PAVERDES: 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.
PAVERDES
Largest movements
- Receivables within one year -€2.1m
down €2.1m (-31.2%), from €6.8m to €4.7m
of which Other amounts receivable: -€1.9m
- Tangible fixed assets +€1.5m
up €1.5m (+29.4%), from €5.0m to €6.4m
of which Land and buildings: +€1.6m
- Stocks and contracts -€1.4m
down €1.4m (-60.1%), from €2.4m to €953,848
- Other debts -€1.7m
down €1.7m (-15.4%), from €11.4m to €9.6m
- Short-term financial debts -€1.0m
down €1.0m (-100.0%), from €1.0m to €0
- Debts after one year +€950,656
new in 2025: €950,656
- Reserves -€233,719
down €233,719 (-16.0%), from €1.5m to €1.2m
- Gross operating margin -€241,588
down €241,588 (-61.4%), from €393,215 to €151,627
- Financial income -€97,473
down €97,473 (-51.3%), from €190,000 to €92,527
- Taxes -€43,570
down €43,570 (-100.0%), from €43,570 to €0
- Other operating charges +€40,115
up €40,115 (+1865.6%), from €2,150 to €42,265
- Depreciation +€14,082
up €14,082 (+9.4%), from €150,605 to €164,687
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 | €14,162,902 | €12,076,299 | -€2.1m | -14.7% |
| Fixed assets | 21/28 | €4,985,350 | €6,450,568 | +€1.5m | +29.4% |
| Tangible fixed assets | 22/27 | €4,982,850 | €6,448,068 | +€1.5m | +29.4% |
| Land and buildings | 22 | €1,020,178 | €2,603,585 | +€1.6m | +155.2% |
| Other tangible fixed assets | 26 | €3,962,672 | €3,844,483 | -€118,189 | -3.0% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €9,177,552 | €5,625,731 | -€3.6m | -38.7% |
| Stocks and contracts in progress | 3 | €2,389,998 | €953,848 | -€1.4m | -60.1% |
| Stocks | 30/36 | €2,389,998 | €953,848 | -€1.4m | -60.1% |
| Amounts receivable within one year | 40/41 | €6,756,924 | €4,650,383 | -€2.1m | -31.2% |
| Trade receivables | 40 | €229,502 | €0 | -€229,502 | -100.0% |
| Other amounts receivable | 41 | €6,527,422 | €4,650,383 | -€1.9m | -28.8% |
| Cash at bank and in hand | 54/58 | €30,630 | €21,500 | -€9,130 | -29.8% |
| Total equity and liabilities | 10/49 | €14,162,902 | €12,076,299 | -€2.1m | -14.7% |
| Equity | 10/15 | €1,680,389 | €1,446,670 | -€233,719 | -13.9% |
| Contributions | 10/11 | €216,907 | €216,907 | = | 0.0% |
| Capital | 10 | €216,907 | €216,907 | = | 0.0% |
| Issued capital | 100 | €216,907 | €216,907 | = | 0.0% |
| Reserves | 13 | €1,463,483 | €1,229,763 | -€233,719 | -16.0% |
| Distributable reserves | 133 | €1,463,483 | €1,229,763 | -€233,719 | -16.0% |
| Amounts payable | 17/49 | €12,482,512 | €10,629,628 | -€1.9m | -14.8% |
| Amounts payable after more than one year | 17 | - | €950,656 | +€950,656 | |
| Financial debts | 170/4 | - | €950,656 | +€950,656 | |
| Amounts payable within one year | 42/48 | €12,482,512 | €9,678,972 | -€2.8m | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €24,000 | €35,128 | +€11,128 | +46.4% |
| Financial debts | 43 | €1,027,516 | €0 | -€1.0m | -100.0% |
| Credit institutions | 430/8 | €1,027,516 | €0 | -€1.0m | -100.0% |
| Trade debts | 44 | €2,032 | €17,254 | +€15,222 | +749.1% |
| Suppliers | 440/4 | €2,032 | €17,254 | +€15,222 | +749.1% |
| Taxes, remuneration and social security | 45 | €63,343 | €10,569 | -€52,774 | -83.3% |
| Taxes | 450/3 | €63,343 | €10,569 | -€52,774 | -83.3% |
| Other amounts payable | 47/48 | €11,365,621 | €9,616,021 | -€1.7m | -15.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,605 | €164,687 | +€14,082 | +9.4% |
| Other operating charges | 640/8 | €2,150 | €42,265 | +€40,115 | +1865.6% |
| Gross operating margin | 9900 | €393,215 | €151,627 | -€241,588 | -61.4% |
| Operating profit (loss) | 9901 | €240,460 | -€55,325 | -€295,785 | |
| Financial income | 75/76B | €190,000 | €92,527 | -€97,473 | -51.3% |
| Recurring financial income | 75 | €190,000 | €92,527 | -€97,473 | -51.3% |
| Financial charges | 65/66B | €263,153 | €270,921 | +€7,768 | +3.0% |
| Recurring financial charges | 65 | €263,153 | €270,921 | +€7,768 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €167,307 | -€233,719 | -€401,026 | |
| Income taxes | 67/77 | €43,570 | €0 | -€43,570 | -100.0% |
| Profit (loss) for the period | 9904 | €123,737 | -€233,719 | -€357,456 | |
| Profit (loss) for the period to be appropriated | 9905 | €123,737 | -€233,719 | -€357,456 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.