PAVLOV: 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.
PAVLOV
Largest movements
- Receivables within one year +€23,609
up €23,609 (+36.5%), from €64,745 to €88,355
of which Trade receivables: +€19,376
- Cash -€23,271
down €23,271 (-71.4%), from €32,584 to €9,314
mainly Net result for the year (-€99,151) and Receivables within one year (-€23,609)
- Contributions +€100,000
up €100,000 (+45.5%), from €220,000 to €320,000
- Profit (loss) carried forward -€99,151
down €99,151 (-62.3%), from -€159,123 to -€258,273
- Trade debts -€2,381
down €2,381 (-5.8%), from €40,876 to €38,495
- Tax, wage and social debts +€1,484
up €1,484 (+24694.7%), from €6 to €1,490
- Gross operating margin +€48,785
up €48,785 (+33.3%), from -€146,505 to -€97,720
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 | €101,760 | €101,712 | -€48 | 0.0% |
| Fixed assets | 21/28 | €2,562 | €2,349 | -€213 | -8.3% |
| Tangible fixed assets | 22/27 | €528 | €315 | -€213 | -40.4% |
| Furniture and vehicles | 24 | €528 | €315 | -€213 | -40.4% |
| Financial fixed assets | 28 | €2,034 | €2,034 | = | 0.0% |
| Current assets | 29/58 | €99,197 | €99,363 | +€165 | +0.2% |
| Amounts receivable within one year | 40/41 | €64,745 | €88,355 | +€23,609 | +36.5% |
| Trade receivables | 40 | €47,727 | €67,104 | +€19,376 | +40.6% |
| Other amounts receivable | 41 | €17,018 | €21,251 | +€4,233 | +24.9% |
| Cash at bank and in hand | 54/58 | €32,584 | €9,314 | -€23,271 | -71.4% |
| Deferred charges and accrued income | 490/1 | €1,867 | €1,694 | -€173 | -9.3% |
| Total equity and liabilities | 10/49 | €101,760 | €101,712 | -€48 | 0.0% |
| Equity | 10/15 | €60,877 | €61,727 | +€850 | +1.4% |
| Contributions | 10/11 | €220,000 | €320,000 | +€100,000 | +45.5% |
| Profit (loss) carried forward | 14 | -€159,123 | -€258,273 | -€99,151 | -62.3% |
| Amounts payable | 17/49 | €40,882 | €39,985 | -€897 | -2.2% |
| Amounts payable within one year | 42/48 | €40,882 | €39,985 | -€897 | -2.2% |
| Trade debts | 44 | €40,876 | €38,495 | -€2,381 | -5.8% |
| Suppliers | 440/4 | €40,876 | €38,495 | -€2,381 | -5.8% |
| Taxes, remuneration and social security | 45 | €6 | €1,490 | +€1,484 | +24694.7% |
| Taxes | 450/3 | €6 | €1,490 | +€1,484 | +24694.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €203 | €213 | +€10 | +4.9% |
| Other operating charges | 640/8 | €569 | €585 | +€16 | +2.9% |
| Gross operating margin | 9900 | -€146,505 | -€97,720 | +€48,785 | +33.3% |
| Operating profit (loss) | 9901 | -€147,277 | -€98,519 | +€48,758 | +33.1% |
| Financial charges | 65/66B | €400 | €632 | +€231 | +57.8% |
| Recurring financial charges | 65 | €400 | €632 | +€231 | +57.8% |
| Profit (loss) for the period before taxes | 9903 | -€147,677 | -€99,151 | +€48,527 | +32.9% |
| Profit (loss) for the period | 9904 | -€147,677 | -€99,151 | +€48,527 | +32.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€147,677 | -€99,151 | +€48,527 | +32.9% |
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 9 October 2026 via checked.be.