PAV DELCO: what changed
PAV DELCO
Largest movements
- Intangible fixed assets -€31,317
down €31,317 (-66.7%), from €46,976 to €15,659
- Receivables within one year +€9,257
up €9,257 (+30.4%), from €30,460 to €39,717
of which Other amounts receivable: +€4,743
- Cash +€6,668
up €6,668 (+612%), from €1,090 to €7,758
mainly Depreciation (+€32,436) and Tax, wage and social debts (+€23,508)
- Deferred charges and accrued income +€2,873
new in 2026: €2,873
- Tangible fixed assets -€1,119
down €1,119 (-27.3%), from €4,092 to €2,973
of which Other tangible fixed assets: -€1,012
- Tax, wage and social debts +€23,508
up €23,508 (+351%), from €6,698 to €30,205
of which Remuneration and social security: +€19,179
- Debts after one year -€18,322
down €18,322 (-25.7%), from €71,333 to €53,010
- Profit (loss) carried forward -€14,986
down €14,986 (-16.3%), from -€91,770 to -€106,757
- Trade debts +€7,597
up €7,597 (+20.3%), from €37,391 to €44,988
- Current portion of long-term debt -€6,484
down €6,484 (-23.3%), from €27,816 to €21,333
- Gross operating margin -€42,115
down €42,115 (-29.0%), from €145,032 to €102,917
- Staff costs -€12,266
down €12,266 (-14.1%), from €86,890 to €74,624
- Taxes -€1,903
down €1,903 (-90.0%), from €2,114 to €211
- Other operating charges -€1,456
down €1,456 (-17.7%), from €8,216 to €6,760
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €82,617 | €68,979 | -€13,638 | -16.5% |
| Fixed assets | 21/28 | €51,067 | €18,632 | -€32,436 | -63.5% |
| Intangible fixed assets | 21 | €46,976 | €15,659 | -€31,317 | -66.7% |
| Tangible fixed assets | 22/27 | €4,092 | €2,973 | -€1,119 | -27.3% |
| Plant, machinery and equipment | 23 | €107 | - | -€107 | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €3,985 | €2,973 | -€1,012 | -25.4% |
| Current assets | 29/58 | €31,550 | €50,348 | +€18,797 | +59.6% |
| Amounts receivable within one year | 40/41 | €30,460 | €39,717 | +€9,257 | +30.4% |
| Trade receivables | 40 | €22,204 | €26,718 | +€4,514 | +20.3% |
| Other amounts receivable | 41 | €8,256 | €12,999 | +€4,743 | +57.4% |
| Cash at bank and in hand | 54/58 | €1,090 | €7,758 | +€6,668 | +612% |
| Deferred charges and accrued income | 490/1 | - | €2,873 | +€2,873 | |
| Total equity and liabilities | 10/49 | €82,617 | €68,979 | -€13,638 | -16.5% |
| Equity | 10/15 | -€65,570 | -€80,557 | -€14,986 | -22.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €1,200 | €1,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,200 | €1,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,200 | €1,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€91,770 | -€106,757 | -€14,986 | -16.3% |
| Amounts payable | 17/49 | €148,188 | €149,536 | +€1,348 | +0.9% |
| Amounts payable after more than one year | 17 | €71,333 | €53,010 | -€18,322 | -25.7% |
| Financial debts | 170/4 | €71,333 | €53,010 | -€18,322 | -25.7% |
| Amounts payable within one year | 42/48 | €76,855 | €96,526 | +€19,670 | +25.6% |
| Current portion of amounts payable after more than one year | 42 | €27,816 | €21,333 | -€6,484 | -23.3% |
| Financial debts | 43 | €4,950 | - | -€4,950 | |
| Credit institutions | 430/8 | €4,950 | - | -€4,950 | |
| Trade debts | 44 | €37,391 | €44,988 | +€7,597 | +20.3% |
| Suppliers | 440/4 | €37,391 | €44,988 | +€7,597 | +20.3% |
| Taxes, remuneration and social security | 45 | €6,698 | €30,205 | +€23,508 | +351% |
| Taxes | 450/3 | €0 | €4,328 | +€4,328 | |
| Remuneration and social security | 454/9 | €6,698 | €25,877 | +€19,179 | +286% |
| Remuneration, social security and pensions | 62 | €86,890 | €74,624 | -€12,266 | -14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,091 | €32,436 | -€656 | -2.0% |
| Other operating charges | 640/8 | €8,216 | €6,760 | -€1,456 | -17.7% |
| Operating charges capitalised as restructuring costs | 649 | €0 | - | = | |
| Gross operating margin | 9900 | €145,032 | €102,917 | -€42,115 | -29.0% |
| Operating profit (loss) | 9901 | €16,834 | -€10,904 | -€27,738 | |
| Financial income | 75/76B | €3 | €230 | +€227 | +6,784% |
| Recurring financial income | 75 | €3 | €230 | +€227 | +6,784% |
| Financial charges | 65/66B | €5,411 | €4,102 | -€1,309 | -24.2% |
| Recurring financial charges | 65 | €5,411 | €4,102 | -€1,309 | -24.2% |
| Profit (loss) for the period before taxes | 9903 | €11,427 | -€14,776 | -€26,203 | |
| Income taxes | 67/77 | €2,114 | €211 | -€1,903 | -90.0% |
| Profit (loss) for the period | 9904 | €9,313 | -€14,986 | -€24,299 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,313 | -€14,986 | -€24,299 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.