PAVADO: 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.
PAVADO
Largest movements
- Cash -€1.6m
down €1.6m (-69.3%), from €2.3m to €714,873
mainly Contributions, distributions and other (-€1.4m) and Receivables within one year (-€960,131)
- Receivables within one year +€960,131
up €960,131 (+2367.1%), from €40,562 to €1.0m
of which Other amounts receivable: +€959,027
- Tangible fixed assets -€80,880
down €80,880 (-2.9%), from €2.8m to €2.7m
- Reserves -€1.1m
down €1.1m (-28.9%), from €3.9m to €2.8m
of which Distributable reserves: -€1.1m
- Other debts +€461,233
up €461,233 (+49.0%), from €940,428 to €1.4m
- Accrued charges and deferred income -€53,212
down €53,212 (-100.0%), from €53,229 to €17
- Services and other goods +€76,338
up €76,338 (+139.4%), from €54,755 to €131,094
- Financial charges -€53,257
down €53,257 (-98.8%), from €53,891 to €634
- Turnover -€46,860
down €46,860 (-7.3%), from €639,216 to €592,356
- Taxes -€18,664
down €18,664 (-18.5%), from €100,736 to €82,072
- Other operating income -€7,653
down €7,653 (-46.3%), from €16,547 to €8,894
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 | €5,172,079 | €4,445,644 | -€726,435 | -14.0% |
| Fixed assets | 21/28 | €2,757,819 | €2,676,939 | -€80,880 | -2.9% |
| Tangible fixed assets | 22/27 | €2,757,403 | €2,676,522 | -€80,880 | -2.9% |
| Land and buildings | 22 | €2,757,403 | €2,676,522 | -€80,880 | -2.9% |
| Financial fixed assets | 28 | €417 | €417 | = | 0.0% |
| Affiliated companies | 280/1 | €417 | - | -€417 | |
| Participating interests | 280 | €417 | - | -€417 | |
| Other financial fixed assets | 284/8 | - | €417 | +€417 | |
| Amounts receivable and cash guarantees | 285/8 | - | €417 | +€417 | |
| Current assets | 29/58 | €2,414,260 | €1,768,705 | -€645,555 | -26.7% |
| Stocks and contracts in progress | 3 | €37,206 | €37,206 | = | 0.0% |
| Stocks | 30/36 | €37,206 | €37,206 | = | 0.0% |
| Goods purchased for resale | 34 | €37,206 | €37,206 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €40,562 | €1,000,692 | +€960,131 | +2367.1% |
| Trade receivables | 40 | €35,416 | €36,520 | +€1,104 | +3.1% |
| Other amounts receivable | 41 | €5,146 | €964,172 | +€959,027 | +18638.0% |
| Cash at bank and in hand | 54/58 | €2,330,072 | €714,873 | -€1.6m | -69.3% |
| Deferred charges and accrued income | 490/1 | €6,420 | €15,934 | +€9,514 | +148.2% |
| Total equity and liabilities | 10/49 | €5,172,079 | €4,445,644 | -€726,435 | -14.0% |
| Equity | 10/15 | €4,141,733 | €3,005,249 | -€1.1m | -27.4% |
| Contributions | 10/11 | €209,500 | €209,500 | = | 0.0% |
| Capital | 10 | €209,500 | €209,500 | = | 0.0% |
| Issued capital | 100 | €209,500 | €209,500 | = | 0.0% |
| Reserves | 13 | €3,932,000 | €2,795,749 | -€1.1m | -28.9% |
| Non-distributable reserves | 130/1 | €20,950 | €20,950 | = | 0.0% |
| Legal reserve | 130 | €20,950 | €20,950 | = | 0.0% |
| Distributable reserves | 133 | €3,911,050 | €2,774,799 | -€1.1m | -29.1% |
| Profit (loss) carried forward | 14 | €233 | - | -€233 | |
| Amounts payable | 17/49 | €1,030,346 | €1,440,395 | +€410,048 | +39.8% |
| Amounts payable within one year | 42/48 | €977,117 | €1,440,378 | +€463,260 | +47.4% |
| Trade debts | 44 | €36,689 | €38,717 | +€2,027 | +5.5% |
| Suppliers | 440/4 | €36,689 | €38,717 | +€2,027 | +5.5% |
| Other amounts payable | 47/48 | €940,428 | €1,401,661 | +€461,233 | +49.0% |
| Accrued charges and deferred income | 492/3 | €53,229 | €17 | -€53,212 | -100.0% |
| Operating income | 70/76A | €655,763 | €601,250 | -€54,513 | -8.3% |
| Turnover | 70 | €639,216 | €592,356 | -€46,860 | -7.3% |
| Other operating income | 74 | €16,547 | €8,894 | -€7,653 | -46.3% |
| Operating charges | 60/66A | €214,138 | €294,091 | +€79,952 | +37.3% |
| Purchases | 600/8 | €37,206 | - | -€37,206 | |
| Change in stocks: decrease (increase) | 609 | -€37,206 | - | +€37,206 | |
| Services and other goods | 61 | €54,755 | €131,094 | +€76,338 | +139.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,919 | €121,277 | +€1,358 | +1.1% |
| Other operating charges | 640/8 | €39,464 | €41,721 | +€2,256 | +5.7% |
| Operating profit (loss) | 9901 | €441,625 | €307,159 | -€134,466 | -30.4% |
| Financial income | 75/76B | €15,211 | €21,763 | +€6,552 | +43.1% |
| Recurring financial income | 75 | €15,211 | €21,763 | +€6,552 | +43.1% |
| Income from current assets | 751 | - | €21,763 | +€21,763 | |
| Other financial income | 752/9 | €15,211 | - | -€15,211 | |
| Financial charges | 65/66B | €53,891 | €634 | -€53,257 | -98.8% |
| Recurring financial charges | 65 | €53,891 | €634 | -€53,257 | -98.8% |
| Debt charges | 650 | €53,291 | €34 | -€53,257 | -99.9% |
| Other financial charges | 652/9 | €600 | €600 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €402,945 | €328,289 | -€74,656 | -18.5% |
| Income taxes | 67/77 | €100,736 | €82,072 | -€18,664 | -18.5% |
| Taxes | 670/3 | €100,736 | €82,072 | -€18,664 | -18.5% |
| Profit (loss) for the period | 9904 | €302,208 | €246,216 | -€55,992 | -18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €302,208 | €246,216 | -€55,992 | -18.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.