PUVACO: 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.
PUVACO
Largest movements
- Tangible fixed assets -€13,939
down €13,939 (-57.8%), from €24,128 to €10,189
of which Plant, machinery and equipment: -€11,371
- Receivables within one year -€7,906
down €7,906 (-30.4%), from €26,043 to €18,137
of which Trade receivables: -€14,998
- Stocks and contracts +€1,478
up €1,478 (+13.5%), from €10,925 to €12,403
- Profit (loss) carried forward -€16,486
down €16,486 (-552%), from -€2,987 to -€19,474
- Tax, wage and social debts -€3,086
down €3,086 (-74.5%), from €4,144 to €1,058
of which Remuneration and social security: -€4,079
- Debts after one year -€3,017
down €3,017 (-25.6%), from €11,787 to €8,770
- Trade debts +€2,287
up €2,287 (+67.1%), from €3,410 to €5,697
- Gross operating margin -€37,306
down €37,306, from €35,928 to -€1,378
- Staff costs -€24,530
down €24,530 (-99.6%), from €24,626 to €96
- Depreciation -€999
down €999 (-6.7%), from €14,938 to €13,939
- Other operating charges -€765
down €765 (-58.5%), from €1,309 to €544
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 | €61,788 | €41,573 | -€20,215 | -32.7% |
| Fixed assets | 21/28 | €24,128 | €10,189 | -€13,939 | -57.8% |
| Tangible fixed assets | 22/27 | €24,128 | €10,189 | -€13,939 | -57.8% |
| Land and buildings | 22 | €2,260 | €1,978 | -€283 | -12.5% |
| Plant, machinery and equipment | 23 | €18,592 | €7,221 | -€11,371 | -61.2% |
| Furniture and vehicles | 24 | €3,277 | €991 | -€2,286 | -69.8% |
| Current assets | 29/58 | €37,659 | €31,384 | -€6,275 | -16.7% |
| Stocks and contracts in progress | 3 | €10,925 | €12,403 | +€1,478 | +13.5% |
| Stocks | 30/36 | €10,925 | €12,403 | +€1,478 | +13.5% |
| Amounts receivable within one year | 40/41 | €26,043 | €18,137 | -€7,906 | -30.4% |
| Trade receivables | 40 | €18,181 | €3,183 | -€14,998 | -82.5% |
| Other amounts receivable | 41 | €7,862 | €14,954 | +€7,092 | +90.2% |
| Cash at bank and in hand | 54/58 | €692 | €844 | +€152 | +22.0% |
| Total equity and liabilities | 10/49 | €61,788 | €41,573 | -€20,215 | -32.7% |
| Equity | 10/15 | €39,518 | €23,031 | -€16,486 | -41.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €22,505 | €22,505 | = | 0.0% |
| Distributable reserves | 133 | €22,505 | €22,505 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,987 | -€19,474 | -€16,486 | -552% |
| Amounts payable | 17/49 | €22,270 | €18,542 | -€3,728 | -16.7% |
| Amounts payable after more than one year | 17 | €11,787 | €8,770 | -€3,017 | -25.6% |
| Financial debts | 170/4 | €11,787 | €8,770 | -€3,017 | -25.6% |
| Amounts payable within one year | 42/48 | €10,483 | €9,772 | -€711 | -6.8% |
| Current portion of amounts payable after more than one year | 42 | €2,929 | €3,017 | +€88 | +3.0% |
| Trade debts | 44 | €3,410 | €5,697 | +€2,287 | +67.1% |
| Suppliers | 440/4 | €3,410 | €5,697 | +€2,287 | +67.1% |
| Taxes, remuneration and social security | 45 | €4,144 | €1,058 | -€3,086 | -74.5% |
| Taxes | 450/3 | €64 | €1,058 | +€993 | +1,542% |
| Remuneration and social security | 454/9 | €4,079 | - | -€4,079 | |
| Remuneration, social security and pensions | 62 | €24,626 | €96 | -€24,530 | -99.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,938 | €13,939 | -€999 | -6.7% |
| Other operating charges | 640/8 | €1,309 | €544 | -€765 | -58.5% |
| Gross operating margin | 9900 | €35,928 | -€1,378 | -€37,306 | |
| Operating profit (loss) | 9901 | -€4,945 | -€15,957 | -€11,012 | -223% |
| Financial charges | 65/66B | €622 | €529 | -€93 | -14.9% |
| Recurring financial charges | 65 | €622 | €529 | -€93 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | -€5,568 | -€16,486 | -€10,919 | -196% |
| Income taxes | 67/77 | €178 | - | -€178 | |
| Profit (loss) for the period | 9904 | -€5,745 | -€16,486 | -€10,741 | -187% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,745 | -€16,486 | -€10,741 | -187% |
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 14 October 2026 via checked.be.