PV CYCLE BELGIUM: 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 CYCLE BELGIUM
Largest movements
- Current investments +€13.6m
up €13.6m (+74.0%), from €18.3m to €31.9m
- Cash -€10.9m
down €10.9m (-95.8%), from €11.4m to €473,332
mainly Current investments (-€13.6m) and Net result for the year (-€522,302)
- Provisions +€3.1m
up €3.1m (+11.8%), from €26.6m to €29.7m
- Reserves -€522,302
down €522,302 (-12.6%), from €4.2m to €3.6m
- Financial income -€742,842
down €742,842 (-88.4%), from €839,950 to €97,109
- Gross operating margin -€532,511
down €532,511 (-16.1%), from €3.3m to €2.8m
- Other operating charges -€43,102
down €43,102 (-16.1%), from €267,256 to €224,154
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 | €30,927,403 | €33,635,391 | +€2.7m | +8.8% |
| Current assets | 29/58 | €30,927,403 | €33,635,391 | +€2.7m | +8.8% |
| Amounts receivable within one year | 40/41 | €1,147,843 | €1,222,863 | +€75,020 | +6.5% |
| Trade receivables | 40 | €1,147,843 | €1,222,863 | +€75,020 | +6.5% |
| Current investments | 50/53 | €18,347,005 | €31,929,808 | +€13.6m | +74.0% |
| Cash at bank and in hand | 54/58 | €11,375,055 | €473,332 | -€10.9m | -95.8% |
| Deferred charges and accrued income | 490/1 | €57,501 | €9,388 | -€48,113 | -83.7% |
| Total equity and liabilities | 10/49 | €30,927,403 | €33,635,391 | +€2.7m | +8.8% |
| Equity | 10/15 | €4,161,404 | €3,639,102 | -€522,302 | -12.6% |
| Reserves | 13 | €4,161,404 | €3,639,102 | -€522,302 | -12.6% |
| Provisions and deferred taxes | 16 | €26,562,225 | €29,702,653 | +€3.1m | +11.8% |
| Provisions for liabilities and charges | 160/5 | €26,562,225 | €29,702,653 | +€3.1m | +11.8% |
| Other liabilities and charges | 164/5 | €26,562,225 | €29,702,653 | +€3.1m | +11.8% |
| Amounts payable | 17/49 | €203,774 | €293,636 | +€89,861 | +44.1% |
| Amounts payable within one year | 42/48 | €174,084 | €258,470 | +€84,385 | +48.5% |
| Trade debts | 44 | €38,214 | €109,704 | +€71,490 | +187% |
| Suppliers | 440/4 | €38,214 | €109,704 | +€71,490 | +187% |
| Taxes, remuneration and social security | 45 | €135,870 | €148,765 | +€12,895 | +9.5% |
| Taxes | 450/3 | €135,870 | €148,765 | +€12,895 | +9.5% |
| Accrued charges and deferred income | 492/3 | €29,690 | €35,166 | +€5,476 | +18.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €41,143 | €29,204 | -€11,939 | -29.0% |
| Other operating charges | 640/8 | €267,256 | €224,154 | -€43,102 | -16.1% |
| Gross operating margin | 9900 | €3,307,302 | €2,774,791 | -€532,511 | -16.1% |
| Operating profit (loss) | 9901 | -€2,359,763 | -€618,995 | +€1.7m | +73.8% |
| Financial income | 75/76B | €839,950 | €97,109 | -€742,842 | -88.4% |
| Recurring financial income | 75 | €839,950 | €97,109 | -€742,842 | -88.4% |
| Financial charges | 65/66B | €407 | €416 | +€9 | +2.1% |
| Recurring financial charges | 65 | €407 | €416 | +€9 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | -€1,520,220 | -€522,302 | +€997,918 | +65.6% |
| Profit (loss) for the period | 9904 | -€1,520,220 | -€522,302 | +€997,918 | +65.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,520,220 | -€522,302 | +€997,918 | +65.6% |
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 31 October 2026 via checked.be.