PADEC: 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.
PADEC
Largest movements
- Cash +€35,837
up €35,837 (+81.4%), from €44,038 to €79,875
mainly Net result for the year (+€48,424) and Tax, wage and social debts (+€9,597)
- Reserves +€45,000
up €45,000 (+16.9%), from €266,408 to €311,408
of which Distributable reserves: +€45,000
- Debts after one year -€36,980
down €36,980 (-11.2%), from €329,789 to €292,809
- Gross operating margin +€12,107
up €12,107 (+12.5%), from €96,688 to €108,794
- Financial charges -€5,258
down €5,258 (-24.4%), from €21,592 to €16,333
- Taxes +€4,849
up €4,849 (+27.5%), from €17,606 to €22,455
- Financial income -€1,444
down €1,444 (-32.4%), from €4,459 to €3,015
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 | €1,687,211 | €1,713,681 | +€26,470 | +1.6% |
| Fixed assets | 21/28 | €1,566,519 | €1,557,147 | -€9,373 | -0.6% |
| Tangible fixed assets | 22/27 | €1,566,519 | €1,557,147 | -€9,373 | -0.6% |
| Land and buildings | 22 | €1,566,519 | €1,557,147 | -€9,373 | -0.6% |
| Current assets | 29/58 | €120,692 | €156,534 | +€35,843 | +29.7% |
| Current investments | 50/53 | €75,859 | €75,859 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €44,038 | €79,875 | +€35,837 | +81.4% |
| Deferred charges and accrued income | 490/1 | €795 | €800 | +€5 | +0.7% |
| Total equity and liabilities | 10/49 | €1,687,211 | €1,713,681 | +€26,470 | +1.6% |
| Equity | 10/15 | €1,270,850 | €1,319,274 | +€48,424 | +3.8% |
| Contributions | 10/11 | €978,000 | €978,000 | = | 0.0% |
| Reserves | 13 | €266,408 | €311,408 | +€45,000 | +16.9% |
| Non-distributable reserves | 130/1 | €11,408 | €11,408 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,408 | €11,408 | = | 0.0% |
| Distributable reserves | 133 | €255,000 | €300,000 | +€45,000 | +17.6% |
| Profit (loss) carried forward | 14 | €26,442 | €29,865 | +€3,424 | +12.9% |
| Amounts payable | 17/49 | €416,361 | €394,407 | -€21,954 | -5.3% |
| Amounts payable after more than one year | 17 | €329,789 | €292,809 | -€36,980 | -11.2% |
| Financial debts | 170/4 | €329,789 | €292,809 | -€36,980 | -11.2% |
| Amounts payable within one year | 42/48 | €86,571 | €100,278 | +€13,707 | +15.8% |
| Current portion of amounts payable after more than one year | 42 | €38,477 | €40,260 | +€1,782 | +4.6% |
| Trade debts | 44 | €2,005 | €4,332 | +€2,327 | +116.0% |
| Suppliers | 440/4 | €2,005 | €4,332 | +€2,327 | +116.0% |
| Taxes, remuneration and social security | 45 | €7,993 | €17,590 | +€9,597 | +120.1% |
| Taxes | 450/3 | €7,993 | €17,590 | +€9,597 | +120.1% |
| Other amounts payable | 47/48 | €38,096 | €38,096 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €1,320 | +€1,320 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,373 | €9,373 | = | 0.0% |
| Other operating charges | 640/8 | €14,761 | €15,225 | +€464 | +3.1% |
| Gross operating margin | 9900 | €96,688 | €108,794 | +€12,107 | +12.5% |
| Operating profit (loss) | 9901 | €72,554 | €84,197 | +€11,643 | +16.0% |
| Financial income | 75/76B | €4,459 | €3,015 | -€1,444 | -32.4% |
| Recurring financial income | 75 | €4,459 | €3,015 | -€1,444 | -32.4% |
| Financial charges | 65/66B | €21,592 | €16,333 | -€5,258 | -24.4% |
| Recurring financial charges | 65 | €21,592 | €16,333 | -€5,258 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | €55,422 | €70,878 | +€15,457 | +27.9% |
| Income taxes | 67/77 | €17,606 | €22,455 | +€4,849 | +27.5% |
| Profit (loss) for the period | 9904 | €37,816 | €48,424 | +€10,608 | +28.1% |
| Profit (loss) for the period to be appropriated | 9905 | €37,816 | €48,424 | +€10,608 | +28.1% |
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.