PADAO: 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.
PADAO
Largest movements
- Receivables within one year +€105,780
up €105,780 (+57.4%), from €184,362 to €290,142
of which Other amounts receivable: +€94,777
- Cash -€12,039
down €12,039 (-62.0%), from €19,410 to €7,371
mainly Receivables within one year (-€105,780) and Smaller working-capital items (-€74)
- Reserves +€62,459
new in 2025: €62,459
- Tax, wage and social debts +€30,338
up €30,338 (+39.9%), from €75,951 to €106,289
of which Remuneration and social security: +€22,303
- Gross operating margin +€71,258
up €71,258 (+78.8%), from €90,421 to €161,679
- Staff costs +€30,012
up €30,012 (+64.7%), from €46,366 to €76,378
- Taxes +€14,782
up €14,782 (+140.9%), from €10,489 to €25,270
- Financial income +€4,968
up €4,968 (+67.5%), from €7,357 to €12,325
- Financial charges +€2,312
up €2,312 (+182.2%), from €1,269 to €3,581
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 | €206,663 | €299,387 | +€92,723 | +44.9% |
| Fixed assets | 21/28 | €2,891 | €1,874 | -€1,017 | -35.2% |
| Tangible fixed assets | 22/27 | €2,891 | €1,874 | -€1,017 | -35.2% |
| Furniture and vehicles | 24 | €2,891 | €1,874 | -€1,017 | -35.2% |
| Current assets | 29/58 | €203,772 | €297,513 | +€93,741 | +46.0% |
| Amounts receivable within one year | 40/41 | €184,362 | €290,142 | +€105,780 | +57.4% |
| Trade receivables | 40 | €17,638 | €28,640 | +€11,003 | +62.4% |
| Other amounts receivable | 41 | €166,725 | €261,502 | +€94,777 | +56.8% |
| Cash at bank and in hand | 54/58 | €19,410 | €7,371 | -€12,039 | -62.0% |
| Total equity and liabilities | 10/49 | €206,663 | €299,387 | +€92,723 | +44.9% |
| Equity | 10/15 | €113,595 | €176,054 | +€62,459 | +55.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | - | €62,459 | +€62,459 | |
| Distributable reserves | 133 | - | €62,459 | +€62,459 | |
| Profit (loss) carried forward | 14 | €103,595 | €103,595 | = | 0.0% |
| Amounts payable | 17/49 | €93,069 | €123,333 | +€30,264 | +32.5% |
| Amounts payable within one year | 42/48 | €92,799 | €123,196 | +€30,396 | +32.8% |
| Trade debts | 44 | €16,849 | €16,907 | +€58 | +0.3% |
| Suppliers | 440/4 | €16,849 | €16,907 | +€58 | +0.3% |
| Taxes, remuneration and social security | 45 | €75,951 | €106,289 | +€30,338 | +39.9% |
| Taxes | 450/3 | €63,828 | €71,863 | +€8,035 | +12.6% |
| Remuneration and social security | 454/9 | €12,123 | €34,425 | +€22,303 | +184.0% |
| Accrued charges and deferred income | 492/3 | €269 | €137 | -€132 | -49.0% |
| Remuneration, social security and pensions | 62 | €46,366 | €76,378 | +€30,012 | +64.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €948 | €1,017 | +€69 | +7.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,000 | €0 | +€2,000 | |
| Other operating charges | 640/8 | €6,939 | €5,299 | -€1,640 | -23.6% |
| Gross operating margin | 9900 | €90,421 | €161,679 | +€71,258 | +78.8% |
| Operating profit (loss) | 9901 | €38,168 | €78,985 | +€40,817 | +106.9% |
| Financial income | 75/76B | €7,357 | €12,325 | +€4,968 | +67.5% |
| Recurring financial income | 75 | €7,357 | €12,325 | +€4,968 | +67.5% |
| Financial charges | 65/66B | €1,269 | €3,581 | +€2,312 | +182.2% |
| Recurring financial charges | 65 | €1,269 | €3,581 | +€2,312 | +182.2% |
| Profit (loss) for the period before taxes | 9903 | €44,256 | €87,729 | +€43,473 | +98.2% |
| Income taxes | 67/77 | €10,489 | €25,270 | +€14,782 | +140.9% |
| Profit (loss) for the period | 9904 | €33,767 | €62,459 | +€28,692 | +85.0% |
| Profit (loss) for the period to be appropriated | 9905 | €33,767 | €62,459 | +€28,692 | +85.0% |
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 30 September 2026 via checked.be.