P.V.R.: 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.R.
Largest movements
- Tangible fixed assets -€22,853
down €22,853 (-17.6%), from €129,734 to €106,881
of which Furniture and vehicles: -€15,930
- Receivables within one year -€12,550
down €12,550 (-50.9%), from €24,671 to €12,121
- Cash +€9,489
up €9,489 (+7.7%), from €122,609 to €132,098
mainly Depreciation (+€25,678) and Receivables within one year (+€12,550)
- Reserves -€35,000
down €35,000 (-9.9%), from €352,926 to €317,926
of which Distributable reserves: -€35,000
- Other debts +€12,159
up €12,159 (+4,260%), from €285 to €12,444
- Tax, wage and social debts -€9,900
no longer reported in 2025 (was €9,900)
- Profit (loss) carried forward +€8,197
up €8,197 (+1,574%), from €521 to €8,718
- Trade debts +€6,776
new in 2025: €6,776
- Gross operating margin -€23,680
down €23,680 (-37.0%), from €63,972 to €40,292
- Financial income -€4,977
down €4,977 (-69.1%), from €7,207 to €2,230
- Depreciation -€2,039
down €2,039 (-7.4%), from €27,717 to €25,678
- Financial charges -€818
down €818 (-43.3%), from €1,891 to €1,073
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 | €387,512 | €366,150 | -€21,361 | -5.5% |
| Fixed assets | 21/28 | €129,734 | €106,881 | -€22,853 | -17.6% |
| Tangible fixed assets | 22/27 | €129,734 | €106,881 | -€22,853 | -17.6% |
| Land and buildings | 22 | €58,145 | €56,565 | -€1,580 | -2.7% |
| Furniture and vehicles | 24 | €52,799 | €36,869 | -€15,930 | -30.2% |
| Other tangible fixed assets | 26 | €18,790 | €13,447 | -€5,343 | -28.4% |
| Current assets | 29/58 | €257,778 | €259,269 | +€1,491 | +0.6% |
| Amounts receivable within one year | 40/41 | €24,671 | €12,121 | -€12,550 | -50.9% |
| Other amounts receivable | 41 | €24,671 | €12,121 | -€12,550 | -50.9% |
| Current investments | 50/53 | €106,207 | €108,438 | +€2,230 | +2.1% |
| Cash at bank and in hand | 54/58 | €122,609 | €132,098 | +€9,489 | +7.7% |
| Deferred charges and accrued income | 490/1 | €4,291 | €6,613 | +€2,322 | +54.1% |
| Total equity and liabilities | 10/49 | €387,512 | €366,150 | -€21,361 | -5.5% |
| Equity | 10/15 | €372,047 | €345,244 | -€26,803 | -7.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €352,926 | €317,926 | -€35,000 | -9.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,966 | €3,966 | = | 0.0% |
| Distributable reserves | 133 | €347,099 | €312,099 | -€35,000 | -10.1% |
| Profit (loss) carried forward | 14 | €521 | €8,718 | +€8,197 | +1,574% |
| Amounts payable | 17/49 | €15,465 | €20,907 | +€5,441 | +35.2% |
| Amounts payable within one year | 42/48 | €11,883 | €20,907 | +€9,023 | +75.9% |
| Current portion of amounts payable after more than one year | 42 | €1,698 | €1,686 | -€11 | -0.7% |
| Trade debts | 44 | - | €6,776 | +€6,776 | |
| Suppliers | 440/4 | - | €6,776 | +€6,776 | |
| Taxes, remuneration and social security | 45 | €9,900 | - | -€9,900 | |
| Taxes | 450/3 | €9,900 | - | -€9,900 | |
| Other amounts payable | 47/48 | €285 | €12,444 | +€12,159 | +4,260% |
| Accrued charges and deferred income | 492/3 | €3,582 | - | -€3,582 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,717 | €25,678 | -€2,039 | -7.4% |
| Other operating charges | 640/8 | €2,271 | €2,137 | -€134 | -5.9% |
| Gross operating margin | 9900 | €63,972 | €40,292 | -€23,680 | -37.0% |
| Operating profit (loss) | 9901 | €33,984 | €12,477 | -€21,507 | -63.3% |
| Financial income | 75/76B | €7,207 | €2,230 | -€4,977 | -69.1% |
| Recurring financial income | 75 | €7,207 | €2,230 | -€4,977 | -69.1% |
| Financial charges | 65/66B | €1,891 | €1,073 | -€818 | -43.3% |
| Recurring financial charges | 65 | €1,891 | €1,073 | -€818 | -43.3% |
| Profit (loss) for the period before taxes | 9903 | €39,300 | €13,634 | -€25,666 | -65.3% |
| Income taxes | 67/77 | €5,000 | €5,437 | +€437 | +8.7% |
| Profit (loss) for the period | 9904 | €34,300 | €8,197 | -€26,103 | -76.1% |
| Profit (loss) for the period to be appropriated | 9905 | €34,300 | €8,197 | -€26,103 | -76.1% |
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 13 October 2026 via checked.be.