SM Pavage: 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.
SM Pavage
Largest movements
- Cash +€33,425
up €33,425 (+42.8%), from €78,144 to €111,569
mainly Trade debts (+€35,491) and Depreciation (+€8,303)
- Tangible fixed assets +€2,776
up €2,776 (+16.2%), from €17,168 to €19,944
of which Furniture and vehicles: +€4,009
- Trade debts +€35,491
up €35,491 (+773%), from €4,590 to €40,080
of which Suppliers: +€31,952
- Profit (loss) carried forward +€6,072
up €6,072 (+9.0%), from €67,819 to €73,891
- Current portion of long-term debt -€5,980
down €5,980 (-53.7%), from €11,145 to €5,165
- Debts after one year +€4,472
up €4,472 (+139%), from €3,228 to €7,700
- Other debts -€2,154
down €2,154 (-23.3%), from €9,240 to €7,086
- Gross operating margin -€38,368
down €38,368 (-69.0%), from €55,590 to €17,222
- Staff costs -€21,731
down €21,731, from €20,922 to -€809
- Taxes -€4,099
down €4,099 (-69.1%), from €5,934 to €1,835
- Depreciation -€980
down €980 (-10.6%), from €9,284 to €8,303
- Financial charges +€812
up €812 (+144%), from €565 to €1,377
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 | €115,038 | €151,270 | +€36,233 | +31.5% |
| Fixed assets | 21/28 | €17,168 | €19,944 | +€2,776 | +16.2% |
| Tangible fixed assets | 22/27 | €17,168 | €19,944 | +€2,776 | +16.2% |
| Plant, machinery and equipment | 23 | €2,010 | €777 | -€1,233 | -61.3% |
| Furniture and vehicles | 24 | €15,158 | €19,167 | +€4,009 | +26.4% |
| Current assets | 29/58 | €97,870 | €131,327 | +€33,457 | +34.2% |
| Amounts receivable within one year | 40/41 | €18,814 | €18,766 | -€49 | -0.3% |
| Trade receivables | 40 | €15,200 | €8,100 | -€7,100 | -46.7% |
| Other amounts receivable | 41 | €3,614 | €10,665 | +€7,051 | +195% |
| Cash at bank and in hand | 54/58 | €78,144 | €111,569 | +€33,425 | +42.8% |
| Deferred charges and accrued income | 490/1 | €912 | €993 | +€81 | +8.8% |
| Total equity and liabilities | 10/49 | €115,038 | €151,270 | +€36,233 | +31.5% |
| Equity | 10/15 | €79,819 | €85,891 | +€6,072 | +7.6% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €67,819 | €73,891 | +€6,072 | +9.0% |
| Amounts payable | 17/49 | €35,219 | €65,379 | +€30,160 | +85.6% |
| Amounts payable after more than one year | 17 | €3,228 | €7,700 | +€4,472 | +139% |
| Financial debts | 170/4 | €3,228 | €7,700 | +€4,472 | +139% |
| Amounts payable within one year | 42/48 | €31,991 | €57,443 | +€25,452 | +79.6% |
| Current portion of amounts payable after more than one year | 42 | €11,145 | €5,165 | -€5,980 | -53.7% |
| Trade debts | 44 | €4,590 | €40,080 | +€35,491 | +773% |
| Suppliers | 440/4 | €4,590 | €36,542 | +€31,952 | +696% |
| Bills of exchange payable | 441 | - | €3,538 | +€3,538 | |
| Taxes, remuneration and social security | 45 | €7,016 | €5,111 | -€1,904 | -27.1% |
| Taxes | 450/3 | €5,934 | €5,111 | -€822 | -13.9% |
| Remuneration and social security | 454/9 | €1,082 | - | -€1,082 | |
| Other amounts payable | 47/48 | €9,240 | €7,086 | -€2,154 | -23.3% |
| Accrued charges and deferred income | 492/3 | - | €236 | +€236 | |
| Remuneration, social security and pensions | 62 | €20,922 | -€809 | -€21,731 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,284 | €8,303 | -€980 | -10.6% |
| Other operating charges | 640/8 | €1,086 | €444 | -€642 | -59.1% |
| Gross operating margin | 9900 | €55,590 | €17,222 | -€38,368 | -69.0% |
| Operating profit (loss) | 9901 | €24,299 | €9,284 | -€15,015 | -61.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €565 | €1,377 | +€812 | +144% |
| Recurring financial charges | 65 | €565 | €1,377 | +€812 | +144% |
| Profit (loss) for the period before taxes | 9903 | €23,734 | €7,907 | -€15,827 | -66.7% |
| Income taxes | 67/77 | €5,934 | €1,835 | -€4,099 | -69.1% |
| Profit (loss) for the period | 9904 | €17,801 | €6,072 | -€11,728 | -65.9% |
| Profit (loss) for the period to be appropriated | 9905 | €17,801 | €6,072 | -€11,728 | -65.9% |
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 25 October 2026 via checked.be.