PVDR: 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.
PVDR
Largest movements
- Current investments -€203,870
down €203,870 (-41.1%), from €496,035 to €292,164
- Tangible fixed assets -€143,685
down €143,685 (-8.7%), from €1.6m to €1.5m
of which Land and buildings: -€132,514
- Receivables within one year -€67,853
down €67,853 (-36.5%), from €185,882 to €118,029
of which Trade receivables: -€127,655
- Cash -€51,995
down €51,995 (-29.9%), from €173,911 to €121,916
mainly Other debts (-€302,228) and Debts after one year (-€139,656)
- Other debts -€302,228
down €302,228 (-85.6%), from €353,041 to €50,813
- Debts after one year -€139,656
no longer reported in 2024 (was €139,656)
- Gross operating margin -€221,857
down €221,857 (-83.9%), from €264,425 to €42,568
- Taxes -€11,967
down €11,967 (-89.9%), from €13,319 to €1,352
- Financial income +€9,006
up €9,006 (+583.3%), from €1,544 to €10,550
- Other operating charges -€7,969
down €7,969 (-59.7%), from €13,356 to €5,387
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,973,631 | €2,505,920 | -€467,711 | -15.7% |
| Fixed assets | 21/28 | €2,116,728 | €1,973,043 | -€143,685 | -6.8% |
| Tangible fixed assets | 22/27 | €1,645,730 | €1,502,046 | -€143,685 | -8.7% |
| Land and buildings | 22 | €1,598,192 | €1,465,679 | -€132,514 | -8.3% |
| Furniture and vehicles | 24 | €47,538 | €33,210 | -€14,328 | -30.1% |
| Other tangible fixed assets | 26 | - | €3,157 | +€3,157 | |
| Financial fixed assets | 28 | €470,998 | €470,998 | = | 0.0% |
| Current assets | 29/58 | €856,903 | €532,877 | -€324,026 | -37.8% |
| Amounts receivable within one year | 40/41 | €185,882 | €118,029 | -€67,853 | -36.5% |
| Trade receivables | 40 | €185,735 | €58,080 | -€127,655 | -68.7% |
| Other amounts receivable | 41 | €147 | €59,949 | +€59,802 | +40681.6% |
| Current investments | 50/53 | €496,035 | €292,164 | -€203,870 | -41.1% |
| Cash at bank and in hand | 54/58 | €173,911 | €121,916 | -€51,995 | -29.9% |
| Deferred charges and accrued income | 490/1 | €1,076 | €768 | -€308 | -28.6% |
| Total equity and liabilities | 10/49 | €2,973,631 | €2,505,920 | -€467,711 | -15.7% |
| Equity | 10/15 | €2,298,368 | €2,298,929 | +€561 | 0.0% |
| Contributions | 10/11 | €744,000 | €744,000 | = | 0.0% |
| Capital | 10 | €744,000 | €744,000 | = | 0.0% |
| Issued capital | 100 | €744,000 | €744,000 | = | 0.0% |
| Reserves | 13 | €1,554,368 | €1,554,929 | +€561 | 0.0% |
| Non-distributable reserves | 130/1 | €74,400 | €74,400 | = | 0.0% |
| Legal reserve | 130 | €74,400 | €74,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €397,565 | €394,308 | -€3,257 | -0.8% |
| Distributable reserves | 133 | €1,082,403 | €1,086,220 | +€3,818 | +0.4% |
| Provisions and deferred taxes | 16 | €141,948 | €140,421 | -€1,528 | -1.1% |
| Deferred taxes | 168 | €141,948 | €140,421 | -€1,528 | -1.1% |
| Amounts payable | 17/49 | €533,315 | €66,571 | -€466,744 | -87.5% |
| Amounts payable after more than one year | 17 | €139,656 | - | -€139,656 | |
| Financial debts | 170/4 | €139,656 | - | -€139,656 | |
| Amounts payable within one year | 42/48 | €392,888 | €65,801 | -€327,088 | -83.3% |
| Current portion of amounts payable after more than one year | 42 | €16,370 | €14,656 | -€1,714 | -10.5% |
| Trade debts | 44 | €1,989 | €213 | -€1,776 | -89.3% |
| Suppliers | 440/4 | €1,989 | €213 | -€1,776 | -89.3% |
| Taxes, remuneration and social security | 45 | €21,488 | €119 | -€21,369 | -99.4% |
| Taxes | 450/3 | €21,488 | €119 | -€21,369 | -99.4% |
| Other amounts payable | 47/48 | €353,041 | €50,813 | -€302,228 | -85.6% |
| Accrued charges and deferred income | 492/3 | €770 | €770 | = | 0.0% |
| Non-recurring operating income | 76A | €164,081 | - | -€164,081 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,421 | €39,875 | +€1,454 | +3.8% |
| Other operating charges | 640/8 | €13,356 | €5,387 | -€7,969 | -59.7% |
| Non-recurring operating charges | 66A | - | €33 | +€33 | |
| Gross operating margin | 9900 | €264,425 | €42,568 | -€221,857 | -83.9% |
| Operating profit (loss) | 9901 | €212,648 | -€2,728 | -€215,376 | |
| Financial income | 75/76B | €1,544 | €10,550 | +€9,006 | +583.3% |
| Recurring financial income | 75 | €1,544 | €10,550 | +€9,006 | +583.3% |
| Financial charges | 65/66B | €5,250 | €7,438 | +€2,188 | +41.7% |
| Recurring financial charges | 65 | €5,250 | €7,438 | +€2,188 | +41.7% |
| Profit (loss) for the period before taxes | 9903 | €208,942 | €384 | -€208,558 | -99.8% |
| Transfer from deferred taxes | 780 | €1,626 | €1,528 | -€99 | -6.1% |
| Transfer to deferred taxes | 680 | €41,020 | - | -€41,020 | |
| Income taxes | 67/77 | €13,319 | €1,352 | -€11,967 | -89.9% |
| Profit (loss) for the period | 9904 | €156,230 | €561 | -€155,669 | -99.6% |
| Transfer from tax-exempt reserves | 789 | €3,159 | €3,257 | +€99 | +3.1% |
| Transfer to tax-exempt reserves | 689 | €123,061 | - | -€123,061 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,327 | €3,818 | -€32,510 | -89.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.