PE.DA.LO.: 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.
What changed
PE.DA.LO.
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€46,876
2024 · €162,082-€115,206
Equity
€6,235
2024 · -€40,641+€46,876
Cash
€10,427
2024 · €7,241+€3,186
Balance sheet total
€1.7m
2024 · €1.8m-€49,554
Largest movements
Assets
- Tangible fixed assets -€68,109
down €68,109 (-3.9%), from €1.8m to €1.7m
of which Land and buildings: -€54,629
Equity and liabilities
- Short-term financial debts -€334,752
down €334,752 (-66.4%), from €504,359 to €169,606
- Current portion of long-term debt +€250,000
up €250,000, from €0 to €250,000
- Debts after one year -€77,177
down €77,177 (-7.9%), from €977,177 to €900,000
- Profit (loss) carried forward +€49,341
up €49,341 (+15.3%), from -€322,696 to -€273,356
- Advances received +€48,700
up €48,700 (+269%), from €18,116 to €66,816
Income statement
- Gross operating margin -€244,875
down €244,875 (-45.8%), from €535,060 to €290,185
- Financial charges -€71,847
down €71,847 (-91.1%), from €78,866 to €7,020
- Staff costs +€16,014
up €16,014 (+17.5%), from €91,283 to €107,297
- Other operating charges +€13,510
up €13,510 (+43.5%), from €31,090 to €44,599
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
€162,082
Gross operating margin
-€244,875
Staff costs
-€16,014
Depreciation
+€588
Other operating charges
-€13,510
Financial income
-€0
Financial charges
+€71,847
Deferred taxes and other
+€86,758
Result 2025
€46,876
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€190,315
Investment
-€25,200
Financing
-€161,930
Cash 2024
€7,241
From operations (derived)
+€190,315
Net result for the year
+€46,876
Depreciation
+€93,308
Receivables within one year
-€15,367
Smaller working-capital items
+€230
Provisions
-€8,915
Trade debts
+€23,771
Advances received
+€48,700
Accrued charges and deferred income
+€1,713
Investment (derived)
-€25,200
Investment in fixed assets (net)
-€25,200
Financing
-€161,930
Debts after one year
-€77,177
Current portion of long-term debt
+€250,000
Short-term financial debts
-€334,752
Cash 2025
€10,427
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,781,258 | €1,731,705 | -€49,554 | -2.8% |
| Fixed assets | 21/28 | €1,758,196 | €1,690,088 | -€68,109 | -3.9% |
| Tangible fixed assets | 22/27 | €1,758,196 | €1,690,088 | -€68,109 | -3.9% |
| Land and buildings | 22 | €1,692,210 | €1,637,581 | -€54,629 | -3.2% |
| Furniture and vehicles | 24 | €65,987 | €52,507 | -€13,480 | -20.4% |
| Current assets | 29/58 | €23,062 | €41,617 | +€18,555 | +80.5% |
| Amounts receivable within one year | 40/41 | €15,747 | €31,114 | +€15,367 | +97.6% |
| Trade receivables | 40 | €15,747 | €31,114 | +€15,367 | +97.6% |
| Cash at bank and in hand | 54/58 | €7,241 | €10,427 | +€3,186 | +44.0% |
| Deferred charges and accrued income | 490/1 | €74 | €75 | +€2 | +2.2% |
| Total equity and liabilities | 10/49 | €1,781,258 | €1,731,705 | -€49,554 | -2.8% |
| Equity | 10/15 | -€40,641 | €6,235 | +€46,876 | |
| Contributions | 10/11 | €24,200 | €24,200 | = | 0.0% |
| Reserves | 13 | €257,855 | €255,390 | -€2,465 | -1.0% |
| Tax-exempt reserves | 132 | €257,804 | €255,339 | -€2,465 | -1.0% |
| Distributable reserves | 133 | €52 | €52 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€322,696 | -€273,356 | +€49,341 | +15.3% |
| Provisions and deferred taxes | 16 | €162,009 | €153,094 | -€8,915 | -5.5% |
| Deferred taxes | 168 | €162,009 | €153,094 | -€8,915 | -5.5% |
| Amounts payable | 17/49 | €1,659,890 | €1,572,376 | -€87,514 | -5.3% |
| Amounts payable after more than one year | 17 | €977,177 | €900,000 | -€77,177 | -7.9% |
| Financial debts | 170/4 | €977,177 | €900,000 | -€77,177 | -7.9% |
| Amounts payable within one year | 42/48 | €532,035 | €519,984 | -€12,050 | -2.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | €250,000 | +€250,000 | |
| Financial debts | 43 | €504,359 | €169,606 | -€334,752 | -66.4% |
| Other loans | 439 | €504,359 | €169,606 | -€334,752 | -66.4% |
| Trade debts | 44 | €3,558 | €27,329 | +€23,771 | +668% |
| Suppliers | 440/4 | €3,558 | €27,329 | +€23,771 | +668% |
| Advances received on contracts in progress | 46 | €18,116 | €66,816 | +€48,700 | +269% |
| Taxes, remuneration and social security | 45 | €4,502 | €4,734 | +€231 | +5.1% |
| Taxes | 450/3 | €4,502 | €4,734 | +€231 | +5.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,500 | €1,500 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €150,679 | €152,392 | +€1,713 | +1.1% |
| Remuneration, social security and pensions | 62 | €91,283 | €107,297 | +€16,014 | +17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,896 | €93,308 | -€588 | -0.6% |
| Other operating charges | 640/8 | €31,090 | €44,599 | +€13,510 | +43.5% |
| Gross operating margin | 9900 | €535,060 | €290,185 | -€244,875 | -45.8% |
| Operating profit (loss) | 9901 | €318,791 | €44,980 | -€273,811 | -85.9% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €78,866 | €7,020 | -€71,847 | -91.1% |
| Recurring financial charges | 65 | €78,866 | €7,020 | -€71,847 | -91.1% |
| Profit (loss) for the period before taxes | 9903 | €239,925 | €37,961 | -€201,964 | -84.2% |
| Transfer from deferred taxes | 780 | €8,586 | €8,915 | +€329 | +3.8% |
| Transfer to deferred taxes | 680 | €86,429 | €0 | -€86,429 | -100% |
| Profit (loss) for the period | 9904 | €162,082 | €46,876 | -€115,206 | -71.1% |
| Transfer from tax-exempt reserves | 789 | €1,484 | €2,465 | +€981 | +66.1% |
| Transfer to tax-exempt reserves | 689 | €259,288 | €0 | -€259,288 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€95,722 | €49,341 | +€145,062 |
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 22 October 2026 via checked.be.