PAVELL: 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.
PAVELL
Largest movements
- Current investments -€10.8m
down €10.8m (-29.8%), from €36.2m to €25.4m
- Tangible fixed assets +€4.8m
up €4.8m (+22.0%), from €21.7m to €26.4m
of which Land and buildings: +€4.7m
- Receivables within one year +€3.7m
up €3.7m (+771.0%), from €484,937 to €4.2m
of which Other amounts receivable: +€3.7m
- Cash +€1.3m
up €1.3m (+6.0%), from €21.5m to €22.7m
mainly Current investments (+€10.8m) and Depreciation (+€738,318)
- Financial fixed assets +€1.1m
up €1.1m (+13.4%), from €8.0m to €9.1m
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€7.2m
down €7.2m (-84.0%), from €8.6m to €1.4m
of which Non-recurring financial income: -€8.1m
- Taxes -€744,585
down €744,585 (-95.0%), from €784,117 to €39,532
- Financial charges +€664,375
up €664,375 (+77.2%), from -€860,235 to -€195,860
of which Financial charges: +€662,497
- Depreciation +€274,118
up €274,118 (+59.1%), from €464,200 to €738,318
- Gross operating margin -€175,163
down €175,163 (-352.6%), from -€49,678 to -€224,842
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €90,575,014 | €90,658,265 | +€83,251 | +0.1% |
| Fixed assets | 21/28 | €29,668,139 | €35,502,538 | +€5.8m | +19.7% |
| Tangible fixed assets | 22/27 | €21,672,535 | €26,431,934 | +€4.8m | +22.0% |
| Land and buildings | 22 | €16,435,893 | €21,178,834 | +€4.7m | +28.9% |
| Plant, machinery and equipment | 23 | €18,348 | €11,450 | -€6,897 | -37.6% |
| Furniture and vehicles | 24 | €730,179 | €633,948 | -€96,231 | -13.2% |
| Other tangible fixed assets | 26 | €37,153 | €34,885 | -€2,268 | -6.1% |
| Assets under construction and advance payments | 27 | €4,450,962 | €4,572,818 | +€121,856 | +2.7% |
| Financial fixed assets | 28 | €7,995,604 | €9,070,604 | +€1.1m | +13.4% |
| Current assets | 29/58 | €60,906,875 | €55,155,727 | -€5.8m | -9.4% |
| Amounts receivable after more than one year | 29 | €2,560,849 | €2,620,849 | +€60,000 | +2.3% |
| Other amounts receivable | 291 | €2,560,849 | €2,620,849 | +€60,000 | +2.3% |
| Amounts receivable within one year | 40/41 | €484,937 | €4,223,824 | +€3.7m | +771.0% |
| Trade receivables | 40 | €81,158 | €99,263 | +€18,105 | +22.3% |
| Other amounts receivable | 41 | €403,779 | €4,124,562 | +€3.7m | +921.5% |
| Current investments | 50/53 | €36,193,488 | €25,395,874 | -€10.8m | -29.8% |
| Cash at bank and in hand | 54/58 | €21,465,423 | €22,748,550 | +€1.3m | +6.0% |
| Deferred charges and accrued income | 490/1 | €202,179 | €166,630 | -€35,549 | -17.6% |
| Total equity and liabilities | 10/49 | €90,575,014 | €90,658,265 | +€83,251 | +0.1% |
| Equity | 10/15 | €88,458,585 | €88,821,808 | +€363,223 | +0.4% |
| Contributions | 10/11 | €152,902 | €152,902 | = | 0.0% |
| Reserves | 13 | €88,305,684 | €88,668,906 | +€363,223 | +0.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Other | 1319 | €0 | - | = | |
| Tax-exempt reserves | 132 | €53,757 | €48,160 | -€5,597 | -10.4% |
| Distributable reserves | 133 | €88,251,927 | €88,620,747 | +€368,820 | +0.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €16,791 | €14,926 | -€1,866 | -11.1% |
| Deferred taxes | 168 | €16,791 | €14,926 | -€1,866 | -11.1% |
| Amounts payable | 17/49 | €2,099,637 | €1,821,532 | -€278,106 | -13.2% |
| Amounts payable after more than one year | 17 | €1,040,654 | €944,881 | -€95,773 | -9.2% |
| Financial debts | 170/4 | €1,029,129 | €931,571 | -€97,558 | -9.5% |
| Other amounts payable | 178/9 | €11,525 | €13,310 | +€1,785 | +15.5% |
| Amounts payable within one year | 42/48 | €1,001,273 | €866,193 | -€135,080 | -13.5% |
| Current portion of amounts payable after more than one year | 42 | €96,382 | €97,558 | +€1,176 | +1.2% |
| Trade debts | 44 | €22,497 | €22,542 | +€46 | +0.2% |
| Suppliers | 440/4 | €22,497 | €22,542 | +€46 | +0.2% |
| Taxes, remuneration and social security | 45 | €843,015 | €706,713 | -€136,302 | -16.2% |
| Taxes | 450/3 | €828,300 | €698,579 | -€129,720 | -15.7% |
| Remuneration and social security | 454/9 | €14,715 | €8,133 | -€6,581 | -44.7% |
| Other amounts payable | 47/48 | €39,380 | €39,380 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €57,710 | €10,458 | -€47,252 | -81.9% |
| Remuneration, social security and pensions | 62 | €89,340 | €100,761 | +€11,421 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €464,200 | €738,318 | +€274,118 | +59.1% |
| Other operating charges | 640/8 | €56,813 | €102,391 | +€45,578 | +80.2% |
| Gross operating margin | 9900 | -€49,678 | -€224,842 | -€175,163 | -352.6% |
| Operating profit (loss) | 9901 | -€660,030 | -€1,166,311 | -€506,280 | -76.7% |
| Financial income | 75/76B | €8,562,144 | €1,371,340 | -€7.2m | -84.0% |
| Recurring financial income | 75 | €417,130 | €1,371,340 | +€954,210 | +228.8% |
| Non-recurring financial income | 76B | €8,145,014 | €0 | -€8.1m | -100.0% |
| Financial charges | 65/66B | -€860,235 | -€195,860 | +€664,375 | +77.2% |
| Recurring financial charges | 65 | -€860,235 | -€197,738 | +€662,497 | +77.0% |
| Non-recurring financial charges | 66B | €0 | €1,878 | +€1,878 | |
| Profit (loss) for the period before taxes | 9903 | €8,762,349 | €400,889 | -€8.4m | -95.4% |
| Transfer from deferred taxes | 780 | €1,866 | €1,866 | = | 0.0% |
| Income taxes | 67/77 | €784,117 | €39,532 | -€744,585 | -95.0% |
| Profit (loss) for the period | 9904 | €7,980,097 | €363,223 | -€7.6m | -95.4% |
| Transfer from tax-exempt reserves | 789 | €5,597 | €5,597 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,985,694 | €368,820 | -€7.6m | -95.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.