Pavillon12: what changed
Two fiscal 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.
Pavillon12
Largest movements
- Cash +€52,252
up €52,252 (+403.2%), from €12,959 to €65,210
mainly Trade debts (+€68,439) and Depreciation (+€38,881)
- Receivables within one year -€28,132
down €28,132 (-15.9%), from €176,988 to €148,856
of which Other amounts receivable: -€90,213
- Tangible fixed assets +€14,565
up €14,565 (+6.6%), from €219,920 to €234,484
of which Furniture and vehicles: +€14,842
- Intangible fixed assets +€6,382
new in 2025: €6,382
- Reserves +€134,857
new in 2025: €134,857
- Investment grants -€130,864
down €130,864 (-90.7%), from €144,228 to €13,364
- Trade debts +€68,439
up €68,439 (+52.1%), from €131,319 to €199,758
- Other debts -€35,940
down €35,940 (-38.8%), from €92,588 to €56,648
- Profit (loss) carried forward +€12,177
up €12,177 (+57.7%), from -€21,119 to -€8,942
- Gross operating margin +€272,256
up €272,256 (+492.4%), from €55,292 to €327,548
- Staff costs +€205,275
up €205,275 (+290.3%), from €70,723 to €275,998
- Financial income -€203,659
down €203,659 (-100.0%), from €203,659 to €1
- Depreciation +€23,974
up €23,974 (+160.8%), from €14,907 to €38,881
- Other operating charges +€7,659
up €7,659 (+2552.9%), from €300 to €7,959
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 | €441,082 | €489,434 | +€48,352 | +11.0% |
| Fixed assets | 21/28 | €219,920 | €240,866 | +€20,946 | +9.5% |
| Intangible fixed assets | 21 | - | €6,382 | +€6,382 | |
| Tangible fixed assets | 22/27 | €219,920 | €234,484 | +€14,565 | +6.6% |
| Plant, machinery and equipment | 23 | €32,062 | €38,741 | +€6,679 | +20.8% |
| Furniture and vehicles | 24 | €6,130 | €20,972 | +€14,842 | +242.1% |
| Other tangible fixed assets | 26 | €181,727 | €174,771 | -€6,956 | -3.8% |
| Current assets | 29/58 | €221,162 | €248,568 | +€27,406 | +12.4% |
| Stocks and contracts in progress | 3 | €6,541 | €6,273 | -€267 | -4.1% |
| Stocks | 30/36 | €6,541 | €6,273 | -€267 | -4.1% |
| Amounts receivable within one year | 40/41 | €176,988 | €148,856 | -€28,132 | -15.9% |
| Trade receivables | 40 | €73,336 | €135,416 | +€62,081 | +84.7% |
| Other amounts receivable | 41 | €103,652 | €13,440 | -€90,213 | -87.0% |
| Cash at bank and in hand | 54/58 | €12,959 | €65,210 | +€52,252 | +403.2% |
| Deferred charges and accrued income | 490/1 | €24,675 | €28,229 | +€3,554 | +14.4% |
| Total equity and liabilities | 10/49 | €441,082 | €489,434 | +€48,352 | +11.0% |
| Equity | 10/15 | €129,309 | €145,478 | +€16,169 | +12.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | - | €134,857 | +€134,857 | |
| Tax-exempt reserves | 132 | - | €134,857 | +€134,857 | |
| Profit (loss) carried forward | 14 | -€21,119 | -€8,942 | +€12,177 | +57.7% |
| Investment grants | 15 | €144,228 | €13,364 | -€130,864 | -90.7% |
| Provisions and deferred taxes | 16 | €48,076 | €44,952 | -€3,124 | -6.5% |
| Deferred taxes | 168 | €48,076 | €44,952 | -€3,124 | -6.5% |
| Amounts payable | 17/49 | €263,697 | €299,003 | +€35,307 | +13.4% |
| Amounts payable within one year | 42/48 | €263,697 | €290,189 | +€26,492 | +10.0% |
| Trade debts | 44 | €131,319 | €199,758 | +€68,439 | +52.1% |
| Suppliers | 440/4 | €131,319 | €199,758 | +€68,439 | +52.1% |
| Taxes, remuneration and social security | 45 | €39,790 | €33,784 | -€6,006 | -15.1% |
| Taxes | 450/3 | €9,598 | €5,850 | -€3,748 | -39.0% |
| Remuneration and social security | 454/9 | €30,192 | €27,934 | -€2,258 | -7.5% |
| Other amounts payable | 47/48 | €92,588 | €56,648 | -€35,940 | -38.8% |
| Accrued charges and deferred income | 492/3 | - | €8,814 | +€8,814 | |
| Remuneration, social security and pensions | 62 | €70,723 | €275,998 | +€205,275 | +290.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,907 | €38,881 | +€23,974 | +160.8% |
| Other operating charges | 640/8 | €300 | €7,959 | +€7,659 | +2552.9% |
| Gross operating margin | 9900 | €55,292 | €327,548 | +€272,256 | +492.4% |
| Operating profit (loss) | 9901 | -€30,638 | €4,710 | +€35,348 | |
| Financial income | 75/76B | €203,659 | €1 | -€203,659 | -100.0% |
| Recurring financial income | 75 | €203,659 | €1 | -€203,659 | -100.0% |
| Financial charges | 65/66B | €1,836 | €5,030 | +€3,193 | +173.9% |
| Recurring financial charges | 65 | €1,425 | €5,030 | +€3,605 | +253.1% |
| Non-recurring financial charges | 66B | €412 | - | -€412 | |
| Profit (loss) for the period before taxes | 9903 | €171,185 | -€319 | -€171,504 | |
| Transfer from deferred taxes | 780 | €2,837 | €3,124 | +€287 | +10.1% |
| Transfer to deferred taxes | 680 | €50,913 | - | -€50,913 | |
| Profit (loss) for the period | 9904 | €123,109 | €2,805 | -€120,304 | -97.7% |
| Transfer from tax-exempt reserves | 789 | €8,511 | €9,372 | +€861 | +10.1% |
| Transfer to tax-exempt reserves | 689 | €152,739 | - | -€152,739 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,119 | €12,177 | +€33,297 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.