PVGPro: what changed
What changed
PVGPro
NACE 43.230, Insulation installation
filed annual accounts (NBB)
Net result for the year
€121,688
2024 · €93,003+€28,686
Equity
€314,546
2024 · €192,858+€121,688
Cash
€170,874
2024 · €202,988-€32,115
Balance sheet total
€893,299
2024 · €516,176+€377,123
Largest movements
Assets
- Current investments +€200,000
new in 2025: €200,000
- Tangible fixed assets +€152,722
up €152,722 (+94.7%), from €161,236 to €313,958
of which Other tangible fixed assets: +€165,485
- Receivables within one year +€46,238
up €46,238 (+38.7%), from €119,377 to €165,615
of which Trade receivables: +€65,977
- Cash -€32,115
down €32,115 (-15.8%), from €202,988 to €170,874
mainly Investment in fixed assets (net) (-€215,361) and Current investments (-€200,000)
Equity and liabilities
- Trade debts +€232,852
up €232,852 (+101%), from €231,673 to €464,525
- Reserves +€121,688
up €121,688 (+64.8%), from €187,858 to €309,546
- Accrued charges and deferred income +€43,350
up €43,350, from €0 to €43,350
- Debts after one year -€23,392
down €23,392 (-43.9%), from €53,314 to €29,922
- Current portion of long-term debt +€23,392
new in 2025: €23,392
Income statement
- Gross operating margin +€103,416
up €103,416 (+25.1%), from €412,809 to €516,225
- Staff costs +€69,803
up €69,803 (+30.0%), from €233,039 to €302,842
- Depreciation +€13,837
up €13,837 (+28.4%), from €48,801 to €62,638
- Taxes -€5,372
down €5,372 (-14.9%), from €36,150 to €30,778
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€93,003
Gross operating margin
+€103,416
Staff costs
-€69,803
Depreciation
-€13,837
Other operating charges
-€1,766
Financial income
+€4,895
Financial charges
+€409
Taxes
+€5,372
Result 2025
€121,688
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€406,164
Investment
-€415,361
Financing
-€22,918
Cash 2024
€202,988
From operations (derived)
+€406,164
Net result for the year
+€121,688
Depreciation
+€62,638
Stocks and contracts
-€6,893
Receivables within one year
-€46,238
Deferred charges and accrued income
-€3,384
Trade debts
+€232,852
Tax, wage and social debts
+€4,628
Other debts
-€2,478
Accrued charges and deferred income
+€43,350
Investment (derived)
-€415,361
Investment in fixed assets (net)
-€215,361
Current investments
-€200,000
Financing
-€22,918
Debts after one year
-€23,392
Current portion of long-term debt
+€23,392
Short-term financial debts
-€22,918
Cash 2025
€170,874
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €516,176 | €893,299 | +€377,123 | +73.1% |
| Fixed assets | 21/28 | €161,236 | €313,958 | +€152,722 | +94.7% |
| Tangible fixed assets | 22/27 | €161,236 | €313,958 | +€152,722 | +94.7% |
| Plant, machinery and equipment | 23 | €45,375 | €38,720 | -€6,655 | -14.7% |
| Furniture and vehicles | 24 | €102,950 | €96,843 | -€6,107 | -5.9% |
| Other tangible fixed assets | 26 | €12,910 | €178,395 | +€165,485 | +1,282% |
| Current assets | 29/58 | €354,941 | €579,341 | +€224,401 | +63.2% |
| Stocks and contracts in progress | 3 | €30,751 | €37,644 | +€6,893 | +22.4% |
| Stocks | 30/36 | €30,751 | €37,644 | +€6,893 | +22.4% |
| Amounts receivable within one year | 40/41 | €119,377 | €165,615 | +€46,238 | +38.7% |
| Trade receivables | 40 | €86,140 | €152,117 | +€65,977 | +76.6% |
| Other amounts receivable | 41 | €33,236 | €13,498 | -€19,738 | -59.4% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €202,988 | €170,874 | -€32,115 | -15.8% |
| Deferred charges and accrued income | 490/1 | €1,825 | €5,209 | +€3,384 | +185% |
| Total equity and liabilities | 10/49 | €516,176 | €893,299 | +€377,123 | +73.1% |
| Equity | 10/15 | €192,858 | €314,546 | +€121,688 | +63.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €187,858 | €309,546 | +€121,688 | +64.8% |
| Distributable reserves | 133 | €187,858 | €309,546 | +€121,688 | +64.8% |
| Amounts payable | 17/49 | €323,319 | €578,753 | +€255,435 | +79.0% |
| Amounts payable after more than one year | 17 | €53,314 | €29,922 | -€23,392 | -43.9% |
| Financial debts | 170/4 | €53,314 | €29,922 | -€23,392 | -43.9% |
| Amounts payable within one year | 42/48 | €270,005 | €505,481 | +€235,477 | +87.2% |
| Current portion of amounts payable after more than one year | 42 | - | €23,392 | +€23,392 | |
| Financial debts | 43 | €22,918 | €0 | -€22,918 | -100% |
| Credit institutions | 430/8 | €22,918 | €0 | -€22,918 | -100% |
| Trade debts | 44 | €231,673 | €464,525 | +€232,852 | +101% |
| Suppliers | 440/4 | €231,673 | €464,525 | +€232,852 | +101% |
| Taxes, remuneration and social security | 45 | €1,150 | €5,778 | +€4,628 | +402% |
| Taxes | 450/3 | €1,150 | €5,778 | +€4,628 | +402% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €14,265 | €11,787 | -€2,478 | -17.4% |
| Accrued charges and deferred income | 492/3 | €0 | €43,350 | +€43,350 | |
| Remuneration, social security and pensions | 62 | €233,039 | €302,842 | +€69,803 | +30.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,801 | €62,638 | +€13,837 | +28.4% |
| Other operating charges | 640/8 | €7,516 | €9,282 | +€1,766 | +23.5% |
| Gross operating margin | 9900 | €412,809 | €516,225 | +€103,416 | +25.1% |
| Operating profit (loss) | 9901 | €123,453 | €141,463 | +€18,010 | +14.6% |
| Financial income | 75/76B | €7,982 | €12,877 | +€4,895 | +61.3% |
| Recurring financial income | 75 | €7,982 | €12,877 | +€4,895 | +61.3% |
| Financial charges | 65/66B | €2,282 | €1,873 | -€409 | -17.9% |
| Recurring financial charges | 65 | €2,282 | €1,873 | -€409 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €129,153 | €152,467 | +€23,314 | +18.1% |
| Income taxes | 67/77 | €36,150 | €30,778 | -€5,372 | -14.9% |
| Profit (loss) for the period | 9904 | €93,003 | €121,688 | +€28,686 | +30.8% |
| Profit (loss) for the period to be appropriated | 9905 | €93,003 | €121,688 | +€28,686 | +30.8% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.