Promad: 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.
Promad
Largest movements
- Financial fixed assets +€1.3m
up €1.3m (+50.2%), from €2.6m to €3.9m
- Cash +€1.3m
up €1.3m (+1652.7%), from €78,543 to €1.4m
mainly Debts after one year (+€3.0m) and Receivables within one year (+€618,634)
- Receivables within one year -€618,634
down €618,634 (-33.0%), from €1.9m to €1.3m
of which Trade receivables: -€560,737
- Receivables after one year +€525,000
new in 2025: €525,000
- Tangible fixed assets +€264,010
up €264,010 (+6.0%), from €4.4m to €4.7m
of which Land and buildings: +€260,698
- Debts after one year +€3.0m
up €3.0m (+444.6%), from €669,443 to €3.6m
- Advances received +€396,347
up €396,347 (+91.6%), from €432,840 to €829,187
- Tax, wage and social debts -€317,571
down €317,571 (-60.7%), from €523,241 to €205,669
of which Taxes: -€300,847
- Reserves +€261,264
up €261,264 (+6.2%), from €4.2m to €4.5m
of which Distributable reserves: +€296,244
- Short-term financial debts -€234,241
down €234,241 (-22.0%), from €1.1m to €830,743
- Gross operating margin -€543,367
down €543,367 (-28.6%), from €1.9m to €1.4m
- Taxes -€167,041
down €167,041 (-51.6%), from €323,935 to €156,893
- Financial charges +€126,686
up €126,686 (+269.9%), from €46,945 to €173,631
- Staff costs -€70,416
down €70,416 (-11.8%), from €595,873 to €525,457
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 | €10,174,407 | €13,091,703 | +€2.9m | +28.7% |
| Fixed assets | 21/28 | €7,011,767 | €8,584,111 | +€1.6m | +22.4% |
| Tangible fixed assets | 22/27 | €4,408,039 | €4,672,049 | +€264,010 | +6.0% |
| Land and buildings | 22 | €4,403,924 | €4,664,622 | +€260,698 | +5.9% |
| Plant, machinery and equipment | 23 | - | €6,830 | +€6,830 | |
| Furniture and vehicles | 24 | €4,115 | €598 | -€3,518 | -85.5% |
| Financial fixed assets | 28 | €2,603,728 | €3,912,062 | +€1.3m | +50.2% |
| Current assets | 29/58 | €3,162,640 | €4,507,592 | +€1.3m | +42.5% |
| Amounts receivable after more than one year | 29 | - | €525,000 | +€525,000 | |
| Other amounts receivable | 291 | - | €525,000 | +€525,000 | |
| Stocks and contracts in progress | 3 | €1,206,368 | €1,346,579 | +€140,210 | +11.6% |
| Stocks | 30/36 | €1,206,368 | €1,346,579 | +€140,210 | +11.6% |
| Amounts receivable within one year | 40/41 | €1,873,029 | €1,254,394 | -€618,634 | -33.0% |
| Trade receivables | 40 | €560,737 | - | -€560,737 | |
| Other amounts receivable | 41 | €1,312,292 | €1,254,394 | -€57,897 | -4.4% |
| Cash at bank and in hand | 54/58 | €78,543 | €1,376,610 | +€1.3m | +1652.7% |
| Deferred charges and accrued income | 490/1 | €4,699 | €5,009 | +€310 | +6.6% |
| Total equity and liabilities | 10/49 | €10,174,407 | €13,091,703 | +€2.9m | +28.7% |
| Equity | 10/15 | €5,527,138 | €5,788,401 | +€261,264 | +4.7% |
| Contributions | 10/11 | €446,216 | €446,216 | = | 0.0% |
| Capital | 10 | €446,216 | €446,216 | = | 0.0% |
| Issued capital | 100 | €446,216 | €446,216 | = | 0.0% |
| Revaluation surpluses | 12 | €882,282 | €882,282 | = | 0.0% |
| Reserves | 13 | €4,198,639 | €4,459,903 | +€261,264 | +6.2% |
| Non-distributable reserves | 130/1 | €45,075 | €45,075 | = | 0.0% |
| Legal reserve | 130 | €45,075 | €45,075 | = | 0.0% |
| Tax-exempt reserves | 132 | €346,189 | €311,209 | -€34,981 | -10.1% |
| Distributable reserves | 133 | €3,807,375 | €4,103,619 | +€296,244 | +7.8% |
| Provisions and deferred taxes | 16 | €256,796 | €245,136 | -€11,660 | -4.5% |
| Provisions for liabilities and charges | 160/5 | €141,400 | €141,400 | = | 0.0% |
| Major repairs and maintenance | 162 | €141,400 | €141,400 | = | 0.0% |
| Deferred taxes | 168 | €115,396 | €103,736 | -€11,660 | -10.1% |
| Amounts payable | 17/49 | €4,390,473 | €7,058,165 | +€2.7m | +60.8% |
| Amounts payable after more than one year | 17 | €669,443 | €3,645,538 | +€3.0m | +444.6% |
| Financial debts | 170/4 | €669,443 | €3,645,538 | +€3.0m | +444.6% |
| Amounts payable within one year | 42/48 | €3,721,030 | €3,412,627 | -€308,403 | -8.3% |
| Current portion of amounts payable after more than one year | 42 | €219,740 | €124,610 | -€95,130 | -43.3% |
| Financial debts | 43 | €1,064,984 | €830,743 | -€234,241 | -22.0% |
| Credit institutions | 430/8 | €1,064,984 | €830,743 | -€234,241 | -22.0% |
| Trade debts | 44 | €398,891 | €191,070 | -€207,821 | -52.1% |
| Suppliers | 440/4 | €398,891 | €191,070 | -€207,821 | -52.1% |
| Advances received on contracts in progress | 46 | €432,840 | €829,187 | +€396,347 | +91.6% |
| Taxes, remuneration and social security | 45 | €523,241 | €205,669 | -€317,571 | -60.7% |
| Taxes | 450/3 | €458,730 | €157,883 | -€300,847 | -65.6% |
| Remuneration and social security | 454/9 | €64,511 | €47,787 | -€16,724 | -25.9% |
| Other amounts payable | 47/48 | €1,081,334 | €1,231,347 | +€150,013 | +13.9% |
| Non-recurring operating income | 76A | €15,770 | - | -€15,770 | |
| Remuneration, social security and pensions | 62 | €595,873 | €525,457 | -€70,416 | -11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €154,899 | €158,960 | +€4,060 | +2.6% |
| Other operating charges | 640/8 | €94,384 | €88,955 | -€5,429 | -5.8% |
| Gross operating margin | 9900 | €1,896,863 | €1,353,496 | -€543,367 | -28.6% |
| Operating profit (loss) | 9901 | €1,051,706 | €580,124 | -€471,582 | -44.8% |
| Financial income | 75/76B | €11,771 | €4 | -€11,768 | -100.0% |
| Recurring financial income | 75 | €11,771 | €4 | -€11,768 | -100.0% |
| Financial charges | 65/66B | €46,945 | €173,631 | +€126,686 | +269.9% |
| Recurring financial charges | 65 | €46,945 | €173,631 | +€126,686 | +269.9% |
| Profit (loss) for the period before taxes | 9903 | €1,016,533 | €406,497 | -€610,036 | -60.0% |
| Transfer from deferred taxes | 780 | €11,660 | €11,660 | = | 0.0% |
| Income taxes | 67/77 | €323,935 | €156,893 | -€167,041 | -51.6% |
| Profit (loss) for the period | 9904 | €704,258 | €261,264 | -€442,995 | -62.9% |
| Transfer from tax-exempt reserves | 789 | €34,981 | €34,981 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €739,239 | €296,244 | -€442,995 | -59.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.