PARDO: 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.
PARDO
Largest movements
- Tangible fixed assets -€34,715
down €34,715 (-5.1%), from €680,427 to €645,712
of which Land and buildings: -€32,718
- Receivables within one year -€29,007
down €29,007 (-29.7%), from €97,824 to €68,817
of which Trade receivables: -€46,515
- Debts after one year -€80,139
down €80,139 (-18.0%), from €445,338 to €365,198
- Profit (loss) carried forward +€69,863
up €69,863 (+74.2%), from €94,136 to €163,998
- Short-term financial debts -€48,160
down €48,160 (-78.5%), from €61,374 to €13,214
- Trade debts -€25,529
down €25,529 (-52.5%), from €48,650 to €23,121
- Tax, wage and social debts +€23,455
up €23,455 (+46.3%), from €50,679 to €74,134
- Gross operating margin +€110,512
up €110,512 (+63.2%), from €174,744 to €285,256
- Financial income -€45,026
down €45,026 (-98.6%), from €45,644 to €618
- Taxes +€29,466
up €29,466 (+110.0%), from €26,796 to €56,262
- Financial charges -€4,913
down €4,913 (-18.2%), from €26,970 to €22,057
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 | €829,094 | €769,947 | -€59,147 | -7.1% |
| Fixed assets | 21/28 | €706,789 | €672,074 | -€34,715 | -4.9% |
| Tangible fixed assets | 22/27 | €680,427 | €645,712 | -€34,715 | -5.1% |
| Land and buildings | 22 | €673,505 | €640,787 | -€32,718 | -4.9% |
| Plant, machinery and equipment | 23 | €295 | €59 | -€236 | -80.0% |
| Furniture and vehicles | 24 | €6,627 | €4,866 | -€1,761 | -26.6% |
| Financial fixed assets | 28 | €26,362 | €26,362 | = | 0.0% |
| Current assets | 29/58 | €122,305 | €97,873 | -€24,432 | -20.0% |
| Amounts receivable after more than one year | 29 | €20,600 | €21,218 | +€618 | +3.0% |
| Other amounts receivable | 291 | €20,600 | €21,218 | +€618 | +3.0% |
| Amounts receivable within one year | 40/41 | €97,824 | €68,817 | -€29,007 | -29.7% |
| Trade receivables | 40 | €46,515 | €0 | -€46,515 | -100.0% |
| Other amounts receivable | 41 | €51,309 | €68,817 | +€17,508 | +34.1% |
| Cash at bank and in hand | 54/58 | - | €4,621 | +€4,621 | |
| Deferred charges and accrued income | 490/1 | €3,881 | €3,217 | -€664 | -17.1% |
| Total equity and liabilities | 10/49 | €829,094 | €769,947 | -€59,147 | -7.1% |
| Equity | 10/15 | €141,717 | €211,579 | +€69,863 | +49.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €28,981 | €28,981 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €27,121 | €28,981 | +€1,860 | +6.9% |
| Profit (loss) carried forward | 14 | €94,136 | €163,998 | +€69,863 | +74.2% |
| Amounts payable | 17/49 | €687,377 | €558,367 | -€129,010 | -18.8% |
| Amounts payable after more than one year | 17 | €445,338 | €365,198 | -€80,139 | -18.0% |
| Financial debts | 170/4 | €445,338 | €365,198 | -€80,139 | -18.0% |
| Amounts payable within one year | 42/48 | €242,039 | €193,169 | -€48,870 | -20.2% |
| Current portion of amounts payable after more than one year | 42 | €81,336 | €82,699 | +€1,363 | +1.7% |
| Financial debts | 43 | €61,374 | €13,214 | -€48,160 | -78.5% |
| Credit institutions | 430/8 | €61,374 | €13,214 | -€48,160 | -78.5% |
| Trade debts | 44 | €48,650 | €23,121 | -€25,529 | -52.5% |
| Suppliers | 440/4 | €48,650 | €23,121 | -€25,529 | -52.5% |
| Taxes, remuneration and social security | 45 | €50,679 | €74,134 | +€23,455 | +46.3% |
| Taxes | 450/3 | €50,679 | €74,134 | +€23,455 | +46.3% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,961 | €34,715 | +€753 | +2.2% |
| Other operating charges | 640/8 | €3,475 | €2,977 | -€497 | -14.3% |
| Gross operating margin | 9900 | €174,744 | €285,256 | +€110,512 | +63.2% |
| Operating profit (loss) | 9901 | €137,308 | €247,564 | +€110,256 | +80.3% |
| Financial income | 75/76B | €45,644 | €618 | -€45,026 | -98.6% |
| Recurring financial income | 75 | €45,644 | €618 | -€45,026 | -98.6% |
| Financial charges | 65/66B | €26,970 | €22,057 | -€4,913 | -18.2% |
| Recurring financial charges | 65 | €26,970 | €22,057 | -€4,913 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €155,982 | €226,125 | +€70,143 | +45.0% |
| Income taxes | 67/77 | €26,796 | €56,262 | +€29,466 | +110.0% |
| Profit (loss) for the period | 9904 | €129,186 | €169,863 | +€40,677 | +31.5% |
| Profit (loss) for the period to be appropriated | 9905 | €129,186 | €169,863 | +€40,677 | +31.5% |
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 7 October 2026 via checked.be.