PAVOBUR: 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.
PAVOBUR
Largest movements
- Cash -€158,078
down €158,078 (-46.7%), from €338,628 to €180,550
mainly Contributions, distributions and other (-€315,000) and Current investments (-€140,000)
- Current investments +€140,000
new in 2025: €140,000
- Receivables within one year +€86,784
up €86,784 (+37.7%), from €230,326 to €317,109
of which Trade receivables: +€68,149
- Stocks and contracts +€24,227
up €24,227 (+10.4%), from €233,603 to €257,830
- Trade debts +€75,258
up €75,258 (+58.2%), from €129,328 to €204,586
- Other debts +€12,517
up €12,517 (+3.7%), from €336,805 to €349,322
- Gross operating margin +€43,412
up €43,412 (+9.2%), from €473,745 to €517,156
- Staff costs +€12,841
up €12,841 (+7.3%), from €176,473 to €189,314
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 | €845,357 | €943,141 | +€97,783 | +11.6% |
| Fixed assets | 21/28 | €35,792 | €40,627 | +€4,835 | +13.5% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €35,792 | €40,627 | +€4,835 | +13.5% |
| Plant, machinery and equipment | 23 | €252 | €1,762 | +€1,510 | +599% |
| Furniture and vehicles | 24 | €5,411 | €1,894 | -€3,516 | -65.0% |
| Other tangible fixed assets | 26 | €30,129 | €36,970 | +€6,841 | +22.7% |
| Current assets | 29/58 | €809,565 | €902,514 | +€92,949 | +11.5% |
| Stocks and contracts in progress | 3 | €233,603 | €257,830 | +€24,227 | +10.4% |
| Stocks | 30/36 | €233,603 | €257,830 | +€24,227 | +10.4% |
| Amounts receivable within one year | 40/41 | €230,326 | €317,109 | +€86,784 | +37.7% |
| Trade receivables | 40 | €172,524 | €240,673 | +€68,149 | +39.5% |
| Other amounts receivable | 41 | €57,802 | €76,436 | +€18,635 | +32.2% |
| Current investments | 50/53 | - | €140,000 | +€140,000 | |
| Cash at bank and in hand | 54/58 | €338,628 | €180,550 | -€158,078 | -46.7% |
| Deferred charges and accrued income | 490/1 | €7,008 | €7,024 | +€16 | +0.2% |
| Total equity and liabilities | 10/49 | €845,357 | €943,141 | +€97,783 | +11.6% |
| Equity | 10/15 | €353,554 | €355,458 | +€1,904 | +0.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €292,054 | €293,958 | +€1,904 | +0.7% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,220 | €11,220 | = | 0.0% |
| Distributable reserves | 133 | €274,684 | €276,588 | +€1,904 | +0.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €491,803 | €587,682 | +€95,879 | +19.5% |
| Amounts payable within one year | 42/48 | €489,396 | €585,983 | +€96,587 | +19.7% |
| Trade debts | 44 | €129,328 | €204,586 | +€75,258 | +58.2% |
| Suppliers | 440/4 | €129,328 | €204,586 | +€75,258 | +58.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €23,263 | €32,075 | +€8,812 | +37.9% |
| Taxes | 450/3 | €3,993 | €0 | -€3,993 | -100% |
| Remuneration and social security | 454/9 | €19,270 | €32,075 | +€12,805 | +66.5% |
| Other amounts payable | 47/48 | €336,805 | €349,322 | +€12,517 | +3.7% |
| Accrued charges and deferred income | 492/3 | €2,407 | €1,699 | -€708 | -29.4% |
| Remuneration, social security and pensions | 62 | €176,473 | €189,314 | +€12,841 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,912 | €12,511 | +€599 | +5.0% |
| Other operating charges | 640/8 | €1,381 | €765 | -€616 | -44.6% |
| Gross operating margin | 9900 | €473,745 | €517,156 | +€43,412 | +9.2% |
| Operating profit (loss) | 9901 | €283,978 | €314,566 | +€30,588 | +10.8% |
| Financial income | 75/76B | €3,167 | €4,216 | +€1,050 | +33.1% |
| Recurring financial income | 75 | €3,167 | €4,216 | +€1,050 | +33.1% |
| Financial charges | 65/66B | €873 | €1,650 | +€777 | +88.9% |
| Recurring financial charges | 65 | €873 | €1,650 | +€777 | +88.9% |
| Profit (loss) for the period before taxes | 9903 | €286,271 | €317,132 | +€30,861 | +10.8% |
| Income taxes | 67/77 | €1,906 | €228 | -€1,678 | -88.0% |
| Profit (loss) for the period | 9904 | €284,366 | €316,904 | +€32,539 | +11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €284,366 | €316,904 | +€32,539 | +11.4% |
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 17 October 2026 via checked.be.