Pavée: 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.
Pavée
Largest movements
- Cash +€26,886
up €26,886 (+149%), from €18,013 to €44,900
mainly Depreciation (+€30,591) and Net result for the year (+€28,383)
- Tangible fixed assets -€25,891
down €25,891 (-19.8%), from €130,986 to €105,095
of which Plant, machinery and equipment: -€13,014
- Stocks and contracts +€15,937
up €15,937 (+153%), from €10,440 to €26,377
of which Contracts in progress: +€15,167
- Receivables within one year +€8,006
up €8,006 (+30.3%), from €26,409 to €34,415
of which Trade receivables: +€5,598
- Reserves +€28,383
up €28,383 (+111%), from €25,653 to €54,037
- Debts after one year -€24,859
down €24,859 (-55.6%), from €44,723 to €19,864
- Tax, wage and social debts +€15,274
up €15,274 (+316%), from €4,835 to €20,109
of which Remuneration and social security: +€9,533
- Current portion of long-term debt -€10,420
down €10,420 (-29.5%), from €35,279 to €24,859
- Trade debts +€8,740
up €8,740 (+52.6%), from €16,604 to €25,344
- Gross operating margin +€42,899
up €42,899 (+69.4%), from €61,797 to €104,696
- Staff costs +€25,893
up €25,893 (+5,171%), from €501 to €26,393
- Taxes +€13,342
new in 2025: €13,342
- Depreciation +€10,586
up €10,586 (+52.9%), from €20,005 to €30,591
- Financial charges -€10,533
down €10,533 (-69.9%), from €15,076 to €4,543
of which Non-recurring financial charges: -€10,091
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 | €187,110 | €211,821 | +€24,710 | +13.2% |
| Fixed assets | 21/28 | €131,011 | €105,120 | -€25,891 | -19.8% |
| Tangible fixed assets | 22/27 | €130,986 | €105,095 | -€25,891 | -19.8% |
| Plant, machinery and equipment | 23 | €76,281 | €63,267 | -€13,014 | -17.1% |
| Furniture and vehicles | 24 | €54,705 | €41,827 | -€12,878 | -23.5% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €56,099 | €106,701 | +€50,602 | +90.2% |
| Stocks and contracts in progress | 3 | €10,440 | €26,377 | +€15,937 | +153% |
| Stocks | 30/36 | €2,961 | €3,731 | +€770 | +26.0% |
| Contracts in progress | 37 | €7,479 | €22,646 | +€15,167 | +203% |
| Amounts receivable within one year | 40/41 | €26,409 | €34,415 | +€8,006 | +30.3% |
| Trade receivables | 40 | €26,136 | €31,734 | +€5,598 | +21.4% |
| Other amounts receivable | 41 | €273 | €2,681 | +€2,408 | +883% |
| Cash at bank and in hand | 54/58 | €18,013 | €44,900 | +€26,886 | +149% |
| Deferred charges and accrued income | 490/1 | €1,237 | €1,009 | -€228 | -18.4% |
| Total equity and liabilities | 10/49 | €187,110 | €211,821 | +€24,710 | +13.2% |
| Equity | 10/15 | €28,653 | €57,037 | +€28,383 | +99.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €25,653 | €54,037 | +€28,383 | +111% |
| Distributable reserves | 133 | €25,653 | €54,037 | +€28,383 | +111% |
| Amounts payable | 17/49 | €158,457 | €154,784 | -€3,673 | -2.3% |
| Amounts payable after more than one year | 17 | €44,723 | €19,864 | -€24,859 | -55.6% |
| Financial debts | 170/4 | €44,723 | €19,864 | -€24,859 | -55.6% |
| Amounts payable within one year | 42/48 | €113,552 | €132,850 | +€19,298 | +17.0% |
| Current portion of amounts payable after more than one year | 42 | €35,279 | €24,859 | -€10,420 | -29.5% |
| Trade debts | 44 | €16,604 | €25,344 | +€8,740 | +52.6% |
| Suppliers | 440/4 | €16,604 | €25,344 | +€8,740 | +52.6% |
| Taxes, remuneration and social security | 45 | €4,835 | €20,109 | +€15,274 | +316% |
| Taxes | 450/3 | €2,435 | €8,176 | +€5,741 | +236% |
| Remuneration and social security | 454/9 | €2,400 | €11,933 | +€9,533 | +397% |
| Other amounts payable | 47/48 | €56,834 | €62,538 | +€5,704 | +10.0% |
| Accrued charges and deferred income | 492/3 | €182 | €2,070 | +€1,888 | +1,036% |
| Remuneration, social security and pensions | 62 | €501 | €26,393 | +€25,893 | +5,171% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,005 | €30,591 | +€10,586 | +52.9% |
| Other operating charges | 640/8 | €561 | €1,458 | +€897 | +160% |
| Gross operating margin | 9900 | €61,797 | €104,696 | +€42,899 | +69.4% |
| Operating profit (loss) | 9901 | €40,730 | €46,253 | +€5,523 | +13.6% |
| Financial income | 75/76B | - | €15 | +€15 | |
| Recurring financial income | 75 | - | €15 | +€15 | |
| Financial charges | 65/66B | €15,076 | €4,543 | -€10,533 | -69.9% |
| Recurring financial charges | 65 | €3,768 | €3,325 | -€443 | -11.8% |
| Non-recurring financial charges | 66B | €11,309 | €1,218 | -€10,091 | -89.2% |
| Profit (loss) for the period before taxes | 9903 | €25,653 | €41,725 | +€16,072 | +62.6% |
| Income taxes | 67/77 | - | €13,342 | +€13,342 | |
| Profit (loss) for the period | 9904 | €25,653 | €28,383 | +€2,730 | +10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €25,653 | €28,383 | +€2,730 | +10.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.