | €279,206 | €251,994 | -€27,212 | -9.7% |
| Land and buildings | 22 | €21,970 | €21,091 | -€879 | -4.0% |
| Furniture and vehicles | 24 | €6,182 | €4,345 | -€1,837 | -29.7% |
| Leasing and similar rights | 25 | €251,055 | €226,558 | -€24,496 | -9.8% |
| Financial fixed assets | 28 | €96,856 | €2,061,711 | +€2.0m | +2028.6% |
| Current assets | 29/58 | €508,879 | €544,108 | +€35,229 | +6.9% |
| Amounts receivable after more than one year | 29 | €163,423 | €160,340 | -€3,082 | -1.9% |
| Other amounts receivable | 291 | €163,423 | €160,340 | -€3,082 | -1.9% |
| Amounts receivable within one year | 40/41 | €24,616 | €64,852 | +€40,236 | +163.4% |
| Trade receivables | 40 | €12,101 | €29,241 | +€17,139 | +141.6% |
| Other amounts receivable | 41 | €12,515 | €35,611 | +€23,096 | +184.5% |
| Current investments | 50/53 | €122,214 | €122,214 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €154,185 | €157,097 | +€2,912 | +1.9% |
| Deferred charges and accrued income | 490/1 | €44,441 | €39,605 | -€4,836 | -10.9% |
| Total equity and liabilities | 10/49 | €884,942 | €2,857,813 | +€2.0m | +222.9% |
| Equity | 10/15 | €605,001 | €1,948,749 | +€1.3m | +222.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €592,601 | €1,936,349 | +€1.3m | +226.8% |
| Distributable reserves | 133 | €592,601 | €1,936,349 | +€1.3m | +226.8% |
| Amounts payable | 17/49 | €279,941 | €909,065 | +€629,124 | +224.7% |
| Amounts payable after more than one year | 17 | €170,999 | €147,074 | -€23,925 | -14.0% |
| Financial debts | 170/4 | €170,999 | €147,074 | -€23,925 | -14.0% |
| Amounts payable within one year | 42/48 | €105,694 | €728,585 | +€622,891 | +589.3% |
| Current portion of amounts payable after more than one year | 42 | €23,526 | €23,925 | +€398 | +1.7% |
| Trade debts | 44 | €2,025 | €1,175 | -€850 | -42.0% |
| Suppliers | 440/4 | €2,025 | €1,175 | -€850 | -42.0% |
| Taxes, remuneration and social security | 45 | €3,551 | €124,693 | +€121,142 | +3411.1% |
| Taxes | 450/3 | €3,551 | €124,693 | +€121,142 | +3411.1% |
| Other amounts payable | 47/48 | €76,591 | €578,792 | +€502,201 | +655.7% |
| Accrued charges and deferred income | 492/3 | €3,249 | €33,406 | +€30,158 | +928.3% |
| Non-recurring operating income | 76A | €26,690 | €0 | -€26,690 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,980 | €27,212 | -€768 | -2.7% |
| Other operating charges | 640/8 | €1,806 | €1,762 | -€44 | -2.4% |
| Gross operating margin | 9900 | €33,302 | €53,844 | +€20,542 | +61.7% |
| Operating profit (loss) | 9901 | €3,516 | €24,870 | +€21,354 | +607.3% |
| Financial income | 75/76B | €7,099 | €1,498,039 | +€1.5m | +21002.7% |
| Recurring financial income | 75 | €7,099 | €8,444 | +€1,346 | +19.0% |
| Non-recurring financial income | 76B | - | €1,489,595 | +€1.5m | |
| Financial charges | 65/66B | €16,944 | €44,532 | +€27,587 | +162.8% |
| Recurring financial charges | 65 | €16,944 | €44,532 | +€27,587 | +162.8% |
| Profit (loss) for the period before taxes | 9903 | -€6,329 | €1,478,378 | +€1.5m | |
| Income taxes | 67/77 | €430 | €134,630 | +€134,201 | +31231.2% |
| Profit (loss) for the period | 9904 | -€6,759 | €1,343,748 | +€1.4m | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,759 | €1,343,748 | +€1.4m |
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 8 October 2026 via checked.be.