PAVEAU: 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.
PAVEAU
Largest movements
- Cash -€156,651
down €156,651 (-69.8%), from €224,408 to €67,757
mainly Investment in fixed assets (net) (-€190,791) and Receivables within one year (-€126,885)
- Tangible fixed assets +€149,373
up €149,373 (+143%), from €104,144 to €253,517
of which Plant, machinery and equipment: +€170,817
- Receivables within one year +€126,885
up €126,885 (+36.6%), from €346,370 to €473,255
of which Trade receivables: +€115,549
- Stocks and contracts +€21,706
up €21,706 (+29.1%), from €74,673 to €96,379
- Reserves +€201,116
up €201,116 (+49.7%), from €404,867 to €605,983
- Tax, wage and social debts -€31,443
down €31,443 (-31.0%), from €101,431 to €69,988
of which Taxes: -€35,605
- Trade debts -€18,815
down €18,815 (-20.0%), from €94,216 to €75,400
- Debts after one year -€16,284
down €16,284 (-12.9%), from €126,036 to €109,752
- Accrued charges and deferred income +€11,339
up €11,339 (+192%), from €5,916 to €17,256
- Staff costs +€72,678
up €72,678 (+231%), from €31,502 to €104,179
- Taxes -€34,347
down €34,347 (-38.3%), from €89,576 to €55,229
- Gross operating margin -€24,733
down €24,733 (-5.6%), from €439,971 to €415,238
- Depreciation +€24,201
up €24,201 (+110%), from €22,013 to €46,215
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.
Derived cash bridge
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 | €773,260 | €913,247 | +€139,988 | +18.1% |
| Fixed assets | 21/28 | €127,809 | €272,386 | +€144,577 | +113% |
| Intangible fixed assets | 21 | €23,665 | €18,869 | -€4,796 | -20.3% |
| Tangible fixed assets | 22/27 | €104,144 | €253,517 | +€149,373 | +143% |
| Plant, machinery and equipment | 23 | €9,197 | €180,013 | +€170,817 | +1,857% |
| Furniture and vehicles | 24 | €94,947 | €73,504 | -€21,444 | -22.6% |
| Current assets | 29/58 | €645,451 | €640,862 | -€4,589 | -0.7% |
| Stocks and contracts in progress | 3 | €74,673 | €96,379 | +€21,706 | +29.1% |
| Stocks | 30/36 | €74,673 | €96,379 | +€21,706 | +29.1% |
| Amounts receivable within one year | 40/41 | €346,370 | €473,255 | +€126,885 | +36.6% |
| Trade receivables | 40 | €345,855 | €461,404 | +€115,549 | +33.4% |
| Other amounts receivable | 41 | €514 | €11,851 | +€11,337 | +2,204% |
| Cash at bank and in hand | 54/58 | €224,408 | €67,757 | -€156,651 | -69.8% |
| Deferred charges and accrued income | 490/1 | €0 | €3,471 | +€3,471 | |
| Total equity and liabilities | 10/49 | €773,260 | €913,247 | +€139,988 | +18.1% |
| Equity | 10/15 | €414,867 | €615,983 | +€201,116 | +48.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €404,867 | €605,983 | +€201,116 | +49.7% |
| Distributable reserves | 133 | €404,867 | €605,983 | +€201,116 | +49.7% |
| Amounts payable | 17/49 | €358,393 | €297,265 | -€61,128 | -17.1% |
| Amounts payable after more than one year | 17 | €126,036 | €109,752 | -€16,284 | -12.9% |
| Financial debts | 170/4 | €126,036 | €109,752 | -€16,284 | -12.9% |
| Amounts payable within one year | 42/48 | €226,441 | €170,257 | -€56,184 | -24.8% |
| Current portion of amounts payable after more than one year | 42 | €15,597 | €16,284 | +€687 | +4.4% |
| Financial debts | 43 | - | €13 | +€13 | |
| Credit institutions | 430/8 | - | €13 | +€13 | |
| Trade debts | 44 | €94,216 | €75,400 | -€18,815 | -20.0% |
| Suppliers | 440/4 | €94,216 | €75,400 | -€18,815 | -20.0% |
| Taxes, remuneration and social security | 45 | €101,431 | €69,988 | -€31,443 | -31.0% |
| Taxes | 450/3 | €93,214 | €57,609 | -€35,605 | -38.2% |
| Remuneration and social security | 454/9 | €8,217 | €12,379 | +€4,162 | +50.7% |
| Other amounts payable | 47/48 | €15,198 | €8,571 | -€6,626 | -43.6% |
| Accrued charges and deferred income | 492/3 | €5,916 | €17,256 | +€11,339 | +192% |
| Remuneration, social security and pensions | 62 | €31,502 | €104,179 | +€72,678 | +231% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,013 | €46,215 | +€24,201 | +110% |
| Other operating charges | 640/8 | €1,463 | €1,073 | -€390 | -26.7% |
| Gross operating margin | 9900 | €439,971 | €415,238 | -€24,733 | -5.6% |
| Operating profit (loss) | 9901 | €384,992 | €263,771 | -€121,221 | -31.5% |
| Financial income | 75/76B | €9,345 | €13,265 | +€3,920 | +42.0% |
| Recurring financial income | 75 | €9,345 | €13,265 | +€3,920 | +42.0% |
| Financial charges | 65/66B | €16,739 | €20,691 | +€3,952 | +23.6% |
| Recurring financial charges | 65 | €16,739 | €20,691 | +€3,952 | +23.6% |
| Profit (loss) for the period before taxes | 9903 | €377,598 | €256,345 | -€121,253 | -32.1% |
| Income taxes | 67/77 | €89,576 | €55,229 | -€34,347 | -38.3% |
| Profit (loss) for the period | 9904 | €288,022 | €201,116 | -€86,906 | -30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €288,022 | €201,116 | -€86,906 | -30.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.