PV-DESIGN: 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-DESIGN
Largest movements
- Cash +€8,593
up €8,593 (+32.9%), from €26,128 to €34,721
mainly Depreciation (+€12,103) and Net result for the year (+€10,684)
- Tangible fixed assets -€5,098
down €5,098 (-18.6%), from €27,340 to €22,242
of which Furniture and vehicles: -€5,408
- Receivables within one year -€2,464
down €2,464 (-20.8%), from €11,847 to €9,383
of which Other amounts receivable: -€3,247
- Stocks and contracts -€1,829
down €1,829 (-18.7%), from €9,757 to €7,928
- Reserves +€9,825
up €9,825 (+22.1%), from €44,400 to €54,225
- Debts after one year -€6,472
down €6,472 (-84.6%), from €7,647 to €1,175
- Trade debts -€4,360
no longer reported in 2025 (was €4,360)
- Current portion of long-term debt -€920
down €920 (-12.4%), from €7,392 to €6,472
- Tax, wage and social debts +€847
up €847 (+19.5%), from €4,353 to €5,200
- Gross operating margin +€7,917
up €7,917 (+36.5%), from €21,695 to €29,612
- Depreciation +€1,664
up €1,664 (+15.9%), from €10,439 to €12,103
- Taxes +€1,601
up €1,601 (+49.2%), from €3,256 to €4,857
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 | €77,375 | €75,938 | -€1,437 | -1.9% |
| Fixed assets | 21/28 | €27,340 | €22,242 | -€5,098 | -18.6% |
| Tangible fixed assets | 22/27 | €27,340 | €22,242 | -€5,098 | -18.6% |
| Plant, machinery and equipment | 23 | €6,155 | €6,465 | +€310 | +5.0% |
| Furniture and vehicles | 24 | €21,185 | €15,777 | -€5,408 | -25.5% |
| Current assets | 29/58 | €50,035 | €53,696 | +€3,661 | +7.3% |
| Stocks and contracts in progress | 3 | €9,757 | €7,928 | -€1,829 | -18.7% |
| Stocks | 30/36 | €9,757 | €7,928 | -€1,829 | -18.7% |
| Amounts receivable within one year | 40/41 | €11,847 | €9,383 | -€2,464 | -20.8% |
| Trade receivables | 40 | €8,353 | €9,136 | +€783 | +9.4% |
| Other amounts receivable | 41 | €3,494 | €247 | -€3,247 | -92.9% |
| Cash at bank and in hand | 54/58 | €26,128 | €34,721 | +€8,593 | +32.9% |
| Deferred charges and accrued income | 490/1 | €2,303 | €1,664 | -€639 | -27.7% |
| Total equity and liabilities | 10/49 | €77,375 | €75,938 | -€1,437 | -1.9% |
| Equity | 10/15 | €42,031 | €51,856 | +€9,825 | +23.4% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €44,400 | €54,225 | +€9,825 | +22.1% |
| Distributable reserves | 133 | €44,400 | €54,225 | +€9,825 | +22.1% |
| Profit (loss) carried forward | 14 | -€2,469 | -€2,469 | = | 0.0% |
| Amounts payable | 17/49 | €35,344 | €24,082 | -€11,262 | -31.9% |
| Amounts payable after more than one year | 17 | €7,647 | €1,175 | -€6,472 | -84.6% |
| Financial debts | 170/4 | €7,647 | €1,175 | -€6,472 | -84.6% |
| Amounts payable within one year | 42/48 | €27,697 | €22,907 | -€4,790 | -17.3% |
| Current portion of amounts payable after more than one year | 42 | €7,392 | €6,472 | -€920 | -12.4% |
| Trade debts | 44 | €4,360 | - | -€4,360 | |
| Suppliers | 440/4 | €4,360 | - | -€4,360 | |
| Taxes, remuneration and social security | 45 | €4,353 | €5,200 | +€847 | +19.5% |
| Taxes | 450/3 | €4,353 | €5,200 | +€847 | +19.5% |
| Other amounts payable | 47/48 | €11,592 | €11,235 | -€357 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,439 | €12,103 | +€1,664 | +15.9% |
| Other operating charges | 640/8 | €925 | €1,031 | +€106 | +11.5% |
| Gross operating margin | 9900 | €21,695 | €29,612 | +€7,917 | +36.5% |
| Operating profit (loss) | 9901 | €10,331 | €16,478 | +€6,147 | +59.5% |
| Financial income | 75/76B | €8 | €27 | +€19 | +237.5% |
| Recurring financial income | 75 | €8 | €27 | +€19 | +237.5% |
| Financial charges | 65/66B | €896 | €964 | +€68 | +7.6% |
| Recurring financial charges | 65 | €896 | €964 | +€68 | +7.6% |
| Profit (loss) for the period before taxes | 9903 | €9,443 | €15,541 | +€6,098 | +64.6% |
| Income taxes | 67/77 | €3,256 | €4,857 | +€1,601 | +49.2% |
| Profit (loss) for the period | 9904 | €6,187 | €10,684 | +€4,497 | +72.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,187 | €10,684 | +€4,497 | +72.7% |
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 6 October 2026 via checked.be.