PAVAMO: 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.
What changed
PAVAMO
NACE 68.110, Buying and selling of own real estate
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€114,509
2024 · -€269,158+€154,649
Equity
-€561,025
2024 · -€446,517-€114,509
Cash
€75,195
2024 · €186,981-€111,786
Balance sheet total
€7.3m
2024 · €7.2m+€157,332
Largest movements
Assets
- Tangible fixed assets +€248,286
up €248,286 (+3.7%), from €6.7m to €6.9m
of which Land and buildings: +€248,829
- Cash -€111,786
down €111,786 (-59.8%), from €186,981 to €75,195
mainly Investment in fixed assets (net) (-€433,106) and Debts after one year (-€173,410)
Equity and liabilities
- Short-term financial debts +€408,133
up €408,133 (+8.0%), from €5.1m to €5.5m
of which Credit institutions: +€400,000
- Debts after one year -€173,410
down €173,410 (-9.5%), from €1.8m to €1.7m
- Profit (loss) carried forward -€100,215
down €100,215 (-3.3%), from -€3.1m to -€3.2m
Income statement
- Gross operating margin +€144,121
up €144,121 (+53.6%), from €268,826 to €412,947
- Financial charges -€24,987
down €24,987 (-7.8%), from €318,469 to €293,482
- Staff costs +€8,312
up €8,312 (+54.3%), from €15,318 to €23,630
- Depreciation +€4,899
up €4,899 (+2.7%), from €178,931 to €183,830
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.
Result 2024
-€269,158
Gross operating margin
+€144,121
Staff costs
-€8,312
Depreciation
-€4,899
Other operating charges
+€743
Financial income
-€449
Financial charges
+€24,987
Taxes
-€1,541
Result 2025
-€114,509
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.
From operations
+€79,969
Investment
-€433,106
Financing
+€241,351
Cash 2024
€186,981
From operations (derived)
+€79,969
Net result for the year
-€114,509
Depreciation
+€183,830
Receivables after one year
-€7,473
Receivables within one year
-€11,785
Smaller working-capital items
-€399
Provisions
-€4,765
Trade debts
+€49,031
Tax, wage and social debts
-€5,358
Accrued charges and deferred income
-€8,603
Investment (derived)
-€433,106
Investment in fixed assets (net)
-€433,106
Financing
+€241,351
Debts after one year
-€173,410
Current portion of long-term debt
+€6,628
Short-term financial debts
+€408,133
Cash 2025
€75,195
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,192,510 | €7,349,842 | +€157,332 | +2.2% |
| Fixed assets | 21/28 | €6,743,358 | €6,992,634 | +€249,276 | +3.7% |
| Tangible fixed assets | 22/27 | €6,685,987 | €6,934,273 | +€248,286 | +3.7% |
| Land and buildings | 22 | €6,685,444 | €6,934,273 | +€248,829 | +3.7% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €543 | - | -€543 | |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €57,371 | €58,361 | +€990 | +1.7% |
| Current assets | 29/58 | €449,152 | €357,209 | -€91,943 | -20.5% |
| Amounts receivable after more than one year | 29 | €216,531 | €224,004 | +€7,473 | +3.5% |
| Other amounts receivable | 291 | €216,531 | €224,004 | +€7,473 | +3.5% |
| Amounts receivable within one year | 40/41 | €37,695 | €49,479 | +€11,785 | +31.3% |
| Trade receivables | 40 | €13,436 | €11,341 | -€2,095 | -15.6% |
| Other amounts receivable | 41 | €24,259 | €38,139 | +€13,880 | +57.2% |
| Cash at bank and in hand | 54/58 | €186,981 | €75,195 | -€111,786 | -59.8% |
| Deferred charges and accrued income | 490/1 | €7,945 | €8,530 | +€584 | +7.4% |
| Total equity and liabilities | 10/49 | €7,192,510 | €7,349,842 | +€157,332 | +2.2% |
| Equity | 10/15 | -€446,517 | -€561,025 | -€114,509 | -25.6% |
| Contributions | 10/11 | €2,140,000 | €2,140,000 | = | 0.0% |
| Capital | 10 | €2,140,000 | €2,140,000 | = | 0.0% |
| Issued capital | 100 | €2,140,000 | €2,140,000 | = | 0.0% |
| Reserves | 13 | €477,181 | €462,887 | -€14,294 | -3.0% |
| Non-distributable reserves | 130/1 | €13,502 | €13,502 | = | 0.0% |
| Legal reserve | 130 | €13,502 | €13,502 | = | 0.0% |
| Tax-exempt reserves | 132 | €362,618 | €348,324 | -€14,294 | -3.9% |
| Distributable reserves | 133 | €101,060 | €101,060 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,063,697 | -€3,163,912 | -€100,215 | -3.3% |
| Provisions and deferred taxes | 16 | €120,873 | €116,108 | -€4,765 | -3.9% |
| Deferred taxes | 168 | €120,873 | €116,108 | -€4,765 | -3.9% |
| Amounts payable | 17/49 | €7,518,154 | €7,794,760 | +€276,606 | +3.7% |
| Amounts payable after more than one year | 17 | €1,833,218 | €1,659,807 | -€173,410 | -9.5% |
| Financial debts | 170/4 | €1,833,218 | €1,659,807 | -€173,410 | -9.5% |
| Amounts payable within one year | 42/48 | €5,492,455 | €5,951,074 | +€458,619 | +8.3% |
| Current portion of amounts payable after more than one year | 42 | €166,782 | €173,410 | +€6,628 | +4.0% |
| Financial debts | 43 | €5,101,989 | €5,510,122 | +€408,133 | +8.0% |
| Credit institutions | 430/8 | €500,000 | €900,000 | +€400,000 | +80.0% |
| Other loans | 439 | €4,601,989 | €4,610,122 | +€8,133 | +0.2% |
| Trade debts | 44 | €83,917 | €132,947 | +€49,031 | +58.4% |
| Suppliers | 440/4 | €83,917 | €132,947 | +€49,031 | +58.4% |
| Advances received on contracts in progress | 46 | €6,267 | €6,453 | +€185 | +3.0% |
| Taxes, remuneration and social security | 45 | €28,499 | €23,141 | -€5,358 | -18.8% |
| Taxes | 450/3 | €27,311 | €21,808 | -€5,503 | -20.2% |
| Remuneration and social security | 454/9 | €1,188 | €1,333 | +€145 | +12.2% |
| Other amounts payable | 47/48 | €105,000 | €105,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €192,481 | €183,879 | -€8,603 | -4.5% |
| Remuneration, social security and pensions | 62 | €15,318 | €23,630 | +€8,312 | +54.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €178,931 | €183,830 | +€4,899 | +2.7% |
| Other operating charges | 640/8 | €38,860 | €38,118 | -€743 | -1.9% |
| Gross operating margin | 9900 | €268,826 | €412,947 | +€144,121 | +53.6% |
| Operating profit (loss) | 9901 | €35,716 | €167,369 | +€131,653 | +368.6% |
| Financial income | 75/76B | €8,289 | €7,840 | -€449 | -5.4% |
| Recurring financial income | 75 | €8,289 | €7,840 | -€449 | -5.4% |
| Financial charges | 65/66B | €318,469 | €293,482 | -€24,987 | -7.8% |
| Recurring financial charges | 65 | €318,469 | €293,482 | -€24,987 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | -€274,464 | -€118,274 | +€156,191 | +56.9% |
| Transfer from deferred taxes | 780 | €4,765 | €4,765 | = | 0.0% |
| Income taxes | 67/77 | -€541 | €1,000 | +€1,541 | |
| Profit (loss) for the period | 9904 | -€269,158 | -€114,509 | +€154,649 | +57.5% |
| Transfer from tax-exempt reserves | 789 | €14,294 | €14,294 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€254,864 | -€100,215 | +€154,649 | +60.7% |
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 11 October 2026 via checked.be.