PVF: 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.
PVF
Largest movements
- Cash -€6,854
down €6,854 (-31.5%), from €21,730 to €14,876
mainly Net result for the year (-€14,710) and Investment in fixed assets (net) (-€14,650)
- Deferred charges and accrued income +€4,101
up €4,101 (+238.5%), from €1,719 to €5,820
- Receivables within one year -€2,248
down €2,248 (-33.2%), from €6,778 to €4,530
of which Trade receivables: -€3,510
- Tangible fixed assets +€988
up €988 (+3.7%), from €26,352 to €27,340
of which Other tangible fixed assets: +€5,902
- Profit (loss) carried forward -€14,710
down €14,710 (-21.9%), from -€67,321 to -€82,031
- Other debts +€4,424
up €4,424 (+72.1%), from €6,137 to €10,560
- Trade debts +€3,726
up €3,726 (+40.8%), from €9,140 to €12,867
- Tax, wage and social debts +€2,240
up €2,240 (+111.4%), from €2,011 to €4,251
of which Taxes: +€1,836
- Gross operating margin +€14,658
up €14,658, from -€3,985 to €10,673
- Depreciation +€2,862
up €2,862 (+26.5%), from €10,800 to €13,662
- Staff costs +€2,115
up €2,115 (+41.8%), from €5,065 to €7,180
- Other operating charges +€348
up €348 (+16.9%), from €2,054 to €2,401
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 | €59,080 | €55,010 | -€4,069 | -6.9% |
| Fixed assets | 21/28 | €26,352 | €27,340 | +€988 | +3.7% |
| Tangible fixed assets | 22/27 | €26,352 | €27,340 | +€988 | +3.7% |
| Plant, machinery and equipment | 23 | €1,921 | €685 | -€1,237 | -64.4% |
| Furniture and vehicles | 24 | €17,062 | €13,385 | -€3,678 | -21.6% |
| Other tangible fixed assets | 26 | €7,369 | €13,271 | +€5,902 | +80.1% |
| Current assets | 29/58 | €32,727 | €27,670 | -€5,057 | -15.5% |
| Stocks and contracts in progress | 3 | €2,500 | €2,444 | -€56 | -2.3% |
| Stocks | 30/36 | €2,500 | €2,444 | -€56 | -2.3% |
| Amounts receivable within one year | 40/41 | €6,778 | €4,530 | -€2,248 | -33.2% |
| Trade receivables | 40 | €5,120 | €1,611 | -€3,510 | -68.5% |
| Other amounts receivable | 41 | €1,658 | €2,920 | +€1,262 | +76.1% |
| Cash at bank and in hand | 54/58 | €21,730 | €14,876 | -€6,854 | -31.5% |
| Deferred charges and accrued income | 490/1 | €1,719 | €5,820 | +€4,101 | +238.5% |
| Total equity and liabilities | 10/49 | €59,080 | €55,010 | -€4,069 | -6.9% |
| Equity | 10/15 | €41,792 | €27,082 | -€14,710 | -35.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €96,712 | €96,712 | = | 0.0% |
| Distributable reserves | 133 | €96,712 | €96,712 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€67,321 | -€82,031 | -€14,710 | -21.9% |
| Amounts payable | 17/49 | €17,288 | €27,929 | +€10,641 | +61.5% |
| Amounts payable within one year | 42/48 | €17,288 | €27,679 | +€10,391 | +60.1% |
| Trade debts | 44 | €9,140 | €12,867 | +€3,726 | +40.8% |
| Suppliers | 440/4 | €9,140 | €12,867 | +€3,726 | +40.8% |
| Taxes, remuneration and social security | 45 | €2,011 | €4,251 | +€2,240 | +111.4% |
| Taxes | 450/3 | €1,174 | €3,010 | +€1,836 | +156.4% |
| Remuneration and social security | 454/9 | €837 | €1,242 | +€405 | +48.4% |
| Other amounts payable | 47/48 | €6,137 | €10,560 | +€4,424 | +72.1% |
| Accrued charges and deferred income | 492/3 | - | €250 | +€250 | |
| Remuneration, social security and pensions | 62 | €5,065 | €7,180 | +€2,115 | +41.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,800 | €13,662 | +€2,862 | +26.5% |
| Other operating charges | 640/8 | €2,054 | €2,401 | +€348 | +16.9% |
| Non-recurring operating charges | 66A | - | €1,425 | +€1,425 | |
| Gross operating margin | 9900 | -€3,985 | €10,673 | +€14,658 | |
| Operating profit (loss) | 9901 | -€21,904 | -€13,996 | +€7,909 | +36.1% |
| Financial income | 75/76B | €0 | €0 | -€0 | -25.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -25.0% |
| Financial charges | 65/66B | €157 | €183 | +€25 | +16.0% |
| Recurring financial charges | 65 | €157 | €183 | +€25 | +16.0% |
| Profit (loss) for the period before taxes | 9903 | -€22,062 | -€14,178 | +€7,883 | +35.7% |
| Income taxes | 67/77 | €566 | €532 | -€34 | -6.1% |
| Profit (loss) for the period | 9904 | -€22,628 | -€14,710 | +€7,918 | +35.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,628 | -€14,710 | +€7,918 | +35.0% |
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.