PADO: 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.
PADO
Largest movements
- Tangible fixed assets -€52,523
down €52,523 (-3.2%), from €1.7m to €1.6m
of which Other tangible fixed assets: -€37,580
- Receivables within one year -€30,427
down €30,427 (-40.7%), from €74,675 to €44,248
of which Other amounts receivable: -€21,832
- Cash -€25,677
down €25,677 (-17.6%), from €146,284 to €120,606
mainly Other debts (-€103,687) and Debts after one year (-€28,554)
- Other debts -€103,687
down €103,687 (-10.7%), from €966,614 to €862,927
- Debts after one year -€28,554
down €28,554 (-6.6%), from €430,428 to €401,874
- Profit (loss) carried forward +€24,951
up €24,951 (+14.0%), from -€178,795 to -€153,844
- Depreciation -€52,621
down €52,621 (-46.6%), from €112,870 to €60,249
- Gross operating margin +€25,178
up €25,178 (+31.3%), from €80,533 to €105,711
- Financial income -€2,165
down €2,165 (-60.4%), from €3,586 to €1,420
- Other operating charges +€1,842
up €1,842 (+40.0%), from €4,602 to €6,443
- Financial charges -€1,064
down €1,064 (-6.7%), from €15,869 to €14,805
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 | €1,890,436 | €1,780,718 | -€109,718 | -5.8% |
| Fixed assets | 21/28 | €1,659,300 | €1,606,777 | -€52,523 | -3.2% |
| Tangible fixed assets | 22/27 | €1,659,300 | €1,606,777 | -€52,523 | -3.2% |
| Land and buildings | 22 | €22,176 | €21,344 | -€832 | -3.8% |
| Plant, machinery and equipment | 23 | €623 | €376 | -€248 | -39.7% |
| Furniture and vehicles | 24 | €46,448 | €32,585 | -€13,864 | -29.8% |
| Other tangible fixed assets | 26 | €1,590,053 | €1,552,473 | -€37,580 | -2.4% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €231,136 | €173,941 | -€57,195 | -24.7% |
| Amounts receivable after more than one year | 29 | €4,979 | €5,331 | +€352 | +7.1% |
| Other amounts receivable | 291 | €4,979 | €5,331 | +€352 | +7.1% |
| Amounts receivable within one year | 40/41 | €74,675 | €44,248 | -€30,427 | -40.7% |
| Trade receivables | 40 | €23,422 | €14,827 | -€8,595 | -36.7% |
| Other amounts receivable | 41 | €51,253 | €29,421 | -€21,832 | -42.6% |
| Cash at bank and in hand | 54/58 | €146,284 | €120,606 | -€25,677 | -17.6% |
| Deferred charges and accrued income | 490/1 | €5,199 | €3,756 | -€1,443 | -27.8% |
| Total equity and liabilities | 10/49 | €1,890,436 | €1,780,718 | -€109,718 | -5.8% |
| Equity | 10/15 | €451,715 | €476,666 | +€24,951 | +5.5% |
| Contributions | 10/11 | €19,588 | €19,588 | = | 0.0% |
| Reserves | 13 | €610,923 | €610,923 | = | 0.0% |
| Distributable reserves | 133 | €610,923 | €610,923 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€178,795 | -€153,844 | +€24,951 | +14.0% |
| Amounts payable | 17/49 | €1,438,721 | €1,304,052 | -€134,669 | -9.4% |
| Amounts payable after more than one year | 17 | €430,428 | €401,874 | -€28,554 | -6.6% |
| Financial debts | 170/4 | €430,428 | €401,874 | -€28,554 | -6.6% |
| Amounts payable within one year | 42/48 | €1,008,293 | €902,178 | -€106,115 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €27,632 | €28,554 | +€922 | +3.3% |
| Trade debts | 44 | €7,105 | €6,002 | -€1,103 | -15.5% |
| Suppliers | 440/4 | €7,105 | €6,002 | -€1,103 | -15.5% |
| Advances received on contracts in progress | 46 | €43 | €43 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €6,899 | €4,652 | -€2,247 | -32.6% |
| Taxes | 450/3 | €6,899 | €4,652 | -€2,247 | -32.6% |
| Other amounts payable | 47/48 | €966,614 | €862,927 | -€103,687 | -10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,870 | €60,249 | -€52,621 | -46.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €4,602 | €6,443 | +€1,842 | +40.0% |
| Gross operating margin | 9900 | €80,533 | €105,711 | +€25,178 | +31.3% |
| Operating profit (loss) | 9901 | -€36,938 | €39,019 | +€75,957 | |
| Financial income | 75/76B | €3,586 | €1,420 | -€2,165 | -60.4% |
| Recurring financial income | 75 | €3,586 | €1,420 | -€2,165 | -60.4% |
| Financial charges | 65/66B | €15,869 | €14,805 | -€1,064 | -6.7% |
| Recurring financial charges | 65 | €15,869 | €14,805 | -€1,064 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | -€49,222 | €25,634 | +€74,856 | |
| Income taxes | 67/77 | €662 | €683 | +€21 | +3.2% |
| Profit (loss) for the period | 9904 | -€49,884 | €24,951 | +€74,835 | |
| Profit (loss) for the period to be appropriated | 9905 | -€49,884 | €24,951 | +€74,835 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.