PVDS: 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.
PVDS
Largest movements
- Current investments -€139,147
down €139,147 (-58.7%), from €236,978 to €97,831
- Tangible fixed assets -€19,212
down €19,212 (-5.2%), from €371,694 to €352,482
of which Furniture and vehicles: -€13,860
- Other debts -€124,515
down €124,515 (-99.5%), from €125,161 to €646
- Debts after one year -€83,886
down €83,886 (-47.9%), from €175,106 to €91,221
- Reserves +€51,878
up €51,878 (+8.4%), from €615,102 to €666,981
- Tax, wage and social debts -€23,518
down €23,518 (-57.9%), from €40,607 to €17,089
of which Taxes: -€26,168
- Financial income -€31,025
down €31,025 (-55.7%), from €55,720 to €24,694
- Depreciation +€18,764
up €18,764 (+236%), from €7,948 to €26,712
- Financial charges -€11,189
down €11,189 (-58.0%), from €19,305 to €8,115
- Taxes -€7,457
down €7,457 (-23.4%), from €31,914 to €24,457
- Gross operating margin -€1,734
down €1,734 (-1.2%), from €140,243 to €138,509
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 | €1,076,309 | €903,307 | -€173,002 | -16.1% |
| Fixed assets | 21/28 | €662,249 | €643,036 | -€19,212 | -2.9% |
| Tangible fixed assets | 22/27 | €371,694 | €352,482 | -€19,212 | -5.2% |
| Land and buildings | 22 | €303,500 | €299,329 | -€4,171 | -1.4% |
| Furniture and vehicles | 24 | €60,769 | €46,910 | -€13,860 | -22.8% |
| Other tangible fixed assets | 26 | €7,425 | €6,244 | -€1,182 | -15.9% |
| Financial fixed assets | 28 | €290,554 | €290,554 | = | 0.0% |
| Current assets | 29/58 | €414,061 | €260,271 | -€153,790 | -37.1% |
| Amounts receivable within one year | 40/41 | €142,022 | €134,226 | -€7,797 | -5.5% |
| Trade receivables | 40 | €86,630 | €80,382 | -€6,248 | -7.2% |
| Other amounts receivable | 41 | €55,393 | €53,844 | -€1,549 | -2.8% |
| Current investments | 50/53 | €236,978 | €97,831 | -€139,147 | -58.7% |
| Cash at bank and in hand | 54/58 | €28,238 | €22,140 | -€6,099 | -21.6% |
| Deferred charges and accrued income | 490/1 | €6,822 | €6,075 | -€748 | -11.0% |
| Total equity and liabilities | 10/49 | €1,076,309 | €903,307 | -€173,002 | -16.1% |
| Equity | 10/15 | €640,102 | €691,981 | +€51,878 | +8.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €615,102 | €666,981 | +€51,878 | +8.4% |
| Distributable reserves | 133 | €615,102 | €666,981 | +€51,878 | +8.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €436,207 | €211,327 | -€224,880 | -51.6% |
| Amounts payable after more than one year | 17 | €175,106 | €91,221 | -€83,886 | -47.9% |
| Financial debts | 170/4 | €175,106 | €91,221 | -€83,886 | -47.9% |
| Amounts payable within one year | 42/48 | €250,950 | €112,428 | -€138,522 | -55.2% |
| Current portion of amounts payable after more than one year | 42 | €83,138 | €83,886 | +€748 | +0.9% |
| Financial debts | 43 | - | €8,428 | +€8,428 | |
| Credit institutions | 430/8 | - | €8,428 | +€8,428 | |
| Trade debts | 44 | €2,044 | €2,379 | +€335 | +16.4% |
| Suppliers | 440/4 | €2,044 | €2,379 | +€335 | +16.4% |
| Taxes, remuneration and social security | 45 | €40,607 | €17,089 | -€23,518 | -57.9% |
| Taxes | 450/3 | €40,607 | €14,439 | -€26,168 | -64.4% |
| Remuneration and social security | 454/9 | - | €2,650 | +€2,650 | |
| Other amounts payable | 47/48 | €125,161 | €646 | -€124,515 | -99.5% |
| Accrued charges and deferred income | 492/3 | €10,150 | €7,678 | -€2,472 | -24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,948 | €26,712 | +€18,764 | +236% |
| Other operating charges | 640/8 | €2,489 | €2,041 | -€449 | -18.0% |
| Gross operating margin | 9900 | €140,243 | €138,509 | -€1,734 | -1.2% |
| Operating profit (loss) | 9901 | €129,805 | €109,756 | -€20,049 | -15.4% |
| Financial income | 75/76B | €55,720 | €24,694 | -€31,025 | -55.7% |
| Recurring financial income | 75 | €55,720 | €24,694 | -€31,025 | -55.7% |
| Financial charges | 65/66B | €19,305 | €8,115 | -€11,189 | -58.0% |
| Recurring financial charges | 65 | €19,305 | €8,115 | -€11,189 | -58.0% |
| Profit (loss) for the period before taxes | 9903 | €166,220 | €126,335 | -€39,885 | -24.0% |
| Income taxes | 67/77 | €31,914 | €24,457 | -€7,457 | -23.4% |
| Profit (loss) for the period | 9904 | €134,306 | €101,878 | -€32,428 | -24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €134,306 | €101,878 | -€32,428 | -24.1% |
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 23 October 2026 via checked.be.