PVB: 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.
PVB
Largest movements
- Tangible fixed assets -€31,971
down €31,971 (-11.5%), from €278,505 to €246,534
of which Land and buildings: -€25,099
- Receivables within one year +€16,563
up €16,563 (+59.6%), from €27,788 to €44,350
of which Other amounts receivable: +€16,000
- Deferred charges and accrued income -€9,830
down €9,830 (-44.5%), from €22,098 to €12,268
- Cash +€5,987
up €5,987 (+5.4%), from €110,947 to €116,933
mainly Net result for the year (+€54,807) and Depreciation (+€33,134)
- Reserves -€46,500
down €46,500 (-15.1%), from €307,160 to €260,660
- Other debts +€24,893
up €24,893 (+262.5%), from €9,482 to €34,374
- Debts after one year -€10,787
down €10,787 (-18.1%), from €59,607 to €48,819
- Current portion of long-term debt +€10,787
new in 2025: €10,787
- Gross operating margin -€40,603
down €40,603 (-25.5%), from €158,923 to €118,320
- Depreciation -€12,302
down €12,302 (-27.1%), from €45,436 to €33,134
- Taxes -€8,854
down €8,854 (-29.1%), from €30,382 to €21,528
- Other operating charges +€3,254
up €3,254 (+128.7%), from €2,528 to €5,782
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 | €439,362 | €420,111 | -€19,251 | -4.4% |
| Fixed assets | 21/28 | €278,530 | €246,559 | -€31,971 | -11.5% |
| Tangible fixed assets | 22/27 | €278,505 | €246,534 | -€31,971 | -11.5% |
| Land and buildings | 22 | €231,079 | €205,980 | -€25,099 | -10.9% |
| Furniture and vehicles | 24 | - | €1,148 | +€1,148 | |
| Leasing and similar rights | 25 | €44,800 | €37,333 | -€7,467 | -16.7% |
| Other tangible fixed assets | 26 | €2,626 | €2,073 | -€553 | -21.1% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €160,832 | €173,552 | +€12,720 | +7.9% |
| Amounts receivable within one year | 40/41 | €27,788 | €44,350 | +€16,563 | +59.6% |
| Trade receivables | 40 | €27,788 | €28,350 | +€563 | +2.0% |
| Other amounts receivable | 41 | - | €16,000 | +€16,000 | |
| Cash at bank and in hand | 54/58 | €110,947 | €116,933 | +€5,987 | +5.4% |
| Deferred charges and accrued income | 490/1 | €22,098 | €12,268 | -€9,830 | -44.5% |
| Total equity and liabilities | 10/49 | €439,362 | €420,111 | -€19,251 | -4.4% |
| Equity | 10/15 | €344,335 | €298,142 | -€46,193 | -13.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €307,160 | €260,660 | -€46,500 | -15.1% |
| Distributable reserves | 133 | €307,160 | €260,660 | -€46,500 | -15.1% |
| Profit (loss) carried forward | 14 | €24,775 | €25,082 | +€307 | +1.2% |
| Amounts payable | 17/49 | €95,028 | €121,969 | +€26,941 | +28.4% |
| Amounts payable after more than one year | 17 | €59,607 | €48,819 | -€10,787 | -18.1% |
| Financial debts | 170/4 | €59,607 | €48,819 | -€10,787 | -18.1% |
| Amounts payable within one year | 42/48 | €35,421 | €73,150 | +€37,729 | +106.5% |
| Current portion of amounts payable after more than one year | 42 | - | €10,787 | +€10,787 | |
| Trade debts | 44 | €5,260 | €3,427 | -€1,832 | -34.8% |
| Suppliers | 440/4 | €5,260 | €3,427 | -€1,832 | -34.8% |
| Taxes, remuneration and social security | 45 | €20,680 | €24,561 | +€3,881 | +18.8% |
| Taxes | 450/3 | €20,680 | €24,561 | +€3,881 | +18.8% |
| Other amounts payable | 47/48 | €9,482 | €34,374 | +€24,893 | +262.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,436 | €33,134 | -€12,302 | -27.1% |
| Other operating charges | 640/8 | €2,528 | €5,782 | +€3,254 | +128.7% |
| Gross operating margin | 9900 | €158,923 | €118,320 | -€40,603 | -25.5% |
| Operating profit (loss) | 9901 | €110,959 | €79,404 | -€31,555 | -28.4% |
| Financial charges | 65/66B | €4,068 | €3,068 | -€999 | -24.6% |
| Recurring financial charges | 65 | €4,068 | €3,068 | -€999 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | €106,891 | €76,335 | -€30,556 | -28.6% |
| Income taxes | 67/77 | €30,382 | €21,528 | -€8,854 | -29.1% |
| Profit (loss) for the period | 9904 | €76,509 | €54,807 | -€21,702 | -28.4% |
| Profit (loss) for the period to be appropriated | 9905 | €76,509 | €54,807 | -€21,702 | -28.4% |
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 10 October 2026 via checked.be.