PAVEDA: 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.
PAVEDA
Largest movements
- Tangible fixed assets +€37,075
up €37,075 (+9.7%), from €381,165 to €418,241
of which Furniture and vehicles: +€48,579
- Other debts +€45,053
up €45,053 (+29.6%), from €152,108 to €197,161
- Profit (loss) carried forward +€13,981
up €13,981 (+12.2%), from -€114,268 to -€100,287
- Debts after one year -€13,753
down €13,753 (-55.9%), from €24,594 to €10,841
- Gross operating margin +€9,480
up €9,480 (+67.3%), from €14,087 to €23,567
- Financial income +€8,744
up €8,744 (+1581.6%), from €553 to €9,297
of which Non-recurring financial income: +€8,732
- Depreciation -€4,623
down €4,623 (-25.7%), from €17,988 to €13,365
- Other operating charges -€1,105
down €1,105 (-19.6%), from €5,623 to €4,518
- Financial charges -€694
down €694 (-48.5%), from €1,431 to €737
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 | €404,397 | €441,690 | +€37,293 | +9.2% |
| Fixed assets | 21/28 | €381,165 | €418,241 | +€37,075 | +9.7% |
| Tangible fixed assets | 22/27 | €381,165 | €418,241 | +€37,075 | +9.7% |
| Land and buildings | 22 | €373,048 | €361,544 | -€11,504 | -3.1% |
| Furniture and vehicles | 24 | €8,118 | €56,697 | +€48,579 | +598.4% |
| Current assets | 29/58 | €23,232 | €23,449 | +€218 | +0.9% |
| Amounts receivable within one year | 40/41 | €435 | €435 | = | 0.0% |
| Other amounts receivable | 41 | €435 | €435 | = | 0.0% |
| Current investments | 50/53 | €18,387 | €18,782 | +€395 | +2.1% |
| Cash at bank and in hand | 54/58 | €2,701 | €2,490 | -€211 | -7.8% |
| Deferred charges and accrued income | 490/1 | €1,709 | €1,742 | +€33 | +1.9% |
| Total equity and liabilities | 10/49 | €404,397 | €441,690 | +€37,293 | +9.2% |
| Equity | 10/15 | €202,232 | €216,213 | +€13,981 | +6.9% |
| Contributions | 10/11 | €316,500 | €316,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€114,268 | -€100,287 | +€13,981 | +12.2% |
| Amounts payable | 17/49 | €202,165 | €225,477 | +€23,312 | +11.5% |
| Amounts payable after more than one year | 17 | €24,594 | €10,841 | -€13,753 | -55.9% |
| Financial debts | 170/4 | €24,594 | €10,841 | -€13,753 | -55.9% |
| Amounts payable within one year | 42/48 | €171,473 | €212,292 | +€40,820 | +23.8% |
| Current portion of amounts payable after more than one year | 42 | €18,017 | €13,753 | -€4,264 | -23.7% |
| Trade debts | 44 | €1,234 | €1,286 | +€51 | +4.2% |
| Suppliers | 440/4 | €1,234 | €1,286 | +€51 | +4.2% |
| Taxes, remuneration and social security | 45 | €113 | €93 | -€21 | -18.1% |
| Taxes | 450/3 | €113 | €93 | -€21 | -18.1% |
| Other amounts payable | 47/48 | €152,108 | €197,161 | +€45,053 | +29.6% |
| Accrued charges and deferred income | 492/3 | €6,098 | €2,343 | -€3,755 | -61.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,988 | €13,365 | -€4,623 | -25.7% |
| Other operating charges | 640/8 | €5,623 | €4,518 | -€1,105 | -19.6% |
| Gross operating margin | 9900 | €14,087 | €23,567 | +€9,480 | +67.3% |
| Operating profit (loss) | 9901 | -€9,524 | €5,683 | +€15,207 | |
| Financial income | 75/76B | €553 | €9,297 | +€8,744 | +1581.6% |
| Recurring financial income | 75 | €553 | €565 | +€12 | +2.1% |
| Non-recurring financial income | 76B | - | €8,732 | +€8,732 | |
| Financial charges | 65/66B | €1,431 | €737 | -€694 | -48.5% |
| Recurring financial charges | 65 | €1,431 | €737 | -€694 | -48.5% |
| Profit (loss) for the period before taxes | 9903 | -€10,402 | €14,243 | +€24,645 | |
| Income taxes | 67/77 | €279 | €262 | -€17 | -6.1% |
| Profit (loss) for the period | 9904 | -€10,681 | €13,981 | +€24,662 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,681 | €13,981 | +€24,662 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.