PEDRAD: 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.
PEDRAD
Largest movements
- Current investments -€415,000
down €415,000 (-33.1%), from €1.3m to €837,500
- Cash -€228,609
down €228,609 (-70.3%), from €325,142 to €96,533
mainly Contributions, distributions and other (-€991,781) and Debts after one year (-€46,964)
- Tangible fixed assets -€41,476
down €41,476 (-5.7%), from €727,238 to €685,762
of which Land and buildings: -€38,062
- Receivables within one year -€40,731
down €40,731 (-12.9%), from €316,654 to €275,923
of which Other amounts receivable: -€36,664
- Reserves -€681,470
down €681,470 (-35.5%), from €1.9m to €1.2m
of which Distributable reserves: -€681,470
- Debts after one year -€46,964
down €46,964 (-8.1%), from €579,141 to €532,177
- Gross operating margin +€80,555
up €80,555 (+18.3%), from €440,169 to €520,724
- Taxes +€24,848
up €24,848 (+20.7%), from €120,040 to €144,888
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 | €2,752,508 | €2,043,576 | -€708,932 | -25.8% |
| Fixed assets | 21/28 | €727,238 | €685,762 | -€41,476 | -5.7% |
| Tangible fixed assets | 22/27 | €727,238 | €685,762 | -€41,476 | -5.7% |
| Land and buildings | 22 | €686,966 | €648,905 | -€38,062 | -5.5% |
| Plant, machinery and equipment | 23 | €4,304 | €3,938 | -€366 | -8.5% |
| Furniture and vehicles | 24 | €16,638 | €15,579 | -€1,059 | -6.4% |
| Other tangible fixed assets | 26 | €19,330 | €17,341 | -€1,989 | -10.3% |
| Current assets | 29/58 | €2,025,270 | €1,357,814 | -€667,456 | -33.0% |
| Amounts receivable within one year | 40/41 | €316,654 | €275,923 | -€40,731 | -12.9% |
| Trade receivables | 40 | €6,566 | €2,498 | -€4,067 | -61.9% |
| Other amounts receivable | 41 | €310,088 | €273,424 | -€36,664 | -11.8% |
| Current investments | 50/53 | €1,252,500 | €837,500 | -€415,000 | -33.1% |
| Cash at bank and in hand | 54/58 | €325,142 | €96,533 | -€228,609 | -70.3% |
| Deferred charges and accrued income | 490/1 | €130,975 | €147,858 | +€16,884 | +12.9% |
| Total equity and liabilities | 10/49 | €2,752,508 | €2,043,576 | -€708,932 | -25.8% |
| Equity | 10/15 | €2,024,422 | €1,342,952 | -€681,470 | -33.7% |
| Contributions | 10/11 | €106,200 | €106,200 | = | 0.0% |
| Reserves | 13 | €1,918,222 | €1,236,752 | -€681,470 | -35.5% |
| Non-distributable reserves | 130/1 | €11,860 | €11,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,860 | €11,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €1,902,362 | €1,220,892 | -€681,470 | -35.8% |
| Amounts payable | 17/49 | €728,086 | €700,624 | -€27,462 | -3.8% |
| Amounts payable after more than one year | 17 | €579,141 | €532,177 | -€46,964 | -8.1% |
| Financial debts | 170/4 | €579,141 | €532,177 | -€46,964 | -8.1% |
| Amounts payable within one year | 42/48 | €146,770 | €168,421 | +€21,651 | +14.8% |
| Current portion of amounts payable after more than one year | 42 | €48,865 | €48,815 | -€50 | -0.1% |
| Trade debts | 44 | €4,517 | €7,143 | +€2,625 | +58.1% |
| Suppliers | 440/4 | €4,517 | €7,143 | +€2,625 | +58.1% |
| Taxes, remuneration and social security | 45 | €93,387 | €112,463 | +€19,076 | +20.4% |
| Taxes | 450/3 | €93,387 | €112,463 | +€19,076 | +20.4% |
| Accrued charges and deferred income | 492/3 | €2,175 | €26 | -€2,149 | -98.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,714 | €51,424 | +€710 | +1.4% |
| Other operating charges | 640/8 | €7,185 | €11,198 | +€4,013 | +55.8% |
| Gross operating margin | 9900 | €440,169 | €520,724 | +€80,555 | +18.3% |
| Operating profit (loss) | 9901 | €382,270 | €458,102 | +€75,832 | +19.8% |
| Financial income | 75/76B | €13,874 | €15,342 | +€1,468 | +10.6% |
| Recurring financial income | 75 | €13,874 | €15,342 | +€1,468 | +10.6% |
| Financial charges | 65/66B | €20,077 | €18,244 | -€1,833 | -9.1% |
| Recurring financial charges | 65 | €20,077 | €18,244 | -€1,833 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €376,066 | €455,199 | +€79,133 | +21.0% |
| Income taxes | 67/77 | €120,040 | €144,888 | +€24,848 | +20.7% |
| Profit (loss) for the period | 9904 | €256,026 | €310,311 | +€54,284 | +21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €256,026 | €310,311 | +€54,284 | +21.2% |
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 10 October 2026 via checked.be.