PAVIANE: 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.
PAVIANE
Largest movements
- Receivables within one year +€153,538
up €153,538 (+275%), from €55,738 to €209,276
of which Trade receivables: +€155,470
- Deferred charges and accrued income -€134,348
down €134,348 (-48.8%), from €275,232 to €140,884
- Tangible fixed assets -€67,944
down €67,944 (-5.5%), from €1.2m to €1.2m
of which Leasing and similar rights: -€53,837
- Short-term financial debts -€145,631
down €145,631 (-72.9%), from €199,699 to €54,068
- Debts after one year +€59,846
up €59,846 (+11.0%), from €543,752 to €603,598
- Trade debts -€56,281
down €56,281 (-52.6%), from €107,052 to €50,771
- Current portion of long-term debt +€39,832
up €39,832 (+40.9%), from €97,302 to €137,134
- Profit (loss) carried forward +€33,119
up €33,119, from -€22,584 to €10,535
- Gross operating margin -€15,373
down €15,373 (-6.9%), from €223,677 to €208,304
- Financial charges +€15,270
up €15,270 (+34.3%), from €44,559 to €59,829
of which Financial charges: +€14,153
- Taxes -€8,177
no longer reported in 2025 (was €8,177)
- Depreciation -€3,505
down €3,505 (-5.5%), from €63,230 to €59,725
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 | €1,576,242 | €1,526,283 | -€49,959 | -3.2% |
| Fixed assets | 21/28 | €1,243,554 | €1,175,610 | -€67,944 | -5.5% |
| Tangible fixed assets | 22/27 | €1,243,554 | €1,175,610 | -€67,944 | -5.5% |
| Land and buildings | 22 | €1,106,633 | €1,077,395 | -€29,238 | -2.6% |
| Plant, machinery and equipment | 23 | - | €9,521 | +€9,521 | |
| Furniture and vehicles | 24 | €19,313 | €24,923 | +€5,610 | +29.0% |
| Leasing and similar rights | 25 | €117,608 | €63,771 | -€53,837 | -45.8% |
| Current assets | 29/58 | €332,688 | €350,673 | +€17,985 | +5.4% |
| Amounts receivable within one year | 40/41 | €55,738 | €209,276 | +€153,538 | +275% |
| Trade receivables | 40 | €28,132 | €183,602 | +€155,470 | +553% |
| Other amounts receivable | 41 | €27,606 | €25,674 | -€1,932 | -7.0% |
| Cash at bank and in hand | 54/58 | €1,718 | €513 | -€1,205 | -70.1% |
| Deferred charges and accrued income | 490/1 | €275,232 | €140,884 | -€134,348 | -48.8% |
| Total equity and liabilities | 10/49 | €1,576,242 | €1,526,283 | -€49,959 | -3.2% |
| Equity | 10/15 | €607,414 | €640,533 | +€33,119 | +5.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Revaluation surpluses | 12 | €263,550 | €263,550 | = | 0.0% |
| Reserves | 13 | €304,475 | €304,475 | = | 0.0% |
| Tax-exempt reserves | 132 | €260,025 | €260,025 | = | 0.0% |
| Distributable reserves | 133 | €44,450 | €44,450 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,584 | €10,535 | +€33,119 | |
| Amounts payable | 17/49 | €968,828 | €885,750 | -€83,078 | -8.6% |
| Amounts payable after more than one year | 17 | €543,752 | €603,598 | +€59,846 | +11.0% |
| Financial debts | 170/4 | €543,752 | €603,598 | +€59,846 | +11.0% |
| Amounts payable within one year | 42/48 | €425,076 | €282,152 | -€142,924 | -33.6% |
| Current portion of amounts payable after more than one year | 42 | €97,302 | €137,134 | +€39,832 | +40.9% |
| Financial debts | 43 | €199,699 | €54,068 | -€145,631 | -72.9% |
| Credit institutions | 430/8 | €199,699 | €54,068 | -€145,631 | -72.9% |
| Trade debts | 44 | €107,052 | €50,771 | -€56,281 | -52.6% |
| Suppliers | 440/4 | €107,052 | €50,771 | -€56,281 | -52.6% |
| Other amounts payable | 47/48 | €21,023 | €40,179 | +€19,156 | +91.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,230 | €59,725 | -€3,505 | -5.5% |
| Other operating charges | 640/8 | €53,998 | €55,631 | +€1,633 | +3.0% |
| Gross operating margin | 9900 | €223,677 | €208,304 | -€15,373 | -6.9% |
| Operating profit (loss) | 9901 | €106,449 | €92,948 | -€13,501 | -12.7% |
| Financial income | 75/76B | €112 | - | -€112 | |
| Recurring financial income | 75 | €112 | - | -€112 | |
| Non-recurring financial income | 76B | €112 | - | -€112 | |
| Financial charges | 65/66B | €44,559 | €59,829 | +€15,270 | +34.3% |
| Recurring financial charges | 65 | €44,559 | €58,712 | +€14,153 | +31.8% |
| Non-recurring financial charges | 66B | - | €1,117 | +€1,117 | |
| Profit (loss) for the period before taxes | 9903 | €62,002 | €33,119 | -€28,883 | -46.6% |
| Income taxes | 67/77 | €8,177 | - | -€8,177 | |
| Profit (loss) for the period | 9904 | €53,825 | €33,119 | -€20,706 | -38.5% |
| Profit (loss) for the period to be appropriated | 9905 | €53,825 | €33,119 | -€20,706 | -38.5% |
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 28 October 2026 via checked.be.