PADCO: 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.
PADCO
Largest movements
- Cash -€2,416
down €2,416 (-10.1%), from €23,958 to €21,542
mainly Tax, wage and social debts (-€7,620) and Investment in fixed assets (net) (-€2,462)
- Receivables within one year +€1,173
up €1,173 (+5.5%), from €21,471 to €22,644
of which Other amounts receivable: +€1,235
- Tax, wage and social debts -€7,620
down €7,620 (-50.3%), from €15,144 to €7,524
of which Remuneration and social security: -€6,867
- Other debts +€4,195
up €4,195 (+178%), from €2,351 to €6,546
- Short-term financial debts +€2,020
new in 2025: €2,020
- Trade debts -€1,142
down €1,142 (-80.1%), from €1,425 to €283
- Profit (loss) carried forward +€844
up €844 (+6.6%), from -€12,832 to -€11,987
- Gross operating margin +€11,555
up €11,555, from -€5,523 to €6,033
- Other operating charges -€402
down €402 (-51.6%), from €779 to €377
- Financial charges -€306
down €306 (-15.8%), from €1,939 to €1,633
- Taxes +€96
up €96 (+62.2%), from €154 to €250
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 | €53,432 | €51,728 | -€1,704 | -3.2% |
| Fixed assets | 21/28 | €6,112 | €5,772 | -€340 | -5.6% |
| Tangible fixed assets | 22/27 | €6,112 | €5,772 | -€340 | -5.6% |
| Plant, machinery and equipment | 23 | €262 | €1,781 | +€1,519 | +581% |
| Furniture and vehicles | 24 | €2,782 | €1,987 | -€795 | -28.6% |
| Other tangible fixed assets | 26 | €3,068 | €2,005 | -€1,064 | -34.7% |
| Current assets | 29/58 | €47,320 | €45,956 | -€1,364 | -2.9% |
| Amounts receivable within one year | 40/41 | €21,471 | €22,644 | +€1,173 | +5.5% |
| Trade receivables | 40 | €11,039 | €10,977 | -€62 | -0.6% |
| Other amounts receivable | 41 | €10,432 | €11,667 | +€1,235 | +11.8% |
| Cash at bank and in hand | 54/58 | €23,958 | €21,542 | -€2,416 | -10.1% |
| Deferred charges and accrued income | 490/1 | €1,890 | €1,769 | -€120 | -6.4% |
| Total equity and liabilities | 10/49 | €53,432 | €51,728 | -€1,704 | -3.2% |
| Equity | 10/15 | €34,511 | €35,356 | +€844 | +2.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €41,143 | €41,143 | = | 0.0% |
| Distributable reserves | 133 | €41,143 | €41,143 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,832 | -€11,987 | +€844 | +6.6% |
| Amounts payable | 17/49 | €18,920 | €16,372 | -€2,548 | -13.5% |
| Amounts payable within one year | 42/48 | €18,920 | €16,372 | -€2,548 | -13.5% |
| Financial debts | 43 | - | €2,020 | +€2,020 | |
| Other loans | 439 | - | €2,020 | +€2,020 | |
| Trade debts | 44 | €1,425 | €283 | -€1,142 | -80.1% |
| Suppliers | 440/4 | €1,425 | €283 | -€1,142 | -80.1% |
| Taxes, remuneration and social security | 45 | €15,144 | €7,524 | -€7,620 | -50.3% |
| Taxes | 450/3 | €6,152 | €5,399 | -€753 | -12.2% |
| Remuneration and social security | 454/9 | €8,992 | €2,125 | -€6,867 | -76.4% |
| Other amounts payable | 47/48 | €2,351 | €6,546 | +€4,195 | +178% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,857 | €2,802 | -€55 | -1.9% |
| Other operating charges | 640/8 | €779 | €377 | -€402 | -51.6% |
| Non-recurring operating charges | 66A | - | €218 | +€218 | |
| Gross operating margin | 9900 | -€5,523 | €6,033 | +€11,555 | |
| Operating profit (loss) | 9901 | -€9,159 | €2,635 | +€11,794 | |
| Financial income | 75/76B | €148 | €92 | -€55 | -37.4% |
| Recurring financial income | 75 | €148 | €92 | -€55 | -37.4% |
| Financial charges | 65/66B | €1,939 | €1,633 | -€306 | -15.8% |
| Recurring financial charges | 65 | €1,939 | €1,633 | -€306 | -15.8% |
| Profit (loss) for the period before taxes | 9903 | -€10,950 | €1,095 | +€12,045 | |
| Income taxes | 67/77 | €154 | €250 | +€96 | +62.2% |
| Profit (loss) for the period | 9904 | -€11,105 | €844 | +€11,949 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,105 | €844 | +€11,949 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.