PVDB COLLECTIONS: 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.
PVDB COLLECTIONS
Largest movements
- Cash -€521,612
down €521,612 (-78.4%), from €665,469 to €143,858
mainly Debts after one year (-€442,406) and Net result for the year (-€343,351)
- Current investments -€250,000
down €250,000 (-100%), from €250,000 to €0
- Stocks and contracts -€122,550
down €122,550 (-35.2%), from €347,931 to €225,381
- Tangible fixed assets -€52,437
down €52,437 (-1.6%), from €3.3m to €3.3m
of which Land and buildings: -€38,669
- Debts after one year -€442,406
down €442,406 (-22.3%), from €2.0m to €1.5m
of which Financial debts: -€442,406
- Reserves -€343,351
down €343,351 (-19.3%), from €1.8m to €1.4m
of which Distributable reserves: -€321,842
- Trade debts -€52,499
down €52,499 (-38.5%), from €136,250 to €83,751
- Other debts -€49,776
down €49,776 (-22.0%), from €226,508 to €176,732
- Gross operating margin -€985,899
down €985,899 (-96.5%), from €1.0m to €35,628
- Depreciation -€91,042
down €91,042 (-43.0%), from €211,825 to €120,783
- Financial charges +€67,521
up €67,521 (+94.8%), from €71,254 to €138,775
of which Non-recurring financial charges: +€78,492
- Write-downs +€15,702
up €15,702, from -€15,702 to €0
- Other operating charges -€15,587
down €15,587 (-33.6%), from €46,419 to €30,831
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 | €4,620,894 | €3,656,760 | -€964,133 | -20.9% |
| Fixed assets | 21/28 | €3,306,637 | €3,260,545 | -€46,092 | -1.4% |
| Tangible fixed assets | 22/27 | €3,306,637 | €3,254,200 | -€52,437 | -1.6% |
| Land and buildings | 22 | €3,268,938 | €3,230,269 | -€38,669 | -1.2% |
| Plant, machinery and equipment | 23 | €3,955 | €2,758 | -€1,198 | -30.3% |
| Furniture and vehicles | 24 | €33,743 | €21,173 | -€12,570 | -37.3% |
| Financial fixed assets | 28 | - | €6,345 | +€6,345 | |
| Current assets | 29/58 | €1,314,257 | €396,215 | -€918,041 | -69.9% |
| Stocks and contracts in progress | 3 | €347,931 | €225,381 | -€122,550 | -35.2% |
| Stocks | 30/36 | €347,931 | €225,381 | -€122,550 | -35.2% |
| Amounts receivable within one year | 40/41 | €39,358 | €16,535 | -€22,823 | -58.0% |
| Trade receivables | 40 | €23,861 | €2,895 | -€20,967 | -87.9% |
| Other amounts receivable | 41 | €15,497 | €13,640 | -€1,856 | -12.0% |
| Current investments | 50/53 | €250,000 | €0 | -€250,000 | -100% |
| Cash at bank and in hand | 54/58 | €665,469 | €143,858 | -€521,612 | -78.4% |
| Deferred charges and accrued income | 490/1 | €11,499 | €10,442 | -€1,057 | -9.2% |
| Total equity and liabilities | 10/49 | €4,620,894 | €3,656,760 | -€964,133 | -20.9% |
| Equity | 10/15 | €1,789,698 | €1,446,346 | -€343,351 | -19.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,777,298 | €1,433,946 | -€343,351 | -19.3% |
| Tax-exempt reserves | 132 | €615,797 | €594,287 | -€21,510 | -3.5% |
| Distributable reserves | 133 | €1,161,500 | €839,659 | -€321,842 | -27.7% |
| Provisions and deferred taxes | 16 | €191,705 | €184,535 | -€7,170 | -3.7% |
| Deferred taxes | 168 | €191,705 | €184,535 | -€7,170 | -3.7% |
| Amounts payable | 17/49 | €2,639,492 | €2,025,880 | -€613,612 | -23.2% |
| Amounts payable after more than one year | 17 | €1,980,703 | €1,538,298 | -€442,406 | -22.3% |
| Financial debts | 170/4 | €1,845,703 | €1,403,298 | -€442,406 | -24.0% |
| Other amounts payable | 178/9 | €135,000 | €135,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €653,251 | €480,525 | -€172,726 | -26.4% |
| Current portion of amounts payable after more than one year | 42 | €174,117 | €158,874 | -€15,243 | -8.8% |
| Trade debts | 44 | €136,250 | €83,751 | -€52,499 | -38.5% |
| Suppliers | 440/4 | €136,250 | €83,751 | -€52,499 | -38.5% |
| Advances received on contracts in progress | 46 | €76,223 | €45,915 | -€30,308 | -39.8% |
| Taxes, remuneration and social security | 45 | €40,153 | €15,253 | -€24,900 | -62.0% |
| Taxes | 450/3 | €20,483 | €8,042 | -€12,441 | -60.7% |
| Remuneration and social security | 454/9 | €19,670 | €7,211 | -€12,459 | -63.3% |
| Other amounts payable | 47/48 | €226,508 | €176,732 | -€49,776 | -22.0% |
| Accrued charges and deferred income | 492/3 | €5,538 | €7,057 | +€1,519 | +27.4% |
| Non-recurring operating income | 76A | €896,805 | €0 | -€896,805 | -100% |
| Remuneration, social security and pensions | 62 | €104,434 | €104,952 | +€518 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €211,825 | €120,783 | -€91,042 | -43.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€15,702 | €0 | +€15,702 | |
| Other operating charges | 640/8 | €46,419 | €30,831 | -€15,587 | -33.6% |
| Gross operating margin | 9900 | €1,021,526 | €35,628 | -€985,899 | -96.5% |
| Operating profit (loss) | 9901 | €674,551 | -€220,938 | -€895,489 | |
| Financial income | 75/76B | €7,975 | €9,192 | +€1,217 | +15.3% |
| Recurring financial income | 75 | €7,975 | €9,192 | +€1,217 | +15.3% |
| Financial charges | 65/66B | €71,254 | €138,775 | +€67,521 | +94.8% |
| Recurring financial charges | 65 | €71,254 | €60,283 | -€10,971 | -15.4% |
| Non-recurring financial charges | 66B | - | €78,492 | +€78,492 | |
| Profit (loss) for the period before taxes | 9903 | €611,272 | -€350,521 | -€961,793 | |
| Transfer from deferred taxes | 780 | €27,625 | €7,170 | -€20,455 | -74.0% |
| Transfer to deferred taxes | 680 | €219,330 | €0 | -€219,330 | -100% |
| Income taxes | 67/77 | €116 | €0 | -€116 | -100% |
| Profit (loss) for the period | 9904 | €419,451 | -€343,351 | -€762,803 | |
| Transfer from tax-exempt reserves | 789 | €82,875 | €21,510 | -€61,365 | -74.0% |
| Transfer to tax-exempt reserves | 689 | €657,989 | €0 | -€657,989 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€155,662 | -€321,842 | -€166,179 | -107% |
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 16 October 2026 via checked.be.