PADU !: 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.
PADU !
Largest movements
- Tangible fixed assets -€29,800
down €29,800 (-5.4%), from €548,694 to €518,894
of which Land and buildings: -€21,178
- Cash +€27,734
up €27,734 (+51.6%), from €53,769 to €81,503
mainly Depreciation (+€32,953) and Accrued charges and deferred income (+€21,837)
- Debts after one year -€22,999
down €22,999 (-10.8%), from €213,144 to €190,145
- Accrued charges and deferred income +€21,837
up €21,837 (+32.9%), from €66,458 to €88,295
- Profit (loss) carried forward -€12,825
down €12,825 (-30.5%), from €42,035 to €29,209
- Other debts +€8,948
up €8,948 (+5.3%), from €170,361 to €179,309
- Gross operating margin -€40,051
down €40,051 (-51.3%), from €78,135 to €38,085
- Taxes -€4,022
down €4,022 (-100%), from €4,022 to €0
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 | €714,490 | €702,066 | -€12,424 | -1.7% |
| Fixed assets | 21/28 | €552,625 | €518,894 | -€33,732 | -6.1% |
| Intangible fixed assets | 21 | €3,931 | €0 | -€3,931 | -100% |
| Tangible fixed assets | 22/27 | €548,694 | €518,894 | -€29,800 | -5.4% |
| Land and buildings | 22 | €492,488 | €471,310 | -€21,178 | -4.3% |
| Plant, machinery and equipment | 23 | €56,207 | €47,584 | -€8,623 | -15.3% |
| Current assets | 29/58 | €161,864 | €183,172 | +€21,308 | +13.2% |
| Amounts receivable within one year | 40/41 | €107,888 | €101,669 | -€6,219 | -5.8% |
| Trade receivables | 40 | €54,956 | €39,951 | -€15,005 | -27.3% |
| Other amounts receivable | 41 | €52,932 | €61,718 | +€8,786 | +16.6% |
| Cash at bank and in hand | 54/58 | €53,769 | €81,503 | +€27,734 | +51.6% |
| Deferred charges and accrued income | 490/1 | €207 | €0 | -€207 | -100% |
| Total equity and liabilities | 10/49 | €714,490 | €702,066 | -€12,424 | -1.7% |
| Equity | 10/15 | €217,035 | €204,209 | -€12,825 | -5.9% |
| Contributions | 10/11 | €175,000 | €175,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,035 | €29,209 | -€12,825 | -30.5% |
| Amounts payable | 17/49 | €497,455 | €497,857 | +€402 | +0.1% |
| Amounts payable after more than one year | 17 | €213,144 | €190,145 | -€22,999 | -10.8% |
| Financial debts | 170/4 | €213,144 | €190,145 | -€22,999 | -10.8% |
| Amounts payable within one year | 42/48 | €217,853 | €219,416 | +€1,563 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €25,152 | €22,999 | -€2,153 | -8.6% |
| Trade debts | 44 | €14,948 | €13,086 | -€1,862 | -12.5% |
| Suppliers | 440/4 | €14,948 | €13,086 | -€1,862 | -12.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €7,392 | €4,022 | -€3,370 | -45.6% |
| Taxes | 450/3 | €7,392 | €4,022 | -€3,370 | -45.6% |
| Other amounts payable | 47/48 | €170,361 | €179,309 | +€8,948 | +5.3% |
| Accrued charges and deferred income | 492/3 | €66,458 | €88,295 | +€21,837 | +32.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,258 | €32,953 | +€695 | +2.2% |
| Other operating charges | 640/8 | €7,638 | €8,411 | +€773 | +10.1% |
| Gross operating margin | 9900 | €78,135 | €38,085 | -€40,051 | -51.3% |
| Operating profit (loss) | 9901 | €38,239 | -€3,280 | -€41,519 | |
| Financial income | 75/76B | €0 | €174 | +€174 | |
| Recurring financial income | 75 | €0 | €174 | +€174 | |
| Financial charges | 65/66B | €9,960 | €9,720 | -€240 | -2.4% |
| Recurring financial charges | 65 | €9,960 | €9,720 | -€240 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €28,279 | -€12,825 | -€41,105 | |
| Income taxes | 67/77 | €4,022 | €0 | -€4,022 | -100% |
| Profit (loss) for the period | 9904 | €24,258 | -€12,825 | -€37,083 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,258 | -€12,825 | -€37,083 |
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 20 October 2026 via checked.be.