PAD Holding: what changed
Two financial 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.
PAD Holding
Largest movements
- Receivables within one year -€354,024
down €354,024 (-74.8%), from €473,035 to €119,011
of which Other amounts receivable: -€264,963
- Cash +€349,934
up €349,934 (+3,967%), from €8,822 to €358,756
mainly Other debts (+€580,990) and Net result for the year (+€561,096)
- Receivables after one year -€50,000
no longer reported in 2025 (was €50,000)
- Reserves -€629,592
down €629,592 (-93.8%), from €671,495 to €41,903
- Other debts +€580,990
up €580,990 (+439%), from €132,237 to €713,227
- Tax, wage and social debts +€74,200
new in 2025: €74,200
- Trade debts -€71,373
down €71,373 (-98.9%), from €72,153 to €780
- Financial income +€416,386
up €416,386 (+4,284%), from €9,720 to €426,106
- Gross operating margin +€179,686
up €179,686 (+1,381%), from €13,012 to €192,698
- Taxes +€43,760
up €43,760 (+933%), from €4,690 to €48,450
- Financial charges +€7,595
up €7,595 (+823%), from €923 to €8,517
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.
Derived cash bridge
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 | €886,834 | €837,178 | -€49,656 | -5.6% |
| Fixed assets | 21/28 | €117,476 | €118,066 | +€589 | +0.5% |
| Tangible fixed assets | 22/27 | €12,461 | €13,051 | +€589 | +4.7% |
| Land and buildings | 22 | €12,461 | €13,051 | +€589 | +4.7% |
| Financial fixed assets | 28 | €105,015 | €105,015 | = | 0.0% |
| Current assets | 29/58 | €769,357 | €719,112 | -€50,246 | -6.5% |
| Amounts receivable after more than one year | 29 | €50,000 | - | -€50,000 | |
| Trade receivables | 290 | €50,000 | - | -€50,000 | |
| Amounts receivable within one year | 40/41 | €473,035 | €119,011 | -€354,024 | -74.8% |
| Trade receivables | 40 | €111,119 | €22,058 | -€89,061 | -80.1% |
| Other amounts receivable | 41 | €361,916 | €96,952 | -€264,963 | -73.2% |
| Current investments | 50/53 | €237,500 | €237,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €8,822 | €358,756 | +€349,934 | +3,967% |
| Deferred charges and accrued income | 490/1 | - | €3,845 | +€3,845 | |
| Total equity and liabilities | 10/49 | €886,834 | €837,178 | -€49,656 | -5.6% |
| Equity | 10/15 | €676,495 | €46,903 | -€629,592 | -93.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €671,495 | €41,903 | -€629,592 | -93.8% |
| Distributable reserves | 133 | €671,495 | €41,903 | -€629,592 | -93.8% |
| Amounts payable | 17/49 | €210,339 | €790,274 | +€579,936 | +276% |
| Amounts payable within one year | 42/48 | €204,391 | €788,207 | +€583,816 | +286% |
| Trade debts | 44 | €72,153 | €780 | -€71,373 | -98.9% |
| Suppliers | 440/4 | €72,153 | €780 | -€71,373 | -98.9% |
| Taxes, remuneration and social security | 45 | - | €74,200 | +€74,200 | |
| Taxes | 450/3 | - | €74,200 | +€74,200 | |
| Other amounts payable | 47/48 | €132,237 | €713,227 | +€580,990 | +439% |
| Accrued charges and deferred income | 492/3 | €5,948 | €2,067 | -€3,881 | -65.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €351 | €737 | +€386 | +110% |
| Other operating charges | 640/8 | - | €4 | +€4 | |
| Gross operating margin | 9900 | €13,012 | €192,698 | +€179,686 | +1,381% |
| Operating profit (loss) | 9901 | €12,661 | €191,957 | +€179,296 | +1,416% |
| Financial income | 75/76B | €9,720 | €426,106 | +€416,386 | +4,284% |
| Recurring financial income | 75 | €9,720 | €426,106 | +€416,386 | +4,284% |
| Financial charges | 65/66B | €923 | €8,517 | +€7,595 | +823% |
| Recurring financial charges | 65 | €923 | €8,517 | +€7,595 | +823% |
| Profit (loss) for the period before taxes | 9903 | €21,458 | €609,546 | +€588,088 | +2,741% |
| Income taxes | 67/77 | €4,690 | €48,450 | +€43,760 | +933% |
| Profit (loss) for the period | 9904 | €16,768 | €561,096 | +€544,328 | +3,246% |
| Profit (loss) for the period to be appropriated | 9905 | €16,768 | €561,096 | +€544,328 | +3,246% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.