PAVA: 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.
PAVA
Largest movements
- Receivables within one year +€26,434
up €26,434 (+3.8%), from €688,315 to €714,749
of which Trade receivables: +€33,935
- Profit (loss) carried forward +€24,557
up €24,557 (+10.0%), from €246,279 to €270,836
- Debts after one year -€17,613
down €17,613 (-83.3%), from €21,136 to €3,522
- Other debts +€11,417
up €11,417 (+5.6%), from €202,112 to €213,529
- Trade debts +€7,495
up €7,495 (+4.7%), from €158,446 to €165,941
- Gross operating margin +€18,236
up €18,236 (+158.5%), from €11,507 to €29,743
- Depreciation -€1,313
down €1,313 (-90.5%), from €1,450 to €137
- Financial charges -€967
down €967 (-34.3%), from €2,819 to €1,852
- Other operating charges +€499
up €499 (+18.0%), from €2,777 to €3,276
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 | €696,172 | €722,029 | +€25,856 | +3.7% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €137 | €0 | -€137 | -99.9% |
| Tangible fixed assets | 22/27 | €137 | €0 | -€137 | -99.9% |
| Land and buildings | 22 | €137 | €0 | -€137 | -99.9% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Current assets | 29/58 | €696,035 | €722,029 | +€25,993 | +3.7% |
| Amounts receivable within one year | 40/41 | €688,315 | €714,749 | +€26,434 | +3.8% |
| Trade receivables | 40 | €651,236 | €685,171 | +€33,935 | +5.2% |
| Other amounts receivable | 41 | €37,079 | €29,578 | -€7,501 | -20.2% |
| Cash at bank and in hand | 54/58 | €7,720 | €7,280 | -€440 | -5.7% |
| Total equity and liabilities | 10/49 | €696,172 | €722,029 | +€25,856 | +3.7% |
| Equity | 10/15 | €314,479 | €339,036 | +€24,557 | +7.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €246,279 | €270,836 | +€24,557 | +10.0% |
| Amounts payable | 17/49 | €381,694 | €382,992 | +€1,299 | +0.3% |
| Amounts payable after more than one year | 17 | €21,136 | €3,522 | -€17,613 | -83.3% |
| Financial debts | 170/4 | €21,136 | €3,522 | -€17,613 | -83.3% |
| Amounts payable within one year | 42/48 | €360,558 | €379,470 | +€18,912 | +5.2% |
| Trade debts | 44 | €158,446 | €165,941 | +€7,495 | +4.7% |
| Suppliers | 440/4 | €158,446 | €165,941 | +€7,495 | +4.7% |
| Other amounts payable | 47/48 | €202,112 | €213,529 | +€11,417 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,450 | €137 | -€1,313 | -90.5% |
| Other operating charges | 640/8 | €2,777 | €3,276 | +€499 | +18.0% |
| Non-recurring operating charges | 66A | - | €14 | +€14 | |
| Gross operating margin | 9900 | €11,507 | €29,743 | +€18,236 | +158.5% |
| Operating profit (loss) | 9901 | €7,280 | €26,316 | +€19,036 | +261.5% |
| Financial income | 75/76B | €128 | €94 | -€34 | -26.7% |
| Recurring financial income | 75 | €128 | €94 | -€34 | -26.7% |
| Financial charges | 65/66B | €2,819 | €1,852 | -€967 | -34.3% |
| Recurring financial charges | 65 | €2,819 | €1,852 | -€967 | -34.3% |
| Profit (loss) for the period before taxes | 9903 | €4,588 | €24,557 | +€19,969 | +435.2% |
| Profit (loss) for the period | 9904 | €4,588 | €24,557 | +€19,969 | +435.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,588 | €24,557 | +€19,969 | +435.2% |
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 9 October 2026 via checked.be.