PAVE: 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.
PAVE
Largest movements
- Cash -€61,824
down €61,824 (-76.9%), from €80,416 to €18,592
mainly Other debts (-€30,353) and Net result for the year (-€22,824)
- Tangible fixed assets -€2,812
down €2,812 (-29.1%), from €9,660 to €6,848
of which Plant, machinery and equipment: -€2,306
- Stocks and contracts +€1,723
up €1,723 (+43.0%), from €4,011 to €5,734
- Other debts -€30,353
no longer reported in 2025 (was €30,353)
- Profit (loss) carried forward -€22,824
down €22,824 (-64.0%), from €35,655 to €12,831
- Tax, wage and social debts -€7,803
down €7,803 (-52.3%), from €14,907 to €7,104
of which Taxes: -€7,447
- Trade debts -€2,221
down €2,221 (-35.3%), from €6,287 to €4,066
- Staff costs +€13,123
up €13,123 (+38.4%), from €34,207 to €47,330
- Gross operating margin -€10,245
down €10,245 (-24.5%), from €41,789 to €31,543
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 | €108,265 | €44,460 | -€63,805 | -58.9% |
| Fixed assets | 21/28 | €16,883 | €13,071 | -€3,812 | -22.6% |
| Intangible fixed assets | 21 | €1,183 | €183 | -€1,000 | -84.5% |
| Tangible fixed assets | 22/27 | €9,660 | €6,848 | -€2,812 | -29.1% |
| Plant, machinery and equipment | 23 | €9,087 | €6,780 | -€2,306 | -25.4% |
| Furniture and vehicles | 24 | €574 | €68 | -€506 | -88.2% |
| Financial fixed assets | 28 | €6,039 | €6,039 | = | 0.0% |
| Current assets | 29/58 | €91,382 | €31,389 | -€59,993 | -65.7% |
| Stocks and contracts in progress | 3 | €4,011 | €5,734 | +€1,723 | +43.0% |
| Stocks | 30/36 | €4,011 | €5,734 | +€1,723 | +43.0% |
| Amounts receivable within one year | 40/41 | €5,810 | €5,833 | +€23 | +0.4% |
| Other amounts receivable | 41 | €5,810 | €5,833 | +€23 | +0.4% |
| Cash at bank and in hand | 54/58 | €80,416 | €18,592 | -€61,824 | -76.9% |
| Deferred charges and accrued income | 490/1 | €1,146 | €1,231 | +€85 | +7.5% |
| Total equity and liabilities | 10/49 | €108,265 | €44,460 | -€63,805 | -58.9% |
| Equity | 10/15 | €56,115 | €33,291 | -€22,824 | -40.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,655 | €12,831 | -€22,824 | -64.0% |
| Amounts payable | 17/49 | €52,150 | €11,169 | -€40,981 | -78.6% |
| Amounts payable within one year | 42/48 | €51,547 | €11,169 | -€40,377 | -78.3% |
| Trade debts | 44 | €6,287 | €4,066 | -€2,221 | -35.3% |
| Suppliers | 440/4 | €6,287 | €4,066 | -€2,221 | -35.3% |
| Taxes, remuneration and social security | 45 | €14,907 | €7,104 | -€7,803 | -52.3% |
| Taxes | 450/3 | €9,034 | €1,587 | -€7,447 | -82.4% |
| Remuneration and social security | 454/9 | €5,873 | €5,517 | -€356 | -6.1% |
| Other amounts payable | 47/48 | €30,353 | - | -€30,353 | |
| Accrued charges and deferred income | 492/3 | €604 | - | -€604 | |
| Remuneration, social security and pensions | 62 | €34,207 | €47,330 | +€13,123 | +38.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,827 | €3,812 | -€15 | -0.4% |
| Other operating charges | 640/8 | €3,375 | €3,607 | +€232 | +6.9% |
| Gross operating margin | 9900 | €41,789 | €31,543 | -€10,245 | -24.5% |
| Operating profit (loss) | 9901 | €380 | -€23,205 | -€23,585 | |
| Financial income | 75/76B | €0 | €338 | +€338 | +306890.9% |
| Recurring financial income | 75 | €0 | €338 | +€338 | +306890.9% |
| Financial charges | 65/66B | €18 | €35 | +€17 | +93.4% |
| Recurring financial charges | 65 | €18 | €35 | +€17 | +93.4% |
| Profit (loss) for the period before taxes | 9903 | €362 | -€22,903 | -€23,265 | |
| Income taxes | 67/77 | €79 | -€79 | -€158 | |
| Profit (loss) for the period | 9904 | €283 | -€22,824 | -€23,107 | |
| Profit (loss) for the period to be appropriated | 9905 | €283 | -€22,824 | -€23,107 |
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 28 September 2026 via checked.be.