PADEM: what changed
PADEM
Largest movements
- Stocks and contracts +€1.4m
up €1.4m (+98.6%), from €1.4m to €2.8m
- Receivables within one year +€214,139
up €214,139 (+1,939%), from €11,042 to €225,181
of which Trade receivables: +€208,907
- Cash +€134,292
up €134,292 (+48,176%), from €279 to €134,570
mainly Current portion of long-term debt (+€772,252) and Accrued charges and deferred income (+€361,480)
- Current portion of long-term debt +€772,252
new in 2025: €772,252
- Accrued charges and deferred income +€361,480
up €361,480 (+1,315%), from €27,496 to €388,976
- Trade debts +€308,841
up €308,841 (+34,197%), from €903 to €309,744
- Other debts +€286,831
up €286,831 (+32.1%), from €893,978 to €1.2m
- Financial income +€26,605
up €26,605 (+3,018%), from €882 to €27,487
- Financial charges -€18,536
down €18,536 (-67.2%), from €27,570 to €9,033
- Gross operating margin -€3,278
down €3,278 (-125%), from -€2,632 to -€5,910
- Other operating charges +€196
up €196 (+20.2%), from €968 to €1,163
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,433,675 | €3,184,683 | +€1.8m | +122% |
| Current assets | 29/58 | €1,433,675 | €3,184,683 | +€1.8m | +122% |
| Stocks and contracts in progress | 3 | €1,422,257 | €2,824,831 | +€1.4m | +98.6% |
| Stocks | 30/36 | €1,422,257 | €2,824,831 | +€1.4m | +98.6% |
| Amounts receivable within one year | 40/41 | €11,042 | €225,181 | +€214,139 | +1,939% |
| Trade receivables | 40 | - | €208,907 | +€208,907 | |
| Other amounts receivable | 41 | €11,042 | €16,274 | +€5,232 | +47.4% |
| Cash at bank and in hand | 54/58 | €279 | €134,570 | +€134,292 | +48,176% |
| Deferred charges and accrued income | 490/1 | €97 | €101 | +€4 | +4.0% |
| Total equity and liabilities | 10/49 | €1,433,675 | €3,184,683 | +€1.8m | +122% |
| Equity | 10/15 | €502,001 | €513,381 | +€11,380 | +2.3% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €3,520 | €3,520 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €421 | €421 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€501,519 | -€490,139 | +€11,380 | +2.3% |
| Amounts payable | 17/49 | €931,674 | €2,671,303 | +€1.7m | +187% |
| Amounts payable within one year | 42/48 | €904,178 | €2,282,327 | +€1.4m | +152% |
| Current portion of amounts payable after more than one year | 42 | - | €772,252 | +€772,252 | |
| Trade debts | 44 | €903 | €309,744 | +€308,841 | +34,197% |
| Suppliers | 440/4 | €903 | €309,744 | +€308,841 | +34,197% |
| Taxes, remuneration and social security | 45 | €9,297 | €19,523 | +€10,226 | +110% |
| Taxes | 450/3 | €9,297 | €19,523 | +€10,226 | +110% |
| Other amounts payable | 47/48 | €893,978 | €1,180,808 | +€286,831 | +32.1% |
| Accrued charges and deferred income | 492/3 | €27,496 | €388,976 | +€361,480 | +1,315% |
| Other operating charges | 640/8 | €968 | €1,163 | +€196 | +20.2% |
| Gross operating margin | 9900 | -€2,632 | -€5,910 | -€3,278 | -125% |
| Operating profit (loss) | 9901 | -€3,600 | -€7,074 | -€3,474 | -96.5% |
| Financial income | 75/76B | €882 | €27,487 | +€26,605 | +3,018% |
| Recurring financial income | 75 | €882 | €27,487 | +€26,605 | +3,018% |
| Financial charges | 65/66B | €27,570 | €9,033 | -€18,536 | -67.2% |
| Recurring financial charges | 65 | €27,570 | €9,033 | -€18,536 | -67.2% |
| Profit (loss) for the period before taxes | 9903 | -€30,288 | €11,380 | +€41,668 | |
| Profit (loss) for the period | 9904 | -€30,288 | €11,380 | +€41,668 | |
| Profit (loss) for the period to be appropriated | 9905 | -€30,288 | €11,380 | +€41,668 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.