P.V.D.: 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.V.D.
Largest movements
- Cash +€38,529
up €38,529 (+3.4%), from €1.1m to €1.2m
mainly Depreciation (+€27,572) and Receivables within one year (+€10,351)
- Tangible fixed assets -€23,647
down €23,647 (-3.8%), from €625,333 to €601,685
of which Land and buildings: -€22,814
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€1.4m
down €1.4m (-99.9%), from €1.4m to €1,943
of which Non-recurring financial income: -€1.4m
- Gross operating margin +€17,388
up €17,388 (+50.9%), from €34,179 to €51,567
- Financial charges -€6,153
down €6,153 (-84.9%), from €7,244 to €1,091
- Other operating charges +€1,656
up €1,656 (+12.3%), from €13,450 to €15,105
- Depreciation +€1,026
up €1,026 (+3.9%), from €26,546 to €27,572
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 | €2,320,144 | €2,329,250 | +€9,106 | +0.4% |
| Fixed assets | 21/28 | €625,333 | €601,685 | -€23,647 | -3.8% |
| Tangible fixed assets | 22/27 | €625,333 | €601,685 | -€23,647 | -3.8% |
| Land and buildings | 22 | €547,883 | €525,069 | -€22,814 | -4.2% |
| Other tangible fixed assets | 26 | €77,450 | €76,616 | -€834 | -1.1% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,694,812 | €1,727,565 | +€32,753 | +1.9% |
| Amounts receivable within one year | 40/41 | €15,395 | €5,045 | -€10,351 | -67.2% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €15,395 | €5,045 | -€10,351 | -67.2% |
| Current investments | 50/53 | €541,182 | €542,479 | +€1,297 | +0.2% |
| Cash at bank and in hand | 54/58 | €1,138,234 | €1,176,764 | +€38,529 | +3.4% |
| Deferred charges and accrued income | 490/1 | €0 | €3,277 | +€3,277 | |
| Total equity and liabilities | 10/49 | €2,320,144 | €2,329,250 | +€9,106 | +0.4% |
| Equity | 10/15 | €2,318,831 | €2,328,036 | +€9,204 | +0.4% |
| Contributions | 10/11 | €495,787 | €495,787 | = | 0.0% |
| Reserves | 13 | €1,823,044 | €1,832,248 | +€9,204 | +0.5% |
| Distributable reserves | 133 | €1,823,044 | €1,832,248 | +€9,204 | +0.5% |
| Amounts payable | 17/49 | €1,313 | €1,214 | -€98 | -7.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €300 | €391 | +€91 | +30.3% |
| Trade debts | 44 | €0 | €91 | +€91 | |
| Suppliers | 440/4 | €0 | €91 | +€91 | |
| Other amounts payable | 47/48 | €300 | €300 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,013 | €824 | -€189 | -18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,546 | €27,572 | +€1,026 | +3.9% |
| Other operating charges | 640/8 | €13,450 | €15,105 | +€1,656 | +12.3% |
| Gross operating margin | 9900 | €34,179 | €51,567 | +€17,388 | +50.9% |
| Operating profit (loss) | 9901 | -€5,817 | €8,890 | +€14,707 | |
| Financial income | 75/76B | €1,405,719 | €1,943 | -€1.4m | -99.9% |
| Recurring financial income | 75 | €2,101 | €1,943 | -€158 | -7.5% |
| Non-recurring financial income | 76B | €1,403,618 | €0 | -€1.4m | -100.0% |
| Financial charges | 65/66B | €7,244 | €1,091 | -€6,153 | -84.9% |
| Recurring financial charges | 65 | €7,244 | €1,091 | -€6,153 | -84.9% |
| Profit (loss) for the period before taxes | 9903 | €1,392,659 | €9,742 | -€1.4m | -99.3% |
| Income taxes | 67/77 | €0 | €538 | +€538 | |
| Profit (loss) for the period | 9904 | €1,392,659 | €9,204 | -€1.4m | -99.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,392,659 | €9,204 | -€1.4m | -99.3% |
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 10 October 2026 via checked.be.