Pados: 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.
Pados
Largest movements
- Current investments +€400,000
new in 2025: €400,000
- Stocks and contracts -€162,462
down €162,462 (-98.0%), from €165,855 to €3,393
- Cash -€79,501
down €79,501 (-59.8%), from €132,842 to €53,341
mainly Current investments (-€400,000) and Trade debts (-€18,663)
- Receivables within one year -€69,563
down €69,563 (-59.3%), from €117,402 to €47,839
of which Trade receivables: -€69,386
- Tangible fixed assets -€25,741
down €25,741 (-29.8%), from €86,336 to €60,595
of which Furniture and vehicles: -€23,060
- Reserves +€92,399
up €92,399 (+24.3%), from €379,551 to €471,951
of which Distributable reserves: +€92,991
- Trade debts -€18,663
down €18,663 (-78.3%), from €23,831 to €5,168
- Other debts -€8,063
down €8,063 (-12.1%), from €66,721 to €58,658
- Tax, wage and social debts -€6,769
down €6,769 (-35.1%), from €19,286 to €12,517
- Gross operating margin +€45,414
up €45,414 (+37.4%), from €121,427 to €166,841
- Write-downs +€14,254
up €14,254, from -€11,887 to €2,366
- Taxes +€9,101
up €9,101 (+30.4%), from €29,924 to €39,025
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 | €514,756 | €572,186 | +€57,430 | +11.2% |
| Fixed assets | 21/28 | €89,555 | €60,675 | -€28,880 | -32.2% |
| Intangible fixed assets | 21 | €2,504 | €0 | -€2,504 | -100.0% |
| Tangible fixed assets | 22/27 | €86,336 | €60,595 | -€25,741 | -29.8% |
| Land and buildings | 22 | €5,043 | €3,282 | -€1,761 | -34.9% |
| Plant, machinery and equipment | 23 | €2,104 | €1,184 | -€920 | -43.7% |
| Furniture and vehicles | 24 | €79,189 | €56,129 | -€23,060 | -29.1% |
| Financial fixed assets | 28 | €715 | €80 | -€635 | -88.8% |
| Current assets | 29/58 | €425,201 | €511,511 | +€86,310 | +20.3% |
| Stocks and contracts in progress | 3 | €165,855 | €3,393 | -€162,462 | -98.0% |
| Stocks | 30/36 | €165,855 | €3,393 | -€162,462 | -98.0% |
| Amounts receivable within one year | 40/41 | €117,402 | €47,839 | -€69,563 | -59.3% |
| Trade receivables | 40 | €102,930 | €33,544 | -€69,386 | -67.4% |
| Other amounts receivable | 41 | €14,472 | €14,296 | -€177 | -1.2% |
| Current investments | 50/53 | - | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €132,842 | €53,341 | -€79,501 | -59.8% |
| Deferred charges and accrued income | 490/1 | €9,101 | €6,937 | -€2,164 | -23.8% |
| Total equity and liabilities | 10/49 | €514,756 | €572,186 | +€57,430 | +11.2% |
| Equity | 10/15 | €399,583 | €490,551 | +€90,968 | +22.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €379,551 | €471,951 | +€92,399 | +24.3% |
| Tax-exempt reserves | 132 | €591 | €0 | -€591 | -100.0% |
| Distributable reserves | 133 | €378,960 | €471,951 | +€92,991 | +24.5% |
| Profit (loss) carried forward | 14 | €1,432 | €0 | -€1,432 | -100.0% |
| Provisions and deferred taxes | 16 | €148 | €0 | -€148 | -100.0% |
| Deferred taxes | 168 | €148 | €0 | -€148 | -100.0% |
| Amounts payable | 17/49 | €115,025 | €81,635 | -€33,390 | -29.0% |
| Amounts payable within one year | 42/48 | €109,839 | €76,791 | -€33,047 | -30.1% |
| Trade debts | 44 | €23,831 | €5,168 | -€18,663 | -78.3% |
| Suppliers | 440/4 | €23,831 | €5,168 | -€18,663 | -78.3% |
| Advances received on contracts in progress | 46 | - | €448 | +€448 | |
| Taxes, remuneration and social security | 45 | €19,286 | €12,517 | -€6,769 | -35.1% |
| Taxes | 450/3 | €19,286 | €12,517 | -€6,769 | -35.1% |
| Other amounts payable | 47/48 | €66,721 | €58,658 | -€8,063 | -12.1% |
| Accrued charges and deferred income | 492/3 | €5,186 | €4,844 | -€342 | -6.6% |
| Non-recurring operating income | 76A | €17,074 | €71,708 | +€54,634 | +320.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,738 | €25,747 | -€991 | -3.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€11,887 | €2,366 | +€14,254 | |
| Other operating charges | 640/8 | €1,508 | €2,171 | +€663 | +44.0% |
| Non-recurring operating charges | 66A | €759 | €3,133 | +€2,374 | +312.7% |
| Gross operating margin | 9900 | €121,427 | €166,841 | +€45,414 | +37.4% |
| Operating profit (loss) | 9901 | €104,309 | €133,424 | +€29,115 | +27.9% |
| Financial income | 75/76B | €807 | €1,731 | +€923 | +114.4% |
| Recurring financial income | 75 | €807 | €1,731 | +€923 | +114.4% |
| Financial charges | 65/66B | €5,876 | €5,311 | -€566 | -9.6% |
| Recurring financial charges | 65 | €5,876 | €5,311 | -€566 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €99,240 | €129,845 | +€30,604 | +30.8% |
| Transfer from deferred taxes | 780 | €453 | €148 | -€305 | -67.3% |
| Income taxes | 67/77 | €29,924 | €39,025 | +€9,101 | +30.4% |
| Profit (loss) for the period | 9904 | €69,769 | €90,968 | +€21,199 | +30.4% |
| Transfer from tax-exempt reserves | 789 | €1,811 | €591 | -€1,220 | -67.3% |
| Profit (loss) for the period to be appropriated | 9905 | €71,580 | €91,559 | +€19,979 | +27.9% |
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 29 September 2026 via checked.be.