PAVA SHIPPING: 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 SHIPPING
Largest movements
- Tangible fixed assets -€468,407
down €468,407 (-62.3%), from €751,259 to €282,851
of which Plant, machinery and equipment: -€489,515
- Cash +€63,398
up €63,398 (+42.2%), from €150,361 to €213,758
mainly Depreciation (+€510,398) and Receivables within one year (+€61,686)
- Receivables within one year -€61,686
down €61,686 (-46.0%), from €134,058 to €72,372
of which Trade receivables: -€69,910
- Profit (loss) carried forward -€188,977
down €188,977 (-64.2%), from -€294,324 to -€483,301
- Debts after one year -€162,194
down €162,194 (-35.6%), from €455,528 to €293,333
- Current portion of long-term debt -€106,785
down €106,785 (-41.3%), from €258,868 to €152,084
- Reserves -€57,127
down €57,127 (-4.9%), from €1.2m to €1.1m
of which Distributable reserves: -€57,127
- Other debts +€53,413
new in 2025: €53,413
- Depreciation -€16,270
down €16,270 (-3.1%), from €526,668 to €510,398
- Financial charges -€12,494
down €12,494 (-35.4%), from €35,337 to €22,843
- Provisions -€10,000
down €10,000 (-100%), from €10,000 to €0
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 | €1,670,727 | €1,199,236 | -€471,491 | -28.2% |
| Fixed assets | 21/28 | €751,622 | €283,364 | -€468,257 | -62.3% |
| Tangible fixed assets | 22/27 | €751,259 | €282,851 | -€468,407 | -62.3% |
| Plant, machinery and equipment | 23 | €687,502 | €197,987 | -€489,515 | -71.2% |
| Furniture and vehicles | 24 | €63,757 | €84,865 | +€21,108 | +33.1% |
| Financial fixed assets | 28 | €363 | €513 | +€150 | +41.3% |
| Current assets | 29/58 | €919,105 | €915,872 | -€3,234 | -0.4% |
| Amounts receivable after more than one year | 29 | €56,400 | €56,400 | = | 0.0% |
| Other amounts receivable | 291 | €56,400 | €56,400 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €134,058 | €72,372 | -€61,686 | -46.0% |
| Trade receivables | 40 | €74,496 | €4,586 | -€69,910 | -93.8% |
| Other amounts receivable | 41 | €59,562 | €67,786 | +€8,224 | +13.8% |
| Current investments | 50/53 | €548,245 | €552,032 | +€3,787 | +0.7% |
| Cash at bank and in hand | 54/58 | €150,361 | €213,758 | +€63,398 | +42.2% |
| Deferred charges and accrued income | 490/1 | €30,042 | €21,310 | -€8,733 | -29.1% |
| Total equity and liabilities | 10/49 | €1,670,727 | €1,199,236 | -€471,491 | -28.2% |
| Equity | 10/15 | €885,531 | €639,427 | -€246,104 | -27.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €1,174,855 | €1,117,728 | -€57,127 | -4.9% |
| Tax-exempt reserves | 132 | €979,511 | €979,511 | = | 0.0% |
| Distributable reserves | 133 | €195,344 | €138,217 | -€57,127 | -29.2% |
| Profit (loss) carried forward | 14 | -€294,324 | -€483,301 | -€188,977 | -64.2% |
| Provisions and deferred taxes | 16 | €40,000 | €40,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €40,000 | €40,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable | 17/49 | €745,197 | €519,810 | -€225,387 | -30.2% |
| Amounts payable after more than one year | 17 | €455,528 | €293,333 | -€162,194 | -35.6% |
| Financial debts | 170/4 | €455,528 | €293,333 | -€162,194 | -35.6% |
| Amounts payable within one year | 42/48 | €289,669 | €226,476 | -€63,193 | -21.8% |
| Current portion of amounts payable after more than one year | 42 | €258,868 | €152,084 | -€106,785 | -41.3% |
| Financial debts | 43 | €1,243 | €107 | -€1,135 | -91.4% |
| Credit institutions | 430/8 | €1,243 | €107 | -€1,135 | -91.4% |
| Trade debts | 44 | €26,207 | €13,883 | -€12,324 | -47.0% |
| Suppliers | 440/4 | €26,207 | €13,883 | -€12,324 | -47.0% |
| Taxes, remuneration and social security | 45 | €3,351 | €6,989 | +€3,637 | +109% |
| Taxes | 450/3 | - | €3,713 | +€3,713 | |
| Remuneration and social security | 454/9 | €3,351 | €3,276 | -€76 | -2.3% |
| Other amounts payable | 47/48 | - | €53,413 | +€53,413 | |
| Non-recurring operating income | 76A | - | €7,229 | +€7,229 | |
| Remuneration, social security and pensions | 62 | €58,727 | €60,993 | +€2,266 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €526,668 | €510,398 | -€16,270 | -3.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €10,000 | €0 | -€10,000 | -100% |
| Other operating charges | 640/8 | €2,920 | €2,232 | -€688 | -23.6% |
| Gross operating margin | 9900 | €398,961 | €398,176 | -€786 | -0.2% |
| Operating profit (loss) | 9901 | -€199,353 | -€175,446 | +€23,907 | +12.0% |
| Financial income | 75/76B | €7,230 | €9,940 | +€2,710 | +37.5% |
| Recurring financial income | 75 | €7,230 | €9,940 | +€2,710 | +37.5% |
| Financial charges | 65/66B | €35,337 | €22,843 | -€12,494 | -35.4% |
| Recurring financial charges | 65 | €35,337 | €22,843 | -€12,494 | -35.4% |
| Profit (loss) for the period before taxes | 9903 | -€227,461 | -€188,350 | +€39,111 | +17.2% |
| Income taxes | 67/77 | €168 | €628 | +€460 | +274% |
| Profit (loss) for the period | 9904 | -€227,629 | -€188,977 | +€38,651 | +17.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€227,629 | -€188,977 | +€38,651 | +17.0% |
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 29 October 2026 via checked.be.