p.v.Way: 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.Way
Largest movements
- Receivables within one year -€15,388
down €15,388 (-44.0%), from €34,958 to €19,570
of which Trade receivables: -€18,027
- Tangible fixed assets +€11,442
up €11,442 (+52.7%), from €21,712 to €33,154
of which Plant, machinery and equipment: +€10,759
- Cash +€10,610
up €10,610 (+308%), from €3,443 to €14,053
mainly Net result for the year (+€16,340) and Depreciation (+€16,151)
- Intangible fixed assets -€6,000
down €6,000 (-23.0%), from €26,110 to €20,110
- Financial fixed assets +€5,400
new in 2025: €5,400
- Reserves +€9,940
up €9,940 (+42.7%), from €23,279 to €33,219
of which Distributable reserves: +€11,799
- Debts after one year -€6,451
down €6,451 (-68.6%), from €9,406 to €2,955
of which Financial debts: -€3,451
- Other debts +€6,360
new in 2025: €6,360
- Tax, wage and social debts -€1,303
down €1,303 (-74.0%), from €1,762 to €459
- Gross operating margin +€17,501
up €17,501 (+72.4%), from €24,179 to €41,681
- Taxes +€7,299
up €7,299 (+661%), from €1,105 to €8,404
- Depreciation +€2,459
up €2,459 (+18.0%), from €13,692 to €16,151
- Financial charges -€2,084
down €2,084 (-82.1%), from €2,538 to €454
of which Non-recurring financial charges: -€2,003
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 | €109,711 | €117,775 | +€8,064 | +7.4% |
| Fixed assets | 21/28 | €47,822 | €58,664 | +€10,842 | +22.7% |
| Intangible fixed assets | 21 | €26,110 | €20,110 | -€6,000 | -23.0% |
| Tangible fixed assets | 22/27 | €21,712 | €33,154 | +€11,442 | +52.7% |
| Plant, machinery and equipment | 23 | - | €10,759 | +€10,759 | |
| Furniture and vehicles | 24 | €20,574 | €20,160 | -€414 | -2.0% |
| Other tangible fixed assets | 26 | €1,138 | €2,235 | +€1,097 | +96.4% |
| Financial fixed assets | 28 | - | €5,400 | +€5,400 | |
| Current assets | 29/58 | €61,889 | €59,111 | -€2,778 | -4.5% |
| Amounts receivable within one year | 40/41 | €34,958 | €19,570 | -€15,388 | -44.0% |
| Trade receivables | 40 | €34,958 | €16,931 | -€18,027 | -51.6% |
| Other amounts receivable | 41 | - | €2,639 | +€2,639 | |
| Current investments | 50/53 | €23,487 | €25,487 | +€2,000 | +8.5% |
| Cash at bank and in hand | 54/58 | €3,443 | €14,053 | +€10,610 | +308% |
| Total equity and liabilities | 10/49 | €109,711 | €117,775 | +€8,064 | +7.4% |
| Equity | 10/15 | €92,781 | €102,761 | +€9,980 | +10.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €23,279 | €33,219 | +€9,940 | +42.7% |
| Non-distributable reserves | 130/1 | €1,859 | - | -€1,859 | |
| Reserves not available under the articles | 1311 | €1,859 | - | -€1,859 | |
| Distributable reserves | 133 | €21,420 | €33,219 | +€11,799 | +55.1% |
| Profit (loss) carried forward | 14 | €50,910 | €50,950 | +€40 | +0.1% |
| Amounts payable | 17/49 | €16,930 | €15,014 | -€1,916 | -11.3% |
| Amounts payable after more than one year | 17 | €9,406 | €2,955 | -€6,451 | -68.6% |
| Financial debts | 170/4 | €6,406 | €2,955 | -€3,451 | -53.9% |
| Other amounts payable | 178/9 | €3,000 | - | -€3,000 | |
| Amounts payable within one year | 42/48 | €7,524 | €12,059 | +€4,535 | +60.3% |
| Current portion of amounts payable after more than one year | 42 | €3,351 | €3,451 | +€100 | +3.0% |
| Trade debts | 44 | €2,411 | €1,789 | -€622 | -25.8% |
| Suppliers | 440/4 | €2,411 | €1,789 | -€622 | -25.8% |
| Taxes, remuneration and social security | 45 | €1,762 | €459 | -€1,303 | -74.0% |
| Taxes | 450/3 | €1,762 | €459 | -€1,303 | -74.0% |
| Other amounts payable | 47/48 | - | €6,360 | +€6,360 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,692 | €16,151 | +€2,459 | +18.0% |
| Other operating charges | 640/8 | €504 | €400 | -€104 | -20.7% |
| Gross operating margin | 9900 | €24,179 | €41,681 | +€17,501 | +72.4% |
| Operating profit (loss) | 9901 | €9,984 | €25,130 | +€15,146 | +152% |
| Financial income | 75/76B | - | €69 | +€69 | |
| Recurring financial income | 75 | - | €69 | +€69 | |
| Financial charges | 65/66B | €2,538 | €454 | -€2,084 | -82.1% |
| Recurring financial charges | 65 | €535 | €454 | -€80 | -15.0% |
| Non-recurring financial charges | 66B | €2,003 | - | -€2,003 | |
| Profit (loss) for the period before taxes | 9903 | €7,446 | €24,744 | +€17,299 | +232% |
| Income taxes | 67/77 | €1,105 | €8,404 | +€7,299 | +661% |
| Profit (loss) for the period | 9904 | €6,341 | €16,340 | +€10,000 | +158% |
| Profit (loss) for the period to be appropriated | 9905 | €6,341 | €16,340 | +€10,000 | +158% |
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 24 October 2026 via checked.be.