LE PAVILLON: 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.
LE PAVILLON
Largest movements
- Tangible fixed assets -€27,546
down €27,546 (-6.4%), from €431,544 to €403,998
- Cash -€9,648
down €9,648 (-36.5%), from €26,408 to €16,759
mainly Other debts (-€33,116) and Debts after one year (-€23,332)
- Receivables within one year -€5,463
down €5,463 (-44.8%), from €12,187 to €6,724
of which Trade receivables: -€5,032
- Other debts -€33,116
down €33,116 (-41.1%), from €80,597 to €47,481
- Reserves +€26,000
up €26,000 (+137.3%), from €18,937 to €44,937
- Debts after one year -€23,332
down €23,332 (-10.1%), from €230,639 to €207,307
- Current portion of long-term debt -€6,280
down €6,280 (-21.2%), from €29,612 to €23,332
- Staff costs -€15,060
down €15,060 (-22.4%), from €67,342 to €52,282
- Taxes +€5,217
up €5,217 (+70.1%), from €7,443 to €12,660
- Depreciation -€5,178
down €5,178 (-15.3%), from €33,893 to €28,714
- Gross operating margin -€2,206
down €2,206 (-1.6%), from €138,779 to €136,573
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 | €489,157 | €451,108 | -€38,049 | -7.8% |
| Fixed assets | 21/28 | €433,555 | €406,185 | -€27,370 | -6.3% |
| Tangible fixed assets | 22/27 | €431,544 | €403,998 | -€27,546 | -6.4% |
| Land and buildings | 22 | €371,915 | €363,481 | -€8,434 | -2.3% |
| Plant, machinery and equipment | 23 | €19,944 | €15,337 | -€4,607 | -23.1% |
| Furniture and vehicles | 24 | €20,726 | €15,387 | -€5,339 | -25.8% |
| Leasing and similar rights | 25 | €18,959 | €9,792 | -€9,167 | -48.4% |
| Financial fixed assets | 28 | €2,011 | €2,187 | +€176 | +8.8% |
| Current assets | 29/58 | €55,602 | €44,923 | -€10,678 | -19.2% |
| Stocks and contracts in progress | 3 | €15,940 | €16,796 | +€855 | +5.4% |
| Stocks | 30/36 | €15,940 | €16,796 | +€855 | +5.4% |
| Amounts receivable within one year | 40/41 | €12,187 | €6,724 | -€5,463 | -44.8% |
| Trade receivables | 40 | €5,032 | €0 | -€5,032 | -100.0% |
| Other amounts receivable | 41 | €7,155 | €6,724 | -€431 | -6.0% |
| Cash at bank and in hand | 54/58 | €26,408 | €16,759 | -€9,648 | -36.5% |
| Deferred charges and accrued income | 490/1 | €1,067 | €4,645 | +€3,578 | +335.4% |
| Total equity and liabilities | 10/49 | €489,157 | €451,108 | -€38,049 | -7.8% |
| Equity | 10/15 | €105,155 | €131,466 | +€26,312 | +25.0% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €18,937 | €44,937 | +€26,000 | +137.3% |
| Distributable reserves | 133 | €18,937 | €44,937 | +€26,000 | +137.3% |
| Profit (loss) carried forward | 14 | €11,850 | €12,161 | +€312 | +2.6% |
| Amounts payable | 17/49 | €384,002 | €319,642 | -€64,360 | -16.8% |
| Amounts payable after more than one year | 17 | €230,639 | €207,307 | -€23,332 | -10.1% |
| Financial debts | 170/4 | €230,639 | €207,307 | -€23,332 | -10.1% |
| Amounts payable within one year | 42/48 | €143,743 | €103,920 | -€39,823 | -27.7% |
| Current portion of amounts payable after more than one year | 42 | €29,612 | €23,332 | -€6,280 | -21.2% |
| Trade debts | 44 | €719 | €4,614 | +€3,896 | +542.1% |
| Suppliers | 440/4 | €719 | €4,614 | +€3,896 | +542.1% |
| Taxes, remuneration and social security | 45 | €32,815 | €28,493 | -€4,322 | -13.2% |
| Taxes | 450/3 | €22,225 | €17,723 | -€4,502 | -20.3% |
| Remuneration and social security | 454/9 | €10,589 | €10,769 | +€180 | +1.7% |
| Other amounts payable | 47/48 | €80,597 | €47,481 | -€33,116 | -41.1% |
| Accrued charges and deferred income | 492/3 | €9,620 | €8,415 | -€1,205 | -12.5% |
| Remuneration, social security and pensions | 62 | €67,342 | €52,282 | -€15,060 | -22.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,893 | €28,714 | -€5,178 | -15.3% |
| Other operating charges | 640/8 | €6,245 | €5,988 | -€257 | -4.1% |
| Gross operating margin | 9900 | €138,779 | €136,573 | -€2,206 | -1.6% |
| Operating profit (loss) | 9901 | €31,300 | €49,589 | +€18,289 | +58.4% |
| Financial income | 75/76B | - | €312 | +€312 | |
| Recurring financial income | 75 | - | €312 | +€312 | |
| Financial charges | 65/66B | €12,096 | €10,930 | -€1,167 | -9.6% |
| Recurring financial charges | 65 | €12,096 | €10,930 | -€1,167 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €19,203 | €38,972 | +€19,768 | +102.9% |
| Income taxes | 67/77 | €7,443 | €12,660 | +€5,217 | +70.1% |
| Profit (loss) for the period | 9904 | €11,760 | €26,312 | +€14,551 | +123.7% |
| Profit (loss) for the period to be appropriated | 9905 | €11,760 | €26,312 | +€14,551 | +123.7% |
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 4 October 2026 via checked.be.