PAVINI: 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.
PAVINI
Largest movements
- Receivables within one year -€174,203
down €174,203 (-38.3%), from €455,142 to €280,939
of which Other amounts receivable: -€182,279
- Tangible fixed assets -€28,881
down €28,881 (-7.3%), from €396,609 to €367,728
of which Land and buildings: -€14,814
- Cash -€28,270
down €28,270 (-34.6%), from €81,733 to €53,463
mainly Contributions, distributions and other (-€318,500) and Debts after one year (-€128,035)
- Debts after one year -€128,035
down €128,035 (-67.7%), from €189,232 to €61,196
of which Other amounts payable: -€114,158
- Current portion of long-term debt -€102,142
down €102,142 (-88.0%), from €116,019 to €13,877
- Reserves -€24,254
down €24,254 (-2.2%), from €1.1m to €1.1m
of which Distributable reserves: -€24,254
- Gross operating margin +€172,794
up €172,794 (+56.7%), from €304,962 to €477,756
- Taxes +€57,358
up €57,358 (+59.7%), from €96,045 to €153,403
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 | €1,544,509 | €1,314,161 | -€230,349 | -14.9% |
| Fixed assets | 21/28 | €869,845 | €840,334 | -€29,511 | -3.4% |
| Intangible fixed assets | 21 | €2,396 | €1,765 | -€630 | -26.3% |
| Tangible fixed assets | 22/27 | €396,609 | €367,728 | -€28,881 | -7.3% |
| Land and buildings | 22 | €145,456 | €130,643 | -€14,814 | -10.2% |
| Plant, machinery and equipment | 23 | €5,935 | €3,127 | -€2,808 | -47.3% |
| Furniture and vehicles | 24 | €10,312 | €7,014 | -€3,298 | -32.0% |
| Other tangible fixed assets | 26 | €234,905 | €226,944 | -€7,962 | -3.4% |
| Financial fixed assets | 28 | €470,841 | €470,841 | = | 0.0% |
| Current assets | 29/58 | €674,665 | €473,827 | -€200,838 | -29.8% |
| Amounts receivable after more than one year | 29 | €132,000 | €132,000 | = | 0.0% |
| Other amounts receivable | 291 | €132,000 | €132,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €455,142 | €280,939 | -€174,203 | -38.3% |
| Trade receivables | 40 | €46,206 | €54,283 | +€8,076 | +17.5% |
| Other amounts receivable | 41 | €408,935 | €226,656 | -€182,279 | -44.6% |
| Cash at bank and in hand | 54/58 | €81,733 | €53,463 | -€28,270 | -34.6% |
| Deferred charges and accrued income | 490/1 | €5,790 | €7,425 | +€1,635 | +28.2% |
| Total equity and liabilities | 10/49 | €1,544,509 | €1,314,161 | -€230,349 | -14.9% |
| Equity | 10/15 | €1,116,303 | €1,092,049 | -€24,254 | -2.2% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Revaluation surpluses | 12 | €11,539 | €11,539 | = | 0.0% |
| Reserves | 13 | €1,104,664 | €1,080,410 | -€24,254 | -2.2% |
| Tax-exempt reserves | 132 | €86,186 | €86,186 | = | 0.0% |
| Distributable reserves | 133 | €1,018,478 | €994,224 | -€24,254 | -2.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €428,207 | €222,112 | -€206,095 | -48.1% |
| Amounts payable after more than one year | 17 | €189,232 | €61,196 | -€128,035 | -67.7% |
| Financial debts | 170/4 | €13,877 | €0 | -€13,877 | -100% |
| Other amounts payable | 178/9 | €175,355 | €61,196 | -€114,158 | -65.1% |
| Amounts payable within one year | 42/48 | €238,714 | €160,579 | -€78,136 | -32.7% |
| Current portion of amounts payable after more than one year | 42 | €116,019 | €13,877 | -€102,142 | -88.0% |
| Financial debts | 43 | €34,548 | €47,008 | +€12,460 | +36.1% |
| Credit institutions | 430/8 | €34,548 | €47,008 | +€12,460 | +36.1% |
| Trade debts | 44 | €8,578 | €23,179 | +€14,601 | +170% |
| Suppliers | 440/4 | €8,578 | €23,179 | +€14,601 | +170% |
| Taxes, remuneration and social security | 45 | €79,570 | €76,515 | -€3,055 | -3.8% |
| Taxes | 450/3 | €79,570 | €76,515 | -€3,055 | -3.8% |
| Accrued charges and deferred income | 492/3 | €261 | €337 | +€76 | +29.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,668 | €32,919 | -€749 | -2.2% |
| Other operating charges | 640/8 | €12,642 | €11,331 | -€1,311 | -10.4% |
| Non-recurring operating charges | 66A | €504 | €447 | -€57 | -11.2% |
| Gross operating margin | 9900 | €304,962 | €477,756 | +€172,794 | +56.7% |
| Operating profit (loss) | 9901 | €258,148 | €433,059 | +€174,911 | +67.8% |
| Financial income | 75/76B | €26,206 | €25,977 | -€228 | -0.9% |
| Recurring financial income | 75 | €26,206 | €25,977 | -€228 | -0.9% |
| Financial charges | 65/66B | €15,652 | €11,387 | -€4,264 | -27.2% |
| Recurring financial charges | 65 | €15,652 | €11,387 | -€4,264 | -27.2% |
| Profit (loss) for the period before taxes | 9903 | €268,702 | €447,649 | +€178,947 | +66.6% |
| Income taxes | 67/77 | €96,045 | €153,403 | +€57,358 | +59.7% |
| Profit (loss) for the period | 9904 | €172,657 | €294,246 | +€121,589 | +70.4% |
| Profit (loss) for the period to be appropriated | 9905 | €172,657 | €294,246 | +€121,589 | +70.4% |
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 14 October 2026 via checked.be.