NEW PAVONES: 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.
NEW PAVONES
Largest movements
- Current investments +€3.0m
up €3.0m (+7.4%), from €39.6m to €42.6m
- Cash -€2.8m
down €2.8m (-72.2%), from €3.8m to €1.1m
mainly Current investments (-€3.0m) and Contributions, distributions and other (-€1.0m)
- Profit (loss) carried forward +€1.0m
up €1.0m (+42.4%), from €2.4m to €3.4m
- Contributions -€1.0m
down €1.0m (-2.4%), from €41.6m to €40.6m
- Financial income -€1.0m
down €1.0m (-41.0%), from €2.4m to €1.4m
- Taxes -€348,764
down €348,764 (-58.2%), from €598,803 to €250,039
- Financial charges -€137,501
down €137,501, from €121,957 to -€15,544
- Other operating charges +€31,671
up €31,671 (+152%), from €20,864 to €52,535
- Gross operating margin -€17,135
down €17,135 (-12.9%), from -€133,084 to -€150,219
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €44,128,939 | €44,166,916 | +€37,977 | +0.1% |
| Fixed assets | 21/28 | €337,500 | €337,500 | = | 0.0% |
| Financial fixed assets | 28 | €337,500 | €337,500 | = | 0.0% |
| Current assets | 29/58 | €43,791,439 | €43,829,416 | +€37,977 | +0.1% |
| Amounts receivable within one year | 40/41 | €285,426 | €176,231 | -€109,195 | -38.3% |
| Trade receivables | 40 | €69 | €85 | +€17 | +24.1% |
| Other amounts receivable | 41 | €285,357 | €176,146 | -€109,211 | -38.3% |
| Current investments | 50/53 | €39,634,956 | €42,587,596 | +€3.0m | +7.4% |
| Cash at bank and in hand | 54/58 | €3,837,523 | €1,064,973 | -€2.8m | -72.2% |
| Deferred charges and accrued income | 490/1 | €33,534 | €615 | -€32,920 | -98.2% |
| Total equity and liabilities | 10/49 | €44,128,939 | €44,166,916 | +€37,977 | +0.1% |
| Equity | 10/15 | €44,105,577 | €44,110,812 | +€5,235 | 0.0% |
| Contributions | 10/11 | €41,616,655 | €40,616,655 | -€1.0m | -2.4% |
| Reserves | 13 | €120,798 | €120,798 | = | 0.0% |
| Non-distributable reserves | 130/1 | €120,798 | - | -€120,798 | |
| Reserves not available under the articles | 1311 | €120,798 | - | -€120,798 | |
| Distributable reserves | 133 | - | €120,798 | +€120,798 | |
| Profit (loss) carried forward | 14 | €2,368,124 | €3,373,359 | +€1.0m | +42.4% |
| Amounts payable | 17/49 | €23,362 | €56,104 | +€32,742 | +140% |
| Amounts payable within one year | 42/48 | €12,479 | €22,093 | +€9,614 | +77.0% |
| Trade debts | 44 | €6,338 | €13,331 | +€6,993 | +110% |
| Suppliers | 440/4 | €6,338 | €13,331 | +€6,993 | +110% |
| Taxes, remuneration and social security | 45 | €6,141 | €8,762 | +€2,621 | +42.7% |
| Taxes | 450/3 | €6,141 | €8,762 | +€2,621 | +42.7% |
| Accrued charges and deferred income | 492/3 | €10,883 | €34,011 | +€23,128 | +213% |
| Other operating charges | 640/8 | €20,864 | €52,535 | +€31,671 | +152% |
| Gross operating margin | 9900 | -€133,084 | -€150,219 | -€17,135 | -12.9% |
| Operating profit (loss) | 9901 | -€153,948 | -€202,754 | -€48,806 | -31.7% |
| Financial income | 75/76B | €2,446,543 | €1,442,484 | -€1.0m | -41.0% |
| Recurring financial income | 75 | €2,446,543 | €1,442,484 | -€1.0m | -41.0% |
| Financial charges | 65/66B | €121,957 | -€15,544 | -€137,501 | |
| Recurring financial charges | 65 | €121,957 | -€15,544 | -€137,501 | |
| Profit (loss) for the period before taxes | 9903 | €2,170,638 | €1,255,274 | -€915,365 | -42.2% |
| Income taxes | 67/77 | €598,803 | €250,039 | -€348,764 | -58.2% |
| Profit (loss) for the period | 9904 | €1,571,835 | €1,005,235 | -€566,600 | -36.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,571,835 | €1,005,235 | -€566,600 | -36.0% |
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 30 October 2026 via checked.be.