PAVAGE CREATION: 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.
PAVAGE CREATION
Largest movements
- Cash +€43,016
up €43,016 (+132%), from €32,624 to €75,640
mainly Net result for the year (+€31,581) and Depreciation (+€25,243)
- Tangible fixed assets +€7,904
up €7,904 (+15.5%), from €51,057 to €58,961
of which Leasing and similar rights: +€6,847
- Stocks and contracts +€5,153
new in 2025: €5,153
- Receivables within one year -€3,008
down €3,008 (-8.3%), from €36,151 to €33,143
of which Trade receivables: -€4,266
- Profit (loss) carried forward +€31,581
up €31,581 (+68.9%), from €45,829 to €77,410
- Debts after one year +€13,448
up €13,448 (+53.9%), from €24,944 to €38,392
- Other debts +€9,541
up €9,541 (+193%), from €4,954 to €14,495
- Reserves -€9,000
no longer reported in 2025 (was €9,000)
- Tax, wage and social debts +€8,839
up €8,839 (+64.6%), from €13,679 to €22,518
of which Remuneration and social security: +€9,309
- Gross operating margin +€78,111
up €78,111 (+56.6%), from €138,012 to €216,123
- Staff costs +€52,176
up €52,176 (+56.4%), from €92,490 to €144,666
- Taxes +€7,417
up €7,417 (+182%), from €4,073 to €11,490
- Depreciation +€4,728
up €4,728 (+23.0%), from €20,515 to €25,243
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 | €121,679 | €175,977 | +€54,298 | +44.6% |
| Fixed assets | 21/28 | €51,057 | €58,961 | +€7,904 | +15.5% |
| Tangible fixed assets | 22/27 | €51,057 | €58,961 | +€7,904 | +15.5% |
| Plant, machinery and equipment | 23 | €1,418 | €1,033 | -€385 | -27.2% |
| Furniture and vehicles | 24 | €5,955 | €7,397 | +€1,442 | +24.2% |
| Leasing and similar rights | 25 | €43,684 | €50,531 | +€6,847 | +15.7% |
| Current assets | 29/58 | €70,622 | €117,016 | +€46,394 | +65.7% |
| Stocks and contracts in progress | 3 | - | €5,153 | +€5,153 | |
| Stocks | 30/36 | - | €5,153 | +€5,153 | |
| Amounts receivable within one year | 40/41 | €36,151 | €33,143 | -€3,008 | -8.3% |
| Trade receivables | 40 | €31,957 | €27,691 | -€4,266 | -13.3% |
| Other amounts receivable | 41 | €4,194 | €5,452 | +€1,258 | +30.0% |
| Cash at bank and in hand | 54/58 | €32,624 | €75,640 | +€43,016 | +132% |
| Deferred charges and accrued income | 490/1 | €1,847 | €3,080 | +€1,233 | +66.8% |
| Total equity and liabilities | 10/49 | €121,679 | €175,977 | +€54,298 | +44.6% |
| Equity | 10/15 | €59,829 | €82,410 | +€22,581 | +37.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €9,000 | - | -€9,000 | |
| Distributable reserves | 133 | €9,000 | - | -€9,000 | |
| Profit (loss) carried forward | 14 | €45,829 | €77,410 | +€31,581 | +68.9% |
| Amounts payable | 17/49 | €61,850 | €93,567 | +€31,717 | +51.3% |
| Amounts payable after more than one year | 17 | €24,944 | €38,392 | +€13,448 | +53.9% |
| Financial debts | 170/4 | €24,944 | €38,392 | +€13,448 | +53.9% |
| Amounts payable within one year | 42/48 | €36,906 | €55,175 | +€18,269 | +49.5% |
| Current portion of amounts payable after more than one year | 42 | €15,983 | €15,970 | -€13 | -0.1% |
| Financial debts | 43 | €246 | €189 | -€57 | -23.2% |
| Credit institutions | 430/8 | €246 | €189 | -€57 | -23.2% |
| Trade debts | 44 | €2,044 | €2,003 | -€41 | -2.0% |
| Suppliers | 440/4 | €2,044 | €2,003 | -€41 | -2.0% |
| Taxes, remuneration and social security | 45 | €13,679 | €22,518 | +€8,839 | +64.6% |
| Taxes | 450/3 | €1,610 | €1,140 | -€470 | -29.2% |
| Remuneration and social security | 454/9 | €12,069 | €21,378 | +€9,309 | +77.1% |
| Other amounts payable | 47/48 | €4,954 | €14,495 | +€9,541 | +193% |
| Remuneration, social security and pensions | 62 | €92,490 | €144,666 | +€52,176 | +56.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,515 | €25,243 | +€4,728 | +23.0% |
| Other operating charges | 640/8 | €810 | €445 | -€365 | -45.1% |
| Gross operating margin | 9900 | €138,012 | €216,123 | +€78,111 | +56.6% |
| Operating profit (loss) | 9901 | €24,197 | €45,769 | +€21,572 | +89.2% |
| Financial income | 75/76B | €393 | €424 | +€31 | +7.9% |
| Recurring financial income | 75 | €393 | €424 | +€31 | +7.9% |
| Financial charges | 65/66B | €5,160 | €3,122 | -€2,038 | -39.5% |
| Recurring financial charges | 65 | €5,160 | €3,122 | -€2,038 | -39.5% |
| Profit (loss) for the period before taxes | 9903 | €19,430 | €43,071 | +€23,641 | +122% |
| Income taxes | 67/77 | €4,073 | €11,490 | +€7,417 | +182% |
| Profit (loss) for the period | 9904 | €15,357 | €31,581 | +€16,224 | +106% |
| Profit (loss) for the period to be appropriated | 9905 | €15,357 | €31,581 | +€16,224 | +106% |
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.