PADDEGAT: 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.
What changed
PADDEGAT
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€24,424
2024 · €19,642-€44,066
Equity
€1.5m
2024 · €1.5m-€24,424
Cash
€120,569
2024 · €110,872+€9,697
Balance sheet total
€3.8m
2024 · €3.9m-€95,054
Largest movements
Assets
- Financial fixed assets +€249,250
up €249,250 (+32,839%), from €759 to €250,009
- Receivables after one year -€138,828
down €138,828 (-39.5%), from €351,213 to €212,385
- Tangible fixed assets -€127,525
down €127,525 (-4.3%), from €3.0m to €2.9m
of which Land and buildings: -€89,056
- Stocks and contracts -€91,833
down €91,833 (-97.2%), from €94,463 to €2,629
Equity and liabilities
- Debts after one year -€58,523
down €58,523 (-2.9%), from €2.0m to €1.9m
of which Financial debts: -€107,613
Income statement
- Gross operating margin -€39,963
down €39,963 (-18.8%), from €212,384 to €172,420
- Financial income -€16,243
down €16,243 (-100.0%), from €16,243 to €0
- Depreciation -€12,374
down €12,374 (-8.8%), from €139,899 to €127,525
- Staff costs +€5,280
up €5,280 (+372%), from €1,418 to €6,698
- Taxes -€3,274
down €3,274 (-93.4%), from €3,506 to €232
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.
Result 2024
€19,642
Gross operating margin
-€39,963
Staff costs
-€5,280
Depreciation
+€12,374
Other operating charges
+€30
Financial income
-€16,243
Financial charges
+€1,742
Taxes
+€3,274
Result 2025
-€24,424
raises the resultlowers the result
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.
From operations
+€317,470
Investment
-€249,250
Financing
-€58,523
Cash 2024
€110,872
From operations (derived)
+€317,470
Net result for the year
-€24,424
Depreciation
+€127,525
Receivables after one year
+€138,828
Stocks and contracts
+€91,833
Receivables within one year
-€20,798
Deferred charges and accrued income
+€16,612
Provisions
-€10,667
Trade debts
-€944
Smaller working-capital items
-€496
Investment (derived)
-€249,250
Investment in fixed assets (net)
-€249,250
Financing
-€58,523
Debts after one year
-€58,523
Cash 2025
€120,569
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,908,463 | €3,813,408 | -€95,054 | -2.4% |
| Fixed assets | 21/28 | €3,001,180 | €3,122,905 | +€121,725 | +4.1% |
| Tangible fixed assets | 22/27 | €3,000,421 | €2,872,896 | -€127,525 | -4.3% |
| Land and buildings | 22 | €2,893,422 | €2,804,365 | -€89,056 | -3.1% |
| Plant, machinery and equipment | 23 | €9,966 | €3,289 | -€6,677 | -67.0% |
| Furniture and vehicles | 24 | €97,033 | €65,242 | -€31,791 | -32.8% |
| Financial fixed assets | 28 | €759 | €250,009 | +€249,250 | +32,839% |
| Current assets | 29/58 | €907,282 | €690,503 | -€216,779 | -23.9% |
| Amounts receivable after more than one year | 29 | €351,213 | €212,385 | -€138,828 | -39.5% |
| Other amounts receivable | 291 | €351,213 | €212,385 | -€138,828 | -39.5% |
| Stocks and contracts in progress | 3 | €94,463 | €2,629 | -€91,833 | -97.2% |
| Stocks | 30/36 | €94,463 | €2,629 | -€91,833 | -97.2% |
| Amounts receivable within one year | 40/41 | €317,040 | €337,837 | +€20,798 | +6.6% |
| Trade receivables | 40 | €17,040 | €37,837 | +€20,798 | +122% |
| Other amounts receivable | 41 | €300,000 | €300,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €110,872 | €120,569 | +€9,697 | +8.7% |
| Deferred charges and accrued income | 490/1 | €33,695 | €17,083 | -€16,612 | -49.3% |
| Total equity and liabilities | 10/49 | €3,908,463 | €3,813,408 | -€95,054 | -2.4% |
| Equity | 10/15 | €1,523,149 | €1,498,725 | -€24,424 | -1.6% |
| Contributions | 10/11 | €909,000 | €909,000 | = | 0.0% |
| Capital | 10 | €909,000 | €909,000 | = | 0.0% |
| Issued capital | 100 | €909,000 | €909,000 | = | 0.0% |
| Reserves | 13 | €652,858 | €620,856 | -€32,002 | -4.9% |
| Non-distributable reserves | 130/1 | €44,233 | €44,233 | = | 0.0% |
| Legal reserve | 130 | €44,233 | €44,233 | = | 0.0% |
| Tax-exempt reserves | 132 | €608,625 | €576,623 | -€32,002 | -5.3% |
| Profit (loss) carried forward | 14 | -€38,709 | -€31,132 | +€7,577 | +19.6% |
| Provisions and deferred taxes | 16 | €202,875 | €192,208 | -€10,667 | -5.3% |
| Deferred taxes | 168 | €202,875 | €192,208 | -€10,667 | -5.3% |
| Amounts payable | 17/49 | €2,182,438 | €2,122,476 | -€59,963 | -2.7% |
| Amounts payable after more than one year | 17 | €1,997,027 | €1,938,503 | -€58,523 | -2.9% |
| Financial debts | 170/4 | €1,685,929 | €1,578,317 | -€107,613 | -6.4% |
| Other amounts payable | 178/9 | €311,098 | €360,187 | +€49,089 | +15.8% |
| Amounts payable within one year | 42/48 | €121,211 | €120,050 | -€1,161 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €107,613 | €107,613 | = | 0.0% |
| Trade debts | 44 | €3,285 | €2,341 | -€944 | -28.7% |
| Suppliers | 440/4 | €3,285 | €2,341 | -€944 | -28.7% |
| Taxes, remuneration and social security | 45 | €10,313 | €10,096 | -€217 | -2.1% |
| Taxes | 450/3 | €10,313 | €9,400 | -€914 | -8.9% |
| Remuneration and social security | 454/9 | - | €696 | +€696 | |
| Accrued charges and deferred income | 492/3 | €64,201 | €63,923 | -€278 | -0.4% |
| Non-recurring operating income | 76A | €2,402 | - | -€2,402 | |
| Remuneration, social security and pensions | 62 | €1,418 | €6,698 | +€5,280 | +372% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139,899 | €127,525 | -€12,374 | -8.8% |
| Other operating charges | 640/8 | €30,868 | €30,838 | -€30 | -0.1% |
| Gross operating margin | 9900 | €212,384 | €172,420 | -€39,963 | -18.8% |
| Operating profit (loss) | 9901 | €40,198 | €7,359 | -€32,839 | -81.7% |
| Financial income | 75/76B | €16,243 | €0 | -€16,243 | -100.0% |
| Recurring financial income | 75 | €16,243 | €0 | -€16,243 | -100.0% |
| Financial charges | 65/66B | €43,960 | €42,219 | -€1,742 | -4.0% |
| Recurring financial charges | 65 | €43,960 | €42,219 | -€1,742 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | €12,481 | -€34,860 | -€47,340 | |
| Transfer from deferred taxes | 780 | €10,667 | €10,667 | = | 0.0% |
| Income taxes | 67/77 | €3,506 | €232 | -€3,274 | -93.4% |
| Profit (loss) for the period | 9904 | €19,642 | -€24,424 | -€44,066 | |
| Transfer from tax-exempt reserves | 789 | €32,002 | €32,002 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,643 | €7,577 | -€44,066 | -85.3% |
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 26 October 2026 via checked.be.