PTVL: what changed
PTVL
Largest movements
- Current investments -€1.9m
down €1.9m (-100%), from €1.9m to €0
- Receivables within one year -€1.2m
down €1.2m (-98.1%), from €1.2m to €22,248
of which Other amounts receivable: -€1.1m
- Cash -€875,927
down €875,927 (-83.0%), from €1.1m to €179,540
mainly Contributions, distributions and other (-€4.0m) and Other debts (-€83,577)
- Tangible fixed assets -€107,827
down €107,827 (-3.9%), from €2.8m to €2.7m
- Reserves -€2.4m
down €2.4m (-57.8%), from €4.1m to €1.7m
of which Distributable reserves: -€2.4m
- Contributions -€1.6m
down €1.6m (-60.8%), from €2.7m to €1.1m
of which Capital: -€1.6m
- Other debts -€83,577
down €83,577 (-100%), from €83,577 to €0
- Gross operating margin -€182,487
down €182,487 (-44.6%), from €408,838 to €226,352
- Financial income -€92,355
down €92,355 (-78.9%), from €116,983 to €24,628
- Taxes -€66,215
down €66,215 (-76.9%), from €86,126 to €19,911
- Depreciation -€15,025
down €15,025 (-12.2%), from €123,608 to €108,582
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,922,541 | €2,862,454 | -€4.1m | -58.7% |
| Fixed assets | 21/28 | €2,763,422 | €2,655,595 | -€107,827 | -3.9% |
| Tangible fixed assets | 22/27 | €2,763,422 | €2,655,595 | -€107,827 | -3.9% |
| Land and buildings | 22 | €2,763,422 | €2,655,595 | -€107,827 | -3.9% |
| Current assets | 29/58 | €4,159,119 | €206,859 | -€4.0m | -95.0% |
| Amounts receivable within one year | 40/41 | €1,177,819 | €22,248 | -€1.2m | -98.1% |
| Trade receivables | 40 | €17,900 | €0 | -€17,900 | -100% |
| Other amounts receivable | 41 | €1,159,919 | €22,248 | -€1.1m | -98.1% |
| Current investments | 50/53 | €1,900,000 | €0 | -€1.9m | -100% |
| Cash at bank and in hand | 54/58 | €1,055,467 | €179,540 | -€875,927 | -83.0% |
| Deferred charges and accrued income | 490/1 | €25,833 | €5,072 | -€20,761 | -80.4% |
| Total equity and liabilities | 10/49 | €6,922,541 | €2,862,454 | -€4.1m | -58.7% |
| Equity | 10/15 | €6,826,366 | €2,859,610 | -€4.0m | -58.1% |
| Contributions | 10/11 | €2,685,917 | €1,053,336 | -€1.6m | -60.8% |
| Capital | 10 | €2,311,000 | €678,419 | -€1.6m | -70.6% |
| Issued capital | 100 | €2,311,000 | €678,419 | -€1.6m | -70.6% |
| Contributions outside capital | 11 | €374,917 | €374,917 | = | 0.0% |
| Share premium | 1100/10 | €374,917 | €374,917 | = | 0.0% |
| Reserves | 13 | €4,139,649 | €1,745,741 | -€2.4m | -57.8% |
| Non-distributable reserves | 130/1 | €231,100 | €231,100 | = | 0.0% |
| Legal reserve | 130 | €231,100 | €231,100 | = | 0.0% |
| Tax-exempt reserves | 132 | €303,549 | €303,549 | = | 0.0% |
| Distributable reserves | 133 | €3,605,000 | €1,211,092 | -€2.4m | -66.4% |
| Profit (loss) carried forward | 14 | €800 | €60,533 | +€59,733 | +7,470% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €96,175 | €2,844 | -€93,331 | -97.0% |
| Amounts payable within one year | 42/48 | €92,589 | €1,594 | -€90,995 | -98.3% |
| Trade debts | 44 | €9,013 | €204 | -€8,809 | -97.7% |
| Suppliers | 440/4 | €9,013 | €204 | -€8,809 | -97.7% |
| Taxes, remuneration and social security | 45 | €0 | €1,390 | +€1,390 | |
| Taxes | 450/3 | €0 | €1,390 | +€1,390 | |
| Other amounts payable | 47/48 | €83,577 | €0 | -€83,577 | -100% |
| Accrued charges and deferred income | 492/3 | €3,585 | €1,250 | -€2,335 | -65.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,608 | €108,582 | -€15,025 | -12.2% |
| Other operating charges | 640/8 | €60,120 | €61,999 | +€1,879 | +3.1% |
| Gross operating margin | 9900 | €408,838 | €226,352 | -€182,487 | -44.6% |
| Operating profit (loss) | 9901 | €225,110 | €55,770 | -€169,340 | -75.2% |
| Financial income | 75/76B | €116,983 | €24,628 | -€92,355 | -78.9% |
| Recurring financial income | 75 | €116,983 | €24,628 | -€92,355 | -78.9% |
| Financial charges | 65/66B | €2,159 | €754 | -€1,405 | -65.1% |
| Recurring financial charges | 65 | €2,159 | €754 | -€1,405 | -65.1% |
| Profit (loss) for the period before taxes | 9903 | €339,934 | €79,644 | -€260,290 | -76.6% |
| Transfer from deferred taxes | 780 | €1,554 | €0 | -€1,554 | -100% |
| Income taxes | 67/77 | €86,126 | €19,911 | -€66,215 | -76.9% |
| Profit (loss) for the period | 9904 | €255,362 | €59,733 | -€195,629 | -76.6% |
| Transfer from tax-exempt reserves | 789 | €3,016 | €0 | -€3,016 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €258,378 | €59,733 | -€198,645 | -76.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.