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 +€781,481
up €781,481 (+55.5%), from €1.4m to €2.2m
of which Land and buildings: +€785,538
- Deferred charges and accrued income -€536,857
down €536,857 (-99.8%), from €537,911 to €1,054
- Cash -€180,096
down €180,096 (-39.5%), from €456,207 to €276,111
mainly Investment in fixed assets (net) (-€848,234) and Net result for the year (-€266,825)
- Debts after one year +€322,915
up €322,915 (+42.8%), from €754,037 to €1.1m
- Profit (loss) carried forward -€250,841
down €250,841 (-260.3%), from -€96,383 to -€347,225
- Current portion of long-term debt +€35,077
up €35,077 (+115.4%), from €30,386 to €65,463
- Trade debts -€25,261
down €25,261 (-18.1%), from €139,690 to €114,430
- Gross operating margin -€1.1m
down €1.1m, from €952,031 to -€125,479
- Staff costs +€23,064
up €23,064 (+388.2%), from €5,942 to €29,006
- Financial charges +€17,591
up €17,591 (+62.0%), from €28,354 to €45,945
- Depreciation -€16,708
down €16,708 (-20.0%), from €83,461 to €66,753
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 | €2,418,722 | €2,466,870 | +€48,148 | +2.0% |
| Fixed assets | 21/28 | €1,408,066 | €2,189,547 | +€781,481 | +55.5% |
| Tangible fixed assets | 22/27 | €1,406,966 | €2,188,447 | +€781,481 | +55.5% |
| Land and buildings | 22 | €1,249,241 | €2,034,779 | +€785,538 | +62.9% |
| Plant, machinery and equipment | 23 | €89,929 | €82,959 | -€6,970 | -7.8% |
| Furniture and vehicles | 24 | €32,411 | €35,325 | +€2,914 | +9.0% |
| Other tangible fixed assets | 26 | €35,384 | €35,384 | = | 0.0% |
| Financial fixed assets | 28 | €1,100 | €1,100 | = | 0.0% |
| Current assets | 29/58 | €1,010,656 | €277,323 | -€733,333 | -72.6% |
| Amounts receivable within one year | 40/41 | €16,538 | €158 | -€16,381 | -99.0% |
| Trade receivables | 40 | €700 | €150 | -€550 | -78.6% |
| Other amounts receivable | 41 | €15,838 | €8 | -€15,831 | -100.0% |
| Cash at bank and in hand | 54/58 | €456,207 | €276,111 | -€180,096 | -39.5% |
| Deferred charges and accrued income | 490/1 | €537,911 | €1,054 | -€536,857 | -99.8% |
| Total equity and liabilities | 10/49 | €2,418,722 | €2,466,870 | +€48,148 | +2.0% |
| Equity | 10/15 | €1,151,679 | €884,853 | -€266,825 | -23.2% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Reserves | 13 | €648,062 | €632,078 | -€15,984 | -2.5% |
| Tax-exempt reserves | 132 | €648,062 | €632,078 | -€15,984 | -2.5% |
| Profit (loss) carried forward | 14 | -€96,383 | -€347,225 | -€250,841 | -260.3% |
| Provisions and deferred taxes | 16 | €216,021 | €210,693 | -€5,328 | -2.5% |
| Deferred taxes | 168 | €216,021 | €210,693 | -€5,328 | -2.5% |
| Amounts payable | 17/49 | €1,051,022 | €1,371,324 | +€320,301 | +30.5% |
| Amounts payable after more than one year | 17 | €754,037 | €1,076,952 | +€322,915 | +42.8% |
| Financial debts | 170/4 | €754,037 | €1,076,952 | +€322,915 | +42.8% |
| Amounts payable within one year | 42/48 | €288,313 | €288,964 | +€651 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €30,386 | €65,463 | +€35,077 | +115.4% |
| Trade debts | 44 | €139,690 | €114,430 | -€25,261 | -18.1% |
| Suppliers | 440/4 | €139,690 | €114,430 | -€25,261 | -18.1% |
| Taxes, remuneration and social security | 45 | €1,106 | €3,220 | +€2,114 | +191.2% |
| Remuneration and social security | 454/9 | €1,106 | €3,220 | +€2,114 | +191.2% |
| Other amounts payable | 47/48 | €117,131 | €105,851 | -€11,280 | -9.6% |
| Accrued charges and deferred income | 492/3 | €8,672 | €5,408 | -€3,264 | -37.6% |
| Non-recurring operating income | 76A | €897,620 | €0 | -€897,620 | -100.0% |
| Remuneration, social security and pensions | 62 | €5,942 | €29,006 | +€23,064 | +388.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,461 | €66,753 | -€16,708 | -20.0% |
| Other operating charges | 640/8 | €4,017 | €4,971 | +€954 | +23.8% |
| Gross operating margin | 9900 | €952,031 | -€125,479 | -€1.1m | |
| Operating profit (loss) | 9901 | €858,611 | -€226,209 | -€1.1m | |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €28,354 | €45,945 | +€17,591 | +62.0% |
| Recurring financial charges | 65 | €28,354 | €45,945 | +€17,591 | +62.0% |
| Profit (loss) for the period before taxes | 9903 | €830,257 | -€272,153 | -€1.1m | |
| Transfer from deferred taxes | 780 | €8,384 | €5,328 | -€3,056 | -36.5% |
| Transfer to deferred taxes | 680 | €224,405 | €0 | -€224,405 | -100.0% |
| Profit (loss) for the period | 9904 | €614,236 | -€266,825 | -€881,062 | |
| Transfer from tax-exempt reserves | 789 | €25,153 | €15,984 | -€9,169 | -36.5% |
| Transfer to tax-exempt reserves | 689 | €673,215 | €0 | -€673,215 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€33,826 | -€250,841 | -€217,016 | -641.6% |
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 6 October 2026 via checked.be.