POVI: 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.
POVI
Largest movements
- Cash +€673,288
up €673,288 (+147%), from €457,102 to €1.1m
mainly Other debts (+€491,411) and Investment in fixed assets (net) (+€315,444)
- Tangible fixed assets -€534,732
down €534,732 (-36.0%), from €1.5m to €950,947
of which Land and buildings: -€584,173
- Receivables within one year +€348,021
up €348,021 (+65.9%), from €528,426 to €876,447
of which Trade receivables: +€347,141
- Other debts +€491,411
up €491,411 (+69.4%), from €708,326 to €1.2m
- Trade debts -€380,148
down €380,148 (-61.4%), from €619,463 to €239,315
- Tax, wage and social debts +€189,513
up €189,513 (+1,102%), from €17,199 to €206,712
of which Taxes: +€143,244
- Reserves +€171,013
up €171,013 (+70.0%), from €244,242 to €415,255
of which Distributable reserves: +€217,020
- Gross operating margin +€591,578
up €591,578 (+194%), from €304,448 to €896,026
- Staff costs +€431,140
new in 2025: €431,140
- Taxes +€56,352
up €56,352 (+331%), from €17,004 to €73,356
- Depreciation +€15,310
up €15,310 (+7.5%), from €203,978 to €219,288
- Financial income +€13,011
up €13,011 (+1,450%), from €897 to €13,908
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 | €2,480,790 | €2,959,727 | +€478,937 | +19.3% |
| Fixed assets | 21/28 | €1,485,679 | €950,947 | -€534,732 | -36.0% |
| Tangible fixed assets | 22/27 | €1,485,679 | €950,947 | -€534,732 | -36.0% |
| Land and buildings | 22 | €930,798 | €346,625 | -€584,173 | -62.8% |
| Plant, machinery and equipment | 23 | €531,986 | €419,189 | -€112,797 | -21.2% |
| Furniture and vehicles | 24 | €22,895 | €185,133 | +€162,238 | +709% |
| Current assets | 29/58 | €995,111 | €2,008,779 | +€1.0m | +102% |
| Amounts receivable within one year | 40/41 | €528,426 | €876,447 | +€348,021 | +65.9% |
| Trade receivables | 40 | €466,977 | €814,118 | +€347,141 | +74.3% |
| Other amounts receivable | 41 | €61,449 | €62,329 | +€880 | +1.4% |
| Cash at bank and in hand | 54/58 | €457,102 | €1,130,391 | +€673,288 | +147% |
| Deferred charges and accrued income | 490/1 | €9,583 | €1,942 | -€7,641 | -79.7% |
| Total equity and liabilities | 10/49 | €2,480,790 | €2,959,727 | +€478,937 | +19.3% |
| Equity | 10/15 | €367,943 | €538,623 | +€170,680 | +46.4% |
| Contributions | 10/11 | €120,990 | €120,990 | = | 0.0% |
| Reserves | 13 | €244,242 | €415,255 | +€171,013 | +70.0% |
| Tax-exempt reserves | 132 | €46,007 | €0 | -€46,007 | -100% |
| Distributable reserves | 133 | €198,235 | €415,255 | +€217,020 | +109% |
| Investment grants | 15 | €2,711 | €2,378 | -€333 | -12.3% |
| Provisions and deferred taxes | 16 | €23,711 | €13 | -€23,698 | -99.9% |
| Deferred taxes | 168 | €23,711 | €13 | -€23,698 | -99.9% |
| Amounts payable | 17/49 | €2,089,137 | €2,421,091 | +€331,954 | +15.9% |
| Amounts payable after more than one year | 17 | €615,983 | €639,558 | +€23,575 | +3.8% |
| Financial debts | 170/4 | €615,983 | €639,558 | +€23,575 | +3.8% |
| Amounts payable within one year | 42/48 | €1,471,538 | €1,780,981 | +€309,442 | +21.0% |
| Current portion of amounts payable after more than one year | 42 | €125,950 | €134,617 | +€8,667 | +6.9% |
| Trade debts | 44 | €619,463 | €239,315 | -€380,148 | -61.4% |
| Suppliers | 440/4 | €619,463 | €239,315 | -€380,148 | -61.4% |
| Advances received on contracts in progress | 46 | €600 | €600 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €17,199 | €206,712 | +€189,513 | +1,102% |
| Taxes | 450/3 | €17,199 | €160,443 | +€143,244 | +833% |
| Remuneration and social security | 454/9 | - | €46,269 | +€46,269 | |
| Other amounts payable | 47/48 | €708,326 | €1,199,737 | +€491,411 | +69.4% |
| Accrued charges and deferred income | 492/3 | €1,615 | €552 | -€1,063 | -65.8% |
| Remuneration, social security and pensions | 62 | - | €431,140 | +€431,140 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €203,978 | €219,288 | +€15,310 | +7.5% |
| Other operating charges | 640/8 | €7,199 | €9,630 | +€2,431 | +33.8% |
| Gross operating margin | 9900 | €304,448 | €896,026 | +€591,578 | +194% |
| Operating profit (loss) | 9901 | €93,271 | €235,968 | +€142,696 | +153% |
| Financial income | 75/76B | €897 | €13,908 | +€13,011 | +1,450% |
| Recurring financial income | 75 | €897 | €13,908 | +€13,011 | +1,450% |
| Financial charges | 65/66B | €19,809 | €29,196 | +€9,388 | +47.4% |
| Recurring financial charges | 65 | €19,809 | €29,196 | +€9,388 | +47.4% |
| Profit (loss) for the period before taxes | 9903 | €74,360 | €220,679 | +€146,320 | +197% |
| Transfer from deferred taxes | 780 | €1,038 | €23,690 | +€22,652 | +2,183% |
| Income taxes | 67/77 | €17,004 | €73,356 | +€56,352 | +331% |
| Profit (loss) for the period | 9904 | €58,393 | €171,013 | +€112,620 | +193% |
| Transfer from tax-exempt reserves | 789 | €2,000 | €46,007 | +€44,007 | +2,200% |
| Profit (loss) for the period to be appropriated | 9905 | €60,393 | €217,020 | +€156,627 | +259% |
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 20 October 2026 via checked.be.