PAVAPY: 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.
PAVAPY
Largest movements
- Tangible fixed assets -€93,219
down €93,219 (-2.8%), from €3.4m to €3.3m
of which Land and buildings: -€73,806
- Debts after one year -€109,857
down €109,857 (-12.2%), from €900,017 to €790,161
- Profit (loss) carried forward +€91,579
up €91,579 (+55.3%), from -€165,728 to -€74,149
- Other debts -€79,383
down €79,383 (-2.9%), from €2.7m to €2.6m
- Gross operating margin +€16,824
up €16,824 (+8.6%), from €195,960 to €212,785
- Depreciation -€4,181
down €4,181 (-4.1%), from €102,876 to €98,695
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 | €3,519,050 | €3,395,469 | -€123,581 | -3.5% |
| Fixed assets | 21/28 | €3,375,572 | €3,282,353 | -€93,219 | -2.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | 0.0% |
| Tangible fixed assets | 22/27 | €3,375,572 | €3,282,353 | -€93,219 | -2.8% |
| Land and buildings | 22 | €3,232,941 | €3,159,136 | -€73,806 | -2.3% |
| Plant, machinery and equipment | 23 | €142,631 | €123,217 | -€19,413 | -13.6% |
| Current assets | 29/58 | €143,478 | €113,116 | -€30,362 | -21.2% |
| Amounts receivable within one year | 40/41 | €39,904 | €25,152 | -€14,752 | -37.0% |
| Other amounts receivable | 41 | €39,904 | €25,152 | -€14,752 | -37.0% |
| Cash at bank and in hand | 54/58 | €102,945 | €87,298 | -€15,647 | -15.2% |
| Deferred charges and accrued income | 490/1 | €629 | €667 | +€38 | +6.0% |
| Total equity and liabilities | 10/49 | €3,519,050 | €3,395,469 | -€123,581 | -3.5% |
| Equity | 10/15 | -€150,728 | -€59,149 | +€91,579 | +60.8% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€165,728 | -€74,149 | +€91,579 | +55.3% |
| Amounts payable | 17/49 | €3,669,778 | €3,454,619 | -€215,160 | -5.9% |
| Amounts payable after more than one year | 17 | €900,017 | €790,161 | -€109,857 | -12.2% |
| Financial debts | 170/4 | €900,017 | €790,161 | -€109,857 | -12.2% |
| Amounts payable within one year | 42/48 | €2,758,896 | €2,659,930 | -€98,966 | -3.6% |
| Trade debts | 44 | €30,711 | €11,129 | -€19,583 | -63.8% |
| Suppliers | 440/4 | €30,711 | €11,129 | -€19,583 | -63.8% |
| Other amounts payable | 47/48 | €2,728,185 | €2,648,801 | -€79,383 | -2.9% |
| Accrued charges and deferred income | 492/3 | €10,865 | €4,528 | -€6,337 | -58.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,876 | €98,695 | -€4,181 | -4.1% |
| Gross operating margin | 9900 | €195,960 | €212,785 | +€16,824 | +8.6% |
| Operating profit (loss) | 9901 | €93,084 | €114,090 | +€21,005 | +22.6% |
| Financial income | 75/76B | €694 | €423 | -€271 | -39.0% |
| Recurring financial income | 75 | €694 | €423 | -€271 | -39.0% |
| Financial charges | 65/66B | €19,336 | €17,666 | -€1,671 | -8.6% |
| Recurring financial charges | 65 | €19,336 | €17,666 | -€1,671 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €74,442 | €96,847 | +€22,405 | +30.1% |
| Income taxes | 67/77 | €4,125 | €5,268 | +€1,143 | +27.7% |
| Profit (loss) for the period | 9904 | €70,317 | €91,579 | +€21,262 | +30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €70,317 | €91,579 | +€21,262 | +30.2% |
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 29 September 2026 via checked.be.