PADOSO: 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.
PADOSO
Largest movements
- Current investments +€1.0m
up €1.0m (+6.4%), from €15.9m to €17.0m
- Cash -€700,404
down €700,404 (-38.9%), from €1.8m to €1.1m
mainly Current investments (-€1.0m) and Investment in fixed assets (net) (-€574,778)
- Tangible fixed assets +€301,787
up €301,787 (+9.1%), from €3.3m to €3.6m
of which Land and buildings: +€313,899
- Receivables after one year -€250,000
down €250,000 (-33.3%), from €750,000 to €500,000
- Reserves +€657,635
up €657,635 (+4.7%), from €13.9m to €14.6m
of which Distributable reserves: +€672,000
- Financial income -€198,160
down €198,160 (-16.6%), from €1.2m to €997,549
- Gross operating margin -€127,517
down €127,517, from €112,101 to -€15,417
- Taxes -€69,373
down €69,373 (-42.0%), from €164,985 to €95,611
- Depreciation +€21,512
up €21,512 (+17.3%), from €124,182 to €145,694
- Financial charges +€2,497
up €2,497 (+3.3%), from €76,715 to €79,212
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 | €22,550,868 | €23,217,837 | +€666,970 | +3.0% |
| Fixed assets | 21/28 | €4,009,321 | €4,438,404 | +€429,084 | +10.7% |
| Tangible fixed assets | 22/27 | €3,310,483 | €3,612,269 | +€301,787 | +9.1% |
| Land and buildings | 22 | €3,256,027 | €3,569,926 | +€313,899 | +9.6% |
| Furniture and vehicles | 24 | €54,455 | €42,343 | -€12,112 | -22.2% |
| Financial fixed assets | 28 | €698,838 | €826,135 | +€127,297 | +18.2% |
| Current assets | 29/58 | €18,541,547 | €18,779,433 | +€237,886 | +1.3% |
| Amounts receivable after more than one year | 29 | €750,000 | €500,000 | -€250,000 | -33.3% |
| Other amounts receivable | 291 | €750,000 | €500,000 | -€250,000 | -33.3% |
| Amounts receivable within one year | 40/41 | €50,187 | €216,278 | +€166,091 | +331% |
| Other amounts receivable | 41 | €50,187 | €216,278 | +€166,091 | +331% |
| Current investments | 50/53 | €15,935,517 | €16,957,634 | +€1.0m | +6.4% |
| Cash at bank and in hand | 54/58 | €1,800,427 | €1,100,023 | -€700,404 | -38.9% |
| Deferred charges and accrued income | 490/1 | €5,416 | €5,498 | +€82 | +1.5% |
| Total equity and liabilities | 10/49 | €22,550,868 | €23,217,837 | +€666,970 | +3.0% |
| Equity | 10/15 | €22,417,413 | €23,075,765 | +€658,352 | +2.9% |
| Contributions | 10/11 | €1,129,393 | €1,129,393 | = | 0.0% |
| Capital | 10 | €954,000 | €954,000 | = | 0.0% |
| Issued capital | 100 | €954,000 | €954,000 | = | 0.0% |
| Contributions outside capital | 11 | €175,393 | €175,393 | = | 0.0% |
| Share premium | 1100/10 | €175,393 | €175,393 | = | 0.0% |
| Reserves | 13 | €13,927,166 | €14,584,801 | +€657,635 | +4.7% |
| Non-distributable reserves | 130/1 | €176,474 | €176,474 | = | 0.0% |
| Legal reserve | 130 | €118,598 | €118,598 | = | 0.0% |
| Own shares acquired | 1312 | €57,876 | €57,876 | = | 0.0% |
| Tax-exempt reserves | 132 | €550,692 | €536,327 | -€14,365 | -2.6% |
| Distributable reserves | 133 | €13,200,000 | €13,872,000 | +€672,000 | +5.1% |
| Profit (loss) carried forward | 14 | €7,360,854 | €7,361,571 | +€717 | 0.0% |
| Provisions and deferred taxes | 16 | €104,369 | €97,297 | -€7,072 | -6.8% |
| Deferred taxes | 168 | €104,369 | €97,297 | -€7,072 | -6.8% |
| Amounts payable | 17/49 | €29,085 | €44,775 | +€15,690 | +53.9% |
| Amounts payable within one year | 42/48 | €29,085 | €44,775 | +€15,690 | +53.9% |
| Trade debts | 44 | €130 | €2,320 | +€2,190 | +1,680% |
| Suppliers | 440/4 | €130 | €2,320 | +€2,190 | +1,680% |
| Taxes, remuneration and social security | 45 | €28,955 | €42,455 | +€13,500 | +46.6% |
| Taxes | 450/3 | €28,955 | €42,455 | +€13,500 | +46.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,182 | €145,694 | +€21,512 | +17.3% |
| Other operating charges | 640/8 | €12,121 | €10,334 | -€1,787 | -14.7% |
| Gross operating margin | 9900 | €112,101 | -€15,417 | -€127,517 | |
| Operating profit (loss) | 9901 | -€24,202 | -€171,445 | -€147,243 | -608% |
| Financial income | 75/76B | €1,195,709 | €997,549 | -€198,160 | -16.6% |
| Recurring financial income | 75 | €1,195,709 | €997,549 | -€198,160 | -16.6% |
| Financial charges | 65/66B | €76,715 | €79,212 | +€2,497 | +3.3% |
| Recurring financial charges | 65 | €76,715 | €79,212 | +€2,497 | +3.3% |
| Profit (loss) for the period before taxes | 9903 | €1,094,792 | €746,891 | -€347,900 | -31.8% |
| Transfer from deferred taxes | 780 | €65,270 | €7,072 | -€58,198 | -89.2% |
| Transfer to deferred taxes | 680 | €22,608 | - | -€22,608 | |
| Income taxes | 67/77 | €164,985 | €95,611 | -€69,373 | -42.0% |
| Profit (loss) for the period | 9904 | €972,469 | €658,352 | -€314,117 | -32.3% |
| Transfer from tax-exempt reserves | 789 | €134,048 | €14,365 | -€119,684 | -89.3% |
| Transfer to tax-exempt reserves | 689 | €67,825 | - | -€67,825 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,038,692 | €672,717 | -€365,975 | -35.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.