PJVDL: 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.
PJVDL
Largest movements
- Receivables after one year +€105,000
new in 2025: €105,000
- Deferred charges and accrued income +€21,381
up €21,381 (+24.5%), from €87,108 to €108,489
- Tangible fixed assets +€19,624
up €19,624 (+24.1%), from €81,445 to €101,069
of which Other tangible fixed assets: +€23,494
- Cash +€5,799
up €5,799 (+3.1%), from €186,896 to €192,695
mainly Net result for the year (+€172,311) and Depreciation (+€13,752)
- Reserves +€172,311
up €172,311 (+62.2%), from €276,860 to €449,171
- Trade debts -€26,485
down €26,485 (-99.4%), from €26,650 to €165
- Tax, wage and social debts +€7,723
up €7,723 (+20.0%), from €38,548 to €46,271
- Depreciation +€9,393
up €9,393 (+215.4%), from €4,360 to €13,752
- Gross operating margin -€6,179
down €6,179 (-2.5%), from €248,681 to €242,502
- Taxes -€5,826
down €5,826 (-9.9%), from €59,048 to €53,223
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 | €356,533 | €509,600 | +€153,067 | +42.9% |
| Fixed assets | 21/28 | €81,445 | €101,069 | +€19,624 | +24.1% |
| Tangible fixed assets | 22/27 | €81,445 | €101,069 | +€19,624 | +24.1% |
| Plant, machinery and equipment | 23 | €1,667 | €850 | -€817 | -49.0% |
| Furniture and vehicles | 24 | €6,672 | €3,618 | -€3,054 | -45.8% |
| Other tangible fixed assets | 26 | €73,106 | €96,601 | +€23,494 | +32.1% |
| Current assets | 29/58 | €275,087 | €408,531 | +€133,443 | +48.5% |
| Amounts receivable after more than one year | 29 | - | €105,000 | +€105,000 | |
| Other amounts receivable | 291 | - | €105,000 | +€105,000 | |
| Amounts receivable within one year | 40/41 | €1,084 | €2,347 | +€1,263 | +116.5% |
| Trade receivables | 40 | €1,084 | €2,347 | +€1,263 | +116.5% |
| Cash at bank and in hand | 54/58 | €186,896 | €192,695 | +€5,799 | +3.1% |
| Deferred charges and accrued income | 490/1 | €87,108 | €108,489 | +€21,381 | +24.5% |
| Total equity and liabilities | 10/49 | €356,533 | €509,600 | +€153,067 | +42.9% |
| Equity | 10/15 | €290,360 | €462,671 | +€172,311 | +59.3% |
| Contributions | 10/11 | €13,500 | €13,500 | = | 0.0% |
| Reserves | 13 | €276,860 | €449,171 | +€172,311 | +62.2% |
| Distributable reserves | 133 | €276,860 | €449,171 | +€172,311 | +62.2% |
| Amounts payable | 17/49 | €66,173 | €46,929 | -€19,243 | -29.1% |
| Amounts payable within one year | 42/48 | €66,173 | €46,929 | -€19,243 | -29.1% |
| Trade debts | 44 | €26,650 | €165 | -€26,485 | -99.4% |
| Suppliers | 440/4 | €26,650 | €165 | -€26,485 | -99.4% |
| Taxes, remuneration and social security | 45 | €38,548 | €46,271 | +€7,723 | +20.0% |
| Taxes | 450/3 | €38,548 | €46,271 | +€7,723 | +20.0% |
| Other amounts payable | 47/48 | €975 | €493 | -€481 | -49.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,360 | €13,752 | +€9,393 | +215.4% |
| Other operating charges | 640/8 | €1,542 | €2,835 | +€1,292 | +83.8% |
| Gross operating margin | 9900 | €248,681 | €242,502 | -€6,179 | -2.5% |
| Operating profit (loss) | 9901 | €242,779 | €225,915 | -€16,864 | -6.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €301 | €381 | +€80 | +26.6% |
| Recurring financial charges | 65 | €301 | €381 | +€80 | +26.6% |
| Profit (loss) for the period before taxes | 9903 | €242,477 | €225,534 | -€16,944 | -7.0% |
| Income taxes | 67/77 | €59,048 | €53,223 | -€5,826 | -9.9% |
| Profit (loss) for the period | 9904 | €183,429 | €172,311 | -€11,118 | -6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €183,429 | €172,311 | -€11,118 | -6.1% |
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.