PAVANCO: 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.
PAVANCO
Largest movements
- Cash +€9,151
up €9,151 (+17.6%), from €51,958 to €61,109
mainly Depreciation (+€11,395) and Tax, wage and social debts (+€3,600)
- Intangible fixed assets -€6,803
down €6,803 (-10.0%), from €68,027 to €61,224
- Tangible fixed assets -€4,592
down €4,592 (-27.4%), from €16,774 to €12,182
of which Land and buildings: -€3,836
- Other debts -€6,742
down €6,742 (-11.4%), from €59,035 to €52,293
- Tax, wage and social debts +€3,600
up €3,600 (+56.4%), from €6,380 to €9,980
- Profit (loss) carried forward +€2,140
up €2,140, from -€1,573 to €567
- Trade debts -€1,697
no longer reported in 2025 (was €1,697)
- Gross operating margin -€12,119
down €12,119 (-38.4%), from €31,549 to €19,431
- Depreciation +€6,453
up €6,453 (+130.6%), from €4,942 to €11,395
- Other operating charges -€875
down €875 (-42.3%), from €2,066 to €1,191
- Taxes -€400
down €400 (-8.0%), from €5,000 to €4,600
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 | €138,130 | €135,432 | -€2,699 | -2.0% |
| Fixed assets | 21/28 | €84,801 | €73,406 | -€11,395 | -13.4% |
| Intangible fixed assets | 21 | €68,027 | €61,224 | -€6,803 | -10.0% |
| Tangible fixed assets | 22/27 | €16,774 | €12,182 | -€4,592 | -27.4% |
| Land and buildings | 22 | €15,083 | €11,247 | -€3,836 | -25.4% |
| Furniture and vehicles | 24 | €1,691 | €935 | -€756 | -44.7% |
| Current assets | 29/58 | €53,329 | €62,025 | +€8,696 | +16.3% |
| Amounts receivable within one year | 40/41 | - | €916 | +€916 | |
| Other amounts receivable | 41 | - | €916 | +€916 | |
| Cash at bank and in hand | 54/58 | €51,958 | €61,109 | +€9,151 | +17.6% |
| Deferred charges and accrued income | 490/1 | €1,371 | - | -€1,371 | |
| Total equity and liabilities | 10/49 | €138,130 | €135,432 | -€2,699 | -2.0% |
| Equity | 10/15 | €71,019 | €73,159 | +€2,140 | +3.0% |
| Contributions | 10/11 | €43,592 | €43,592 | = | 0.0% |
| Reserves | 13 | €29,000 | €29,000 | = | 0.0% |
| Distributable reserves | 133 | €29,000 | €29,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,573 | €567 | +€2,140 | |
| Amounts payable | 17/49 | €67,111 | €62,273 | -€4,838 | -7.2% |
| Amounts payable within one year | 42/48 | €67,111 | €62,273 | -€4,838 | -7.2% |
| Trade debts | 44 | €1,697 | - | -€1,697 | |
| Suppliers | 440/4 | €1,697 | - | -€1,697 | |
| Taxes, remuneration and social security | 45 | €6,380 | €9,980 | +€3,600 | +56.4% |
| Taxes | 450/3 | €6,380 | €9,980 | +€3,600 | +56.4% |
| Other amounts payable | 47/48 | €59,035 | €52,293 | -€6,742 | -11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,942 | €11,395 | +€6,453 | +130.6% |
| Other operating charges | 640/8 | €2,066 | €1,191 | -€875 | -42.3% |
| Gross operating margin | 9900 | €31,549 | €19,431 | -€12,119 | -38.4% |
| Operating profit (loss) | 9901 | €24,541 | €6,845 | -€17,697 | -72.1% |
| Financial charges | 65/66B | €173 | €105 | -€68 | -39.4% |
| Recurring financial charges | 65 | €173 | €105 | -€68 | -39.4% |
| Profit (loss) for the period before taxes | 9903 | €24,368 | €6,740 | -€17,628 | -72.3% |
| Income taxes | 67/77 | €5,000 | €4,600 | -€400 | -8.0% |
| Profit (loss) for the period | 9904 | €19,369 | €2,140 | -€17,229 | -89.0% |
| Profit (loss) for the period to be appropriated | 9905 | €19,369 | €2,140 | -€17,229 | -89.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.