LE PAVE ROYAL: 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.
What changed
LE PAVE ROYAL
NACE 10.712, Artisanal bread and fresh pastry making
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€41,101
2024 · €32,949+€8,152
Equity
€110,488
2024 · €102,387+€8,101
Cash
€23,595
2024 · €23,523+€72
Balance sheet total
€225,924
2024 · €207,173+€18,751
Largest movements
Assets
- Tangible fixed assets +€13,314
up €13,314 (+17.3%), from €77,003 to €90,317
of which Furniture and vehicles: +€27,259
- Stocks and contracts +€5,507
up €5,507 (+53.2%), from €10,348 to €15,855
Equity and liabilities
- Debts after one year +€10,968
up €10,968 (+37.8%), from €28,989 to €39,957
- Profit (loss) carried forward +€8,101
up €8,101 (+15.5%), from €52,350 to €60,451
- Current portion of long-term debt -€7,034
down €7,034 (-19.3%), from €36,424 to €29,390
- Trade debts +€5,939
up €5,939 (+42.0%), from €14,139 to €20,078
- Accrued charges and deferred income +€4,817
new in 2025: €4,817
Income statement
- Gross operating margin +€58,597
up €58,597 (+27.7%), from €211,339 to €269,936
- Staff costs +€45,006
up €45,006 (+29.4%), from €152,880 to €197,886
- Financial charges +€2,918
up €2,918 (+172%), from €1,695 to €4,613
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.
Result 2024
€32,949
Gross operating margin
+€58,597
Staff costs
-€45,006
Depreciation
-€907
Other operating charges
+€198
Financial income
-€4
Financial charges
-€2,918
Taxes
-€1,808
Result 2025
€41,101
raises the resultlowers the result
Derived cash bridge
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.
From operations
+€64,172
Investment
-€35,034
Financing
-€29,066
Cash 2024
€23,523
From operations (derived)
+€64,172
Net result for the year
+€41,101
Depreciation
+€21,720
Stocks and contracts
-€5,507
Receivables within one year
-€203
Deferred charges and accrued income
+€345
Trade debts
+€5,939
Tax, wage and social debts
-€4,040
Accrued charges and deferred income
+€4,817
Investment (derived)
-€35,034
Investment in fixed assets (net)
-€35,034
Financing
-€29,066
Debts after one year
+€10,968
Current portion of long-term debt
-€7,034
Contributions, distributions and other
-€33,000
Cash 2025
€23,595
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €207,173 | €225,924 | +€18,751 | +9.1% |
| Fixed assets | 21/28 | €77,338 | €90,652 | +€13,314 | +17.2% |
| Tangible fixed assets | 22/27 | €77,003 | €90,317 | +€13,314 | +17.3% |
| Plant, machinery and equipment | 23 | €19,058 | €13,345 | -€5,713 | -30.0% |
| Furniture and vehicles | 24 | €8,583 | €35,842 | +€27,259 | +318% |
| Other tangible fixed assets | 26 | €49,362 | €41,130 | -€8,232 | -16.7% |
| Financial fixed assets | 28 | €335 | €335 | = | 0.0% |
| Current assets | 29/58 | €129,835 | €135,272 | +€5,437 | +4.2% |
| Stocks and contracts in progress | 3 | €10,348 | €15,855 | +€5,507 | +53.2% |
| Stocks | 30/36 | €10,348 | €15,855 | +€5,507 | +53.2% |
| Amounts receivable within one year | 40/41 | €93,090 | €93,293 | +€203 | +0.2% |
| Trade receivables | 40 | €2,601 | €3,393 | +€792 | +30.4% |
| Other amounts receivable | 41 | €90,489 | €89,900 | -€589 | -0.7% |
| Cash at bank and in hand | 54/58 | €23,523 | €23,595 | +€72 | +0.3% |
| Deferred charges and accrued income | 490/1 | €2,874 | €2,529 | -€345 | -12.0% |
| Total equity and liabilities | 10/49 | €207,173 | €225,924 | +€18,751 | +9.1% |
| Equity | 10/15 | €102,387 | €110,488 | +€8,101 | +7.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Capital | 10 | €20,000 | €20,000 | = | 0.0% |
| Issued capital | 100 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €28,165 | €28,165 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Legal reserve | 130 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,365 | €13,365 | = | 0.0% |
| Distributable reserves | 133 | €12,800 | €12,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,350 | €60,451 | +€8,101 | +15.5% |
| Investment grants | 15 | €1,872 | €1,872 | = | 0.0% |
| Amounts payable | 17/49 | €104,786 | €115,436 | +€10,650 | +10.2% |
| Amounts payable after more than one year | 17 | €28,989 | €39,957 | +€10,968 | +37.8% |
| Financial debts | 170/4 | €28,989 | €39,957 | +€10,968 | +37.8% |
| Amounts payable within one year | 42/48 | €75,797 | €70,662 | -€5,135 | -6.8% |
| Current portion of amounts payable after more than one year | 42 | €36,424 | €29,390 | -€7,034 | -19.3% |
| Trade debts | 44 | €14,139 | €20,078 | +€5,939 | +42.0% |
| Suppliers | 440/4 | €14,139 | €20,078 | +€5,939 | +42.0% |
| Taxes, remuneration and social security | 45 | €25,234 | €21,194 | -€4,040 | -16.0% |
| Taxes | 450/3 | €4,264 | €2,317 | -€1,947 | -45.7% |
| Remuneration and social security | 454/9 | €20,970 | €18,877 | -€2,093 | -10.0% |
| Accrued charges and deferred income | 492/3 | - | €4,817 | +€4,817 | |
| Non-recurring operating income | 76A | €1,458 | €8,750 | +€7,292 | +500% |
| Remuneration, social security and pensions | 62 | €152,880 | €197,886 | +€45,006 | +29.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,813 | €21,720 | +€907 | +4.4% |
| Other operating charges | 640/8 | €1,413 | €1,215 | -€198 | -14.0% |
| Gross operating margin | 9900 | €211,339 | €269,936 | +€58,597 | +27.7% |
| Operating profit (loss) | 9901 | €36,233 | €49,115 | +€12,882 | +35.6% |
| Financial income | 75/76B | €11 | €7 | -€4 | -36.4% |
| Recurring financial income | 75 | €11 | €7 | -€4 | -36.4% |
| Financial charges | 65/66B | €1,695 | €4,613 | +€2,918 | +172% |
| Recurring financial charges | 65 | €1,695 | €4,613 | +€2,918 | +172% |
| Profit (loss) for the period before taxes | 9903 | €34,549 | €44,509 | +€9,960 | +28.8% |
| Income taxes | 67/77 | €1,600 | €3,408 | +€1,808 | +113% |
| Profit (loss) for the period | 9904 | €32,949 | €41,101 | +€8,152 | +24.7% |
| Profit (loss) for the period to be appropriated | 9905 | €32,949 | €41,101 | +€8,152 | +24.7% |
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 26 October 2026 via checked.be.