PVDB: 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.
PVDB
Largest movements
- Tangible fixed assets +€396,201
up €396,201 (+20.8%), from €1.9m to €2.3m
of which Land and buildings: +€404,214
- Current investments -€396,026
down €396,026 (-100.0%), from €396,026 to €0
- Cash +€162,444
up €162,444 (+61.0%), from €266,390 to €428,833
mainly Current investments (+€396,026) and Net result for the year (+€344,185)
- Receivables within one year +€52,200
up €52,200 (+26.8%), from €194,474 to €246,674
of which Other amounts receivable: +€137,254
- Other debts +€195,996
up €195,996 (+89.7%), from €218,456 to €414,452
- Tax, wage and social debts +€89,849
up €89,849 (+146.4%), from €61,361 to €151,210
of which Taxes: +€89,849
- Current portion of long-term debt -€57,572
down €57,572 (-20.1%), from €286,112 to €228,540
- Debts after one year +€35,990
up €35,990 (+1.9%), from €1.9m to €2.0m
- Reserves -€30,815
down €30,815 (-15.3%), from €201,416 to €170,602
- Financial income +€127,197
up €127,197 (+1890.4%), from €6,729 to €133,926
- Depreciation -€10,489
down €10,489 (-7.2%), from €145,461 to €134,972
- Gross operating margin +€4,944
up €4,944 (+1.1%), from €450,229 to €455,173
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 | €2,769,472 | €2,982,789 | +€213,317 | +7.7% |
| Fixed assets | 21/28 | €1,903,632 | €2,299,833 | +€396,201 | +20.8% |
| Tangible fixed assets | 22/27 | €1,903,132 | €2,299,333 | +€396,201 | +20.8% |
| Land and buildings | 22 | €1,832,967 | €2,237,181 | +€404,214 | +22.1% |
| Furniture and vehicles | 24 | €19,005 | €17,305 | -€1,699 | -8.9% |
| Other tangible fixed assets | 26 | €51,161 | €44,847 | -€6,314 | -12.3% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €865,840 | €682,956 | -€182,884 | -21.1% |
| Amounts receivable within one year | 40/41 | €194,474 | €246,674 | +€52,200 | +26.8% |
| Trade receivables | 40 | €148,805 | €63,750 | -€85,055 | -57.2% |
| Other amounts receivable | 41 | €45,669 | €182,924 | +€137,254 | +300.5% |
| Current investments | 50/53 | €396,026 | €0 | -€396,026 | -100.0% |
| Cash at bank and in hand | 54/58 | €266,390 | €428,833 | +€162,444 | +61.0% |
| Deferred charges and accrued income | 490/1 | €8,950 | €7,449 | -€1,501 | -16.8% |
| Total equity and liabilities | 10/49 | €2,769,472 | €2,982,789 | +€213,317 | +7.7% |
| Equity | 10/15 | €221,416 | €190,602 | -€30,815 | -13.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €201,416 | €170,602 | -€30,815 | -15.3% |
| Distributable reserves | 133 | €201,416 | €170,602 | -€30,815 | -15.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,548,055 | €2,792,187 | +€244,132 | +9.6% |
| Amounts payable after more than one year | 17 | €1,916,601 | €1,952,592 | +€35,990 | +1.9% |
| Financial debts | 170/4 | €1,916,601 | €1,952,592 | +€35,990 | +1.9% |
| Amounts payable within one year | 42/48 | €628,954 | €837,096 | +€208,141 | +33.1% |
| Current portion of amounts payable after more than one year | 42 | €286,112 | €228,540 | -€57,572 | -20.1% |
| Financial debts | 43 | €17,008 | €16,951 | -€57 | -0.3% |
| Credit institutions | 430/8 | €17,008 | €16,951 | -€57 | -0.3% |
| Trade debts | 44 | €46,017 | €25,942 | -€20,075 | -43.6% |
| Suppliers | 440/4 | €46,017 | €25,942 | -€20,075 | -43.6% |
| Taxes, remuneration and social security | 45 | €61,361 | €151,210 | +€89,849 | +146.4% |
| Taxes | 450/3 | €25,361 | €115,210 | +€89,849 | +354.3% |
| Remuneration and social security | 454/9 | €36,000 | €36,000 | = | 0.0% |
| Other amounts payable | 47/48 | €218,456 | €414,452 | +€195,996 | +89.7% |
| Accrued charges and deferred income | 492/3 | €2,500 | €2,500 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | €2,566 | +€2,566 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €145,461 | €134,972 | -€10,489 | -7.2% |
| Other operating charges | 640/8 | €3,700 | €3,318 | -€382 | -10.3% |
| Gross operating margin | 9900 | €450,229 | €455,173 | +€4,944 | +1.1% |
| Operating profit (loss) | 9901 | €301,067 | €316,883 | +€15,816 | +5.3% |
| Financial income | 75/76B | €6,729 | €133,926 | +€127,197 | +1890.4% |
| Recurring financial income | 75 | €6,729 | €133,926 | +€127,197 | +1890.4% |
| Financial charges | 65/66B | €39,284 | €37,390 | -€1,894 | -4.8% |
| Recurring financial charges | 65 | €39,284 | €37,390 | -€1,894 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €268,512 | €413,419 | +€144,908 | +54.0% |
| Income taxes | 67/77 | €68,373 | €69,234 | +€861 | +1.3% |
| Profit (loss) for the period | 9904 | €200,139 | €344,185 | +€144,047 | +72.0% |
| Profit (loss) for the period to be appropriated | 9905 | €200,139 | €344,185 | +€144,047 | +72.0% |
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 29 September 2026 via checked.be.