IMMO PAVIA: 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.
IMMO PAVIA
Largest movements
- Tangible fixed assets -€31,013
down €31,013 (-1.1%), from €2.9m to €2.8m
- Debts after one year -€214,920
down €214,920 (-9.8%), from €2.2m to €2.0m
- Reserves +€97,000
up €97,000 (+27.3%), from €355,160 to €452,160
of which Distributable reserves: +€97,000
- Current portion of long-term debt +€58,567
up €58,567 (+27.9%), from €209,898 to €268,465
- Other debts +€43,667
up €43,667 (+53.4%), from €81,704 to €125,371
- Gross operating margin +€20,051
up €20,051 (+6.2%), from €323,829 to €343,880
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 | €2,886,709 | €2,867,090 | -€19,619 | -0.7% |
| Fixed assets | 21/28 | €2,879,603 | €2,848,590 | -€31,013 | -1.1% |
| Tangible fixed assets | 22/27 | €2,879,603 | €2,848,590 | -€31,013 | -1.1% |
| Land and buildings | 22 | €2,879,603 | €2,848,590 | -€31,013 | -1.1% |
| Current assets | 29/58 | €7,106 | €18,500 | +€11,393 | +160.3% |
| Amounts receivable within one year | 40/41 | - | €1,300 | +€1,300 | |
| Trade receivables | 40 | - | €1,300 | +€1,300 | |
| Cash at bank and in hand | 54/58 | €5,379 | €15,461 | +€10,082 | +187.4% |
| Deferred charges and accrued income | 490/1 | €1,727 | €1,738 | +€11 | +0.6% |
| Total equity and liabilities | 10/49 | €2,886,709 | €2,867,090 | -€19,619 | -0.7% |
| Equity | 10/15 | €368,639 | €466,173 | +€97,534 | +26.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €355,160 | €452,160 | +€97,000 | +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% |
| Distributable reserves | 133 | €353,300 | €450,300 | +€97,000 | +27.5% |
| Profit (loss) carried forward | 14 | €1,079 | €1,613 | +€534 | +49.5% |
| Amounts payable | 17/49 | €2,518,070 | €2,400,916 | -€117,153 | -4.7% |
| Amounts payable after more than one year | 17 | €2,192,181 | €1,977,261 | -€214,920 | -9.8% |
| Financial debts | 170/4 | €2,192,181 | €1,977,261 | -€214,920 | -9.8% |
| Amounts payable within one year | 42/48 | €324,500 | €423,655 | +€99,155 | +30.6% |
| Current portion of amounts payable after more than one year | 42 | €209,898 | €268,465 | +€58,567 | +27.9% |
| Trade debts | 44 | €1,185 | €2,470 | +€1,285 | +108.5% |
| Suppliers | 440/4 | €1,185 | €2,470 | +€1,285 | +108.5% |
| Taxes, remuneration and social security | 45 | €31,713 | €27,349 | -€4,364 | -13.8% |
| Taxes | 450/3 | €31,713 | €27,349 | -€4,364 | -13.8% |
| Other amounts payable | 47/48 | €81,704 | €125,371 | +€43,667 | +53.4% |
| Accrued charges and deferred income | 492/3 | €1,389 | - | -€1,389 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,216 | €128,880 | +€2,665 | +2.1% |
| Other operating charges | 640/8 | €17,231 | €17,991 | +€760 | +4.4% |
| Gross operating margin | 9900 | €323,829 | €343,880 | +€20,051 | +6.2% |
| Operating profit (loss) | 9901 | €180,382 | €197,009 | +€16,627 | +9.2% |
| Financial charges | 65/66B | €59,494 | €57,615 | -€1,879 | -3.2% |
| Recurring financial charges | 65 | €59,494 | €57,615 | -€1,879 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €120,888 | €139,394 | +€18,506 | +15.3% |
| Income taxes | 67/77 | €40,643 | €41,860 | +€1,217 | +3.0% |
| Profit (loss) for the period | 9904 | €80,246 | €97,534 | +€17,289 | +21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €80,246 | €97,534 | +€17,289 | +21.5% |
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 3 October 2026 via checked.be.