PVG PROJECTS: 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.
What changed
PVG PROJECTS
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€26,091
2024 · -€132,774+€158,866
Equity
-€734,952
2024 · -€761,043+€26,091
Cash
€1,057
2024 · €1,970-€913
Balance sheet total
€7.2m
2024 · €7.4m-€233,506
Largest movements
Assets
- Tangible fixed assets -€185,676
down €185,676 (-2.6%), from €7.0m to €6.8m
of which Plant, machinery and equipment: -€102,420
Equity and liabilities
- Debts after one year -€294,197
down €294,197 (-3.8%), from €7.7m to €7.4m
Income statement
- Gross operating margin +€104,750
up €104,750 (+45.6%), from €229,486 to €334,236
- Taxes -€54,778
no longer reported in 2025 (was €54,778)
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.
Result 2024
-€132,774
Gross operating margin
+€104,750
Staff costs
-€1,057
Other operating charges
-€2,816
Financial charges
+€3,211
Taxes
+€54,778
Result 2025
€26,091
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.
From operations
+€290,651
Investment
+€2,200
Financing
-€293,764
Cash 2024
€1,970
From operations (derived)
+€290,651
Net result for the year
+€26,091
Depreciation
+€185,676
Receivables within one year
+€44,726
Deferred charges and accrued income
-€10
Trade debts
-€1,153
Tax, wage and social debts
+€11,181
Other debts
-€1,722
Accrued charges and deferred income
+€25,861
Investment (derived)
+€2,200
Investment in fixed assets (net)
+€2,200
Financing
-€293,764
Debts after one year
-€294,197
Current portion of long-term debt
+€433
Cash 2025
€1,057
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,396,214 | €7,162,709 | -€233,506 | -3.2% |
| Fixed assets | 21/28 | €7,008,919 | €6,821,043 | -€187,876 | -2.7% |
| Tangible fixed assets | 22/27 | €7,006,719 | €6,821,043 | -€185,676 | -2.6% |
| Land and buildings | 22 | €6,287,999 | €6,204,742 | -€83,256 | -1.3% |
| Plant, machinery and equipment | 23 | €718,720 | €616,300 | -€102,420 | -14.3% |
| Financial fixed assets | 28 | €2,200 | - | -€2,200 | |
| Current assets | 29/58 | €387,296 | €341,666 | -€45,629 | -11.8% |
| Amounts receivable within one year | 40/41 | €384,320 | €339,594 | -€44,726 | -11.6% |
| Trade receivables | 40 | €274,446 | €237,086 | -€37,361 | -13.6% |
| Other amounts receivable | 41 | €109,874 | €102,508 | -€7,366 | -6.7% |
| Cash at bank and in hand | 54/58 | €1,970 | €1,057 | -€913 | -46.3% |
| Deferred charges and accrued income | 490/1 | €1,006 | €1,015 | +€10 | +1.0% |
| Total equity and liabilities | 10/49 | €7,396,214 | €7,162,709 | -€233,506 | -3.2% |
| Equity | 10/15 | -€761,043 | -€734,952 | +€26,091 | +3.4% |
| Contributions | 10/11 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €163,948 | €163,948 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €162,088 | €162,088 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€937,386 | -€911,294 | +€26,091 | +2.8% |
| Provisions and deferred taxes | 16 | €72,778 | €72,778 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €72,778 | €72,778 | = | 0.0% |
| Pensions and similar obligations | 160 | €18,000 | €18,000 | = | 0.0% |
| Taxes | 161 | €54,778 | €54,778 | = | 0.0% |
| Amounts payable | 17/49 | €8,084,480 | €7,824,883 | -€259,597 | -3.2% |
| Amounts payable after more than one year | 17 | €7,724,818 | €7,430,621 | -€294,197 | -3.8% |
| Financial debts | 170/4 | €7,724,818 | €7,430,621 | -€294,197 | -3.8% |
| Amounts payable within one year | 42/48 | €359,352 | €368,092 | +€8,740 | +2.4% |
| Current portion of amounts payable after more than one year | 42 | €239,297 | €239,730 | +€433 | +0.2% |
| Trade debts | 44 | €42,920 | €41,767 | -€1,153 | -2.7% |
| Suppliers | 440/4 | €42,920 | €41,767 | -€1,153 | -2.7% |
| Taxes, remuneration and social security | 45 | €20,251 | €31,432 | +€11,181 | +55.2% |
| Taxes | 450/3 | €15,340 | €26,346 | +€11,005 | +71.7% |
| Remuneration and social security | 454/9 | €4,911 | €5,086 | +€176 | +3.6% |
| Other amounts payable | 47/48 | €56,884 | €55,163 | -€1,722 | -3.0% |
| Accrued charges and deferred income | 492/3 | €309 | €26,170 | +€25,861 | +8357.2% |
| Remuneration, social security and pensions | 62 | €37,392 | €38,449 | +€1,057 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185,676 | €185,676 | = | 0.0% |
| Other operating charges | 640/8 | €26,111 | €28,927 | +€2,816 | +10.8% |
| Gross operating margin | 9900 | €229,486 | €334,236 | +€104,750 | +45.6% |
| Operating profit (loss) | 9901 | -€19,693 | €81,184 | +€100,877 | |
| Financial charges | 65/66B | €58,303 | €55,092 | -€3,211 | -5.5% |
| Recurring financial charges | 65 | €58,303 | €55,092 | -€3,211 | -5.5% |
| Profit (loss) for the period before taxes | 9903 | -€77,996 | €26,091 | +€104,088 | |
| Income taxes | 67/77 | €54,778 | - | -€54,778 | |
| Profit (loss) for the period | 9904 | -€132,774 | €26,091 | +€158,866 | |
| Profit (loss) for the period to be appropriated | 9905 | -€132,774 | €26,091 | +€158,866 |
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 6 October 2026 via checked.be.