Pavigano: 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.
Pavigano
Largest movements
- Stocks and contracts -€13,095
down €13,095 (-12.4%), from €105,490 to €92,395
- Cash +€10,203
up €10,203 (+11.8%), from €86,400 to €96,603
mainly Net result for the year (+€22,272) and Stocks and contracts (+€13,095)
- Tangible fixed assets -€2,636
down €2,636 (-38.5%), from €6,844 to €4,208
- Trade debts -€9,622
down €9,622 (-87.5%), from €10,993 to €1,371
- Tax, wage and social debts +€3,603
up €3,603 (+22.1%), from €16,290 to €19,893
- Gross operating margin -€10,617
down €10,617 (-23.1%), from €45,970 to €35,353
- Depreciation -€1,934
down €1,934 (-42.3%), from €4,570 to €2,636
- Taxes -€1,411
down €1,411 (-17.0%), from €8,311 to €6,899
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 | €247,080 | €242,613 | -€4,467 | -1.8% |
| Fixed assets | 21/28 | €10,044 | €7,408 | -€2,636 | -26.2% |
| Tangible fixed assets | 22/27 | €6,844 | €4,208 | -€2,636 | -38.5% |
| Land and buildings | 22 | €4,264 | €3,105 | -€1,159 | -27.2% |
| Plant, machinery and equipment | 23 | €1,027 | €432 | -€595 | -57.9% |
| Furniture and vehicles | 24 | €1,553 | €671 | -€883 | -56.8% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €3,200 | €3,200 | = | 0.0% |
| Current assets | 29/58 | €237,036 | €235,205 | -€1,831 | -0.8% |
| Stocks and contracts in progress | 3 | €105,490 | €92,395 | -€13,095 | -12.4% |
| Stocks | 30/36 | €105,490 | €92,395 | -€13,095 | -12.4% |
| Amounts receivable within one year | 40/41 | €44,844 | €46,207 | +€1,363 | +3.0% |
| Trade receivables | 40 | €34,860 | €35,345 | +€485 | +1.4% |
| Other amounts receivable | 41 | €9,984 | €10,862 | +€878 | +8.8% |
| Cash at bank and in hand | 54/58 | €86,400 | €96,603 | +€10,203 | +11.8% |
| Deferred charges and accrued income | 490/1 | €301 | €0 | -€301 | -100% |
| Total equity and liabilities | 10/49 | €247,080 | €242,613 | -€4,467 | -1.8% |
| Equity | 10/15 | €218,824 | €221,096 | +€2,272 | +1.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €200,224 | €202,496 | +€2,272 | +1.1% |
| Distributable reserves | 133 | €200,224 | €202,496 | +€2,272 | +1.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €28,256 | €21,517 | -€6,739 | -23.8% |
| Amounts payable within one year | 42/48 | €28,256 | €21,517 | -€6,739 | -23.8% |
| Trade debts | 44 | €10,993 | €1,371 | -€9,622 | -87.5% |
| Suppliers | 440/4 | €10,993 | €1,371 | -€9,622 | -87.5% |
| Taxes, remuneration and social security | 45 | €16,290 | €19,893 | +€3,603 | +22.1% |
| Taxes | 450/3 | €16,290 | €19,893 | +€3,603 | +22.1% |
| Other amounts payable | 47/48 | €972 | €253 | -€719 | -74.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,570 | €2,636 | -€1,934 | -42.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €3,327 | €3,414 | +€87 | +2.6% |
| Gross operating margin | 9900 | €45,970 | €35,353 | -€10,617 | -23.1% |
| Operating profit (loss) | 9901 | €38,073 | €29,303 | -€8,770 | -23.0% |
| Financial income | 75/76B | €167 | €307 | +€139 | +83.3% |
| Recurring financial income | 75 | €167 | €307 | +€139 | +83.3% |
| Financial charges | 65/66B | €418 | €439 | +€20 | +4.9% |
| Recurring financial charges | 65 | €418 | €439 | +€20 | +4.9% |
| Profit (loss) for the period before taxes | 9903 | €37,822 | €29,171 | -€8,651 | -22.9% |
| Income taxes | 67/77 | €8,311 | €6,899 | -€1,411 | -17.0% |
| Profit (loss) for the period | 9904 | €29,511 | €22,272 | -€7,239 | -24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €29,511 | €22,272 | -€7,239 | -24.5% |
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 20 October 2026 via checked.be.