PPADN: 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.
PPADN
Largest movements
- Current investments -€125,035
down €125,035 (-29.6%), from €422,320 to €297,285
- Receivables within one year +€62,116
up €62,116 (+154.9%), from €40,110 to €102,226
of which Other amounts receivable: +€57,870
- Receivables after one year +€30,783
up €30,783 (+10.6%), from €290,088 to €320,871
- Reserves -€281,081
down €281,081 (-27.3%), from €1.0m to €748,577
of which Tax-exempt reserves: -€231,550
- Other debts +€201,228
up €201,228 (+409.7%), from €49,116 to €250,343
- Tax, wage and social debts +€36,762
up €36,762 (+433.1%), from €8,488 to €45,250
- Taxes +€18,308
up €18,308 (+266.8%), from €6,861 to €25,169
- Financial income -€16,578
down €16,578 (-40.7%), from €40,703 to €24,125
- Financial charges -€3,054
down €3,054 (-72.6%), from €4,204 to €1,150
- Gross operating margin -€2,769
down €2,769 (-69.4%), from -€3,993 to -€6,762
- Depreciation -€2,648
down €2,648 (-39.4%), from €6,726 to €4,078
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 | €1,109,679 | €1,075,283 | -€34,396 | -3.1% |
| Fixed assets | 21/28 | €26,723 | €22,645 | -€4,078 | -15.3% |
| Tangible fixed assets | 22/27 | €7,481 | €3,404 | -€4,078 | -54.5% |
| Furniture and vehicles | 24 | €7,481 | €3,404 | -€4,078 | -54.5% |
| Financial fixed assets | 28 | €19,242 | €19,242 | = | 0.0% |
| Current assets | 29/58 | €1,082,955 | €1,052,637 | -€30,318 | -2.8% |
| Amounts receivable after more than one year | 29 | €290,088 | €320,871 | +€30,783 | +10.6% |
| Other amounts receivable | 291 | €290,088 | €320,871 | +€30,783 | +10.6% |
| Amounts receivable within one year | 40/41 | €40,110 | €102,226 | +€62,116 | +154.9% |
| Trade receivables | 40 | €19 | €4,264 | +€4,245 | +22557.2% |
| Other amounts receivable | 41 | €40,091 | €97,962 | +€57,870 | +144.3% |
| Current investments | 50/53 | €422,320 | €297,285 | -€125,035 | -29.6% |
| Cash at bank and in hand | 54/58 | €325,967 | €330,408 | +€4,440 | +1.4% |
| Deferred charges and accrued income | 490/1 | €4,470 | €1,848 | -€2,622 | -58.7% |
| Total equity and liabilities | 10/49 | €1,109,679 | €1,075,283 | -€34,396 | -3.1% |
| Equity | 10/15 | €1,050,023 | €768,942 | -€281,081 | -26.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,029,658 | €748,577 | -€281,081 | -27.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €378,900 | €147,350 | -€231,550 | -61.1% |
| Distributable reserves | 133 | €648,898 | €599,367 | -€49,531 | -7.6% |
| Profit (loss) carried forward | 14 | €1,773 | €1,773 | = | 0.0% |
| Amounts payable | 17/49 | €59,656 | €306,341 | +€246,685 | +413.5% |
| Amounts payable within one year | 42/48 | €59,628 | €297,435 | +€237,807 | +398.8% |
| Financial debts | 43 | €941 | €0 | -€941 | -100.0% |
| Credit institutions | 430/8 | €941 | €0 | -€941 | -100.0% |
| Trade debts | 44 | €1,083 | €1,841 | +€759 | +70.1% |
| Suppliers | 440/4 | €1,083 | €1,841 | +€759 | +70.1% |
| Taxes, remuneration and social security | 45 | €8,488 | €45,250 | +€36,762 | +433.1% |
| Taxes | 450/3 | €8,488 | €45,250 | +€36,762 | +433.1% |
| Other amounts payable | 47/48 | €49,116 | €250,343 | +€201,228 | +409.7% |
| Accrued charges and deferred income | 492/3 | €28 | €8,907 | +€8,878 | +31350.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,726 | €4,078 | -€2,648 | -39.4% |
| Other operating charges | 640/8 | €2,781 | €2,274 | -€507 | -18.2% |
| Gross operating margin | 9900 | -€3,993 | -€6,762 | -€2,769 | -69.4% |
| Operating profit (loss) | 9901 | -€13,499 | -€13,114 | +€386 | +2.9% |
| Financial income | 75/76B | €40,703 | €24,125 | -€16,578 | -40.7% |
| Recurring financial income | 75 | €40,703 | €24,125 | -€16,578 | -40.7% |
| Financial charges | 65/66B | €4,204 | €1,150 | -€3,054 | -72.6% |
| Recurring financial charges | 65 | €4,204 | €1,150 | -€3,054 | -72.6% |
| Profit (loss) for the period before taxes | 9903 | €23,000 | €9,861 | -€13,139 | -57.1% |
| Income taxes | 67/77 | €6,861 | €25,169 | +€18,308 | +266.8% |
| Profit (loss) for the period | 9904 | €16,139 | -€15,308 | -€31,446 | |
| Transfer from tax-exempt reserves | 789 | - | €231,550 | +€231,550 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,139 | €216,242 | +€200,104 | +1239.9% |
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.