Pavonis: 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.
Pavonis
Largest movements
- Stocks and contracts -€11,394
down €11,394 (-30.9%), from €36,897 to €25,503
- Tangible fixed assets -€4,244
down €4,244 (-26.7%), from €15,900 to €11,656
of which Plant, machinery and equipment: -€5,843
- Receivables within one year +€2,465
up €2,465 (+4.8%), from €51,070 to €53,535
of which Trade receivables: +€2,739
- Cash -€1,427
down €1,427 (-13.2%), from €10,823 to €9,396
mainly Tax, wage and social debts (-€27,261) and Net result for the year (-€21,938)
- Trade debts +€30,589
up €30,589 (+116.1%), from €26,338 to €56,926
- Tax, wage and social debts -€27,261
down €27,261 (-56.9%), from €47,874 to €20,613
of which Taxes: -€15,430
- Profit (loss) carried forward -€21,938
new in 2025: -€21,938
- Current portion of long-term debt +€2,518
new in 2025: €2,518
- Other debts +€1,960
new in 2025: €1,960
- Turnover +€649,638
new in 2025: €649,638
- Purchases and services +€446,180
new in 2025: €446,180
- Staff costs +€148,458
up €148,458 (+197.4%), from €75,223 to €223,681
- Gross operating margin +€117,420
up €117,420 (+115.8%), from €101,362 to €218,782
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 | €121,556 | €107,409 | -€14,147 | -11.6% |
| Fixed assets | 21/28 | €21,900 | €17,656 | -€4,244 | -19.4% |
| Tangible fixed assets | 22/27 | €15,900 | €11,656 | -€4,244 | -26.7% |
| Plant, machinery and equipment | 23 | €15,900 | €10,057 | -€5,843 | -36.8% |
| Furniture and vehicles | 24 | - | €1,600 | +€1,600 | |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €99,656 | €89,753 | -€9,903 | -9.9% |
| Stocks and contracts in progress | 3 | €36,897 | €25,503 | -€11,394 | -30.9% |
| Stocks | 30/36 | €36,897 | €25,503 | -€11,394 | -30.9% |
| Amounts receivable within one year | 40/41 | €51,070 | €53,535 | +€2,465 | +4.8% |
| Trade receivables | 40 | - | €2,739 | +€2,739 | |
| Other amounts receivable | 41 | €51,070 | €50,796 | -€274 | -0.5% |
| Cash at bank and in hand | 54/58 | €10,823 | €9,396 | -€1,427 | -13.2% |
| Deferred charges and accrued income | 490/1 | €866 | €1,318 | +€453 | +52.3% |
| Total equity and liabilities | 10/49 | €121,556 | €107,409 | -€14,147 | -11.6% |
| Equity | 10/15 | €47,330 | €25,392 | -€21,938 | -46.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €42,330 | €42,330 | = | 0.0% |
| Distributable reserves | 133 | €42,330 | €42,330 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€21,938 | -€21,938 | |
| Amounts payable | 17/49 | €74,226 | €82,017 | +€7,791 | +10.5% |
| Amounts payable within one year | 42/48 | €74,226 | €82,017 | +€7,791 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | - | €2,518 | +€2,518 | |
| Financial debts | 43 | €14 | - | -€14 | |
| Credit institutions | 430/8 | €14 | - | -€14 | |
| Trade debts | 44 | €26,338 | €56,926 | +€30,589 | +116.1% |
| Suppliers | 440/4 | €26,338 | €56,926 | +€30,589 | +116.1% |
| Taxes, remuneration and social security | 45 | €47,874 | €20,613 | -€27,261 | -56.9% |
| Taxes | 450/3 | €36,043 | €20,613 | -€15,430 | -42.8% |
| Remuneration and social security | 454/9 | €11,831 | - | -€11,831 | |
| Other amounts payable | 47/48 | - | €1,960 | +€1,960 | |
| Turnover | 70 | - | €649,638 | +€649,638 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €446,180 | +€446,180 | |
| Remuneration, social security and pensions | 62 | €75,223 | €223,681 | +€148,458 | +197.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,124 | €6,024 | +€900 | +17.6% |
| Other operating charges | 640/8 | €2,557 | €6,051 | +€3,494 | +136.7% |
| Gross operating margin | 9900 | €101,362 | €218,782 | +€117,420 | +115.8% |
| Operating profit (loss) | 9901 | €18,458 | -€16,974 | -€35,432 | |
| Financial charges | 65/66B | €1,152 | €2,935 | +€1,782 | +154.7% |
| Recurring financial charges | 65 | €1,152 | €2,935 | +€1,782 | +154.7% |
| Profit (loss) for the period before taxes | 9903 | €17,305 | -€19,909 | -€37,214 | |
| Income taxes | 67/77 | €3,555 | €2,029 | -€1,526 | -42.9% |
| Profit (loss) for the period | 9904 | €13,750 | -€21,938 | -€35,688 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,750 | -€21,938 | -€35,688 |
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 11 October 2026 via checked.be.