PAVICHI: 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.
PAVICHI
Largest movements
- Tangible fixed assets +€398,929
up €398,929 (+13.4%), from €3.0m to €3.4m
of which Land and buildings: +€399,966
- Cash -€41,363
down €41,363 (-33.3%), from €124,056 to €82,693
mainly Investment in fixed assets (net) (-€569,305)
- Debts after one year +€204,301
up €204,301 (+15.2%), from €1.3m to €1.5m
- Other debts +€69,208
up €69,208 (+4.6%), from €1.5m to €1.6m
- Current portion of long-term debt +€35,767
up €35,767 (+33.1%), from €108,151 to €143,918
- Gross operating margin +€28,984
up €28,984 (+13.3%), from €217,600 to €246,584
- Depreciation +€11,871
up €11,871 (+7.5%), from €158,505 to €170,376
- Financial charges +€8,104
up €8,104 (+19.7%), from €41,200 to €49,305
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 | €3,134,815 | €3,459,896 | +€325,081 | +10.4% |
| Fixed assets | 21/28 | €2,971,328 | €3,370,257 | +€398,929 | +13.4% |
| Tangible fixed assets | 22/27 | €2,971,328 | €3,370,257 | +€398,929 | +13.4% |
| Land and buildings | 22 | €2,966,719 | €3,366,685 | +€399,966 | +13.5% |
| Plant, machinery and equipment | 23 | €4,609 | €3,572 | -€1,037 | -22.5% |
| Current assets | 29/58 | €163,487 | €89,639 | -€73,848 | -45.2% |
| Cash at bank and in hand | 54/58 | €124,056 | €82,693 | -€41,363 | -33.3% |
| Deferred charges and accrued income | 490/1 | €39,431 | €6,946 | -€32,485 | -82.4% |
| Total equity and liabilities | 10/49 | €3,134,815 | €3,459,896 | +€325,081 | +10.4% |
| Equity | 10/15 | €119,644 | €134,562 | +€14,918 | +12.5% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€880,356 | -€865,438 | +€14,918 | +1.7% |
| Amounts payable | 17/49 | €3,015,171 | €3,325,334 | +€310,163 | +10.3% |
| Amounts payable after more than one year | 17 | €1,345,559 | €1,549,860 | +€204,301 | +15.2% |
| Financial debts | 170/4 | €1,345,559 | €1,549,860 | +€204,301 | +15.2% |
| Amounts payable within one year | 42/48 | €1,611,879 | €1,717,763 | +€105,884 | +6.6% |
| Current portion of amounts payable after more than one year | 42 | €108,151 | €143,918 | +€35,767 | +33.1% |
| Trade debts | 44 | €452 | €1,362 | +€909 | +201% |
| Suppliers | 440/4 | €452 | €1,362 | +€909 | +201% |
| Other amounts payable | 47/48 | €1,503,276 | €1,572,484 | +€69,208 | +4.6% |
| Accrued charges and deferred income | 492/3 | €57,733 | €57,712 | -€21 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €158,505 | €170,376 | +€11,871 | +7.5% |
| Other operating charges | 640/8 | €11,654 | €11,986 | +€332 | +2.8% |
| Gross operating margin | 9900 | €217,600 | €246,584 | +€28,984 | +13.3% |
| Operating profit (loss) | 9901 | €47,441 | €64,223 | +€16,781 | +35.4% |
| Financial income | 75/76B | €908 | €0 | -€908 | -100% |
| Recurring financial income | 75 | €908 | €0 | -€908 | -100% |
| Financial charges | 65/66B | €41,200 | €49,305 | +€8,104 | +19.7% |
| Recurring financial charges | 65 | €41,200 | €49,305 | +€8,104 | +19.7% |
| Profit (loss) for the period before taxes | 9903 | €7,149 | €14,918 | +€7,769 | +109% |
| Profit (loss) for the period | 9904 | €7,149 | €14,918 | +€7,769 | +109% |
| Profit (loss) for the period to be appropriated | 9905 | €7,149 | €14,918 | +€7,769 | +109% |
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 15 October 2026 via checked.be.