PADHO: 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.
PADHO
Largest movements
- Receivables after one year +€30,027
new in 2025: €30,027
- Cash -€29,738
down €29,738 (-23.7%), from €125,447 to €95,709
mainly Contributions, distributions and other (-€145,632) and Receivables after one year (-€30,027)
- Tangible fixed assets -€22,850
down €22,850 (-25.8%), from €88,658 to €65,808
of which Furniture and vehicles: -€22,674
- Receivables within one year +€21,116
up €21,116 (+564.2%), from €3,742 to €24,858
- Reserves -€107,861
down €107,861 (-39.1%), from €275,631 to €167,770
- Other debts +€105,991
up €105,991, from €0 to €105,991
- Gross operating margin +€7,718
up €7,718 (+11.5%), from €66,964 to €74,682
- Financial income +€2,569
up €2,569 (+138.4%), from €1,855 to €4,424
- Taxes +€2,173
up €2,173 (+17.1%), from €12,699 to €14,872
- Financial charges +€1,612
up €1,612 (+6448.4%), from €25 to €1,637
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 | €316,409 | €316,902 | +€493 | +0.2% |
| Fixed assets | 21/28 | €88,658 | €65,808 | -€22,850 | -25.8% |
| Tangible fixed assets | 22/27 | €88,658 | €65,808 | -€22,850 | -25.8% |
| Plant, machinery and equipment | 23 | €1,573 | €1,396 | -€177 | -11.2% |
| Furniture and vehicles | 24 | €87,085 | €64,412 | -€22,674 | -26.0% |
| Current assets | 29/58 | €227,751 | €251,094 | +€23,343 | +10.2% |
| Amounts receivable after more than one year | 29 | - | €30,027 | +€30,027 | |
| Other amounts receivable | 291 | - | €30,027 | +€30,027 | |
| Amounts receivable within one year | 40/41 | €3,742 | €24,858 | +€21,116 | +564.2% |
| Other amounts receivable | 41 | €3,742 | €24,858 | +€21,116 | +564.2% |
| Current investments | 50/53 | €98,088 | €100,088 | +€2,000 | +2.0% |
| Cash at bank and in hand | 54/58 | €125,447 | €95,709 | -€29,738 | -23.7% |
| Deferred charges and accrued income | 490/1 | €474 | €412 | -€62 | -13.0% |
| Total equity and liabilities | 10/49 | €316,409 | €316,902 | +€493 | +0.2% |
| Equity | 10/15 | €295,990 | €188,128 | -€107,861 | -36.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €275,631 | €167,770 | -€107,861 | -39.1% |
| Distributable reserves | 133 | €275,631 | €167,770 | -€107,861 | -39.1% |
| Profit (loss) carried forward | 14 | €1,759 | €1,759 | = | 0.0% |
| Amounts payable | 17/49 | €20,419 | €128,774 | +€108,354 | +530.6% |
| Amounts payable within one year | 42/48 | €20,419 | €128,774 | +€108,354 | +530.6% |
| Trade debts | 44 | €752 | €588 | -€164 | -21.8% |
| Suppliers | 440/4 | €752 | €588 | -€164 | -21.8% |
| Taxes, remuneration and social security | 45 | €19,668 | €22,195 | +€2,528 | +12.9% |
| Taxes | 450/3 | €15,368 | €17,795 | +€2,428 | +15.8% |
| Remuneration and social security | 454/9 | €4,300 | €4,400 | +€100 | +2.3% |
| Other amounts payable | 47/48 | €0 | €105,991 | +€105,991 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,500 | €24,172 | -€329 | -1.3% |
| Other operating charges | 640/8 | €543 | €655 | +€111 | +20.5% |
| Gross operating margin | 9900 | €66,964 | €74,682 | +€7,718 | +11.5% |
| Operating profit (loss) | 9901 | €41,920 | €49,855 | +€7,935 | +18.9% |
| Financial income | 75/76B | €1,855 | €4,424 | +€2,569 | +138.4% |
| Recurring financial income | 75 | €1,855 | €4,424 | +€2,569 | +138.4% |
| Financial charges | 65/66B | €25 | €1,637 | +€1,612 | +6448.4% |
| Recurring financial charges | 65 | €25 | €1,637 | +€1,612 | +6448.4% |
| Profit (loss) for the period before taxes | 9903 | €43,751 | €52,643 | +€8,892 | +20.3% |
| Income taxes | 67/77 | €12,699 | €14,872 | +€2,173 | +17.1% |
| Profit (loss) for the period | 9904 | €31,051 | €37,771 | +€6,719 | +21.6% |
| Profit (loss) for the period to be appropriated | 9905 | €31,051 | €37,771 | +€6,719 | +21.6% |
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 4 October 2026 via checked.be.