PAV Advisory: 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.
PAV Advisory
Largest movements
- Cash -€135,824
down €135,824 (-83.9%), from €161,884 to €26,060
mainly Current investments (-€128,224) and Tax, wage and social debts (-€37,967)
- Current investments +€128,224
new in 2025: €128,224
- Tangible fixed assets -€29,199
down €29,199 (-38.9%), from €75,003 to €45,804
of which Furniture and vehicles: -€28,614
- Receivables after one year -€9,856
down €9,856 (-38.7%), from €25,465 to €15,609
- Receivables within one year -€5,850
down €5,850 (-24.0%), from €24,335 to €18,485
of which Other amounts receivable: -€5,821
- Tax, wage and social debts -€37,967
down €37,967 (-100%), from €37,967 to €0
- Other debts -€17,446
down €17,446 (-87.2%), from €20,000 to €2,554
- Reserves +€3,680
up €3,680 (+1.8%), from €202,558 to €206,239
- Depreciation +€15,311
up €15,311 (+110%), from €13,887 to €29,199
- Gross operating margin -€14,829
down €14,829 (-30.0%), from €49,390 to €34,561
- Taxes -€6,859
down €6,859 (-70.5%), from €9,731 to €2,871
- Financial income -€3,294
down €3,294 (-50.8%), from €6,488 to €3,194
- Financial charges +€1,314
up €1,314 (+1,221%), from €108 to €1,422
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 | €287,625 | €235,183 | -€52,442 | -18.2% |
| Fixed assets | 21/28 | €75,003 | €45,804 | -€29,199 | -38.9% |
| Tangible fixed assets | 22/27 | €75,003 | €45,804 | -€29,199 | -38.9% |
| Plant, machinery and equipment | 23 | €2,756 | €2,171 | -€585 | -21.2% |
| Furniture and vehicles | 24 | €72,247 | €43,633 | -€28,614 | -39.6% |
| Current assets | 29/58 | €212,622 | €189,379 | -€23,243 | -10.9% |
| Amounts receivable after more than one year | 29 | €25,465 | €15,609 | -€9,856 | -38.7% |
| Other amounts receivable | 291 | €25,465 | €15,609 | -€9,856 | -38.7% |
| Amounts receivable within one year | 40/41 | €24,335 | €18,485 | -€5,850 | -24.0% |
| Trade receivables | 40 | €14,039 | €14,010 | -€28 | -0.2% |
| Other amounts receivable | 41 | €10,297 | €4,475 | -€5,821 | -56.5% |
| Current investments | 50/53 | - | €128,224 | +€128,224 | |
| Cash at bank and in hand | 54/58 | €161,884 | €26,060 | -€135,824 | -83.9% |
| Deferred charges and accrued income | 490/1 | €939 | €1,001 | +€62 | +6.6% |
| Total equity and liabilities | 10/49 | €287,625 | €235,183 | -€52,442 | -18.2% |
| Equity | 10/15 | €227,558 | €231,239 | +€3,680 | +1.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €202,558 | €206,239 | +€3,680 | +1.8% |
| Distributable reserves | 133 | €202,558 | €206,239 | +€3,680 | +1.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €60,067 | €3,945 | -€56,122 | -93.4% |
| Amounts payable within one year | 42/48 | €60,067 | €3,945 | -€56,122 | -93.4% |
| Trade debts | 44 | €2,100 | €1,390 | -€709 | -33.8% |
| Suppliers | 440/4 | €2,100 | €1,390 | -€709 | -33.8% |
| Taxes, remuneration and social security | 45 | €37,967 | €0 | -€37,967 | -100% |
| Taxes | 450/3 | €37,967 | €0 | -€37,967 | -100% |
| Other amounts payable | 47/48 | €20,000 | €2,554 | -€17,446 | -87.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €3,894 | €0 | -€3,894 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,887 | €29,199 | +€15,311 | +110% |
| Other operating charges | 640/8 | €1,164 | €583 | -€581 | -49.9% |
| Gross operating margin | 9900 | €49,390 | €34,561 | -€14,829 | -30.0% |
| Operating profit (loss) | 9901 | €34,338 | €4,779 | -€29,559 | -86.1% |
| Financial income | 75/76B | €6,488 | €3,194 | -€3,294 | -50.8% |
| Recurring financial income | 75 | €6,488 | €3,194 | -€3,294 | -50.8% |
| Financial charges | 65/66B | €108 | €1,422 | +€1,314 | +1,221% |
| Recurring financial charges | 65 | €108 | €1,422 | +€1,314 | +1,221% |
| Profit (loss) for the period before taxes | 9903 | €40,719 | €6,552 | -€34,167 | -83.9% |
| Income taxes | 67/77 | €9,731 | €2,871 | -€6,859 | -70.5% |
| Profit (loss) for the period | 9904 | €30,988 | €3,680 | -€27,308 | -88.1% |
| Profit (loss) for the period to be appropriated | 9905 | €30,988 | €3,680 | -€27,308 | -88.1% |
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 21 October 2026 via checked.be.