PDV: 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.
PDV
Largest movements
- Current investments +€44,065
up €44,065 (+551%), from €8,000 to €52,065
- Receivables within one year +€42,312
up €42,312 (+46.5%), from €90,923 to €133,235
of which Other amounts receivable: +€34,090
- Tangible fixed assets +€14,400
up €14,400 (+129%), from €11,158 to €25,558
of which Furniture and vehicles: +€10,825
- Reserves +€98,104
up €98,104 (+28.2%), from €347,762 to €445,866
of which Distributable reserves: +€98,104
- Taxes +€12,881
up €12,881 (+35.5%), from €36,242 to €49,124
- Gross operating margin +€10,844
up €10,844 (+4.2%), from €255,500 to €266,344
- Staff costs +€4,693
up €4,693 (+4.3%), from €108,358 to €113,051
- Other operating charges -€2,928
down €2,928 (-68.3%), from €4,290 to €1,361
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 | €446,781 | €550,931 | +€104,149 | +23.3% |
| Fixed assets | 21/28 | €16,258 | €30,658 | +€14,400 | +88.6% |
| Tangible fixed assets | 22/27 | €11,158 | €25,558 | +€14,400 | +129% |
| Plant, machinery and equipment | 23 | €7,783 | €11,358 | +€3,575 | +45.9% |
| Furniture and vehicles | 24 | - | €10,825 | +€10,825 | |
| Other tangible fixed assets | 26 | €3,375 | €3,375 | = | 0.0% |
| Financial fixed assets | 28 | €5,100 | €5,100 | = | 0.0% |
| Current assets | 29/58 | €430,523 | €520,273 | +€89,750 | +20.8% |
| Amounts receivable within one year | 40/41 | €90,923 | €133,235 | +€42,312 | +46.5% |
| Trade receivables | 40 | €80,671 | €88,892 | +€8,222 | +10.2% |
| Other amounts receivable | 41 | €10,252 | €44,342 | +€34,090 | +333% |
| Current investments | 50/53 | €8,000 | €52,065 | +€44,065 | +551% |
| Cash at bank and in hand | 54/58 | €330,831 | €333,581 | +€2,750 | +0.8% |
| Deferred charges and accrued income | 490/1 | €769 | €1,392 | +€623 | +81.0% |
| Total equity and liabilities | 10/49 | €446,781 | €550,931 | +€104,149 | +23.3% |
| Equity | 10/15 | €351,679 | €449,783 | +€98,104 | +27.9% |
| Contributions | 10/11 | €3,916 | €3,916 | = | 0.0% |
| Reserves | 13 | €347,762 | €445,866 | +€98,104 | +28.2% |
| Non-distributable reserves | 130/1 | €3,428 | €3,428 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,428 | €3,428 | = | 0.0% |
| Distributable reserves | 133 | €344,334 | €442,438 | +€98,104 | +28.5% |
| Amounts payable | 17/49 | €95,103 | €101,148 | +€6,045 | +6.4% |
| Amounts payable within one year | 42/48 | €95,103 | €101,148 | +€6,045 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €1,089 | - | -€1,089 | |
| Financial debts | 43 | €20,833 | €20,960 | +€127 | +0.6% |
| Other loans | 439 | €20,833 | €20,960 | +€127 | +0.6% |
| Trade debts | 44 | €31,120 | €34,946 | +€3,826 | +12.3% |
| Suppliers | 440/4 | €31,120 | €34,946 | +€3,826 | +12.3% |
| Taxes, remuneration and social security | 45 | €41,943 | €43,944 | +€2,001 | +4.8% |
| Taxes | 450/3 | €22,599 | €25,264 | +€2,665 | +11.8% |
| Remuneration and social security | 454/9 | €19,344 | €18,680 | -€664 | -3.4% |
| Other amounts payable | 47/48 | €118 | €1,298 | +€1,180 | +998% |
| Remuneration, social security and pensions | 62 | €108,358 | €113,051 | +€4,693 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,313 | €4,039 | +€726 | +21.9% |
| Other operating charges | 640/8 | €4,290 | €1,361 | -€2,928 | -68.3% |
| Non-recurring operating charges | 66A | €7,419 | - | -€7,419 | |
| Gross operating margin | 9900 | €255,500 | €266,344 | +€10,844 | +4.2% |
| Operating profit (loss) | 9901 | €132,120 | €147,892 | +€15,772 | +11.9% |
| Financial income | 75/76B | €4,623 | €2,009 | -€2,614 | -56.5% |
| Recurring financial income | 75 | €4,623 | €2,009 | -€2,614 | -56.5% |
| Financial charges | 65/66B | €1,437 | €2,674 | +€1,236 | +86.0% |
| Recurring financial charges | 65 | €1,437 | €2,674 | +€1,236 | +86.0% |
| Profit (loss) for the period before taxes | 9903 | €135,306 | €147,228 | +€11,922 | +8.8% |
| Income taxes | 67/77 | €36,242 | €49,124 | +€12,881 | +35.5% |
| Profit (loss) for the period | 9904 | €99,064 | €98,104 | -€960 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €99,064 | €98,104 | -€960 | -1.0% |
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 14 October 2026 via checked.be.