PV CO-RE: 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.
PV CO-RE
Largest movements
- Tangible fixed assets +€200,645
up €200,645 (+173%), from €115,963 to €316,608
of which Leasing and similar rights: +€101,418
- Receivables within one year +€135,725
up €135,725 (+38.3%), from €353,977 to €489,702
of which Trade receivables: +€250,767
- Cash -€79,252
down €79,252 (-28.2%), from €281,262 to €202,011
mainly Investment in fixed assets (net) (-€254,244) and Receivables within one year (-€135,725)
- Stocks and contracts -€61,650
no longer reported in 2024 (was €61,650)
- Debts after one year +€100,267
up €100,267 (+23.9%), from €419,198 to €519,466
of which Financial debts: +€100,267
- Trade debts +€53,925
up €53,925 (+45.8%), from €117,689 to €171,615
- Tax, wage and social debts -€51,395
down €51,395 (-80.4%), from €63,926 to €12,530
- Reserves +€47,175
up €47,175 (+117%), from €40,230 to €87,405
- Other debts +€26,000
up €26,000 (+22,203%), from €117 to €26,117
- Gross operating margin +€49,845
up €49,845 (+63.6%), from €78,365 to €128,210
- Depreciation +€34,888
up €34,888 (+186%), from €18,711 to €53,599
- Financial charges +€8,108
up €8,108 (+85.3%), from €9,511 to €17,619
- Taxes -€6,631
down €6,631 (-45.3%), from €14,642 to €8,011
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €814,130 | €1,012,577 | +€198,447 | +24.4% |
| Fixed assets | 21/28 | €116,863 | €317,508 | +€200,645 | +172% |
| Tangible fixed assets | 22/27 | €115,963 | €316,608 | +€200,645 | +173% |
| Plant, machinery and equipment | 23 | €87,032 | €145,202 | +€58,170 | +66.8% |
| Furniture and vehicles | 24 | €28,931 | €69,989 | +€41,058 | +142% |
| Leasing and similar rights | 25 | - | €101,418 | +€101,418 | |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €697,267 | €695,068 | -€2,198 | -0.3% |
| Stocks and contracts in progress | 3 | €61,650 | - | -€61,650 | |
| Stocks | 30/36 | €61,650 | - | -€61,650 | |
| Amounts receivable within one year | 40/41 | €353,977 | €489,702 | +€135,725 | +38.3% |
| Trade receivables | 40 | €172,998 | €423,766 | +€250,767 | +145% |
| Other amounts receivable | 41 | €180,979 | €65,936 | -€115,043 | -63.6% |
| Cash at bank and in hand | 54/58 | €281,262 | €202,011 | -€79,252 | -28.2% |
| Deferred charges and accrued income | 490/1 | €378 | €3,356 | +€2,978 | +789% |
| Total equity and liabilities | 10/49 | €814,130 | €1,012,577 | +€198,447 | +24.4% |
| Equity | 10/15 | €50,230 | €97,405 | +€47,175 | +93.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €40,230 | €87,405 | +€47,175 | +117% |
| Distributable reserves | 133 | €40,230 | €87,405 | +€47,175 | +117% |
| Amounts payable | 17/49 | €763,900 | €915,172 | +€151,272 | +19.8% |
| Amounts payable after more than one year | 17 | €419,198 | €519,466 | +€100,267 | +23.9% |
| Financial debts | 170/4 | €51,889 | €152,156 | +€100,267 | +193% |
| Other amounts payable | 178/9 | €367,310 | €367,310 | = | 0.0% |
| Amounts payable within one year | 42/48 | €341,780 | €395,706 | +€53,926 | +15.8% |
| Current portion of amounts payable after more than one year | 42 | €10,048 | €35,444 | +€25,396 | +253% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €117,689 | €171,615 | +€53,925 | +45.8% |
| Suppliers | 440/4 | €117,689 | €171,615 | +€53,925 | +45.8% |
| Taxes, remuneration and social security | 45 | €63,926 | €12,530 | -€51,395 | -80.4% |
| Taxes | 450/3 | €63,926 | €12,530 | -€51,395 | -80.4% |
| Other amounts payable | 47/48 | €117 | €26,117 | +€26,000 | +22,203% |
| Accrued charges and deferred income | 492/3 | €2,921 | - | -€2,921 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,711 | €53,599 | +€34,888 | +186% |
| Other operating charges | 640/8 | €1,905 | €1,963 | +€57 | +3.0% |
| Gross operating margin | 9900 | €78,365 | €128,210 | +€49,845 | +63.6% |
| Operating profit (loss) | 9901 | €57,750 | €72,649 | +€14,899 | +25.8% |
| Financial income | 75/76B | €65 | €156 | +€91 | +140% |
| Recurring financial income | 75 | €65 | €156 | +€91 | +140% |
| Financial charges | 65/66B | €9,511 | €17,619 | +€8,108 | +85.3% |
| Recurring financial charges | 65 | €9,511 | €17,619 | +€8,108 | +85.3% |
| Profit (loss) for the period before taxes | 9903 | €48,304 | €55,186 | +€6,882 | +14.2% |
| Income taxes | 67/77 | €14,642 | €8,011 | -€6,631 | -45.3% |
| Profit (loss) for the period | 9904 | €33,662 | €47,175 | +€13,513 | +40.1% |
| Profit (loss) for the period to be appropriated | 9905 | €33,662 | €47,175 | +€13,513 | +40.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.