Pavreco: 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.
Pavreco
Largest movements
- Cash +€309,059
up €309,059 (+4,433%), from €6,971 to €316,030
mainly Net result for the year (+€214,973) and Investment in fixed assets (net) (+€182,299)
- Tangible fixed assets -€182,911
down €182,911 (-99.8%), from €183,298 to €387
of which Land and buildings: -€149,383
- Stocks and contracts -€21,804
no longer reported in 2025 (was €21,804)
- Receivables within one year -€15,224
down €15,224 (-85.2%), from €17,861 to €2,637
of which Trade receivables: -€15,616
- Reserves +€167,000
up €167,000 (+392%), from €42,649 to €209,649
of which Distributable reserves: +€167,000
- Other debts -€58,869
down €58,869 (-56.9%), from €103,447 to €44,578
- Profit (loss) carried forward +€34,973
up €34,973, from -€31,025 to €3,948
- Current portion of long-term debt -€18,012
no longer reported in 2025 (was €18,012)
- Trade debts -€17,216
no longer reported in 2025 (was €17,216)
- Gross operating margin +€405,294
up €405,294 (+556%), from €72,873 to €478,167
- Staff costs +€100,655
up €100,655 (+154%), from €65,346 to €166,001
- Taxes +€89,664
up €89,664 (+24,103%), from €372 to €90,036
- Depreciation -€10,941
down €10,941 (-99.9%), from €10,952 to €12
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 | €232,417 | €320,055 | +€87,638 | +37.7% |
| Fixed assets | 21/28 | €183,298 | €987 | -€182,311 | -99.5% |
| Tangible fixed assets | 22/27 | €183,298 | €387 | -€182,911 | -99.8% |
| Land and buildings | 22 | €149,383 | - | -€149,383 | |
| Plant, machinery and equipment | 23 | €113 | €387 | +€274 | +241% |
| Furniture and vehicles | 24 | €798 | - | -€798 | |
| Leasing and similar rights | 25 | €33,003 | - | -€33,003 | |
| Financial fixed assets | 28 | - | €600 | +€600 | |
| Current assets | 29/58 | €49,119 | €319,068 | +€269,949 | +550% |
| Stocks and contracts in progress | 3 | €21,804 | - | -€21,804 | |
| Stocks | 30/36 | €21,804 | - | -€21,804 | |
| Amounts receivable within one year | 40/41 | €17,861 | €2,637 | -€15,224 | -85.2% |
| Trade receivables | 40 | €17,861 | €2,245 | -€15,616 | -87.4% |
| Other amounts receivable | 41 | - | €392 | +€392 | |
| Cash at bank and in hand | 54/58 | €6,971 | €316,030 | +€309,059 | +4,433% |
| Deferred charges and accrued income | 490/1 | €2,483 | €401 | -€2,082 | -83.8% |
| Total equity and liabilities | 10/49 | €232,417 | €320,055 | +€87,638 | +37.7% |
| Equity | 10/15 | €73,505 | €275,477 | +€201,973 | +275% |
| Contributions | 10/11 | €61,880 | €61,880 | = | 0.0% |
| Capital | 10 | €61,880 | €61,880 | = | 0.0% |
| Issued capital | 100 | €61,880 | €61,880 | = | 0.0% |
| Reserves | 13 | €42,649 | €209,649 | +€167,000 | +392% |
| Non-distributable reserves | 130/1 | €6,188 | €6,188 | = | 0.0% |
| Legal reserve | 130 | €6,188 | €6,188 | = | 0.0% |
| Distributable reserves | 133 | €36,461 | €203,461 | +€167,000 | +458% |
| Profit (loss) carried forward | 14 | -€31,025 | €3,948 | +€34,973 | |
| Amounts payable | 17/49 | €158,912 | €44,578 | -€114,334 | -71.9% |
| Amounts payable after more than one year | 17 | €11,969 | - | -€11,969 | |
| Financial debts | 170/4 | €11,969 | - | -€11,969 | |
| Amounts payable within one year | 42/48 | €146,943 | €44,578 | -€102,365 | -69.7% |
| Current portion of amounts payable after more than one year | 42 | €18,012 | - | -€18,012 | |
| Trade debts | 44 | €17,216 | - | -€17,216 | |
| Suppliers | 440/4 | €17,216 | - | -€17,216 | |
| Taxes, remuneration and social security | 45 | €8,268 | - | -€8,268 | |
| Taxes | 450/3 | €2,362 | - | -€2,362 | |
| Remuneration and social security | 454/9 | €5,906 | - | -€5,906 | |
| Other amounts payable | 47/48 | €103,447 | €44,578 | -€58,869 | -56.9% |
| Non-recurring operating income | 76A | - | €482,738 | +€482,738 | |
| Remuneration, social security and pensions | 62 | €65,346 | €166,001 | +€100,655 | +154% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,952 | €12 | -€10,941 | -99.9% |
| Other operating charges | 640/8 | €5,641 | €4,389 | -€1,252 | -22.2% |
| Gross operating margin | 9900 | €72,873 | €478,167 | +€405,294 | +556% |
| Operating profit (loss) | 9901 | -€9,067 | €307,765 | +€316,832 | |
| Financial charges | 65/66B | €281 | €2,757 | +€2,476 | +881% |
| Recurring financial charges | 65 | €281 | €2,757 | +€2,476 | +881% |
| Profit (loss) for the period before taxes | 9903 | -€9,348 | €305,008 | +€314,356 | |
| Income taxes | 67/77 | €372 | €90,036 | +€89,664 | +24,103% |
| Profit (loss) for the period | 9904 | -€9,720 | €214,973 | +€224,692 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,720 | €214,973 | +€224,692 |
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 19 October 2026 via checked.be.