PVDS PROJECT: 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 PROJECT
Largest movements
- Cash -€102,302
down €102,302 (-59.5%), from €171,809 to €69,507
mainly Contributions, distributions and other (-€80,262) and Tax, wage and social debts (-€25,404)
- Tangible fixed assets -€6,558
down €6,558 (-25.6%), from €25,663 to €19,105
- Receivables within one year -€5,897
down €5,897 (-55.9%), from €10,555 to €4,659
of which Trade receivables: -€6,150
- Stocks and contracts -€3,965
down €3,965 (-20.0%), from €19,826 to €15,860
- Reserves -€80,262
down €80,262 (-45.4%), from €176,883 to €96,620
- Tax, wage and social debts -€25,404
down €25,404 (-93.7%), from €27,106 to €1,701
- Profit (loss) carried forward -€6,869
down €6,869 (-151.0%), from -€4,550 to -€11,418
- Other debts -€6,251
down €6,251 (-89.7%), from €6,972 to €721
- Write-downs +€3,965
new in 2025: €3,965
- Taxes -€612
down €612 (-64.4%), from €950 to €338
- Staff costs -€463
down €463, from €212 to -€251
- Other operating charges -€329
down €329 (-31.6%), from €1,042 to €713
- Depreciation -€290
down €290 (-4.2%), from €6,848 to €6,558
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 | €227,853 | €109,131 | -€118,722 | -52.1% |
| Fixed assets | 21/28 | €25,663 | €19,105 | -€6,558 | -25.6% |
| Tangible fixed assets | 22/27 | €25,663 | €19,105 | -€6,558 | -25.6% |
| Furniture and vehicles | 24 | €25,663 | €19,105 | -€6,558 | -25.6% |
| Current assets | 29/58 | €202,190 | €90,026 | -€112,164 | -55.5% |
| Stocks and contracts in progress | 3 | €19,826 | €15,860 | -€3,965 | -20.0% |
| Stocks | 30/36 | €19,826 | €15,860 | -€3,965 | -20.0% |
| Amounts receivable within one year | 40/41 | €10,555 | €4,659 | -€5,897 | -55.9% |
| Trade receivables | 40 | €10,547 | €4,397 | -€6,150 | -58.3% |
| Other amounts receivable | 41 | €8 | €262 | +€253 | +3129.5% |
| Cash at bank and in hand | 54/58 | €171,809 | €69,507 | -€102,302 | -59.5% |
| Total equity and liabilities | 10/49 | €227,853 | €109,131 | -€118,722 | -52.1% |
| Equity | 10/15 | €192,793 | €105,662 | -€87,131 | -45.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €176,883 | €96,620 | -€80,262 | -45.4% |
| Distributable reserves | 133 | €176,883 | €96,620 | -€80,262 | -45.4% |
| Profit (loss) carried forward | 14 | -€4,550 | -€11,418 | -€6,869 | -151.0% |
| Amounts payable | 17/49 | €35,060 | €3,469 | -€31,591 | -90.1% |
| Amounts payable within one year | 42/48 | €35,060 | €3,469 | -€31,591 | -90.1% |
| Trade debts | 44 | €982 | €1,046 | +€64 | +6.5% |
| Suppliers | 440/4 | €982 | €1,046 | +€64 | +6.5% |
| Taxes, remuneration and social security | 45 | €27,106 | €1,701 | -€25,404 | -93.7% |
| Taxes | 450/3 | €27,106 | €1,701 | -€25,404 | -93.7% |
| Other amounts payable | 47/48 | €6,972 | €721 | -€6,251 | -89.7% |
| Non-recurring operating income | 76A | €2,829 | - | -€2,829 | |
| Remuneration, social security and pensions | 62 | €212 | -€251 | -€463 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,848 | €6,558 | -€290 | -4.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,965 | +€3,965 | |
| Other operating charges | 640/8 | €1,042 | €713 | -€329 | -31.6% |
| Gross operating margin | 9900 | €4,597 | €4,640 | +€42 | +0.9% |
| Operating profit (loss) | 9901 | -€3,504 | -€6,345 | -€2,840 | -81.1% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €96 | €185 | +€90 | +93.9% |
| Recurring financial charges | 65 | €96 | €185 | +€90 | +93.9% |
| Profit (loss) for the period before taxes | 9903 | -€3,600 | -€6,530 | -€2,931 | -81.4% |
| Income taxes | 67/77 | €950 | €338 | -€612 | -64.4% |
| Profit (loss) for the period | 9904 | -€4,550 | -€6,869 | -€2,319 | -51.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,550 | -€6,869 | -€2,319 | -51.0% |
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 10 October 2026 via checked.be.