PFVR & CO: 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.
PFVR & CO
Largest movements
- Tangible fixed assets -€54,465
down €54,465 (-3.3%), from €1.7m to €1.6m
of which Land and buildings: -€53,413
- Cash -€43,703
down €43,703 (-78.7%), from €55,540 to €11,837
mainly Debts after one year (-€123,588) and Investment in fixed assets (net) (-€10,998)
- Receivables within one year -€20,653
down €20,653 (-58.8%), from €35,150 to €14,497
of which Trade receivables: -€19,299
- Debts after one year -€123,588
down €123,588 (-12.5%), from €987,273 to €863,685
- Gross operating margin -€19,871
down €19,871 (-14.5%), from €136,741 to €116,870
- Depreciation -€10,621
down €10,621 (-14.0%), from €76,084 to €65,463
- Taxes +€6,839
up €6,839 (+318097.7%), from €2 to €6,841
- Other operating charges +€4,814
up €4,814 (+34.1%), from €14,106 to €18,920
- Financial charges -€1,442
down €1,442 (-7.8%), from €18,492 to €17,051
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 | €1,748,144 | €1,629,613 | -€118,531 | -6.8% |
| Fixed assets | 21/28 | €1,656,793 | €1,602,328 | -€54,465 | -3.3% |
| Tangible fixed assets | 22/27 | €1,656,793 | €1,602,328 | -€54,465 | -3.3% |
| Land and buildings | 22 | €1,653,635 | €1,600,222 | -€53,413 | -3.2% |
| Plant, machinery and equipment | 23 | €2,759 | €2,105 | -€653 | -23.7% |
| Furniture and vehicles | 24 | €398 | - | -€398 | |
| Current assets | 29/58 | €91,351 | €27,285 | -€64,066 | -70.1% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €35,150 | €14,497 | -€20,653 | -58.8% |
| Trade receivables | 40 | €33,775 | €14,476 | -€19,299 | -57.1% |
| Other amounts receivable | 41 | €1,375 | €21 | -€1,354 | -98.4% |
| Cash at bank and in hand | 54/58 | €55,540 | €11,837 | -€43,703 | -78.7% |
| Deferred charges and accrued income | 490/1 | €661 | €951 | +€289 | +43.7% |
| Total equity and liabilities | 10/49 | €1,748,144 | €1,629,613 | -€118,531 | -6.8% |
| Equity | 10/15 | €193,028 | €200,027 | +€6,999 | +3.6% |
| Contributions | 10/11 | €34,918 | €34,918 | = | 0.0% |
| Capital | 10 | €34,918 | €34,918 | = | 0.0% |
| Issued capital | 100 | €34,918 | €34,918 | = | 0.0% |
| Reserves | 13 | €3,492 | €3,492 | = | 0.0% |
| Distributable reserves | 133 | €3,492 | €3,492 | = | 0.0% |
| Profit (loss) carried forward | 14 | €154,618 | €161,617 | +€6,999 | +4.5% |
| Amounts payable | 17/49 | €1,555,116 | €1,429,586 | -€125,530 | -8.1% |
| Amounts payable after more than one year | 17 | €987,273 | €863,685 | -€123,588 | -12.5% |
| Financial debts | 170/4 | €987,273 | €863,685 | -€123,588 | -12.5% |
| Amounts payable within one year | 42/48 | €567,843 | €565,901 | -€1,942 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | €126,574 | €128,588 | +€2,014 | +1.6% |
| Trade debts | 44 | €79,184 | €76,982 | -€2,202 | -2.8% |
| Suppliers | 440/4 | €79,184 | €76,982 | -€2,202 | -2.8% |
| Taxes, remuneration and social security | 45 | €22,054 | €24,493 | +€2,439 | +11.1% |
| Taxes | 450/3 | €12,779 | €13,407 | +€627 | +4.9% |
| Remuneration and social security | 454/9 | €9,275 | €11,086 | +€1,811 | +19.5% |
| Other amounts payable | 47/48 | €340,030 | €335,838 | -€4,192 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,084 | €65,463 | -€10,621 | -14.0% |
| Other operating charges | 640/8 | €14,106 | €18,920 | +€4,814 | +34.1% |
| Gross operating margin | 9900 | €136,741 | €116,870 | -€19,871 | -14.5% |
| Operating profit (loss) | 9901 | €46,551 | €32,487 | -€14,063 | -30.2% |
| Financial income | 75/76B | €7 | €4 | -€4 | -49.0% |
| Recurring financial income | 75 | €7 | €4 | -€4 | -49.0% |
| Financial charges | 65/66B | €18,492 | €17,051 | -€1,442 | -7.8% |
| Recurring financial charges | 65 | €18,492 | €17,051 | -€1,442 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €28,066 | €15,440 | -€12,625 | -45.0% |
| Income taxes | 67/77 | €2 | €6,841 | +€6,839 | +318097.7% |
| Profit (loss) for the period | 9904 | €28,064 | €8,599 | -€19,464 | -69.4% |
| Profit (loss) for the period to be appropriated | 9905 | €28,064 | €8,599 | -€19,464 | -69.4% |
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 5 October 2026 via checked.be.