Padmore: 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.
Padmore
Largest movements
- Current investments +€35,000
up €35,000 (+87.5%), from €40,000 to €75,000
- Tangible fixed assets -€7,589
down €7,589 (-18.9%), from €40,167 to €32,578
of which Leasing and similar rights: -€9,646
- Cash +€3,609
up €3,609 (+3.8%), from €94,765 to €98,374
mainly Net result for the year (+€35,103) and Other debts (+€14,908)
- Receivables within one year -€2,487
down €2,487 (-12.3%), from €20,289 to €17,803
of which Other amounts receivable: -€3,789
- Reserves +€19,448
up €19,448 (+18.0%), from €108,332 to €127,780
- Other debts +€14,908
new in 2026: €14,908
- Debts after one year -€6,612
down €6,612 (-31.8%), from €20,774 to €14,162
- Trade debts +€3,420
up €3,420 (+202%), from €1,693 to €5,113
- Tax, wage and social debts -€3,230
down €3,230 (-24.5%), from €13,179 to €9,949
of which Remuneration and social security: -€2,659
- Gross operating margin +€8,745
up €8,745 (+16.3%), from €53,501 to €62,246
- Taxes +€4,530
up €4,530 (+49.5%), from €9,143 to €13,673
From the 2025 result to the 2026 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.
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €196,529 | €224,834 | +€28,305 | +14.4% |
| Fixed assets | 21/28 | €40,167 | €32,578 | -€7,589 | -18.9% |
| Tangible fixed assets | 22/27 | €40,167 | €32,578 | -€7,589 | -18.9% |
| Plant, machinery and equipment | 23 | €567 | €3,284 | +€2,717 | +479% |
| Furniture and vehicles | 24 | €2,845 | €2,186 | -€659 | -23.2% |
| Leasing and similar rights | 25 | €36,755 | €27,109 | -€9,646 | -26.2% |
| Current assets | 29/58 | €156,361 | €192,256 | +€35,894 | +23.0% |
| Amounts receivable within one year | 40/41 | €20,289 | €17,803 | -€2,487 | -12.3% |
| Trade receivables | 40 | €16,500 | €17,803 | +€1,303 | +7.9% |
| Other amounts receivable | 41 | €3,789 | €0 | -€3,789 | -100% |
| Current investments | 50/53 | €40,000 | €75,000 | +€35,000 | +87.5% |
| Cash at bank and in hand | 54/58 | €94,765 | €98,374 | +€3,609 | +3.8% |
| Deferred charges and accrued income | 490/1 | €1,307 | €1,079 | -€228 | -17.4% |
| Total equity and liabilities | 10/49 | €196,529 | €224,834 | +€28,305 | +14.4% |
| Equity | 10/15 | €154,532 | €173,980 | +€19,448 | +12.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €108,332 | €127,780 | +€19,448 | +18.0% |
| Distributable reserves | 133 | €108,332 | €127,780 | +€19,448 | +18.0% |
| Profit (loss) carried forward | 14 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable | 17/49 | €41,996 | €50,854 | +€8,858 | +21.1% |
| Amounts payable after more than one year | 17 | €20,774 | €14,162 | -€6,612 | -31.8% |
| Financial debts | 170/4 | €20,774 | €14,162 | -€6,612 | -31.8% |
| Amounts payable within one year | 42/48 | €21,223 | €36,582 | +€15,359 | +72.4% |
| Current portion of amounts payable after more than one year | 42 | €6,351 | €6,612 | +€261 | +4.1% |
| Trade debts | 44 | €1,693 | €5,113 | +€3,420 | +202% |
| Suppliers | 440/4 | €1,693 | €5,113 | +€3,420 | +202% |
| Taxes, remuneration and social security | 45 | €13,179 | €9,949 | -€3,230 | -24.5% |
| Taxes | 450/3 | €10,520 | €9,949 | -€571 | -5.4% |
| Remuneration and social security | 454/9 | €2,659 | €0 | -€2,659 | -100% |
| Other amounts payable | 47/48 | - | €14,908 | +€14,908 | |
| Accrued charges and deferred income | 492/3 | €0 | €111 | +€111 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,742 | €11,059 | +€317 | +3.0% |
| Other operating charges | 640/8 | €1,210 | €1,212 | +€2 | +0.2% |
| Gross operating margin | 9900 | €53,501 | €62,246 | +€8,745 | +16.3% |
| Operating profit (loss) | 9901 | €41,549 | €49,975 | +€8,426 | +20.3% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €1,331 | €1,199 | -€132 | -9.9% |
| Recurring financial charges | 65 | €1,331 | €1,199 | -€132 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €40,218 | €48,776 | +€8,558 | +21.3% |
| Income taxes | 67/77 | €9,143 | €13,673 | +€4,530 | +49.5% |
| Profit (loss) for the period | 9904 | €31,075 | €35,103 | +€4,028 | +13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €31,075 | €35,103 | +€4,028 | +13.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.