PAVONET: 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.
PAVONET
Largest movements
- Tangible fixed assets -€81,760
down €81,760 (-14.6%), from €558,950 to €477,190
of which Leasing and similar rights: -€60,800
- Receivables within one year -€36,759
down €36,759 (-13.7%), from €267,952 to €231,192
of which Other amounts receivable: -€21,298
- Cash -€21,236
down €21,236 (-16.1%), from €131,802 to €110,566
mainly Investment in fixed assets (net) (-€85,442) and Trade debts (-€69,724)
- Trade debts -€69,724
down €69,724 (-57.7%), from €120,762 to €51,039
- Other debts -€51,526
down €51,526 (-99.5%), from €51,787 to €261
- Tax, wage and social debts +€42,969
up €42,969 (+43.5%), from €98,803 to €141,772
of which Remuneration and social security: +€40,237
- Current portion of long-term debt -€31,605
down €31,605 (-17.8%), from €177,619 to €146,014
- Debts after one year -€26,381
down €26,381 (-7.1%), from €372,556 to €346,175
- Staff costs +€38,791
up €38,791 (+9.1%), from €426,295 to €465,085
- Gross operating margin -€16,852
down €16,852 (-2.5%), from €662,707 to €645,856
- Depreciation +€14,047
up €14,047 (+9.1%), from €153,802 to €167,849
- Financial income +€9,938
up €9,938 (+102%), from €9,765 to €19,702
- Financial charges -€7,137
down €7,137 (-28.3%), from €25,213 to €18,076
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 | €1,055,333 | €909,983 | -€145,350 | -13.8% |
| Fixed assets | 21/28 | €561,546 | €479,139 | -€82,407 | -14.7% |
| Intangible fixed assets | 21 | €2,206 | €1,559 | -€647 | -29.3% |
| Tangible fixed assets | 22/27 | €558,950 | €477,190 | -€81,760 | -14.6% |
| Land and buildings | 22 | €227,850 | €199,697 | -€28,153 | -12.4% |
| Plant, machinery and equipment | 23 | €179,751 | €182,635 | +€2,884 | +1.6% |
| Furniture and vehicles | 24 | €63,210 | €67,520 | +€4,309 | +6.8% |
| Leasing and similar rights | 25 | €88,139 | €27,339 | -€60,800 | -69.0% |
| Financial fixed assets | 28 | €390 | €390 | = | 0.0% |
| Current assets | 29/58 | €493,787 | €430,844 | -€62,943 | -12.7% |
| Stocks and contracts in progress | 3 | €91,682 | €87,703 | -€3,979 | -4.3% |
| Stocks | 30/36 | €91,682 | €87,703 | -€3,979 | -4.3% |
| Amounts receivable within one year | 40/41 | €267,952 | €231,192 | -€36,759 | -13.7% |
| Trade receivables | 40 | €239,298 | €223,837 | -€15,461 | -6.5% |
| Other amounts receivable | 41 | €28,654 | €7,355 | -€21,298 | -74.3% |
| Cash at bank and in hand | 54/58 | €131,802 | €110,566 | -€21,236 | -16.1% |
| Deferred charges and accrued income | 490/1 | €2,352 | €1,384 | -€968 | -41.2% |
| Total equity and liabilities | 10/49 | €1,055,333 | €909,983 | -€145,350 | -13.8% |
| Equity | 10/15 | €228,706 | €219,323 | -€9,382 | -4.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €190,000 | €180,183 | -€9,817 | -5.2% |
| Investment grants | 15 | €18,246 | €18,680 | +€434 | +2.4% |
| Amounts payable | 17/49 | €826,628 | €690,660 | -€135,968 | -16.4% |
| Amounts payable after more than one year | 17 | €372,556 | €346,175 | -€26,381 | -7.1% |
| Financial debts | 170/4 | €372,556 | €346,175 | -€26,381 | -7.1% |
| Amounts payable within one year | 42/48 | €448,972 | €339,086 | -€109,887 | -24.5% |
| Current portion of amounts payable after more than one year | 42 | €177,619 | €146,014 | -€31,605 | -17.8% |
| Trade debts | 44 | €120,762 | €51,039 | -€69,724 | -57.7% |
| Suppliers | 440/4 | €120,762 | €51,039 | -€69,724 | -57.7% |
| Taxes, remuneration and social security | 45 | €98,803 | €141,772 | +€42,969 | +43.5% |
| Taxes | 450/3 | €58,799 | €61,530 | +€2,731 | +4.6% |
| Remuneration and social security | 454/9 | €40,004 | €80,242 | +€40,237 | +101% |
| Other amounts payable | 47/48 | €51,787 | €261 | -€51,526 | -99.5% |
| Accrued charges and deferred income | 492/3 | €5,100 | €5,400 | +€300 | +5.9% |
| Remuneration, social security and pensions | 62 | €426,295 | €465,085 | +€38,791 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €153,802 | €167,849 | +€14,047 | +9.1% |
| Other operating charges | 640/8 | €15,433 | €17,768 | +€2,336 | +15.1% |
| Non-recurring operating charges | 66A | €228 | €189 | -€40 | -17.4% |
| Gross operating margin | 9900 | €662,707 | €645,856 | -€16,852 | -2.5% |
| Operating profit (loss) | 9901 | €66,950 | -€5,035 | -€71,986 | |
| Financial income | 75/76B | €9,765 | €19,702 | +€9,938 | +102% |
| Recurring financial income | 75 | €9,765 | €19,702 | +€9,938 | +102% |
| Financial charges | 65/66B | €25,213 | €18,076 | -€7,137 | -28.3% |
| Recurring financial charges | 65 | €25,213 | €18,076 | -€7,137 | -28.3% |
| Profit (loss) for the period before taxes | 9903 | €51,502 | -€3,409 | -€54,911 | |
| Income taxes | 67/77 | €13,514 | €6,408 | -€7,107 | -52.6% |
| Profit (loss) for the period | 9904 | €37,987 | -€9,817 | -€47,804 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,987 | -€9,817 | -€47,804 |
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 14 October 2026 via checked.be.