PVE: 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.
PVE
Largest movements
- Receivables within one year +€15,481
up €15,481 (+65.8%), from €23,545 to €39,026
of which Other amounts receivable: +€21,563
- Cash +€13,273
up €13,273 (+13.1%), from €101,210 to €114,484
mainly Trade debts (+€41,304) and Depreciation (+€2,715)
- Tangible fixed assets -€1,777
down €1,777 (-19.1%), from €9,328 to €7,551
of which Other tangible fixed assets: -€1,929
- Trade debts +€41,304
up €41,304 (+102.0%), from €40,494 to €81,799
- Reserves -€10,692
down €10,692 (-63.2%), from €16,920 to €6,229
- Tax, wage and social debts -€5,903
down €5,903 (-34.3%), from €17,214 to €11,311
of which Taxes: -€3,719
- Gross operating margin -€71,239
down €71,239 (-68.0%), from €104,787 to €33,549
- Staff costs -€31,224
down €31,224 (-46.0%), from €67,947 to €36,724
- Taxes -€5,172
down €5,172 (-100.0%), from €5,172 to €0
- Other operating charges -€3,290
down €3,290 (-60.9%), from €5,400 to €2,110
- Depreciation -€2,192
down €2,192 (-44.7%), from €4,907 to €2,715
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 | €143,546 | €169,502 | +€25,956 | +18.1% |
| Fixed assets | 21/28 | €14,128 | €12,351 | -€1,777 | -12.6% |
| Tangible fixed assets | 22/27 | €9,328 | €7,551 | -€1,777 | -19.1% |
| Plant, machinery and equipment | 23 | €2,545 | €2,697 | +€151 | +6.0% |
| Other tangible fixed assets | 26 | €6,783 | €4,854 | -€1,929 | -28.4% |
| Financial fixed assets | 28 | €4,800 | €4,800 | = | 0.0% |
| Current assets | 29/58 | €129,418 | €157,152 | +€27,733 | +21.4% |
| Stocks and contracts in progress | 3 | €2,500 | €2,500 | = | 0.0% |
| Stocks | 30/36 | €2,500 | €2,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €23,545 | €39,026 | +€15,481 | +65.8% |
| Trade receivables | 40 | €6,797 | €715 | -€6,082 | -89.5% |
| Other amounts receivable | 41 | €16,748 | €38,311 | +€21,563 | +128.8% |
| Cash at bank and in hand | 54/58 | €101,210 | €114,484 | +€13,273 | +13.1% |
| Deferred charges and accrued income | 490/1 | €2,163 | €1,142 | -€1,021 | -47.2% |
| Total equity and liabilities | 10/49 | €143,546 | €169,502 | +€25,956 | +18.1% |
| Equity | 10/15 | €41,920 | €31,229 | -€10,692 | -25.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €16,920 | €6,229 | -€10,692 | -63.2% |
| Distributable reserves | 133 | €16,920 | €6,229 | -€10,692 | -63.2% |
| Amounts payable | 17/49 | €101,626 | €138,274 | +€36,648 | +36.1% |
| Amounts payable within one year | 42/48 | €98,612 | €135,278 | +€36,665 | +37.2% |
| Trade debts | 44 | €40,494 | €81,799 | +€41,304 | +102.0% |
| Suppliers | 440/4 | €40,494 | €81,799 | +€41,304 | +102.0% |
| Taxes, remuneration and social security | 45 | €17,214 | €11,311 | -€5,903 | -34.3% |
| Taxes | 450/3 | €9,246 | €5,527 | -€3,719 | -40.2% |
| Remuneration and social security | 454/9 | €7,968 | €5,784 | -€2,185 | -27.4% |
| Other amounts payable | 47/48 | €40,904 | €42,168 | +€1,264 | +3.1% |
| Accrued charges and deferred income | 492/3 | €3,014 | €2,996 | -€18 | -0.6% |
| Remuneration, social security and pensions | 62 | €67,947 | €36,724 | -€31,224 | -46.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,907 | €2,715 | -€2,192 | -44.7% |
| Other operating charges | 640/8 | €5,400 | €2,110 | -€3,290 | -60.9% |
| Gross operating margin | 9900 | €104,787 | €33,549 | -€71,239 | -68.0% |
| Operating profit (loss) | 9901 | €26,532 | -€8,001 | -€34,533 | |
| Financial income | 75/76B | €652 | €1,145 | +€493 | +75.6% |
| Recurring financial income | 75 | €652 | €1,145 | +€493 | +75.6% |
| Financial charges | 65/66B | €5,093 | €3,836 | -€1,257 | -24.7% |
| Recurring financial charges | 65 | €5,093 | €3,836 | -€1,257 | -24.7% |
| Profit (loss) for the period before taxes | 9903 | €22,092 | -€10,692 | -€32,784 | |
| Income taxes | 67/77 | €5,172 | €0 | -€5,172 | -100.0% |
| Profit (loss) for the period | 9904 | €16,920 | -€10,692 | -€27,612 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,920 | -€10,692 | -€27,612 |
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 8 October 2026 via checked.be.