PVG IMMO: 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.
PVG IMMO
Largest movements
- Receivables within one year +€452,924
up €452,924 (+20.9%), from €2.2m to €2.6m
of which Other amounts receivable: +€451,476
- Tangible fixed assets -€193,781
down €193,781 (-8.7%), from €2.2m to €2.0m
of which Other tangible fixed assets: -€193,781
- Other debts +€450,000
up €450,000 (+300.0%), from €150,000 to €600,000
- Reserves -€246,839
down €246,839 (-11.5%), from €2.1m to €1.9m
of which Distributable reserves: -€246,839
- Financial income +€187,650
up €187,650 (+1125.9%), from €16,667 to €204,317
- Financial charges +€164,315
up €164,315 (+978.9%), from €16,786 to €181,101
- Gross operating margin +€25,813
up €25,813 (+3.6%), from €711,875 to €737,688
- Taxes +€11,169
up €11,169 (+10.4%), from €107,160 to €118,329
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,583,721 | €4,815,445 | +€231,724 | +5.1% |
| Fixed assets | 21/28 | €2,222,156 | €2,028,375 | -€193,781 | -8.7% |
| Tangible fixed assets | 22/27 | €2,222,156 | €2,028,375 | -€193,781 | -8.7% |
| Land and buildings | 22 | €931,287 | €931,287 | = | 0.0% |
| Other tangible fixed assets | 26 | €1,290,869 | €1,097,088 | -€193,781 | -15.0% |
| Current assets | 29/58 | €2,361,565 | €2,787,070 | +€425,505 | +18.0% |
| Amounts receivable within one year | 40/41 | €2,172,168 | €2,625,092 | +€452,924 | +20.9% |
| Trade receivables | 40 | €65,411 | €66,859 | +€1,448 | +2.2% |
| Other amounts receivable | 41 | €2,106,757 | €2,558,234 | +€451,476 | +21.4% |
| Cash at bank and in hand | 54/58 | €182,871 | €153,546 | -€29,325 | -16.0% |
| Deferred charges and accrued income | 490/1 | €6,527 | €8,433 | +€1,906 | +29.2% |
| Total equity and liabilities | 10/49 | €4,583,721 | €4,815,445 | +€231,724 | +5.1% |
| Equity | 10/15 | €2,424,330 | €2,177,491 | -€246,839 | -10.2% |
| Contributions | 10/11 | €277,892 | €277,892 | = | 0.0% |
| Capital | 10 | €277,892 | €277,892 | = | 0.0% |
| Issued capital | 100 | €277,892 | €277,892 | = | 0.0% |
| Reserves | 13 | €2,146,439 | €1,899,600 | -€246,839 | -11.5% |
| Non-distributable reserves | 130/1 | €27,789 | €27,789 | = | 0.0% |
| Legal reserve | 130 | €27,789 | €27,789 | = | 0.0% |
| Distributable reserves | 133 | €2,118,649 | €1,871,810 | -€246,839 | -11.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,159,391 | €2,637,954 | +€478,563 | +22.2% |
| Amounts payable within one year | 42/48 | €2,159,391 | €2,637,954 | +€478,563 | +22.2% |
| Financial debts | 43 | €2,000,000 | €2,000,000 | = | 0.0% |
| Other loans | 439 | €2,000,000 | €2,000,000 | = | 0.0% |
| Trade debts | 44 | €9,391 | €9,625 | +€234 | +2.5% |
| Suppliers | 440/4 | €9,391 | €9,625 | +€234 | +2.5% |
| Taxes, remuneration and social security | 45 | - | €28,329 | +€28,329 | |
| Taxes | 450/3 | - | €28,329 | +€28,329 | |
| Other amounts payable | 47/48 | €150,000 | €600,000 | +€450,000 | +300.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €193,447 | €193,781 | +€334 | +0.2% |
| Other operating charges | 640/8 | €89,670 | €95,633 | +€5,963 | +6.6% |
| Gross operating margin | 9900 | €711,875 | €737,688 | +€25,813 | +3.6% |
| Operating profit (loss) | 9901 | €428,758 | €448,274 | +€19,516 | +4.6% |
| Financial income | 75/76B | €16,667 | €204,317 | +€187,650 | +1125.9% |
| Recurring financial income | 75 | €16,667 | €204,317 | +€187,650 | +1125.9% |
| Financial charges | 65/66B | €16,786 | €181,101 | +€164,315 | +978.9% |
| Recurring financial charges | 65 | €16,786 | €181,101 | +€164,315 | +978.9% |
| Profit (loss) for the period before taxes | 9903 | €428,639 | €471,490 | +€42,851 | +10.0% |
| Income taxes | 67/77 | €107,160 | €118,329 | +€11,169 | +10.4% |
| Profit (loss) for the period | 9904 | €321,479 | €353,161 | +€31,682 | +9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €321,479 | €353,161 | +€31,682 | +9.9% |
Source: filed annual accounts (NBB), fiscal years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.