PAVI & CHAPE: 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.
PAVI & CHAPE
Largest movements
- Tangible fixed assets +€60,310
up €60,310 (+107%), from €56,340 to €116,650
- Receivables within one year -€43,749
down €43,749 (-23.8%), from €184,120 to €140,371
of which Trade receivables: -€48,102
- Cash -€23,224
down €23,224 (-25.2%), from €92,322 to €69,098
mainly Investment in fixed assets (net) (-€85,439) and Trade debts (-€83,263)
- Deferred charges and accrued income -€5,924
down €5,924 (-47.0%), from €12,608 to €6,684
- Trade debts -€83,263
down €83,263 (-55.9%), from €148,840 to €65,577
- Debts after one year +€59,140
up €59,140 (+197%), from €29,988 to €89,128
- Profit (loss) carried forward +€8,171
up €8,171 (+6.3%), from €128,837 to €137,008
- Other debts +€6,600
new in 2025: €6,600
- Current portion of long-term debt -€4,435
down €4,435 (-16.1%), from €27,520 to €23,085
- Staff costs +€35,696
up €35,696 (+50.3%), from €71,036 to €106,733
- Gross operating margin +€10,012
up €10,012 (+6.4%), from €157,011 to €167,023
- Depreciation +€8,947
up €8,947 (+55.3%), from €16,182 to €25,129
- Taxes -€7,058
down €7,058 (-45.0%), from €15,670 to €8,612
- Financial charges +€4,802
up €4,802 (+116%), from €4,129 to €8,931
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 | €361,174 | €348,588 | -€12,586 | -3.5% |
| Fixed assets | 21/28 | €58,125 | €118,435 | +€60,310 | +104% |
| Tangible fixed assets | 22/27 | €56,340 | €116,650 | +€60,310 | +107% |
| Furniture and vehicles | 24 | €56,340 | €116,650 | +€60,310 | +107% |
| Financial fixed assets | 28 | €1,785 | €1,785 | = | 0.0% |
| Current assets | 29/58 | €303,049 | €230,153 | -€72,896 | -24.1% |
| Amounts receivable after more than one year | 29 | €14,000 | €14,000 | = | 0.0% |
| Other amounts receivable | 291 | €14,000 | €14,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €184,120 | €140,371 | -€43,749 | -23.8% |
| Trade receivables | 40 | €128,273 | €80,171 | -€48,102 | -37.5% |
| Other amounts receivable | 41 | €55,847 | €60,201 | +€4,353 | +7.8% |
| Cash at bank and in hand | 54/58 | €92,322 | €69,098 | -€23,224 | -25.2% |
| Deferred charges and accrued income | 490/1 | €12,608 | €6,684 | -€5,924 | -47.0% |
| Total equity and liabilities | 10/49 | €361,174 | €348,588 | -€12,586 | -3.5% |
| Equity | 10/15 | €136,897 | €145,068 | +€8,171 | +6.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €128,837 | €137,008 | +€8,171 | +6.3% |
| Amounts payable | 17/49 | €224,277 | €203,520 | -€20,757 | -9.3% |
| Amounts payable after more than one year | 17 | €29,988 | €89,128 | +€59,140 | +197% |
| Financial debts | 170/4 | €29,988 | €89,128 | +€59,140 | +197% |
| Amounts payable within one year | 42/48 | €191,162 | €113,380 | -€77,782 | -40.7% |
| Current portion of amounts payable after more than one year | 42 | €27,520 | €23,085 | -€4,435 | -16.1% |
| Trade debts | 44 | €148,840 | €65,577 | -€83,263 | -55.9% |
| Suppliers | 440/4 | €148,840 | €65,577 | -€83,263 | -55.9% |
| Taxes, remuneration and social security | 45 | €14,802 | €18,118 | +€3,316 | +22.4% |
| Taxes | 450/3 | €11,720 | €12,695 | +€975 | +8.3% |
| Remuneration and social security | 454/9 | €3,082 | €5,422 | +€2,340 | +75.9% |
| Other amounts payable | 47/48 | - | €6,600 | +€6,600 | |
| Accrued charges and deferred income | 492/3 | €3,127 | €1,012 | -€2,115 | -67.6% |
| Remuneration, social security and pensions | 62 | €71,036 | €106,733 | +€35,696 | +50.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,182 | €25,129 | +€8,947 | +55.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,178 | - | -€2,178 | |
| Other operating charges | 640/8 | €2,899 | €4,831 | +€1,932 | +66.6% |
| Non-recurring operating charges | 66A | - | €2,021 | +€2,021 | |
| Gross operating margin | 9900 | €157,011 | €167,023 | +€10,012 | +6.4% |
| Operating profit (loss) | 9901 | €64,716 | €28,310 | -€36,405 | -56.3% |
| Financial income | 75/76B | €2,585 | €4,004 | +€1,419 | +54.9% |
| Recurring financial income | 75 | €2,585 | €4,004 | +€1,419 | +54.9% |
| Financial charges | 65/66B | €4,129 | €8,931 | +€4,802 | +116% |
| Recurring financial charges | 65 | €4,129 | €8,931 | +€4,802 | +116% |
| Profit (loss) for the period before taxes | 9903 | €63,172 | €23,383 | -€39,789 | -63.0% |
| Income taxes | 67/77 | €15,670 | €8,612 | -€7,058 | -45.0% |
| Profit (loss) for the period | 9904 | €47,502 | €14,771 | -€32,731 | -68.9% |
| Profit (loss) for the period to be appropriated | 9905 | €47,502 | €14,771 | -€32,731 | -68.9% |
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 23 October 2026 via checked.be.