PAVIM: 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.
PAVIM
Largest movements
- Tangible fixed assets +€2.0m
up €2.0m (+157.8%), from €1.3m to €3.3m
- Receivables within one year +€440,626
new in 2025: €440,626
of which Other amounts receivable: +€373,626
- Cash +€112,376
up €112,376 (+334.1%), from €33,636 to €146,012
mainly Other debts (+€1.4m) and Debts after one year (+€1.2m)
- Other debts +€1.4m
up €1.4m (+421.2%), from €342,009 to €1.8m
- Debts after one year +€1.2m
up €1.2m (+79.0%), from €1.5m to €2.7m
of which Financial debts: +€1.2m
- Profit (loss) carried forward -€142,774
down €142,774 (-52.4%), from -€272,298 to -€415,072
- Gross operating margin +€61,381
up €61,381 (+63.7%), from €96,326 to €157,706
- Financial charges +€45,787
up €45,787 (+121.9%), from €37,550 to €83,337
- Depreciation +€19,148
up €19,148 (+10.4%), from €184,403 to €203,551
- Other operating charges +€9,762
up €9,762 (+118.3%), from €8,253 to €18,015
- Financial income +€4,417
up €4,417 (+73612.3%), from €6 to €4,423
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 | €1,709,696 | €4,279,986 | +€2.6m | +150.3% |
| Fixed assets | 21/28 | €1,675,304 | €3,688,076 | +€2.0m | +120.1% |
| Tangible fixed assets | 22/27 | €1,275,304 | €3,287,325 | +€2.0m | +157.8% |
| Land and buildings | 22 | €1,275,304 | €3,287,325 | +€2.0m | +157.8% |
| Financial fixed assets | 28 | €400,000 | €400,751 | +€751 | +0.2% |
| Current assets | 29/58 | €34,393 | €591,909 | +€557,517 | +1621.0% |
| Amounts receivable within one year | 40/41 | - | €440,626 | +€440,626 | |
| Trade receivables | 40 | - | €67,000 | +€67,000 | |
| Other amounts receivable | 41 | - | €373,626 | +€373,626 | |
| Cash at bank and in hand | 54/58 | €33,636 | €146,012 | +€112,376 | +334.1% |
| Deferred charges and accrued income | 490/1 | €757 | €5,272 | +€4,515 | +596.6% |
| Total equity and liabilities | 10/49 | €1,709,696 | €4,279,986 | +€2.6m | +150.3% |
| Equity | 10/15 | -€209,552 | -€352,326 | -€142,774 | -68.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,246 | €1,246 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,107 | €1,107 | = | 0.0% |
| Legal reserve | 130 | €1,107 | €1,107 | = | 0.0% |
| Distributable reserves | 133 | €139 | €139 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€272,298 | -€415,072 | -€142,774 | -52.4% |
| Amounts payable | 17/49 | €1,919,248 | €4,632,312 | +€2.7m | +141.4% |
| Amounts payable after more than one year | 17 | €1,533,136 | €2,743,562 | +€1.2m | +79.0% |
| Financial debts | 170/4 | €1,533,136 | €2,723,562 | +€1.2m | +77.6% |
| Other amounts payable | 178/9 | - | €20,000 | +€20,000 | |
| Amounts payable within one year | 42/48 | €386,111 | €1,867,461 | +€1.5m | +383.7% |
| Current portion of amounts payable after more than one year | 42 | €42,384 | €79,961 | +€37,577 | +88.7% |
| Trade debts | 44 | €1,719 | €4,980 | +€3,261 | +189.7% |
| Suppliers | 440/4 | €1,719 | €4,980 | +€3,261 | +189.7% |
| Other amounts payable | 47/48 | €342,009 | €1,782,520 | +€1.4m | +421.2% |
| Accrued charges and deferred income | 492/3 | - | €21,289 | +€21,289 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184,403 | €203,551 | +€19,148 | +10.4% |
| Other operating charges | 640/8 | €8,253 | €18,015 | +€9,762 | +118.3% |
| Gross operating margin | 9900 | €96,326 | €157,706 | +€61,381 | +63.7% |
| Operating profit (loss) | 9901 | -€96,331 | -€63,860 | +€32,471 | +33.7% |
| Financial income | 75/76B | €6 | €4,423 | +€4,417 | +73612.3% |
| Recurring financial income | 75 | €6 | €4,423 | +€4,417 | +73612.3% |
| Financial charges | 65/66B | €37,550 | €83,337 | +€45,787 | +121.9% |
| Recurring financial charges | 65 | €37,550 | €83,337 | +€45,787 | +121.9% |
| Profit (loss) for the period before taxes | 9903 | -€133,875 | -€142,774 | -€8,899 | -6.6% |
| Profit (loss) for the period | 9904 | -€133,875 | -€142,774 | -€8,899 | -6.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€133,875 | -€142,774 | -€8,899 | -6.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.