Pavio: 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.
Pavio
Largest movements
- Cash +€67,650
up €67,650 (+33.7%), from €200,856 to €268,505
mainly Net result for the year (+€79,777) and Depreciation (+€38,326)
- Receivables within one year -€7,715
down €7,715 (-8.9%), from €86,674 to €78,959
of which Trade receivables: -€14,144
- Reserves +€78,111
up €78,111 (+19.2%), from €406,941 to €485,052
- Debts after one year -€10,642
down €10,642 (-27.8%), from €38,282 to €27,640
- Gross operating margin -€58,901
down €58,901 (-29.3%), from €201,356 to €142,455
- Taxes -€23,890
down €23,890 (-51.8%), from €46,145 to €22,255
- Depreciation -€7,230
down €7,230 (-15.9%), from €45,556 to €38,326
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 | €562,575 | €627,712 | +€65,137 | +11.6% |
| Fixed assets | 21/28 | €273,698 | €278,222 | +€4,523 | +1.7% |
| Tangible fixed assets | 22/27 | €273,698 | €278,222 | +€4,523 | +1.7% |
| Land and buildings | 22 | €207,688 | €200,741 | -€6,947 | -3.3% |
| Plant, machinery and equipment | 23 | €12,320 | €14,615 | +€2,295 | +18.6% |
| Furniture and vehicles | 24 | €53,691 | €62,866 | +€9,175 | +17.1% |
| Current assets | 29/58 | €288,877 | €349,490 | +€60,614 | +21.0% |
| Amounts receivable within one year | 40/41 | €86,674 | €78,959 | -€7,715 | -8.9% |
| Trade receivables | 40 | €86,674 | €72,530 | -€14,144 | -16.3% |
| Other amounts receivable | 41 | - | €6,429 | +€6,429 | |
| Cash at bank and in hand | 54/58 | €200,856 | €268,505 | +€67,650 | +33.7% |
| Deferred charges and accrued income | 490/1 | €1,347 | €2,026 | +€679 | +50.4% |
| Total equity and liabilities | 10/49 | €562,575 | €627,712 | +€65,137 | +11.6% |
| Equity | 10/15 | €426,941 | €505,052 | +€78,111 | +18.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €406,941 | €485,052 | +€78,111 | +19.2% |
| Distributable reserves | 133 | €406,941 | €485,052 | +€78,111 | +19.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €135,634 | €122,660 | -€12,973 | -9.6% |
| Amounts payable after more than one year | 17 | €38,282 | €27,640 | -€10,642 | -27.8% |
| Financial debts | 170/4 | €38,282 | €27,640 | -€10,642 | -27.8% |
| Amounts payable within one year | 42/48 | €95,284 | €93,316 | -€1,968 | -2.1% |
| Current portion of amounts payable after more than one year | 42 | €19,828 | €23,061 | +€3,233 | +16.3% |
| Trade debts | 44 | €10,002 | €12,002 | +€2,000 | +20.0% |
| Suppliers | 440/4 | €10,002 | €12,002 | +€2,000 | +20.0% |
| Taxes, remuneration and social security | 45 | €42,718 | €39,841 | -€2,877 | -6.7% |
| Taxes | 450/3 | €38,558 | €39,841 | +€1,283 | +3.3% |
| Remuneration and social security | 454/9 | €4,160 | €0 | -€4,160 | -100% |
| Other amounts payable | 47/48 | €22,736 | €18,413 | -€4,323 | -19.0% |
| Accrued charges and deferred income | 492/3 | €2,068 | €1,704 | -€364 | -17.6% |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,556 | €38,326 | -€7,230 | -15.9% |
| Other operating charges | 640/8 | €2,366 | €1,279 | -€1,086 | -45.9% |
| Gross operating margin | 9900 | €201,356 | €142,455 | -€58,901 | -29.3% |
| Operating profit (loss) | 9901 | €153,434 | €102,850 | -€50,585 | -33.0% |
| Financial income | 75/76B | €912 | €2,279 | +€1,367 | +150% |
| Recurring financial income | 75 | €912 | €2,279 | +€1,367 | +150% |
| Financial charges | 65/66B | €3,756 | €3,098 | -€659 | -17.5% |
| Recurring financial charges | 65 | €3,756 | €3,098 | -€659 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | €150,590 | €102,031 | -€48,559 | -32.2% |
| Income taxes | 67/77 | €46,145 | €22,255 | -€23,890 | -51.8% |
| Profit (loss) for the period | 9904 | €104,446 | €79,777 | -€24,669 | -23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €104,446 | €79,777 | -€24,669 | -23.6% |
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 30 October 2026 via checked.be.