DE PAVO: 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.
DE PAVO
Largest movements
- Tangible fixed assets -€31,528
down €31,528 (-9.2%), from €340,863 to €309,334
of which Land and buildings: -€24,509
- Cash -€19,161
down €19,161 (-48.0%), from €39,884 to €20,723
mainly Trade debts (-€26,963) and Debts after one year (-€17,720)
- Receivables within one year +€7,383
up €7,383 (+97.4%), from €7,579 to €14,962
of which Trade receivables: +€4,833
- Trade debts -€26,963
down €26,963 (-39.9%), from €67,599 to €40,636
- Debts after one year -€17,720
down €17,720 (-6.1%), from €290,576 to €272,856
- Tax, wage and social debts +€9,586
up €9,586 (+154.5%), from €6,203 to €15,789
of which Remuneration and social security: +€5,074
- Other debts -€5,359
no longer reported in 2025 (was €5,359)
- Profit (loss) carried forward -€5,350
down €5,350 (-67.6%), from -€7,912 to -€13,263
- Staff costs +€18,683
up €18,683 (+17.3%), from €108,285 to €126,968
- Gross operating margin +€5,752
up €5,752 (+3.6%), from €159,467 to €165,219
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 | €394,179 | €348,739 | -€45,440 | -11.5% |
| Fixed assets | 21/28 | €340,863 | €309,334 | -€31,528 | -9.2% |
| Tangible fixed assets | 22/27 | €340,863 | €309,334 | -€31,528 | -9.2% |
| Land and buildings | 22 | €295,170 | €270,661 | -€24,509 | -8.3% |
| Plant, machinery and equipment | 23 | €42,030 | €37,075 | -€4,955 | -11.8% |
| Furniture and vehicles | 24 | €3,662 | €1,598 | -€2,064 | -56.4% |
| Current assets | 29/58 | €53,316 | €39,405 | -€13,911 | -26.1% |
| Stocks and contracts in progress | 3 | €3,720 | €3,720 | = | 0.0% |
| Stocks | 30/36 | €3,720 | €3,720 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,579 | €14,962 | +€7,383 | +97.4% |
| Trade receivables | 40 | €7,579 | €12,412 | +€4,833 | +63.8% |
| Other amounts receivable | 41 | - | €2,550 | +€2,550 | |
| Cash at bank and in hand | 54/58 | €39,884 | €20,723 | -€19,161 | -48.0% |
| Deferred charges and accrued income | 490/1 | €2,134 | - | -€2,134 | |
| Total equity and liabilities | 10/49 | €394,179 | €348,739 | -€45,440 | -11.5% |
| Equity | 10/15 | €7,088 | €1,737 | -€5,350 | -75.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,912 | -€13,263 | -€5,350 | -67.6% |
| Amounts payable | 17/49 | €387,091 | €347,002 | -€40,089 | -10.4% |
| Amounts payable after more than one year | 17 | €290,576 | €272,856 | -€17,720 | -6.1% |
| Financial debts | 170/4 | €290,576 | €272,856 | -€17,720 | -6.1% |
| Amounts payable within one year | 42/48 | €96,515 | €74,146 | -€22,369 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €17,353 | €17,720 | +€367 | +2.1% |
| Trade debts | 44 | €67,599 | €40,636 | -€26,963 | -39.9% |
| Suppliers | 440/4 | €67,599 | €40,636 | -€26,963 | -39.9% |
| Taxes, remuneration and social security | 45 | €6,203 | €15,789 | +€9,586 | +154.5% |
| Taxes | 450/3 | €380 | €4,892 | +€4,512 | +1187.1% |
| Remuneration and social security | 454/9 | €5,823 | €10,897 | +€5,074 | +87.1% |
| Other amounts payable | 47/48 | €5,359 | - | -€5,359 | |
| Remuneration, social security and pensions | 62 | €108,285 | €126,968 | +€18,683 | +17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,360 | €34,255 | -€105 | -0.3% |
| Other operating charges | 640/8 | €1,898 | €2,070 | +€172 | +9.1% |
| Gross operating margin | 9900 | €159,467 | €165,219 | +€5,752 | +3.6% |
| Operating profit (loss) | 9901 | €14,924 | €1,925 | -€12,998 | -87.1% |
| Financial income | 75/76B | €52 | €81 | +€29 | +57.0% |
| Recurring financial income | 75 | €0 | €22 | +€22 | +223600.0% |
| Non-recurring financial income | 76B | €52 | €59 | +€7 | +13.6% |
| Financial charges | 65/66B | €6,998 | €7,176 | +€179 | +2.6% |
| Recurring financial charges | 65 | €6,998 | €7,176 | +€179 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €7,978 | -€5,170 | -€13,148 | |
| Income taxes | 67/77 | €586 | €180 | -€405 | -69.2% |
| Profit (loss) for the period | 9904 | €7,392 | -€5,350 | -€12,743 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,392 | -€5,350 | -€12,743 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.