PAVLOV: 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.
PAVLOV
Largest movements
- Receivables within one year +€22,416
up €22,416 (+43.7%), from €51,346 to €73,762
of which Trade receivables: +€35,809
- Tangible fixed assets -€16,530
down €16,530 (-35.2%), from €47,022 to €30,492
of which Leasing and similar rights: -€10,946
- Stocks and contracts +€11,636
up €11,636 (+63.7%), from €18,270 to €29,906
- Cash -€6,187
down €6,187 (-18.7%), from €33,021 to €26,834
mainly Contributions, distributions and other (-€75,000) and Receivables within one year (-€22,416)
- Other debts +€87,553
new in 2025: €87,553
- Profit (loss) carried forward -€71,598
down €71,598 (-79.3%), from €90,308 to €18,710
- Debts after one year -€10,200
down €10,200 (-44.1%), from €23,153 to €12,953
- Tax, wage and social debts +€7,234
up €7,234 (+84.7%), from €8,544 to €15,778
- Current portion of long-term debt -€2,046
down €2,046 (-16.7%), from €12,246 to €10,200
- Gross operating margin -€18,633
down €18,633 (-34.8%), from €53,481 to €34,848
- Write-downs +€8,500
new in 2025: €8,500
- Depreciation -€6,334
down €6,334 (-25.7%), from €24,641 to €18,307
- Taxes -€4,966
down €4,966 (-79.5%), from €6,247 to €1,281
- Other operating charges -€3,331
down €3,331 (-66.7%), from €4,995 to €1,664
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 | €151,637 | €163,177 | +€11,540 | +7.6% |
| Fixed assets | 21/28 | €47,373 | €30,892 | -€16,481 | -34.8% |
| Tangible fixed assets | 22/27 | €47,022 | €30,492 | -€16,530 | -35.2% |
| Plant, machinery and equipment | 23 | €6,458 | €1,721 | -€4,737 | -73.4% |
| Furniture and vehicles | 24 | €5,624 | €4,777 | -€847 | -15.1% |
| Leasing and similar rights | 25 | €34,940 | €23,994 | -€10,946 | -31.3% |
| Financial fixed assets | 28 | €351 | €400 | +€49 | +14.0% |
| Current assets | 29/58 | €104,264 | €132,285 | +€28,021 | +26.9% |
| Stocks and contracts in progress | 3 | €18,270 | €29,906 | +€11,636 | +63.7% |
| Stocks | 30/36 | €18,270 | €29,906 | +€11,636 | +63.7% |
| Amounts receivable within one year | 40/41 | €51,346 | €73,762 | +€22,416 | +43.7% |
| Trade receivables | 40 | €36,953 | €72,762 | +€35,809 | +96.9% |
| Other amounts receivable | 41 | €14,393 | €1,000 | -€13,393 | -93.1% |
| Cash at bank and in hand | 54/58 | €33,021 | €26,834 | -€6,187 | -18.7% |
| Deferred charges and accrued income | 490/1 | €1,627 | €1,783 | +€156 | +9.6% |
| Total equity and liabilities | 10/49 | €151,637 | €163,177 | +€11,540 | +7.6% |
| Equity | 10/15 | €91,958 | €20,360 | -€71,598 | -77.9% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €150 | €150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €150 | €150 | = | 0.0% |
| Reserves not available under the articles | 1311 | €150 | €150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €90,308 | €18,710 | -€71,598 | -79.3% |
| Amounts payable | 17/49 | €59,679 | €142,817 | +€83,138 | +139.3% |
| Amounts payable after more than one year | 17 | €23,153 | €12,953 | -€10,200 | -44.1% |
| Financial debts | 170/4 | €23,153 | €12,953 | -€10,200 | -44.1% |
| Amounts payable within one year | 42/48 | €36,526 | €129,864 | +€93,338 | +255.5% |
| Current portion of amounts payable after more than one year | 42 | €12,246 | €10,200 | -€2,046 | -16.7% |
| Trade debts | 44 | €15,736 | €16,333 | +€597 | +3.8% |
| Suppliers | 440/4 | €15,736 | €16,333 | +€597 | +3.8% |
| Taxes, remuneration and social security | 45 | €8,544 | €15,778 | +€7,234 | +84.7% |
| Taxes | 450/3 | €8,544 | €15,778 | +€7,234 | +84.7% |
| Other amounts payable | 47/48 | - | €87,553 | +€87,553 | |
| Non-recurring operating income | 76A | €13,737 | - | -€13,737 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,641 | €18,307 | -€6,334 | -25.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,500 | +€8,500 | |
| Other operating charges | 640/8 | €4,995 | €1,664 | -€3,331 | -66.7% |
| Gross operating margin | 9900 | €53,481 | €34,848 | -€18,633 | -34.8% |
| Operating profit (loss) | 9901 | €23,845 | €6,377 | -€17,468 | -73.3% |
| Financial income | 75/76B | €167 | €32 | -€135 | -80.8% |
| Recurring financial income | 75 | €167 | €32 | -€135 | -80.8% |
| Financial charges | 65/66B | €1,758 | €1,726 | -€32 | -1.8% |
| Recurring financial charges | 65 | €1,758 | €1,726 | -€32 | -1.8% |
| Profit (loss) for the period before taxes | 9903 | €22,254 | €4,683 | -€17,571 | -79.0% |
| Income taxes | 67/77 | €6,247 | €1,281 | -€4,966 | -79.5% |
| Profit (loss) for the period | 9904 | €16,007 | €3,402 | -€12,605 | -78.7% |
| Profit (loss) for the period to be appropriated | 9905 | €16,007 | €3,402 | -€12,605 | -78.7% |
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 7 October 2026 via checked.be.