PVDEMD: 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.
PVDEMD
Largest movements
- Current investments +€145,527
up €145,527 (+48.5%), from €300,227 to €445,754
- Receivables within one year -€62,639
down €62,639 (-70.3%), from €89,060 to €26,421
of which Other amounts receivable: -€66,328
- Cash -€23,327
down €23,327 (-9.9%), from €236,507 to €213,181
mainly Current investments (-€145,527) and Other debts (-€60,785)
- Reserves +€137,232
up €137,232 (+26.3%), from €521,808 to €659,040
of which Distributable reserves: +€137,232
- Other debts -€60,785
down €60,785 (-61.0%), from €99,686 to €38,900
- Tax, wage and social debts -€15,753
down €15,753 (-79.1%), from €19,923 to €4,170
- Financial income -€9,403
down €9,403 (-50.3%), from €18,684 to €9,282
of which Non-recurring financial income: -€10,000
- Gross operating margin +€6,796
up €6,796 (+3.4%), from €202,031 to €208,827
- Depreciation +€3,072
up €3,072 (+22.2%), from €13,833 to €16,905
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 | €692,178 | €752,323 | +€60,144 | +8.7% |
| Fixed assets | 21/28 | €65,266 | €66,565 | +€1,299 | +2.0% |
| Tangible fixed assets | 22/27 | €65,266 | €66,565 | +€1,299 | +2.0% |
| Furniture and vehicles | 24 | €64,085 | €65,554 | +€1,469 | +2.3% |
| Other tangible fixed assets | 26 | €1,181 | €1,011 | -€170 | -14.4% |
| Current assets | 29/58 | €626,912 | €685,758 | +€58,846 | +9.4% |
| Amounts receivable within one year | 40/41 | €89,060 | €26,421 | -€62,639 | -70.3% |
| Trade receivables | 40 | €20,799 | €24,489 | +€3,690 | +17.7% |
| Other amounts receivable | 41 | €68,261 | €1,932 | -€66,328 | -97.2% |
| Current investments | 50/53 | €300,227 | €445,754 | +€145,527 | +48.5% |
| Cash at bank and in hand | 54/58 | €236,507 | €213,181 | -€23,327 | -9.9% |
| Deferred charges and accrued income | 490/1 | €1,118 | €403 | -€715 | -64.0% |
| Total equity and liabilities | 10/49 | €692,178 | €752,323 | +€60,144 | +8.7% |
| Equity | 10/15 | €570,069 | €707,301 | +€137,232 | +24.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €521,808 | €659,040 | +€137,232 | +26.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,532 | €1,532 | = | 0.0% |
| Distributable reserves | 133 | €518,416 | €655,648 | +€137,232 | +26.5% |
| Profit (loss) carried forward | 14 | €35,861 | €35,861 | = | 0.0% |
| Amounts payable | 17/49 | €122,110 | €45,022 | -€77,088 | -63.1% |
| Amounts payable within one year | 42/48 | €122,110 | €45,022 | -€77,088 | -63.1% |
| Trade debts | 44 | €2,501 | €1,952 | -€550 | -22.0% |
| Suppliers | 440/4 | €2,501 | €1,952 | -€550 | -22.0% |
| Taxes, remuneration and social security | 45 | €19,923 | €4,170 | -€15,753 | -79.1% |
| Taxes | 450/3 | €19,923 | €4,170 | -€15,753 | -79.1% |
| Other amounts payable | 47/48 | €99,686 | €38,900 | -€60,785 | -61.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,833 | €16,905 | +€3,072 | +22.2% |
| Other operating charges | 640/8 | €790 | €946 | +€157 | +19.8% |
| Non-recurring operating charges | 66A | - | €968 | +€968 | |
| Gross operating margin | 9900 | €202,031 | €208,827 | +€6,796 | +3.4% |
| Operating profit (loss) | 9901 | €187,408 | €190,008 | +€2,599 | +1.4% |
| Financial income | 75/76B | €18,684 | €9,282 | -€9,403 | -50.3% |
| Recurring financial income | 75 | €8,684 | €9,282 | +€597 | +6.9% |
| Non-recurring financial income | 76B | €10,000 | - | -€10,000 | |
| Financial charges | 65/66B | €97 | €748 | +€651 | +668.8% |
| Recurring financial charges | 65 | €97 | €748 | +€651 | +668.8% |
| Profit (loss) for the period before taxes | 9903 | €205,995 | €198,541 | -€7,454 | -3.6% |
| Income taxes | 67/77 | €62,572 | €61,309 | -€1,263 | -2.0% |
| Profit (loss) for the period | 9904 | €143,424 | €137,232 | -€6,191 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €143,424 | €137,232 | -€6,191 | -4.3% |
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 1 October 2026 via checked.be.