PVFINVEST: 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.
PVFINVEST
Largest movements
- Tangible fixed assets -€529,039
down €529,039 (-39.7%), from €1.3m to €804,111
of which Plant, machinery and equipment: -€469,155
- Cash -€118,411
down €118,411 (-76.1%), from €155,551 to €37,139
mainly Contributions, distributions and other (-€582,000) and Current portion of long-term debt (-€155,033)
- Receivables within one year +€79,682
up €79,682 (+45.4%), from €175,558 to €255,241
- Reserves -€329,010
down €329,010 (-82.9%), from €397,010 to €68,000
of which Distributable reserves: -€329,010
- Current portion of long-term debt -€155,033
down €155,033 (-80.5%), from €192,669 to €37,635
- Debts after one year -€37,635
down €37,635 (-39.8%), from €94,583 to €56,947
- Tax, wage and social debts -€29,328
down €29,328 (-26.6%), from €110,295 to €80,967
- Depreciation -€24,292
down €24,292 (-4.4%), from €557,956 to €533,664
- Gross operating margin +€16,509
up €16,509 (+1.9%), from €869,475 to €885,984
- Financial income -€13,255
down €13,255 (-58.7%), from €22,571 to €9,315
- Write-downs +€10,584
new in 2025: €10,584
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 | €2,164,259 | €1,596,490 | -€567,768 | -26.2% |
| Fixed assets | 21/28 | €1,333,150 | €804,111 | -€529,039 | -39.7% |
| Tangible fixed assets | 22/27 | €1,333,150 | €804,111 | -€529,039 | -39.7% |
| Plant, machinery and equipment | 23 | €1,262,073 | €792,918 | -€469,155 | -37.2% |
| Leasing and similar rights | 25 | €71,077 | €11,193 | -€59,884 | -84.3% |
| Current assets | 29/58 | €831,109 | €792,380 | -€38,729 | -4.7% |
| Amounts receivable within one year | 40/41 | €175,558 | €255,241 | +€79,682 | +45.4% |
| Trade receivables | 40 | €175,558 | €255,241 | +€79,682 | +45.4% |
| Current investments | 50/53 | €500,000 | €500,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €155,551 | €37,139 | -€118,411 | -76.1% |
| Total equity and liabilities | 10/49 | €2,164,259 | €1,596,490 | -€567,768 | -26.2% |
| Equity | 10/15 | €1,077,010 | €748,832 | -€328,178 | -30.5% |
| Contributions | 10/11 | €680,000 | €680,000 | = | 0.0% |
| Capital | 10 | €680,000 | €680,000 | = | 0.0% |
| Issued capital | 100 | €680,000 | €680,000 | = | 0.0% |
| Reserves | 13 | €397,010 | €68,000 | -€329,010 | -82.9% |
| Non-distributable reserves | 130/1 | €68,000 | €68,000 | = | 0.0% |
| Legal reserve | 130 | €68,000 | €68,000 | = | 0.0% |
| Distributable reserves | 133 | €329,010 | - | -€329,010 | |
| Profit (loss) carried forward | 14 | - | €832 | +€832 | |
| Provisions and deferred taxes | 16 | €75,000 | €75,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €75,000 | €75,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable | 17/49 | €1,012,249 | €772,659 | -€239,590 | -23.7% |
| Amounts payable after more than one year | 17 | €94,583 | €56,947 | -€37,635 | -39.8% |
| Financial debts | 170/4 | €94,583 | €56,947 | -€37,635 | -39.8% |
| Amounts payable within one year | 42/48 | €916,866 | €715,711 | -€201,155 | -21.9% |
| Current portion of amounts payable after more than one year | 42 | €192,669 | €37,635 | -€155,033 | -80.5% |
| Trade debts | 44 | €13,902 | €15,109 | +€1,207 | +8.7% |
| Suppliers | 440/4 | €13,902 | €15,109 | +€1,207 | +8.7% |
| Taxes, remuneration and social security | 45 | €110,295 | €80,967 | -€29,328 | -26.6% |
| Taxes | 450/3 | €110,295 | €80,967 | -€29,328 | -26.6% |
| Other amounts payable | 47/48 | €600,000 | €582,000 | -€18,000 | -3.0% |
| Accrued charges and deferred income | 492/3 | €800 | - | -€800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €557,956 | €533,664 | -€24,292 | -4.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,584 | +€10,584 | |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €869,475 | €885,984 | +€16,509 | +1.9% |
| Operating profit (loss) | 9901 | €310,551 | €340,737 | +€30,186 | +9.7% |
| Financial income | 75/76B | €22,571 | €9,315 | -€13,255 | -58.7% |
| Recurring financial income | 75 | €22,571 | €9,315 | -€13,255 | -58.7% |
| Financial charges | 65/66B | €13,405 | €8,723 | -€4,683 | -34.9% |
| Recurring financial charges | 65 | €13,405 | €8,723 | -€4,683 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | €319,717 | €341,330 | +€21,614 | +6.8% |
| Income taxes | 67/77 | €83,431 | €87,508 | +€4,077 | +4.9% |
| Profit (loss) for the period | 9904 | €236,285 | €253,822 | +€17,536 | +7.4% |
| Profit (loss) for the period to be appropriated | 9905 | €236,285 | €253,822 | +€17,536 | +7.4% |
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.