PAVACOM: what changed
Two fiscal 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.
PAVACOM
Largest movements
- Tangible fixed assets +€163,465
up €163,465 (+100.2%), from €163,063 to €326,527
of which Land and buildings: +€170,258
- Cash -€148,513
down €148,513 (-37.3%), from €398,511 to €249,997
mainly Investment in fixed assets (net) (-€183,000) and Other debts (-€8,165)
- Receivables within one year -€9,619
down €9,619 (-51.7%), from €18,617 to €8,999
of which Trade receivables: -€18,300
- Reserves +€12,867
up €12,867 (+4.3%), from €299,865 to €312,732
of which Distributable reserves: +€12,224
- Other debts -€8,165
no longer reported in 2026 (was €8,165)
- Gross operating margin -€24,095
down €24,095 (-31.1%), from €77,432 to €53,336
- Taxes -€7,867
down €7,867 (-64.6%), from €12,183 to €4,315
- Depreciation +€6,779
up €6,779 (+53.1%), from €12,756 to €19,535
- Other operating charges +€777
up €777 (+4.9%), from €15,899 to €16,676
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €581,171 | €587,140 | +€5,969 | +1.0% |
| Fixed assets | 21/28 | €163,063 | €326,527 | +€163,465 | +100.2% |
| Tangible fixed assets | 22/27 | €163,063 | €326,527 | +€163,465 | +100.2% |
| Land and buildings | 22 | €134,536 | €304,794 | +€170,258 | +126.6% |
| Plant, machinery and equipment | 23 | €28,527 | €21,733 | -€6,794 | -23.8% |
| Current assets | 29/58 | €418,108 | €260,613 | -€157,496 | -37.7% |
| Amounts receivable within one year | 40/41 | €18,617 | €8,999 | -€9,619 | -51.7% |
| Trade receivables | 40 | €18,300 | - | -€18,300 | |
| Other amounts receivable | 41 | €317 | €8,999 | +€8,681 | +2734.9% |
| Cash at bank and in hand | 54/58 | €398,511 | €249,997 | -€148,513 | -37.3% |
| Deferred charges and accrued income | 490/1 | €980 | €1,617 | +€637 | +65.0% |
| Total equity and liabilities | 10/49 | €581,171 | €587,140 | +€5,969 | +1.0% |
| Equity | 10/15 | €566,427 | €579,294 | +€12,867 | +2.3% |
| Contributions | 10/11 | €266,562 | €266,562 | = | 0.0% |
| Capital | 10 | €266,562 | €266,562 | = | 0.0% |
| Issued capital | 100 | €266,562 | €266,562 | = | 0.0% |
| Reserves | 13 | €299,865 | €312,732 | +€12,867 | +4.3% |
| Non-distributable reserves | 130/1 | €15,020 | €15,664 | +€643 | +4.3% |
| Legal reserve | 130 | €15,020 | €15,664 | +€643 | +4.3% |
| Distributable reserves | 133 | €284,845 | €297,069 | +€12,224 | +4.3% |
| Amounts payable | 17/49 | €14,744 | €7,846 | -€6,898 | -46.8% |
| Amounts payable within one year | 42/48 | €8,237 | €1,216 | -€7,021 | -85.2% |
| Trade debts | 44 | €72 | €1,216 | +€1,144 | +1595.6% |
| Suppliers | 440/4 | €72 | €1,216 | +€1,144 | +1595.6% |
| Other amounts payable | 47/48 | €8,165 | - | -€8,165 | |
| Accrued charges and deferred income | 492/3 | €6,507 | €6,630 | +€123 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,756 | €19,535 | +€6,779 | +53.1% |
| Other operating charges | 640/8 | €15,899 | €16,676 | +€777 | +4.9% |
| Gross operating margin | 9900 | €77,432 | €53,336 | -€24,095 | -31.1% |
| Operating profit (loss) | 9901 | €48,777 | €17,125 | -€31,651 | -64.9% |
| Financial income | 75/76B | - | €113 | +€113 | |
| Recurring financial income | 75 | - | €113 | +€113 | |
| Financial charges | 65/66B | €46 | €56 | +€10 | +21.0% |
| Recurring financial charges | 65 | €46 | €56 | +€10 | +21.0% |
| Profit (loss) for the period before taxes | 9903 | €48,730 | €17,183 | -€31,548 | -64.7% |
| Income taxes | 67/77 | €12,183 | €4,315 | -€7,867 | -64.6% |
| Profit (loss) for the period | 9904 | €36,548 | €12,867 | -€23,680 | -64.8% |
| Profit (loss) for the period to be appropriated | 9905 | €36,548 | €12,867 | -€23,680 | -64.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.