PAVAC: 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.
PAVAC
Largest movements
- Receivables within one year +€55,041
up €55,041 (+42.6%), from €129,127 to €184,168
of which Trade receivables: +€57,092
- Other debts +€52,476
up €52,476 (+3.4%), from €1.5m to €1.6m
- Gross operating margin -€35,960
down €35,960 (-27.5%), from €130,880 to €94,920
- Financial charges +€16,875
up €16,875 (+22.1%), from €76,350 to €93,225
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 | €1,991,990 | €2,049,365 | +€57,376 | +2.9% |
| Fixed assets | 21/28 | €1,862,072 | €1,862,072 | = | 0.0% |
| Financial fixed assets | 28 | €1,862,072 | €1,862,072 | = | 0.0% |
| Current assets | 29/58 | €129,918 | €187,294 | +€57,376 | +44.2% |
| Amounts receivable within one year | 40/41 | €129,127 | €184,168 | +€55,041 | +42.6% |
| Trade receivables | 40 | €126,000 | €183,092 | +€57,092 | +45.3% |
| Other amounts receivable | 41 | €3,127 | €1,076 | -€2,051 | -65.6% |
| Cash at bank and in hand | 54/58 | €791 | €3,126 | +€2,334 | +295% |
| Total equity and liabilities | 10/49 | €1,991,990 | €2,049,365 | +€57,376 | +2.9% |
| Equity | 10/15 | €307,954 | €308,556 | +€602 | +0.2% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €57,954 | €58,556 | +€602 | +1.0% |
| Distributable reserves | 133 | €57,954 | €58,556 | +€602 | +1.0% |
| Amounts payable | 17/49 | €1,684,036 | €1,740,809 | +€56,773 | +3.4% |
| Amounts payable after more than one year | 17 | €137,385 | €137,385 | = | 0.0% |
| Financial debts | 170/4 | €137,385 | €137,385 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,546,651 | €1,603,424 | +€56,773 | +3.7% |
| Trade debts | 44 | €1,927 | €3,357 | +€1,430 | +74.2% |
| Suppliers | 440/4 | €1,927 | €3,357 | +€1,430 | +74.2% |
| Taxes, remuneration and social security | 45 | €9,194 | €12,061 | +€2,868 | +31.2% |
| Taxes | 450/3 | €9,194 | €9,161 | -€32 | -0.4% |
| Remuneration and social security | 454/9 | - | €2,900 | +€2,900 | |
| Other amounts payable | 47/48 | €1,535,530 | €1,588,005 | +€52,476 | +3.4% |
| Other operating charges | 640/8 | €214 | €1,094 | +€880 | +412% |
| Gross operating margin | 9900 | €130,880 | €94,920 | -€35,960 | -27.5% |
| Operating profit (loss) | 9901 | €130,666 | €93,826 | -€36,840 | -28.2% |
| Financial income | 75/76B | €8 | €1 | -€8 | -91.0% |
| Recurring financial income | 75 | €8 | €1 | -€8 | -91.0% |
| Financial charges | 65/66B | €76,350 | €93,225 | +€16,875 | +22.1% |
| Recurring financial charges | 65 | €76,350 | €93,225 | +€16,875 | +22.1% |
| Profit (loss) for the period before taxes | 9903 | €54,325 | €603 | -€53,723 | -98.9% |
| Income taxes | 67/77 | €32 | €0 | -€32 | -99.3% |
| Profit (loss) for the period | 9904 | €54,293 | €602 | -€53,691 | -98.9% |
| Profit (loss) for the period to be appropriated | 9905 | €54,293 | €602 | -€53,691 | -98.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.