PAVARO: 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.
PAVARO
Largest movements
- Cash -€314,742
down €314,742 (-82.3%), from €382,635 to €67,893
mainly Receivables after one year (-€124,252) and Net result for the year (-€108,813)
- Receivables after one year +€124,252
up €124,252 (+149.5%), from €83,126 to €207,378
- Tangible fixed assets -€69,321
down €69,321 (-3.0%), from €2.3m to €2.3m
of which Land and buildings: -€88,289
- Current investments -€59,192
no longer reported in 2025 (was €59,192)
- Profit (loss) carried forward -€100,808
down €100,808 (-40.7%), from -€247,921 to -€348,729
- Debts after one year -€100,000
down €100,000 (-3.9%), from €2.6m to €2.5m
of which Financial debts: -€200,000
- Accrued charges and deferred income -€79,045
no longer reported in 2025 (was €79,045)
- Financial income +€113,223
up €113,223 (+1242.5%), from €9,112 to €122,336
- Financial charges +€66,605
up €66,605 (+85.7%), from €77,714 to €144,319
- Depreciation +€54,452
up €54,452 (+68.6%), from €79,326 to €133,779
- Gross operating margin +€7,659
up €7,659 (+18.8%), from €40,810 to €48,469
- Other operating charges -€915
down €915 (-18.8%), from €4,867 to €3,952
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 | €2,903,273 | €2,584,904 | -€318,369 | -11.0% |
| Fixed assets | 21/28 | €2,327,570 | €2,258,249 | -€69,321 | -3.0% |
| Tangible fixed assets | 22/27 | €2,327,570 | €2,258,249 | -€69,321 | -3.0% |
| Land and buildings | 22 | €2,200,400 | €2,112,111 | -€88,289 | -4.0% |
| Plant, machinery and equipment | 23 | €364 | - | -€364 | |
| Furniture and vehicles | 24 | €126,807 | €146,139 | +€19,332 | +15.2% |
| Current assets | 29/58 | €575,702 | €326,654 | -€249,048 | -43.3% |
| Amounts receivable after more than one year | 29 | €83,126 | €207,378 | +€124,252 | +149.5% |
| Other amounts receivable | 291 | €83,126 | €207,378 | +€124,252 | +149.5% |
| Amounts receivable within one year | 40/41 | €46,065 | €44,015 | -€2,051 | -4.5% |
| Trade receivables | 40 | €34,733 | €29,672 | -€5,062 | -14.6% |
| Other amounts receivable | 41 | €11,332 | €14,343 | +€3,011 | +26.6% |
| Current investments | 50/53 | €59,192 | - | -€59,192 | |
| Cash at bank and in hand | 54/58 | €382,635 | €67,893 | -€314,742 | -82.3% |
| Deferred charges and accrued income | 490/1 | €4,683 | €7,368 | +€2,684 | +57.3% |
| Total equity and liabilities | 10/49 | €2,903,273 | €2,584,904 | -€318,369 | -11.0% |
| Equity | 10/15 | €77,802 | -€31,011 | -€108,813 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €313,323 | €305,318 | -€8,005 | -2.6% |
| Tax-exempt reserves | 132 | €154,388 | €146,383 | -€8,005 | -5.2% |
| Distributable reserves | 133 | €158,935 | €158,935 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€247,921 | -€348,729 | -€100,808 | -40.7% |
| Provisions and deferred taxes | 16 | €161,384 | €158,716 | -€2,668 | -1.7% |
| Provisions for liabilities and charges | 160/5 | €109,707 | €109,707 | = | 0.0% |
| Pensions and similar obligations | 160 | €109,707 | €109,707 | = | 0.0% |
| Deferred taxes | 168 | €51,678 | €49,009 | -€2,668 | -5.2% |
| Amounts payable | 17/49 | €2,664,087 | €2,457,199 | -€206,888 | -7.8% |
| Amounts payable after more than one year | 17 | €2,554,591 | €2,454,591 | -€100,000 | -3.9% |
| Financial debts | 170/4 | €1,200,000 | €1,000,000 | -€200,000 | -16.7% |
| Other amounts payable | 178/9 | €1,354,591 | €1,454,591 | +€100,000 | +7.4% |
| Amounts payable within one year | 42/48 | €30,451 | €2,608 | -€27,843 | -91.4% |
| Financial debts | 43 | €16,704 | - | -€16,704 | |
| Credit institutions | 430/8 | €16,704 | - | -€16,704 | |
| Trade debts | 44 | €1,019 | €1,635 | +€616 | +60.5% |
| Suppliers | 440/4 | €1,019 | €1,635 | +€616 | +60.5% |
| Taxes, remuneration and social security | 45 | €12,728 | - | -€12,728 | |
| Taxes | 450/3 | €12,728 | - | -€12,728 | |
| Other amounts payable | 47/48 | - | €972 | +€972 | |
| Accrued charges and deferred income | 492/3 | €79,045 | - | -€79,045 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,326 | €133,779 | +€54,452 | +68.6% |
| Other operating charges | 640/8 | €4,867 | €3,952 | -€915 | -18.8% |
| Gross operating margin | 9900 | €40,810 | €48,469 | +€7,659 | +18.8% |
| Operating profit (loss) | 9901 | -€43,384 | -€89,262 | -€45,877 | -105.7% |
| Financial income | 75/76B | €9,112 | €122,336 | +€113,223 | +1242.5% |
| Recurring financial income | 75 | €9,112 | €122,336 | +€113,223 | +1242.5% |
| Financial charges | 65/66B | €77,714 | €144,319 | +€66,605 | +85.7% |
| Recurring financial charges | 65 | €77,714 | €144,319 | +€66,605 | +85.7% |
| Profit (loss) for the period before taxes | 9903 | -€111,985 | -€111,245 | +€740 | +0.7% |
| Transfer from deferred taxes | 780 | €2,668 | €2,668 | = | 0.0% |
| Income taxes | 67/77 | €255 | €236 | -€19 | -7.3% |
| Profit (loss) for the period | 9904 | -€109,572 | -€108,813 | +€759 | +0.7% |
| Transfer from tax-exempt reserves | 789 | €8,005 | €8,005 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€101,567 | -€100,808 | +€759 | +0.7% |
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 8 October 2026 via checked.be.