PV Worx: 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 Worx
Largest movements
- Tangible fixed assets -€295,340
down €295,340 (-56.7%), from €520,614 to €225,274
of which Leasing and similar rights: -€216,193
- Receivables within one year -€271,221
down €271,221 (-80.0%), from €339,000 to €67,779
of which Other amounts receivable: -€148,132
- Receivables after one year +€19,262
up €19,262 (+30.3%), from €63,548 to €82,811
- Stocks and contracts +€14,000
new in 2025: €14,000
- Current portion of long-term debt -€183,541
down €183,541 (-56.4%), from €325,268 to €141,727
- Other debts -€163,028
down €163,028 (-31.1%), from €523,691 to €360,663
- Profit (loss) carried forward -€117,991
down €117,991 (-38.9%), from -€303,550 to -€421,542
- Debts after one year -€106,768
down €106,768 (-62.7%), from €170,303 to €63,535
- Trade debts +€38,549
up €38,549 (+65.8%), from €58,587 to €97,137
- Gross operating margin -€459,671
down €459,671 (-88.2%), from €521,088 to €61,418
- Depreciation -€209,128
down €209,128 (-55.1%), from €379,337 to €170,209
- Other operating charges -€84,966
down €84,966 (-98.4%), from €86,340 to €1,373
- Financial income +€15,135
up €15,135 (+369%), from €4,102 to €19,237
- Financial charges -€5,917
down €5,917 (-19.1%), from €31,043 to €25,126
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 | €924,381 | €391,520 | -€532,861 | -57.6% |
| Fixed assets | 21/28 | €520,614 | €225,274 | -€295,340 | -56.7% |
| Tangible fixed assets | 22/27 | €520,614 | €225,274 | -€295,340 | -56.7% |
| Plant, machinery and equipment | 23 | €139,305 | €60,158 | -€79,147 | -56.8% |
| Leasing and similar rights | 25 | €381,309 | €165,116 | -€216,193 | -56.7% |
| Current assets | 29/58 | €403,767 | €166,246 | -€237,522 | -58.8% |
| Amounts receivable after more than one year | 29 | €63,548 | €82,811 | +€19,262 | +30.3% |
| Trade receivables | 290 | €63,548 | €82,811 | +€19,262 | +30.3% |
| Stocks and contracts in progress | 3 | - | €14,000 | +€14,000 | |
| Stocks | 30/36 | - | €14,000 | +€14,000 | |
| Amounts receivable within one year | 40/41 | €339,000 | €67,779 | -€271,221 | -80.0% |
| Trade receivables | 40 | €190,868 | €67,779 | -€123,089 | -64.5% |
| Other amounts receivable | 41 | €148,132 | - | -€148,132 | |
| Cash at bank and in hand | 54/58 | €1,219 | €1,656 | +€437 | +35.9% |
| Total equity and liabilities | 10/49 | €924,381 | €391,520 | -€532,861 | -57.6% |
| Equity | 10/15 | -€153,550 | -€271,542 | -€117,991 | -76.8% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€303,550 | -€421,542 | -€117,991 | -38.9% |
| Amounts payable | 17/49 | €1,077,932 | €663,062 | -€414,870 | -38.5% |
| Amounts payable after more than one year | 17 | €170,303 | €63,535 | -€106,768 | -62.7% |
| Financial debts | 170/4 | €170,303 | €63,535 | -€106,768 | -62.7% |
| Amounts payable within one year | 42/48 | €907,546 | €599,527 | -€308,020 | -33.9% |
| Current portion of amounts payable after more than one year | 42 | €325,268 | €141,727 | -€183,541 | -56.4% |
| Trade debts | 44 | €58,587 | €97,137 | +€38,549 | +65.8% |
| Suppliers | 440/4 | €58,587 | €97,137 | +€38,549 | +65.8% |
| Other amounts payable | 47/48 | €523,691 | €360,663 | -€163,028 | -31.1% |
| Accrued charges and deferred income | 492/3 | €82 | - | -€82 | |
| Non-recurring operating income | 76A | €157,475 | €15,193 | -€142,282 | -90.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €379,337 | €170,209 | -€209,128 | -55.1% |
| Other operating charges | 640/8 | €86,340 | €1,373 | -€84,966 | -98.4% |
| Non-recurring operating charges | 66A | €16,250 | €1,938 | -€14,312 | -88.1% |
| Gross operating margin | 9900 | €521,088 | €61,418 | -€459,671 | -88.2% |
| Operating profit (loss) | 9901 | €39,162 | -€112,103 | -€151,265 | |
| Financial income | 75/76B | €4,102 | €19,237 | +€15,135 | +369% |
| Recurring financial income | 75 | €4,102 | €19,237 | +€15,135 | +369% |
| Financial charges | 65/66B | €31,043 | €25,126 | -€5,917 | -19.1% |
| Recurring financial charges | 65 | €31,043 | €25,126 | -€5,917 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €12,221 | -€117,991 | -€130,213 | |
| Profit (loss) for the period | 9904 | €12,221 | -€117,991 | -€130,213 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,221 | -€117,991 | -€130,213 |
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 27 October 2026 via checked.be.