P.G.V.C.: 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.
P.G.V.C.
Largest movements
- Cash -€65,699
down €65,699 (-38.0%), from €172,846 to €107,146
mainly Contributions, distributions and other (-€82,018) and Receivables within one year (-€49,275)
- Receivables within one year +€49,275
up €49,275 (+156%), from €31,506 to €80,780
of which Trade receivables: +€52,426
- Tangible fixed assets -€16,722
down €16,722 (-3.0%), from €549,710 to €532,988
of which Land and buildings: -€17,327
- Debts after one year -€40,586
down €40,586 (-16.4%), from €246,819 to €206,233
- Other debts +€31,556
up €31,556 (+30.5%), from €103,383 to €134,939
- Tax, wage and social debts +€31,066
up €31,066 (+295%), from €10,518 to €41,584
- Reserves -€26,714
down €26,714 (-8.6%), from €309,657 to €282,943
of which Distributable reserves: -€26,714
- Trade debts -€20,831
down €20,831 (-83.5%), from €24,938 to €4,107
- Gross operating margin +€48,131
up €48,131 (+70.1%), from €68,658 to €116,789
- Taxes +€13,414
up €13,414 (+108%), from €12,448 to €25,862
- Depreciation +€2,212
up €2,212 (+14.3%), from €15,418 to €17,630
- Financial charges +€2,211
up €2,211 (+18.3%), from €12,065 to €14,276
- Financial income -€1,333
down €1,333 (-99.8%), from €1,336 to €2
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 | €757,657 | €727,281 | -€30,376 | -4.0% |
| Fixed assets | 21/28 | €549,710 | €532,988 | -€16,722 | -3.0% |
| Tangible fixed assets | 22/27 | €549,710 | €532,988 | -€16,722 | -3.0% |
| Land and buildings | 22 | €309,879 | €292,552 | -€17,327 | -5.6% |
| Furniture and vehicles | 24 | - | €606 | +€606 | |
| Other tangible fixed assets | 26 | €239,830 | €239,830 | = | 0.0% |
| Current assets | 29/58 | €207,947 | €194,293 | -€13,654 | -6.6% |
| Amounts receivable within one year | 40/41 | €31,506 | €80,780 | +€49,275 | +156% |
| Trade receivables | 40 | €28,354 | €80,780 | +€52,426 | +185% |
| Other amounts receivable | 41 | €3,152 | €0 | -€3,152 | -100% |
| Cash at bank and in hand | 54/58 | €172,846 | €107,146 | -€65,699 | -38.0% |
| Deferred charges and accrued income | 490/1 | €3,596 | €6,366 | +€2,770 | +77.0% |
| Total equity and liabilities | 10/49 | €757,657 | €727,281 | -€30,376 | -4.0% |
| Equity | 10/15 | €315,857 | €289,143 | -€26,714 | -8.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €309,657 | €282,943 | -€26,714 | -8.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €309,657 | €282,943 | -€26,714 | -8.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €441,800 | €438,138 | -€3,662 | -0.8% |
| Amounts payable after more than one year | 17 | €246,819 | €206,233 | -€40,586 | -16.4% |
| Financial debts | 170/4 | €246,819 | €206,233 | -€40,586 | -16.4% |
| Amounts payable within one year | 42/48 | €184,222 | €222,517 | +€38,295 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €40,093 | €41,887 | +€1,794 | +4.5% |
| Financial debts | 43 | €5,290 | €0 | -€5,290 | -100% |
| Credit institutions | 430/8 | €5,290 | €0 | -€5,290 | -100% |
| Trade debts | 44 | €24,938 | €4,107 | -€20,831 | -83.5% |
| Suppliers | 440/4 | €24,938 | €4,107 | -€20,831 | -83.5% |
| Taxes, remuneration and social security | 45 | €10,518 | €41,584 | +€31,066 | +295% |
| Taxes | 450/3 | €10,518 | €41,584 | +€31,066 | +295% |
| Other amounts payable | 47/48 | €103,383 | €134,939 | +€31,556 | +30.5% |
| Accrued charges and deferred income | 492/3 | €10,759 | €9,388 | -€1,371 | -12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,418 | €17,630 | +€2,212 | +14.3% |
| Other operating charges | 640/8 | €3,613 | €3,719 | +€106 | +2.9% |
| Gross operating margin | 9900 | €68,658 | €116,789 | +€48,131 | +70.1% |
| Operating profit (loss) | 9901 | €49,627 | €95,440 | +€45,813 | +92.3% |
| Financial income | 75/76B | €1,336 | €2 | -€1,333 | -99.8% |
| Recurring financial income | 75 | €1,336 | €2 | -€1,333 | -99.8% |
| Financial charges | 65/66B | €12,065 | €14,276 | +€2,211 | +18.3% |
| Recurring financial charges | 65 | €12,065 | €14,276 | +€2,211 | +18.3% |
| Profit (loss) for the period before taxes | 9903 | €38,898 | €81,167 | +€42,269 | +109% |
| Income taxes | 67/77 | €12,448 | €25,862 | +€13,414 | +108% |
| Profit (loss) for the period | 9904 | €26,450 | €55,305 | +€28,855 | +109% |
| Profit (loss) for the period to be appropriated | 9905 | €26,450 | €55,305 | +€28,855 | +109% |
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 31 October 2026 via checked.be.