PV Core: what changed
Two fiscal 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 Core
Largest movements
- Cash +€73,741
up €73,741 (+93.2%), from €79,120 to €152,861
mainly Net result for the year (+€42,267) and Other debts (+€21,227)
- Stocks and contracts +€7,683
up €7,683 (+122.4%), from €6,279 to €13,962
- Tangible fixed assets -€4,919
down €4,919 (-63.4%), from €7,764 to €2,845
of which Furniture and vehicles: -€4,625
- Receivables within one year +€2,474
up €2,474 (+29.7%), from €8,330 to €10,804
of which Trade receivables: +€2,016
- Reserves +€41,467
up €41,467 (+51.9%), from €79,864 to €121,331
- Other debts +€21,227
up €21,227 (+146.4%), from €14,500 to €35,727
- Trade debts +€14,042
up €14,042 (+380.3%), from €3,692 to €17,735
- Gross operating margin +€27,626
up €27,626 (+72.2%), from €38,287 to €65,913
- Taxes +€7,308
up €7,308 (+74.1%), from €9,867 to €17,175
- Financial charges +€814
up €814 (+83.1%), from €980 to €1,794
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.
Cash bridge derived
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 | €104,460 | €182,897 | +€78,437 | +75.1% |
| Fixed assets | 21/28 | €9,397 | €4,478 | -€4,919 | -52.3% |
| Tangible fixed assets | 22/27 | €7,764 | €2,845 | -€4,919 | -63.4% |
| Plant, machinery and equipment | 23 | €441 | €147 | -€294 | -66.7% |
| Furniture and vehicles | 24 | €7,323 | €2,698 | -€4,625 | -63.2% |
| Financial fixed assets | 28 | €1,634 | €1,634 | = | 0.0% |
| Current assets | 29/58 | €95,063 | €178,419 | +€83,355 | +87.7% |
| Stocks and contracts in progress | 3 | €6,279 | €13,962 | +€7,683 | +122.4% |
| Stocks | 30/36 | €6,279 | €13,962 | +€7,683 | +122.4% |
| Amounts receivable within one year | 40/41 | €8,330 | €10,804 | +€2,474 | +29.7% |
| Trade receivables | 40 | €7,214 | €9,229 | +€2,016 | +27.9% |
| Other amounts receivable | 41 | €1,117 | €1,575 | +€458 | +41.0% |
| Cash at bank and in hand | 54/58 | €79,120 | €152,861 | +€73,741 | +93.2% |
| Deferred charges and accrued income | 490/1 | €1,334 | €792 | -€542 | -40.6% |
| Total equity and liabilities | 10/49 | €104,460 | €182,897 | +€78,437 | +75.1% |
| Equity | 10/15 | €84,864 | €126,331 | +€41,467 | +48.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Outside capital | 11 | €5,000 | €5,000 | = | 0.0% |
| Other | 1109/19 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €79,864 | €121,331 | +€41,467 | +51.9% |
| Distributable reserves | 133 | €79,864 | €121,331 | +€41,467 | +51.9% |
| Amounts payable | 17/49 | €19,597 | €56,566 | +€36,969 | +188.7% |
| Amounts payable within one year | 42/48 | €19,597 | €56,566 | +€36,969 | +188.7% |
| Financial debts | 43 | €647 | €1,217 | +€570 | +88.1% |
| Credit institutions | 430/8 | €647 | €1,217 | +€570 | +88.1% |
| Trade debts | 44 | €3,692 | €17,735 | +€14,042 | +380.3% |
| Suppliers | 440/4 | €3,692 | €17,735 | +€14,042 | +380.3% |
| Taxes, remuneration and social security | 45 | €757 | €1,888 | +€1,130 | +149.3% |
| Taxes | 450/3 | €757 | €1,888 | +€1,130 | +149.3% |
| Other amounts payable | 47/48 | €14,500 | €35,727 | +€21,227 | +146.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,676 | €4,919 | +€243 | +5.2% |
| Other operating charges | 640/8 | €843 | €793 | -€50 | -6.0% |
| Gross operating margin | 9900 | €38,287 | €65,913 | +€27,626 | +72.2% |
| Operating profit (loss) | 9901 | €32,768 | €60,201 | +€27,433 | +83.7% |
| Financial income | 75/76B | €1,011 | €1,035 | +€24 | +2.4% |
| Recurring financial income | 75 | €1,011 | €1,035 | +€24 | +2.4% |
| Financial charges | 65/66B | €980 | €1,794 | +€814 | +83.1% |
| Recurring financial charges | 65 | €980 | €1,794 | +€814 | +83.1% |
| Profit (loss) for the period before taxes | 9903 | €32,799 | €59,442 | +€26,643 | +81.2% |
| Income taxes | 67/77 | €9,867 | €17,175 | +€7,308 | +74.1% |
| Profit (loss) for the period | 9904 | €22,932 | €42,267 | +€19,335 | +84.3% |
| Profit (loss) for the period to be appropriated | 9905 | €22,932 | €42,267 | +€19,335 | +84.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.