PDV: 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.
What changed
PDV
NACE 68.204, Real estate activities
fiscal year 31-12-2024 against 31-12-2025filed annual accounts (NBB)
Net result for the year
€46,744
31-12-2024 · €52,092-€5,348
Equity
€1.9m
31-12-2024 · €1.9m+€1,744
Cash
€5,408
31-12-2024 · €6,720-€1,313
Balance sheet total
€2.1m
31-12-2024 · €2.1m+€16,397
Largest movements
Assets
- Receivables within one year +€50,734
up €50,734 (+11.5%), from €441,652 to €492,386
of which Trade receivables: +€50,734
- Tangible fixed assets -€45,549
down €45,549 (-10.8%), from €422,081 to €376,532
Equity and liabilities
- Trade debts +€24,265
up €24,265 (+2107.7%), from €1,151 to €25,416
Income statement
- Financial income -€10,270
down €10,270 (-27.2%), from €37,795 to €27,525
- Taxes -€5,217
down €5,217 (-89.2%), from €5,852 to €635
From the 31-12-2024 result to the 31-12-2025 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.
Result 31-12-2024
€52,092
Gross operating margin
+€303
Other operating charges
-€840
Financial income
-€10,270
Financial charges
+€242
Taxes
+€5,217
Result 31-12-2025
€46,744
Cash bridge derived
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€68,951
Investment
-€12,525
Financing
-€57,739
Cash 31-12-2024
€6,720
From operations (derived)
+€68,951
Net result for the year
+€46,744
Depreciation
+€45,549
Receivables within one year
-€50,734
Trade debts
+€24,265
Tax, wage and social debts
-€1,873
Other debts
+€5,000
Investment (derived)
-€12,525
Investment in fixed assets (net)
-€12,525
Financing
-€57,739
Current portion of long-term debt
-€12,739
Contributions, distributions and other
-€45,000
Cash 31-12-2025
€5,408
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,111,369 | €2,127,766 | +€16,397 | +0.8% |
| Fixed assets | 21/28 | €1,662,996 | €1,629,972 | -€33,024 | -2.0% |
| Tangible fixed assets | 22/27 | €422,081 | €376,532 | -€45,549 | -10.8% |
| Land and buildings | 22 | €422,081 | €376,532 | -€45,549 | -10.8% |
| Financial fixed assets | 28 | €1,240,915 | €1,253,440 | +€12,525 | +1.0% |
| Current assets | 29/58 | €448,373 | €497,794 | +€49,421 | +11.0% |
| Amounts receivable within one year | 40/41 | €441,652 | €492,386 | +€50,734 | +11.5% |
| Trade receivables | 40 | €430,240 | €480,974 | +€50,734 | +11.8% |
| Other amounts receivable | 41 | €11,413 | €11,413 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €6,720 | €5,408 | -€1,313 | -19.5% |
| Total equity and liabilities | 10/49 | €2,111,369 | €2,127,766 | +€16,397 | +0.8% |
| Equity | 10/15 | €1,891,342 | €1,893,086 | +€1,744 | +0.1% |
| Contributions | 10/11 | €700,000 | €700,000 | = | 0.0% |
| Capital | 10 | €700,000 | €700,000 | = | 0.0% |
| Issued capital | 100 | €700,000 | €700,000 | = | 0.0% |
| Reserves | 13 | €1,026,967 | €1,026,967 | = | 0.0% |
| Non-distributable reserves | 130/1 | €70,000 | €70,000 | = | 0.0% |
| Legal reserve | 130 | €70,000 | €70,000 | = | 0.0% |
| Distributable reserves | 133 | €956,967 | €956,967 | = | 0.0% |
| Profit (loss) carried forward | 14 | €164,375 | €166,119 | +€1,744 | +1.1% |
| Provisions and deferred taxes | 16 | €160,000 | €160,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €160,000 | €160,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €100,000 | €100,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €60,000 | €60,000 | = | 0.0% |
| Amounts payable | 17/49 | €60,027 | €74,680 | +€14,653 | +24.4% |
| Amounts payable within one year | 42/48 | €60,027 | €74,680 | +€14,653 | +24.4% |
| Current portion of amounts payable after more than one year | 42 | €12,739 | - | -€12,739 | |
| Trade debts | 44 | €1,151 | €25,416 | +€24,265 | +2107.7% |
| Suppliers | 440/4 | €1,151 | €25,416 | +€24,265 | +2107.7% |
| Taxes, remuneration and social security | 45 | €6,137 | €4,264 | -€1,873 | -30.5% |
| Taxes | 450/3 | €6,137 | €4,264 | -€1,873 | -30.5% |
| Other amounts payable | 47/48 | €40,000 | €45,000 | +€5,000 | +12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,549 | €45,549 | = | 0.0% |
| Other operating charges | 640/8 | €26,945 | €27,785 | +€840 | +3.1% |
| Gross operating margin | 9900 | €94,109 | €94,412 | +€303 | +0.3% |
| Operating profit (loss) | 9901 | €21,614 | €21,077 | -€537 | -2.5% |
| Financial income | 75/76B | €37,795 | €27,525 | -€10,270 | -27.2% |
| Recurring financial income | 75 | €37,795 | €27,525 | -€10,270 | -27.2% |
| Financial charges | 65/66B | €1,466 | €1,224 | -€242 | -16.5% |
| Recurring financial charges | 65 | €1,166 | €1,224 | +€58 | +5.0% |
| Non-recurring financial charges | 66B | €300 | - | -€300 | |
| Profit (loss) for the period before taxes | 9903 | €57,944 | €47,379 | -€10,565 | -18.2% |
| Income taxes | 67/77 | €5,852 | €635 | -€5,217 | -89.2% |
| Profit (loss) for the period | 9904 | €52,092 | €46,744 | -€5,348 | -10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €52,092 | €46,744 | -€5,348 | -10.3% |
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 28 September 2026 via checked.be.