PARDAEN: 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.
What changed
PARDAEN
NACE 46.841, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€235,624
2024 · €3,135-€238,759
Equity
€2.1m
2024 · €2.3m-€235,624
Cash
€447,500
2024 · €579,678-€132,178
Balance sheet total
€4.1m
2024 · €4.1m+€28,143
Largest movements
Assets
- Stocks and contracts +€153,346
up €153,346 (+5.2%), from €2.9m to €3.1m
- Cash -€132,178
down €132,178 (-22.8%), from €579,678 to €447,500
mainly Net result for the year (-€235,624) and Stocks and contracts (-€153,346)
Equity and liabilities
- Trade debts +€280,953
up €280,953 (+78.0%), from €360,393 to €641,346
- Reserves -€235,624
down €235,624 (-10.4%), from €2.3m to €2.0m
of which Distributable reserves: -€235,624
Income statement
- Gross operating margin -€206,310
down €206,310 (-10.2%), from €2.0m to €1.8m
- Depreciation +€20,318
up €20,318 (+17.2%), from €118,176 to €138,494
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.
Result 2024
€3,135
Gross operating margin
-€206,310
Staff costs
+€5,128
Depreciation
-€20,318
Other operating charges
-€2,089
Other operating items
-€335
Financial income
-€10,531
Financial charges
-€7,036
Taxes
+€2,732
Result 2025
-€235,624
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.
From operations
+€316
Investment
-€134,075
Financing
+€1,582
Cash 2024
€579,678
From operations (derived)
+€316
Net result for the year
-€235,624
Depreciation
+€138,494
Stocks and contracts
-€153,346
Receivables within one year
+€283
Deferred charges and accrued income
-€11,675
Trade debts
+€280,953
Tax, wage and social debts
-€12,872
Other debts
-€5,000
Accrued charges and deferred income
-€897
Investment (derived)
-€134,075
Investment in fixed assets (net)
-€134,075
Financing
+€1,582
Current portion of long-term debt
-€1,839
Short-term financial debts
+€3,421
Cash 2025
€447,500
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,090,546 | €4,118,689 | +€28,143 | +0.7% |
| Fixed assets | 21/28 | €327,326 | €322,907 | -€4,419 | -1.3% |
| Tangible fixed assets | 22/27 | €327,173 | €322,755 | -€4,419 | -1.4% |
| Plant, machinery and equipment | 23 | €67,289 | €43,264 | -€24,025 | -35.7% |
| Furniture and vehicles | 24 | €226,244 | €254,261 | +€28,017 | +12.4% |
| Leasing and similar rights | 25 | €33,640 | €25,230 | -€8,410 | -25.0% |
| Financial fixed assets | 28 | €153 | €153 | = | 0.0% |
| Current assets | 29/58 | €3,763,220 | €3,795,781 | +€32,561 | +0.9% |
| Stocks and contracts in progress | 3 | €2,945,274 | €3,098,620 | +€153,346 | +5.2% |
| Stocks | 30/36 | €2,945,274 | €3,098,620 | +€153,346 | +5.2% |
| Amounts receivable within one year | 40/41 | €227,882 | €227,599 | -€283 | -0.1% |
| Trade receivables | 40 | €202,651 | €200,510 | -€2,142 | -1.1% |
| Other amounts receivable | 41 | €25,230 | €27,089 | +€1,859 | +7.4% |
| Cash at bank and in hand | 54/58 | €579,678 | €447,500 | -€132,178 | -22.8% |
| Deferred charges and accrued income | 490/1 | €10,387 | €22,062 | +€11,675 | +112.4% |
| Total equity and liabilities | 10/49 | €4,090,546 | €4,118,689 | +€28,143 | +0.7% |
| Equity | 10/15 | €2,341,213 | €2,105,589 | -€235,624 | -10.1% |
| Contributions | 10/11 | €82,000 | €82,000 | = | 0.0% |
| Capital | 10 | €82,000 | €82,000 | = | 0.0% |
| Issued capital | 100 | €82,000 | €82,000 | = | 0.0% |
| Reserves | 13 | €2,259,213 | €2,023,589 | -€235,624 | -10.4% |
| Non-distributable reserves | 130/1 | €8,201 | €8,201 | = | 0.0% |
| Legal reserve | 130 | €8,200 | €8,200 | = | 0.0% |
| Other | 1319 | €1 | €1 | = | 0.0% |
| Tax-exempt reserves | 132 | €79,068 | €79,068 | = | 0.0% |
| Distributable reserves | 133 | €2,171,945 | €1,936,321 | -€235,624 | -10.8% |
| Amounts payable | 17/49 | €1,749,333 | €2,013,099 | +€263,767 | +15.1% |
| Amounts payable within one year | 42/48 | €1,748,436 | €2,013,099 | +€264,663 | +15.1% |
| Current portion of amounts payable after more than one year | 42 | €1,839 | - | -€1,839 | |
| Financial debts | 43 | - | €3,421 | +€3,421 | |
| Credit institutions | 430/8 | - | €3,421 | +€3,421 | |
| Trade debts | 44 | €360,393 | €641,346 | +€280,953 | +78.0% |
| Suppliers | 440/4 | €360,393 | €641,346 | +€280,953 | +78.0% |
| Taxes, remuneration and social security | 45 | €169,329 | €156,458 | -€12,872 | -7.6% |
| Taxes | 450/3 | €3,535 | €6,314 | +€2,779 | +78.6% |
| Remuneration and social security | 454/9 | €165,794 | €150,143 | -€15,651 | -9.4% |
| Other amounts payable | 47/48 | €1,216,875 | €1,211,875 | -€5,000 | -0.4% |
| Accrued charges and deferred income | 492/3 | €897 | - | -€897 | |
| Non-recurring operating income | 76A | €23,076 | €6,303 | -€16,773 | -72.7% |
| Remuneration, social security and pensions | 62 | €1,708,199 | €1,703,070 | -€5,128 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,176 | €138,494 | +€20,318 | +17.2% |
| Other operating charges | 640/8 | €27,104 | €29,193 | +€2,089 | +7.7% |
| Non-recurring operating charges | 66A | - | €335 | +€335 | |
| Gross operating margin | 9900 | €2,023,925 | €1,817,615 | -€206,310 | -10.2% |
| Operating profit (loss) | 9901 | €170,446 | -€53,478 | -€223,924 | |
| Financial income | 75/76B | €45,416 | €34,885 | -€10,531 | -23.2% |
| Recurring financial income | 75 | €45,416 | €34,885 | -€10,531 | -23.2% |
| Financial charges | 65/66B | €207,908 | €214,943 | +€7,036 | +3.4% |
| Recurring financial charges | 65 | €207,908 | €214,943 | +€7,036 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €7,954 | -€233,537 | -€241,490 | |
| Income taxes | 67/77 | €4,819 | €2,087 | -€2,732 | -56.7% |
| Profit (loss) for the period | 9904 | €3,135 | -€235,624 | -€238,759 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,135 | -€235,624 | -€238,759 |
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 4 October 2026 via checked.be.