PABOVA: 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.
PABOVA
Largest movements
- Tangible fixed assets -€49,965
down €49,965 (-4.7%), from €1.1m to €1.0m
of which Land and buildings: -€33,003
- Receivables within one year +€26,274
up €26,274 (+129%), from €20,384 to €46,658
of which Trade receivables: +€26,666
- Debts after one year -€42,835
down €42,835 (-4.6%), from €939,020 to €896,185
- Reserves +€17,542
up €17,542 (+1,289%), from €1,361 to €18,903
- Gross operating margin +€18,074
up €18,074 (+18.2%), from €99,295 to €117,369
- Depreciation -€4,880
down €4,880 (-8.9%), from €54,912 to €50,032
- Taxes +€4,475
up €4,475 (+603%), from €742 to €5,217
- Financial charges +€1,240
up €1,240 (+3.2%), from €39,136 to €40,376
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 | €1,115,994 | €1,094,255 | -€21,739 | -1.9% |
| Formation expenses | 20 | €67 | €0 | -€67 | -100% |
| Fixed assets | 21/28 | €1,068,390 | €1,018,424 | -€49,965 | -4.7% |
| Tangible fixed assets | 22/27 | €1,068,390 | €1,018,424 | -€49,965 | -4.7% |
| Land and buildings | 22 | €1,006,464 | €973,460 | -€33,003 | -3.3% |
| Furniture and vehicles | 24 | €42,280 | €29,276 | -€13,003 | -30.8% |
| Other tangible fixed assets | 26 | €19,646 | €15,688 | -€3,958 | -20.1% |
| Current assets | 29/58 | €47,538 | €75,831 | +€28,293 | +59.5% |
| Amounts receivable within one year | 40/41 | €20,384 | €46,658 | +€26,274 | +129% |
| Trade receivables | 40 | €19,992 | €46,658 | +€26,666 | +133% |
| Other amounts receivable | 41 | €392 | €0 | -€392 | -100% |
| Cash at bank and in hand | 54/58 | €23,761 | €25,565 | +€1,804 | +7.6% |
| Deferred charges and accrued income | 490/1 | €3,393 | €3,608 | +€215 | +6.3% |
| Total equity and liabilities | 10/49 | €1,115,994 | €1,094,255 | -€21,739 | -1.9% |
| Equity | 10/15 | €81,361 | €98,903 | +€17,542 | +21.6% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €1,361 | €18,903 | +€17,542 | +1,289% |
| Distributable reserves | 133 | €1,361 | €18,903 | +€17,542 | +1,289% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,034,634 | €995,352 | -€39,281 | -3.8% |
| Amounts payable after more than one year | 17 | €939,020 | €896,185 | -€42,835 | -4.6% |
| Financial debts | 170/4 | €939,020 | €896,185 | -€42,835 | -4.6% |
| Amounts payable within one year | 42/48 | €88,024 | €98,389 | +€10,365 | +11.8% |
| Current portion of amounts payable after more than one year | 42 | €41,262 | €42,835 | +€1,573 | +3.8% |
| Trade debts | 44 | €6,533 | €6,701 | +€168 | +2.6% |
| Suppliers | 440/4 | €6,533 | €6,701 | +€168 | +2.6% |
| Taxes, remuneration and social security | 45 | €16,293 | €20,651 | +€4,358 | +26.7% |
| Taxes | 450/3 | €14,233 | €18,530 | +€4,297 | +30.2% |
| Remuneration and social security | 454/9 | €2,059 | €2,120 | +€61 | +3.0% |
| Other amounts payable | 47/48 | €23,937 | €28,203 | +€4,266 | +17.8% |
| Accrued charges and deferred income | 492/3 | €7,589 | €778 | -€6,811 | -89.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,912 | €50,032 | -€4,880 | -8.9% |
| Other operating charges | 640/8 | €3,144 | €2,501 | -€643 | -20.4% |
| Gross operating margin | 9900 | €99,295 | €117,369 | +€18,074 | +18.2% |
| Operating profit (loss) | 9901 | €41,239 | €64,836 | +€23,597 | +57.2% |
| Financial charges | 65/66B | €39,136 | €40,376 | +€1,240 | +3.2% |
| Recurring financial charges | 65 | €39,136 | €40,376 | +€1,240 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | €2,103 | €24,459 | +€22,356 | +1,063% |
| Income taxes | 67/77 | €742 | €5,217 | +€4,475 | +603% |
| Profit (loss) for the period | 9904 | €1,361 | €19,242 | +€17,881 | +1,314% |
| Profit (loss) for the period to be appropriated | 9905 | €1,361 | €19,242 | +€17,881 | +1,314% |
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 19 October 2026 via checked.be.