PADIX: 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.
PADIX
Largest movements
- Cash +€87,249
up €87,249 (+419%), from €20,846 to €108,096
mainly Debts after one year (+€364,286) and Receivables within one year (+€74,400)
- Receivables within one year -€74,400
down €74,400 (-79.7%), from €93,323 to €18,923
of which Trade receivables: -€56,954
- Tangible fixed assets -€67,920
down €67,920 (-10.7%), from €635,498 to €567,578
- Stocks and contracts -€8,472
down €8,472 (-17.0%), from €49,812 to €41,340
- Reserves -€442,331
down €442,331 (-63.6%), from €695,324 to €252,993
of which Distributable reserves: -€426,551
- Debts after one year +€364,286
new in 2025: €364,286
- Trade debts -€65,647
down €65,647 (-93.7%), from €70,028 to €4,381
of which Suppliers: -€65,647
- Current portion of long-term debt +€60,714
new in 2025: €60,714
- Profit (loss) carried forward +€23,967
up €23,967 (+30.0%), from -€79,890 to -€55,923
- Gross operating margin +€26,553
up €26,553 (+71.9%), from €36,933 to €63,486
- Other operating charges -€18,763
down €18,763 (-58.9%), from €31,841 to €13,078
- Depreciation -€14,202
down €14,202 (-23.1%), from €61,534 to €47,332
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 | €802,331 | €737,240 | -€65,091 | -8.1% |
| Fixed assets | 21/28 | €635,903 | €567,983 | -€67,920 | -10.7% |
| Tangible fixed assets | 22/27 | €635,498 | €567,578 | -€67,920 | -10.7% |
| Land and buildings | 22 | €571,078 | €540,923 | -€30,154 | -5.3% |
| Plant, machinery and equipment | 23 | €49,778 | €22,798 | -€26,980 | -54.2% |
| Furniture and vehicles | 24 | €14,642 | €3,857 | -€10,785 | -73.7% |
| Financial fixed assets | 28 | €405 | €405 | = | 0.0% |
| Current assets | 29/58 | €166,428 | €169,257 | +€2,829 | +1.7% |
| Stocks and contracts in progress | 3 | €49,812 | €41,340 | -€8,472 | -17.0% |
| Stocks | 30/36 | €49,812 | €41,340 | -€8,472 | -17.0% |
| Amounts receivable within one year | 40/41 | €93,323 | €18,923 | -€74,400 | -79.7% |
| Trade receivables | 40 | €75,051 | €18,097 | -€56,954 | -75.9% |
| Other amounts receivable | 41 | €18,271 | €826 | -€17,445 | -95.5% |
| Cash at bank and in hand | 54/58 | €20,846 | €108,096 | +€87,249 | +419% |
| Deferred charges and accrued income | 490/1 | €2,447 | €899 | -€1,549 | -63.3% |
| Total equity and liabilities | 10/49 | €802,331 | €737,240 | -€65,091 | -8.1% |
| Equity | 10/15 | €634,034 | €215,670 | -€418,364 | -66.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €695,324 | €252,993 | -€442,331 | -63.6% |
| Tax-exempt reserves | 132 | €266,730 | €250,950 | -€15,780 | -5.9% |
| Distributable reserves | 133 | €428,594 | €2,043 | -€426,551 | -99.5% |
| Profit (loss) carried forward | 14 | -€79,890 | -€55,923 | +€23,967 | +30.0% |
| Provisions and deferred taxes | 16 | €88,910 | €83,650 | -€5,260 | -5.9% |
| Deferred taxes | 168 | €88,910 | €83,650 | -€5,260 | -5.9% |
| Amounts payable | 17/49 | €79,387 | €437,920 | +€358,533 | +452% |
| Amounts payable after more than one year | 17 | - | €364,286 | +€364,286 | |
| Financial debts | 170/4 | - | €364,286 | +€364,286 | |
| Amounts payable within one year | 42/48 | €73,200 | €68,655 | -€4,545 | -6.2% |
| Current portion of amounts payable after more than one year | 42 | - | €60,714 | +€60,714 | |
| Trade debts | 44 | €70,028 | €4,381 | -€65,647 | -93.7% |
| Suppliers | 440/4 | €70,028 | €4,381 | -€65,647 | -93.7% |
| Bills of exchange payable | 441 | - | €0 | = | |
| Taxes, remuneration and social security | 45 | €3,171 | €3,560 | +€388 | +12.2% |
| Taxes | 450/3 | €3,171 | €3,560 | +€388 | +12.2% |
| Accrued charges and deferred income | 492/3 | €6,187 | €4,979 | -€1,208 | -19.5% |
| Non-recurring operating income | 76A | €8,855 | €51,027 | +€42,172 | +476% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,534 | €47,332 | -€14,202 | -23.1% |
| Other operating charges | 640/8 | €31,841 | €13,078 | -€18,763 | -58.9% |
| Non-recurring operating charges | 66A | €3,967 | €0 | -€3,967 | -100% |
| Gross operating margin | 9900 | €36,933 | €63,486 | +€26,553 | +71.9% |
| Operating profit (loss) | 9901 | -€60,410 | €3,076 | +€63,486 | |
| Financial income | 75/76B | €443 | €492 | +€49 | +11.1% |
| Recurring financial income | 75 | €443 | €492 | +€49 | +11.1% |
| Financial charges | 65/66B | €154 | €458 | +€304 | +197% |
| Recurring financial charges | 65 | €154 | €458 | +€304 | +197% |
| Profit (loss) for the period before taxes | 9903 | -€60,121 | €3,111 | +€63,231 | |
| Transfer from deferred taxes | 780 | €6,912 | €5,260 | -€1,652 | -23.9% |
| Income taxes | 67/77 | €228 | €184 | -€44 | -19.4% |
| Profit (loss) for the period | 9904 | -€53,436 | €8,187 | +€61,623 | |
| Transfer from tax-exempt reserves | 789 | €20,737 | €15,780 | -€4,957 | -23.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,700 | €23,967 | +€56,666 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.