Pavo Projects: 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.
Pavo Projects
Largest movements
- Cash +€1,662
up €1,662 (+20.1%), from €8,258 to €9,920
mainly Net result for the year (+€10,989) and Depreciation (+€1,007)
- Tangible fixed assets -€1,007
down €1,007 (-52.4%), from €1,922 to €916
- Receivables within one year +€595
up €595 (+5.4%), from €11,096 to €11,691
of which Trade receivables: +€510
- Reserves +€10,989
up €10,989 (+202%), from €5,442 to €16,431
- Tax, wage and social debts -€7,578
down €7,578 (-51.1%), from €14,837 to €7,259
- Other debts -€2,762
down €2,762 (-91.4%), from €3,021 to €259
- Trade debts +€781
up €781 (+69.8%), from €1,119 to €1,900
- Gross operating margin +€1,435
up €1,435 (+9.0%), from €15,997 to €17,432
- Depreciation -€806
down €806 (-44.5%), from €1,813 to €1,007
- Other operating charges +€193
up €193 (+16.4%), from €1,172 to €1,364
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 | €29,419 | €30,849 | +€1,430 | +4.9% |
| Fixed assets | 21/28 | €1,922 | €916 | -€1,007 | -52.4% |
| Tangible fixed assets | 22/27 | €1,922 | €916 | -€1,007 | -52.4% |
| Furniture and vehicles | 24 | €1,922 | €916 | -€1,007 | -52.4% |
| Current assets | 29/58 | €27,496 | €29,933 | +€2,437 | +8.9% |
| Amounts receivable after more than one year | 29 | €7,500 | €7,500 | = | 0.0% |
| Other amounts receivable | 291 | €7,500 | €7,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €11,096 | €11,691 | +€595 | +5.4% |
| Trade receivables | 40 | €11,065 | €11,575 | +€510 | +4.6% |
| Other amounts receivable | 41 | €32 | €116 | +€85 | +267% |
| Cash at bank and in hand | 54/58 | €8,258 | €9,920 | +€1,662 | +20.1% |
| Deferred charges and accrued income | 490/1 | €642 | €822 | +€180 | +28.1% |
| Total equity and liabilities | 10/49 | €29,419 | €30,849 | +€1,430 | +4.9% |
| Equity | 10/15 | €10,442 | €21,431 | +€10,989 | +105% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €5,442 | €16,431 | +€10,989 | +202% |
| Distributable reserves | 133 | €5,442 | €16,431 | +€10,989 | +202% |
| Amounts payable | 17/49 | €18,977 | €9,418 | -€9,559 | -50.4% |
| Amounts payable within one year | 42/48 | €18,977 | €9,418 | -€9,559 | -50.4% |
| Trade debts | 44 | €1,119 | €1,900 | +€781 | +69.8% |
| Suppliers | 440/4 | €1,119 | €1,900 | +€781 | +69.8% |
| Taxes, remuneration and social security | 45 | €14,837 | €7,259 | -€7,578 | -51.1% |
| Taxes | 450/3 | €14,837 | €7,259 | -€7,578 | -51.1% |
| Other amounts payable | 47/48 | €3,021 | €259 | -€2,762 | -91.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,813 | €1,007 | -€806 | -44.5% |
| Other operating charges | 640/8 | €1,172 | €1,364 | +€193 | +16.4% |
| Gross operating margin | 9900 | €15,997 | €17,432 | +€1,435 | +9.0% |
| Operating profit (loss) | 9901 | €13,012 | €15,061 | +€2,049 | +15.7% |
| Financial income | 75/76B | €180 | €313 | +€133 | +73.9% |
| Recurring financial income | 75 | €180 | €313 | +€133 | +73.9% |
| Financial charges | 65/66B | €4,337 | €4,188 | -€149 | -3.4% |
| Recurring financial charges | 65 | €4,337 | €4,188 | -€149 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €8,855 | €11,186 | +€2,331 | +26.3% |
| Income taxes | 67/77 | €278 | €197 | -€81 | -29.2% |
| Profit (loss) for the period | 9904 | €8,577 | €10,989 | +€2,413 | +28.1% |
| Profit (loss) for the period to be appropriated | 9905 | €8,577 | €10,989 | +€2,413 | +28.1% |
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 18 October 2026 via checked.be.