POVAKO: 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.
POVAKO
Largest movements
- Receivables within one year +€704,546
up €704,546 (+62.5%), from €1.1m to €1.8m
of which Other amounts receivable: +€445,124
- Cash -€141,182
down €141,182 (-82.0%), from €172,178 to €30,997
mainly Receivables within one year (-€704,546) and Investment in fixed assets (net) (-€149,841)
- Stocks and contracts +€107,556
up €107,556 (+34.0%), from €316,163 to €423,719
- Tangible fixed assets +€63,001
up €63,001 (+13.2%), from €477,785 to €540,786
of which Land and buildings: +€35,868
- Trade debts +€762,534
up €762,534 (+226%), from €337,316 to €1.1m
- Reserves +€47,700
up €47,700 (+11.5%), from €413,022 to €460,722
of which Distributable reserves: +€47,700
- Other debts -€40,021
down €40,021 (-32.0%), from €125,043 to €85,023
- Gross operating margin -€85,041
down €85,041 (-35.7%), from €238,054 to €153,013
- Taxes -€26,809
down €26,809 (-60.5%), from €44,310 to €17,501
- Depreciation +€11,212
up €11,212 (+14.1%), from €79,752 to €90,964
- Financial income +€10,846
up €10,846 (+231%), from €4,701 to €15,547
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 | €2,109,890 | €2,840,915 | +€731,025 | +34.6% |
| Fixed assets | 21/28 | €490,933 | €549,809 | +€58,877 | +12.0% |
| Intangible fixed assets | 21 | €13,148 | €9,023 | -€4,124 | -31.4% |
| Tangible fixed assets | 22/27 | €477,785 | €540,786 | +€63,001 | +13.2% |
| Land and buildings | 22 | €476,444 | €512,312 | +€35,868 | +7.5% |
| Plant, machinery and equipment | 23 | €1,341 | €0 | -€1,341 | -100% |
| Furniture and vehicles | 24 | - | €28,474 | +€28,474 | |
| Current assets | 29/58 | €1,618,957 | €2,291,106 | +€672,148 | +41.5% |
| Stocks and contracts in progress | 3 | €316,163 | €423,719 | +€107,556 | +34.0% |
| Stocks | 30/36 | €316,163 | €423,719 | +€107,556 | +34.0% |
| Amounts receivable within one year | 40/41 | €1,127,884 | €1,832,430 | +€704,546 | +62.5% |
| Trade receivables | 40 | €1,006,152 | €1,265,574 | +€259,422 | +25.8% |
| Other amounts receivable | 41 | €121,732 | €566,856 | +€445,124 | +366% |
| Cash at bank and in hand | 54/58 | €172,178 | €30,997 | -€141,182 | -82.0% |
| Deferred charges and accrued income | 490/1 | €2,732 | €3,960 | +€1,228 | +44.9% |
| Total equity and liabilities | 10/49 | €2,109,890 | €2,840,915 | +€731,025 | +34.6% |
| Equity | 10/15 | €433,039 | €480,763 | +€47,724 | +11.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €413,022 | €460,722 | +€47,700 | +11.5% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €411,022 | €458,722 | +€47,700 | +11.6% |
| Profit (loss) carried forward | 14 | €17 | €41 | +€24 | +138% |
| Amounts payable | 17/49 | €1,676,851 | €2,360,152 | +€683,301 | +40.7% |
| Amounts payable after more than one year | 17 | €1,167,001 | €1,157,000 | -€10,000 | -0.9% |
| Financial debts | 170/4 | €1,167,001 | €1,157,000 | -€10,000 | -0.9% |
| Amounts payable within one year | 42/48 | €509,850 | €1,203,151 | +€693,301 | +136% |
| Current portion of amounts payable after more than one year | 42 | €15,567 | €10,000 | -€5,567 | -35.8% |
| Trade debts | 44 | €337,316 | €1,099,850 | +€762,534 | +226% |
| Suppliers | 440/4 | €337,316 | €1,099,850 | +€762,534 | +226% |
| Taxes, remuneration and social security | 45 | €31,924 | €8,279 | -€23,646 | -74.1% |
| Taxes | 450/3 | €31,924 | €8,279 | -€23,646 | -74.1% |
| Other amounts payable | 47/48 | €125,043 | €85,023 | -€40,021 | -32.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,752 | €90,964 | +€11,212 | +14.1% |
| Other operating charges | 640/8 | €7,777 | €8,225 | +€448 | +5.8% |
| Gross operating margin | 9900 | €238,054 | €153,013 | -€85,041 | -35.7% |
| Operating profit (loss) | 9901 | €150,525 | €53,824 | -€96,701 | -64.2% |
| Financial income | 75/76B | €4,701 | €15,547 | +€10,846 | +231% |
| Recurring financial income | 75 | €4,701 | €15,547 | +€10,846 | +231% |
| Financial charges | 65/66B | €4,806 | €4,146 | -€660 | -13.7% |
| Recurring financial charges | 65 | €4,806 | €4,146 | -€660 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €150,421 | €65,225 | -€85,196 | -56.6% |
| Income taxes | 67/77 | €44,310 | €17,501 | -€26,809 | -60.5% |
| Profit (loss) for the period | 9904 | €106,111 | €47,724 | -€58,387 | -55.0% |
| Profit (loss) for the period to be appropriated | 9905 | €106,111 | €47,724 | -€58,387 | -55.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.