PRIMO V.D.: 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.
PRIMO V.D.
Largest movements
- Tangible fixed assets -€235,973
down €235,973 (-8.0%), from €2.9m to €2.7m
of which Land and buildings: -€130,786
- Receivables within one year -€102,486
down €102,486 (-12.1%), from €845,488 to €743,002
of which Trade receivables: -€87,819
- Cash +€70,005
up €70,005 (+1,979%), from €3,537 to €73,542
mainly Other debts (+€326,984) and Net result for the year (+€272,225)
- Debts after one year -€390,771
down €390,771 (-33.1%), from €1.2m to €788,221
of which Financial debts: -€390,771
- Other debts +€326,984
up €326,984 (+250%), from €130,609 to €457,592
- Reserves -€112,927
down €112,927 (-4.3%), from €2.7m to €2.5m
of which Distributable reserves: -€80,677
- Trade debts -€98,798
down €98,798 (-95.1%), from €103,887 to €5,088
- Gross operating margin +€79,238
up €79,238 (+12.1%), from €654,471 to €733,710
- Taxes +€39,464
up €39,464 (+62.2%), from €63,426 to €102,889
- Depreciation +€34,337
up €34,337 (+17.0%), from €201,636 to €235,973
- Financial charges +€15,334
up €15,334 (+50.3%), from €30,460 to €45,794
- Financial income -€12,855
down €12,855 (-37.0%), from €34,785 to €21,930
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 | €4,727,412 | €4,448,960 | -€278,452 | -5.9% |
| Fixed assets | 21/28 | €2,946,824 | €2,710,851 | -€235,973 | -8.0% |
| Tangible fixed assets | 22/27 | €2,946,824 | €2,710,851 | -€235,973 | -8.0% |
| Land and buildings | 22 | €2,181,575 | €2,050,789 | -€130,786 | -6.0% |
| Plant, machinery and equipment | 23 | €646,425 | €579,349 | -€67,076 | -10.4% |
| Furniture and vehicles | 24 | €118,824 | €80,713 | -€38,111 | -32.1% |
| Current assets | 29/58 | €1,780,588 | €1,738,108 | -€42,479 | -2.4% |
| Amounts receivable within one year | 40/41 | €845,488 | €743,002 | -€102,486 | -12.1% |
| Trade receivables | 40 | €225,480 | €137,662 | -€87,819 | -38.9% |
| Other amounts receivable | 41 | €620,008 | €605,340 | -€14,668 | -2.4% |
| Current investments | 50/53 | €918,468 | €918,468 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,537 | €73,542 | +€70,005 | +1,979% |
| Deferred charges and accrued income | 490/1 | €13,094 | €3,097 | -€9,998 | -76.4% |
| Total equity and liabilities | 10/49 | €4,727,412 | €4,448,960 | -€278,452 | -5.9% |
| Equity | 10/15 | €2,724,626 | €2,610,375 | -€114,251 | -4.2% |
| Contributions | 10/11 | €61,610 | €61,610 | = | 0.0% |
| Capital | 10 | €61,610 | €61,610 | = | 0.0% |
| Issued capital | 100 | €61,610 | €61,610 | = | 0.0% |
| Reserves | 13 | €2,651,936 | €2,539,009 | -€112,927 | -4.3% |
| Non-distributable reserves | 130/1 | €924,629 | €924,629 | = | 0.0% |
| Legal reserve | 130 | €6,161 | €6,161 | = | 0.0% |
| Own shares acquired | 1312 | €918,468 | €918,468 | = | 0.0% |
| Tax-exempt reserves | 132 | €490,137 | €457,887 | -€32,250 | -6.6% |
| Distributable reserves | 133 | €1,237,169 | €1,156,492 | -€80,677 | -6.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €11,080 | €9,756 | -€1,324 | -11.9% |
| Provisions and deferred taxes | 16 | €163,417 | €152,667 | -€10,750 | -6.6% |
| Deferred taxes | 168 | €163,417 | €152,667 | -€10,750 | -6.6% |
| Amounts payable | 17/49 | €1,839,369 | €1,685,918 | -€153,451 | -8.3% |
| Amounts payable after more than one year | 17 | €1,178,992 | €788,221 | -€390,771 | -33.1% |
| Financial debts | 170/4 | €1,178,992 | €788,221 | -€390,771 | -33.1% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €633,570 | €869,633 | +€236,063 | +37.3% |
| Current portion of amounts payable after more than one year | 42 | €387,122 | €390,771 | +€3,650 | +0.9% |
| Trade debts | 44 | €103,887 | €5,088 | -€98,798 | -95.1% |
| Suppliers | 440/4 | €103,887 | €5,088 | -€98,798 | -95.1% |
| Taxes, remuneration and social security | 45 | €11,953 | €16,181 | +€4,228 | +35.4% |
| Taxes | 450/3 | €11,953 | €16,181 | +€4,228 | +35.4% |
| Other amounts payable | 47/48 | €130,609 | €457,592 | +€326,984 | +250% |
| Accrued charges and deferred income | 492/3 | €26,807 | €28,064 | +€1,257 | +4.7% |
| Non-recurring operating income | 76A | €2,299 | €0 | -€2,299 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €201,636 | €235,973 | +€34,337 | +17.0% |
| Other operating charges | 640/8 | €113,842 | €109,509 | -€4,333 | -3.8% |
| Gross operating margin | 9900 | €654,471 | €733,710 | +€79,238 | +12.1% |
| Operating profit (loss) | 9901 | €338,994 | €388,228 | +€49,234 | +14.5% |
| Financial income | 75/76B | €34,785 | €21,930 | -€12,855 | -37.0% |
| Recurring financial income | 75 | €34,785 | €21,930 | -€12,855 | -37.0% |
| Financial charges | 65/66B | €30,460 | €45,794 | +€15,334 | +50.3% |
| Recurring financial charges | 65 | €30,460 | €45,794 | +€15,334 | +50.3% |
| Profit (loss) for the period before taxes | 9903 | €343,319 | €364,364 | +€21,045 | +6.1% |
| Transfer from deferred taxes | 780 | €10,750 | €10,750 | = | 0.0% |
| Income taxes | 67/77 | €63,426 | €102,889 | +€39,464 | +62.2% |
| Profit (loss) for the period | 9904 | €290,643 | €272,225 | -€18,418 | -6.3% |
| Transfer from tax-exempt reserves | 789 | €32,250 | €32,250 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €322,893 | €304,475 | -€18,418 | -5.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.