PCVF: what changed
Two fiscal 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.
PCVF
Largest movements
- Receivables within one year -€12,975
down €12,975 (-74.7%), from €17,377 to €4,401
of which Other amounts receivable: -€8,238
- Debts after one year -€26,664
down €26,664 (-12.9%), from €207,360 to €180,696
- Reserves +€15,000
up €15,000 (+6.4%), from €233,203 to €248,203
of which Distributable reserves: +€18,203
- Gross operating margin -€6,901
down €6,901 (-6.8%), from €101,989 to €95,088
- Depreciation +€3,367
up €3,367 (+9.0%), from €37,205 to €40,572
- Taxes -€2,864
down €2,864 (-22.9%), from €12,512 to €9,648
- Purchases and services -€1,822
down €1,822 (-13.2%), from €13,777 to €11,955
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 | €588,090 | €575,456 | -€12,634 | -2.1% |
| Fixed assets | 21/28 | €506,220 | €500,895 | -€5,324 | -1.1% |
| Tangible fixed assets | 22/27 | €506,220 | €500,895 | -€5,324 | -1.1% |
| Land and buildings | 22 | €506,220 | €500,895 | -€5,324 | -1.1% |
| Current assets | 29/58 | €81,870 | €74,560 | -€7,310 | -8.9% |
| Amounts receivable within one year | 40/41 | €17,377 | €4,401 | -€12,975 | -74.7% |
| Trade receivables | 40 | €6,783 | €2,046 | -€4,737 | -69.8% |
| Other amounts receivable | 41 | €10,593 | €2,355 | -€8,238 | -77.8% |
| Cash at bank and in hand | 54/58 | €64,493 | €70,159 | +€5,666 | +8.8% |
| Total equity and liabilities | 10/49 | €588,090 | €575,456 | -€12,634 | -2.1% |
| Equity | 10/15 | €325,014 | €343,958 | +€18,944 | +5.8% |
| Contributions | 10/11 | €32,030 | €32,030 | = | 0.0% |
| Reserves | 13 | €233,203 | €248,203 | +€15,000 | +6.4% |
| Non-distributable reserves | 130/1 | €3,203 | €0 | -€3,203 | -100.0% |
| Reserves not available under the articles | 1311 | €3,203 | €0 | -€3,203 | -100.0% |
| Distributable reserves | 133 | €230,000 | €248,203 | +€18,203 | +7.9% |
| Profit (loss) carried forward | 14 | €59,781 | €63,725 | +€3,944 | +6.6% |
| Amounts payable | 17/49 | €263,076 | €231,498 | -€31,578 | -12.0% |
| Amounts payable after more than one year | 17 | €207,360 | €180,696 | -€26,664 | -12.9% |
| Financial debts | 170/4 | €207,360 | €180,696 | -€26,664 | -12.9% |
| Amounts payable within one year | 42/48 | €55,716 | €49,477 | -€6,239 | -11.2% |
| Current portion of amounts payable after more than one year | 42 | €26,094 | €26,664 | +€569 | +2.2% |
| Trade debts | 44 | €686 | €22 | -€664 | -96.8% |
| Suppliers | 440/4 | €686 | €22 | -€664 | -96.8% |
| Taxes, remuneration and social security | 45 | €2,495 | €0 | -€2,495 | -100.0% |
| Taxes | 450/3 | €2,495 | €0 | -€2,495 | -100.0% |
| Other amounts payable | 47/48 | €26,441 | €22,791 | -€3,650 | -13.8% |
| Accrued charges and deferred income | 492/3 | €0 | €1,325 | +€1,325 | |
| Goods, raw materials, services and sundry goods | 60/61 | €13,777 | €11,955 | -€1,822 | -13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,205 | €40,572 | +€3,367 | +9.0% |
| Other operating charges | 640/8 | €10,582 | €10,914 | +€332 | +3.1% |
| Gross operating margin | 9900 | €101,989 | €95,088 | -€6,901 | -6.8% |
| Operating profit (loss) | 9901 | €54,202 | €43,602 | -€10,600 | -19.6% |
| Financial income | 75/76B | €2 | €39 | +€37 | +2311.3% |
| Recurring financial income | 75 | €2 | €39 | +€37 | +2311.3% |
| Financial charges | 65/66B | €5,602 | €5,049 | -€553 | -9.9% |
| Recurring financial charges | 65 | €5,602 | €5,049 | -€553 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €48,602 | €38,592 | -€10,010 | -20.6% |
| Income taxes | 67/77 | €12,512 | €9,648 | -€2,864 | -22.9% |
| Profit (loss) for the period | 9904 | €36,090 | €28,944 | -€7,146 | -19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €36,090 | €28,944 | -€7,146 | -19.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.