PADORE: 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.
PADORE
Largest movements
- Cash -€576,157
down €576,157 (-95.2%), from €605,287 to €29,130
mainly Debts after one year (-€740,881) and Receivables after one year (-€514,560)
- Receivables after one year +€514,560
new in 2026: €514,560
- Financial fixed assets +€175,944
up €175,944 (+1.7%), from €10.1m to €10.3m
- Debts after one year -€740,881
down €740,881 (-14.9%), from €5.0m to €4.2m
- Reserves +€678,109
up €678,109 (+19.0%), from €3.6m to €4.2m
- Financial income +€733,985
up €733,985 (+1,548%), from €47,429 to €781,414
- Gross operating margin +€180,522
up €180,522, from -€1,324 to €179,198
- Taxes +€120,014
up €120,014 (+15,200%), from €790 to €120,803
- Financial charges -€1,873
down €1,873 (-5.3%), from €35,166 to €33,293
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,339,347 | €12,401,862 | +€62,516 | +0.5% |
| Fixed assets | 21/28 | €10,269,164 | €10,433,055 | +€163,891 | +1.6% |
| Tangible fixed assets | 22/27 | €134,028 | €121,975 | -€12,053 | -9.0% |
| Furniture and vehicles | 24 | €8,087 | €6,553 | -€1,534 | -19.0% |
| Other tangible fixed assets | 26 | €125,941 | €115,422 | -€10,519 | -8.4% |
| Financial fixed assets | 28 | €10,135,136 | €10,311,080 | +€175,944 | +1.7% |
| Current assets | 29/58 | €2,070,183 | €1,968,808 | -€101,375 | -4.9% |
| Amounts receivable after more than one year | 29 | - | €514,560 | +€514,560 | |
| Other amounts receivable | 291 | - | €514,560 | +€514,560 | |
| Amounts receivable within one year | 40/41 | €100,015 | €59,306 | -€40,709 | -40.7% |
| Trade receivables | 40 | €37,954 | €59,306 | +€21,352 | +56.3% |
| Other amounts receivable | 41 | €62,061 | €0 | -€62,061 | -100% |
| Current investments | 50/53 | €1,350,000 | €1,350,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €605,287 | €29,130 | -€576,157 | -95.2% |
| Deferred charges and accrued income | 490/1 | €14,881 | €15,812 | +€931 | +6.3% |
| Total equity and liabilities | 10/49 | €12,339,347 | €12,401,862 | +€62,516 | +0.5% |
| Equity | 10/15 | €7,334,089 | €8,012,198 | +€678,109 | +9.2% |
| Contributions | 10/11 | €3,768,600 | €3,768,600 | = | 0.0% |
| Reserves | 13 | €3,565,489 | €4,243,598 | +€678,109 | +19.0% |
| Distributable reserves | 133 | €3,565,489 | €4,243,598 | +€678,109 | +19.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €5,005,258 | €4,389,664 | -€615,593 | -12.3% |
| Amounts payable after more than one year | 17 | €4,955,977 | €4,215,096 | -€740,881 | -14.9% |
| Other amounts payable | 178/9 | €4,955,977 | €4,215,096 | -€740,881 | -14.9% |
| Amounts payable within one year | 42/48 | €41,843 | €142,424 | +€100,581 | +240% |
| Trade debts | 44 | €21,604 | €1,058 | -€20,545 | -95.1% |
| Suppliers | 440/4 | €21,604 | €1,058 | -€20,545 | -95.1% |
| Taxes, remuneration and social security | 45 | €3,595 | €12,050 | +€8,455 | +235% |
| Taxes | 450/3 | €3,595 | €12,050 | +€8,455 | +235% |
| Other amounts payable | 47/48 | €16,645 | €129,316 | +€112,671 | +677% |
| Accrued charges and deferred income | 492/3 | €7,438 | €32,145 | +€24,707 | +332% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,138 | €12,053 | +€914 | +8.2% |
| Other operating charges | 640/8 | €1,522 | €1,239 | -€282 | -18.6% |
| Gross operating margin | 9900 | -€1,324 | €179,198 | +€180,522 | |
| Operating profit (loss) | 9901 | -€13,984 | €165,906 | +€179,890 | |
| Financial income | 75/76B | €47,429 | €781,414 | +€733,985 | +1,548% |
| Recurring financial income | 75 | €47,429 | €781,414 | +€733,985 | +1,548% |
| Financial charges | 65/66B | €35,166 | €33,293 | -€1,873 | -5.3% |
| Recurring financial charges | 65 | €35,166 | €33,293 | -€1,873 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | -€1,721 | €914,027 | +€915,748 | |
| Income taxes | 67/77 | €790 | €120,803 | +€120,014 | +15,200% |
| Profit (loss) for the period | 9904 | -€2,510 | €793,224 | +€795,735 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,510 | €793,224 | +€795,735 |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.