PAVEPAYOL: 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.
PAVEPAYOL
Largest movements
- Tangible fixed assets +€14,674
up €14,674 (+10.2%), from €143,444 to €158,118
of which Land and buildings: +€10,845
- Cash -€9,003
down €9,003 (-23.1%), from €39,019 to €30,016
mainly Investment in fixed assets (net) (-€38,602) and Debts after one year (-€12,597)
- Reserves +€14,225
up €14,225 (+52.3%), from €27,189 to €41,414
- Debts after one year -€12,597
down €12,597 (-16.9%), from €74,320 to €61,723
of which Financial debts: -€12,597
- Current portion of long-term debt +€7,466
up €7,466 (+27.9%), from €26,729 to €34,195
- Turnover -€17,000
down €17,000 (-4.2%), from €408,171 to €391,171
- Gross operating margin -€16,773
down €16,773 (-7.9%), from €211,696 to €194,923
- Purchases and services -€9,407
down €9,407 (-4.6%), from €205,655 to €196,248
- Depreciation +€5,593
up €5,593 (+30.5%), from €18,335 to €23,928
- Taxes -€4,557
down €4,557 (-32.0%), from €14,252 to €9,695
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 | €228,677 | €236,834 | +€8,157 | +3.6% |
| Fixed assets | 21/28 | €143,944 | €158,618 | +€14,674 | +10.2% |
| Tangible fixed assets | 22/27 | €143,444 | €158,118 | +€14,674 | +10.2% |
| Land and buildings | 22 | €143,444 | €154,289 | +€10,845 | +7.6% |
| Plant, machinery and equipment | 23 | - | €3,829 | +€3,829 | |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €84,733 | €78,216 | -€6,517 | -7.7% |
| Amounts receivable within one year | 40/41 | €43,060 | €43,847 | +€787 | +1.8% |
| Trade receivables | 40 | €39,208 | €40,136 | +€928 | +2.4% |
| Other amounts receivable | 41 | €3,852 | €3,711 | -€141 | -3.7% |
| Cash at bank and in hand | 54/58 | €39,019 | €30,016 | -€9,003 | -23.1% |
| Deferred charges and accrued income | 490/1 | €2,654 | €4,353 | +€1,699 | +64.0% |
| Total equity and liabilities | 10/49 | €228,677 | €236,834 | +€8,157 | +3.6% |
| Equity | 10/15 | €39,389 | €53,614 | +€14,225 | +36.1% |
| Contributions | 10/11 | €12,200 | €12,200 | = | 0.0% |
| Reserves | 13 | €27,189 | €41,414 | +€14,225 | +52.3% |
| Distributable reserves | 133 | €27,189 | €41,414 | +€14,225 | +52.3% |
| Amounts payable | 17/49 | €189,288 | €183,220 | -€6,068 | -3.2% |
| Amounts payable after more than one year | 17 | €74,320 | €61,723 | -€12,597 | -16.9% |
| Financial debts | 170/4 | €73,320 | €60,723 | -€12,597 | -17.2% |
| Other amounts payable | 178/9 | €1,000 | €1,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €112,367 | €118,883 | +€6,516 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €26,729 | €34,195 | +€7,466 | +27.9% |
| Trade debts | 44 | €26,064 | €26,772 | +€708 | +2.7% |
| Suppliers | 440/4 | €26,064 | €26,772 | +€708 | +2.7% |
| Taxes, remuneration and social security | 45 | €56,668 | €55,298 | -€1,370 | -2.4% |
| Taxes | 450/3 | €31,043 | €28,184 | -€2,859 | -9.2% |
| Remuneration and social security | 454/9 | €25,625 | €27,114 | +€1,489 | +5.8% |
| Other amounts payable | 47/48 | €2,906 | €2,618 | -€288 | -9.9% |
| Accrued charges and deferred income | 492/3 | €2,601 | €2,614 | +€13 | +0.5% |
| Turnover | 70 | €408,171 | €391,171 | -€17,000 | -4.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €205,655 | €196,248 | -€9,407 | -4.6% |
| Remuneration, social security and pensions | 62 | €132,063 | €129,886 | -€2,177 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,335 | €23,928 | +€5,593 | +30.5% |
| Other operating charges | 640/8 | €10,909 | €11,429 | +€520 | +4.8% |
| Gross operating margin | 9900 | €211,696 | €194,923 | -€16,773 | -7.9% |
| Operating profit (loss) | 9901 | €50,389 | €29,680 | -€20,709 | -41.1% |
| Financial income | 75/76B | €48 | €1 | -€47 | -97.9% |
| Recurring financial income | 75 | €48 | €1 | -€47 | -97.9% |
| Financial charges | 65/66B | €7,016 | €5,761 | -€1,255 | -17.9% |
| Recurring financial charges | 65 | €7,016 | €5,761 | -€1,255 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €43,421 | €23,920 | -€19,501 | -44.9% |
| Income taxes | 67/77 | €14,252 | €9,695 | -€4,557 | -32.0% |
| Profit (loss) for the period | 9904 | €29,169 | €14,225 | -€14,944 | -51.2% |
| Profit (loss) for the period to be appropriated | 9905 | €29,169 | €14,225 | -€14,944 | -51.2% |
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 9 October 2026 via checked.be.