PADEK: 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.
PADEK
Largest movements
- Tangible fixed assets -€225,144
down €225,144 (-57.5%), from €391,683 to €166,539
of which Land and buildings: -€221,185
- Receivables within one year +€193,553
up €193,553 (+263%), from €73,518 to €267,070
of which Other amounts receivable: +€193,764
- Other debts -€186,146
down €186,146 (-99.3%), from €187,537 to €1,392
- Reserves +€164,650
up €164,650 (+135%), from €121,948 to €286,598
of which Distributable reserves: +€164,650
- Accrued charges and deferred income -€14,039
down €14,039 (-100%), from €14,039 to €0
- Gross operating margin +€70,612
up €70,612 (+35.8%), from €197,224 to €267,836
- Taxes +€51,236
up €51,236 (+561%), from €9,132 to €60,368
- Depreciation -€24,743
down €24,743 (-40.5%), from €61,114 to €36,370
- Financial charges -€21,749
down €21,749 (-100%), from €21,749 to €0
- Other operating charges -€4,266
down €4,266 (-30.5%), from €14,003 to €9,737
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 | €937,467 | €901,958 | -€35,509 | -3.8% |
| Fixed assets | 21/28 | €391,683 | €166,539 | -€225,144 | -57.5% |
| Tangible fixed assets | 22/27 | €391,683 | €166,539 | -€225,144 | -57.5% |
| Land and buildings | 22 | €365,867 | €144,682 | -€221,185 | -60.5% |
| Plant, machinery and equipment | 23 | €25,516 | €21,857 | -€3,659 | -14.3% |
| Furniture and vehicles | 24 | €300 | €0 | -€300 | -100% |
| Current assets | 29/58 | €545,784 | €735,419 | +€189,635 | +34.7% |
| Amounts receivable within one year | 40/41 | €73,518 | €267,070 | +€193,553 | +263% |
| Trade receivables | 40 | €212 | €0 | -€212 | -100% |
| Other amounts receivable | 41 | €73,306 | €267,070 | +€193,764 | +264% |
| Cash at bank and in hand | 54/58 | €472,267 | €468,349 | -€3,918 | -0.8% |
| Total equity and liabilities | 10/49 | €937,467 | €901,958 | -€35,509 | -3.8% |
| Equity | 10/15 | €735,890 | €900,551 | +€164,661 | +22.4% |
| Contributions | 10/11 | €309,941 | €309,941 | = | 0.0% |
| Capital | 10 | €309,941 | €309,941 | = | 0.0% |
| Issued capital | 100 | €309,941 | €309,941 | = | 0.0% |
| Reserves | 13 | €121,948 | €286,598 | +€164,650 | +135% |
| Non-distributable reserves | 130/1 | €30,628 | €30,628 | = | 0.0% |
| Legal reserve | 130 | €30,628 | €30,628 | = | 0.0% |
| Distributable reserves | 133 | €91,320 | €255,970 | +€164,650 | +180% |
| Profit (loss) carried forward | 14 | €304,001 | €304,012 | +€11 | 0.0% |
| Amounts payable | 17/49 | €201,577 | €1,407 | -€200,170 | -99.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €187,537 | €1,407 | -€186,131 | -99.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | - | €15 | +€15 | |
| Suppliers | 440/4 | - | €15 | +€15 | |
| Other amounts payable | 47/48 | €187,537 | €1,392 | -€186,146 | -99.3% |
| Accrued charges and deferred income | 492/3 | €14,039 | €0 | -€14,039 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,114 | €36,370 | -€24,743 | -40.5% |
| Other operating charges | 640/8 | €14,003 | €9,737 | -€4,266 | -30.5% |
| Gross operating margin | 9900 | €197,224 | €267,836 | +€70,612 | +35.8% |
| Operating profit (loss) | 9901 | €122,108 | €221,729 | +€99,621 | +81.6% |
| Financial income | 75/76B | €96 | €3,300 | +€3,204 | +3,322% |
| Recurring financial income | 75 | €96 | €3,300 | +€3,204 | +3,322% |
| Financial charges | 65/66B | €21,749 | €0 | -€21,749 | -100% |
| Recurring financial charges | 65 | €21,749 | €0 | -€21,749 | -100% |
| Profit (loss) for the period before taxes | 9903 | €100,455 | €225,029 | +€124,573 | +124% |
| Income taxes | 67/77 | €9,132 | €60,368 | +€51,236 | +561% |
| Profit (loss) for the period | 9904 | €91,323 | €164,661 | +€73,338 | +80.3% |
| Profit (loss) for the period to be appropriated | 9905 | €91,323 | €164,661 | +€73,338 | +80.3% |
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 25 October 2026 via checked.be.