PAVAR: 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.
PAVAR
Largest movements
- Stocks and contracts -€106,019
down €106,019 (-33.3%), from €317,942 to €211,923
- Tangible fixed assets -€38,194
down €38,194 (-12.4%), from €307,934 to €269,740
of which Land and buildings: -€30,993
- Receivables within one year +€32,154
up €32,154 (+212%), from €15,169 to €47,323
of which Trade receivables: +€34,733
- Debts after one year -€83,808
down €83,808 (-29.1%), from €287,555 to €203,747
of which Financial debts: -€83,808
- Trade debts -€19,965
down €19,965 (-20.1%), from €99,537 to €79,572
- Gross operating margin -€55,265
down €55,265 (-48.1%), from €114,879 to €59,614
- Taxes -€7,604
down €7,604 (-88.0%), from €8,641 to €1,037
- Financial charges -€4,860
down €4,860 (-53.4%), from €9,100 to €4,240
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €705,104 | €595,248 | -€109,855 | -15.6% |
| Fixed assets | 21/28 | €314,201 | €275,133 | -€39,069 | -12.4% |
| Intangible fixed assets | 21 | €6,267 | €5,393 | -€875 | -14.0% |
| Tangible fixed assets | 22/27 | €307,934 | €269,740 | -€38,194 | -12.4% |
| Land and buildings | 22 | €240,296 | €209,303 | -€30,993 | -12.9% |
| Plant, machinery and equipment | 23 | €4,685 | €13,325 | +€8,640 | +184% |
| Furniture and vehicles | 24 | €1,405 | €909 | -€496 | -35.3% |
| Leasing and similar rights | 25 | €61,548 | €46,203 | -€15,345 | -24.9% |
| Current assets | 29/58 | €390,902 | €320,116 | -€70,786 | -18.1% |
| Stocks and contracts in progress | 3 | €317,942 | €211,923 | -€106,019 | -33.3% |
| Stocks | 30/36 | €317,942 | €211,923 | -€106,019 | -33.3% |
| Amounts receivable within one year | 40/41 | €15,169 | €47,323 | +€32,154 | +212% |
| Trade receivables | 40 | €3,798 | €38,530 | +€34,733 | +915% |
| Other amounts receivable | 41 | €11,372 | €8,793 | -€2,579 | -22.7% |
| Cash at bank and in hand | 54/58 | €54,502 | €60,020 | +€5,518 | +10.1% |
| Deferred charges and accrued income | 490/1 | €3,289 | €850 | -€2,439 | -74.2% |
| Total equity and liabilities | 10/49 | €705,104 | €595,248 | -€109,855 | -15.6% |
| Equity | 10/15 | €190,172 | €190,441 | +€269 | +0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €57,915 | €57,915 | = | 0.0% |
| Distributable reserves | 133 | €57,915 | €57,915 | = | 0.0% |
| Profit (loss) carried forward | 14 | €108,484 | €109,492 | +€1,008 | +0.9% |
| Investment grants | 15 | €5,173 | €4,434 | -€739 | -14.3% |
| Amounts payable | 17/49 | €514,931 | €404,807 | -€110,124 | -21.4% |
| Amounts payable after more than one year | 17 | €287,555 | €203,747 | -€83,808 | -29.1% |
| Financial debts | 170/4 | €169,767 | €85,959 | -€83,808 | -49.4% |
| Other amounts payable | 178/9 | €117,788 | €117,788 | = | 0.0% |
| Amounts payable within one year | 42/48 | €223,597 | €200,504 | -€23,093 | -10.3% |
| Current portion of amounts payable after more than one year | 42 | €83,806 | €83,808 | +€2 | 0.0% |
| Trade debts | 44 | €99,537 | €79,572 | -€19,965 | -20.1% |
| Suppliers | 440/4 | €99,537 | €79,572 | -€19,965 | -20.1% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €40,253 | €37,123 | -€3,130 | -7.8% |
| Accrued charges and deferred income | 492/3 | €3,779 | €556 | -€3,222 | -85.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,422 | €49,816 | +€394 | +0.8% |
| Other operating charges | 640/8 | €4,256 | €4,259 | +€3 | +0.1% |
| Gross operating margin | 9900 | €114,879 | €59,614 | -€55,265 | -48.1% |
| Operating profit (loss) | 9901 | €61,201 | €5,539 | -€55,662 | -90.9% |
| Financial income | 75/76B | €819 | €746 | -€73 | -8.9% |
| Recurring financial income | 75 | €819 | €746 | -€73 | -8.9% |
| Financial charges | 65/66B | €9,100 | €4,240 | -€4,860 | -53.4% |
| Recurring financial charges | 65 | €9,100 | €4,240 | -€4,860 | -53.4% |
| Profit (loss) for the period before taxes | 9903 | €52,920 | €2,045 | -€50,875 | -96.1% |
| Income taxes | 67/77 | €8,641 | €1,037 | -€7,604 | -88.0% |
| Profit (loss) for the period | 9904 | €44,279 | €1,008 | -€43,271 | -97.7% |
| Profit (loss) for the period to be appropriated | 9905 | €44,279 | €1,008 | -€43,271 | -97.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.