PVJD: 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.
PVJD
Largest movements
- Receivables within one year +€25,588
up €25,588 (+16.5%), from €154,920 to €180,508
of which Trade receivables: +€26,352
- Cash -€7,275
down €7,275 (-46.8%), from €15,557 to €8,283
mainly Contributions, distributions and other (-€103,491) and Investment in fixed assets (net) (-€25,797)
- Tangible fixed assets -€4,630
down €4,630 (-4.0%), from €116,326 to €111,696
of which Furniture and vehicles: -€19,705
- Other debts +€122,149
up €122,149 (+193%), from €63,266 to €185,415
- Profit (loss) carried forward -€89,633
down €89,633 (-86.6%), from €103,491 to €13,858
- Debts after one year -€14,839
down €14,839 (-23.9%), from €61,976 to €47,137
- Accrued charges and deferred income -€6,435
down €6,435 (-62.0%), from €10,373 to €3,938
- Tax, wage and social debts +€3,771
up €3,771 (+32.8%), from €11,512 to €15,282
- Gross operating margin -€12,789
down €12,789 (-17.5%), from €72,944 to €60,155
- Depreciation +€6,224
up €6,224 (+25.7%), from €24,204 to €30,427
- Taxes -€2,906
down €2,906 (-27.0%), from €10,780 to €7,874
- Financial charges -€2,063
down €2,063 (-23.7%), from €8,689 to €6,625
of which Financial charges: -€2,064
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 | €293,929 | €307,774 | +€13,845 | +4.7% |
| Fixed assets | 21/28 | €116,326 | €111,696 | -€4,630 | -4.0% |
| Tangible fixed assets | 22/27 | €116,326 | €111,696 | -€4,630 | -4.0% |
| Plant, machinery and equipment | 23 | €1,108 | €811 | -€297 | -26.8% |
| Furniture and vehicles | 24 | €82,265 | €62,560 | -€19,705 | -24.0% |
| Other tangible fixed assets | 26 | €32,952 | €48,324 | +€15,372 | +46.6% |
| Current assets | 29/58 | €177,603 | €196,078 | +€18,475 | +10.4% |
| Amounts receivable within one year | 40/41 | €154,920 | €180,508 | +€25,588 | +16.5% |
| Trade receivables | 40 | €151,499 | €177,850 | +€26,352 | +17.4% |
| Other amounts receivable | 41 | €3,421 | €2,657 | -€764 | -22.3% |
| Cash at bank and in hand | 54/58 | €15,557 | €8,283 | -€7,275 | -46.8% |
| Deferred charges and accrued income | 490/1 | €7,126 | €7,288 | +€162 | +2.3% |
| Total equity and liabilities | 10/49 | €293,929 | €307,774 | +€13,845 | +4.7% |
| Equity | 10/15 | €125,680 | €36,047 | -€89,633 | -71.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €3,639 | €3,639 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,784 | €1,784 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €103,491 | €13,858 | -€89,633 | -86.6% |
| Amounts payable | 17/49 | €168,249 | €271,727 | +€103,478 | +61.5% |
| Amounts payable after more than one year | 17 | €61,976 | €47,137 | -€14,839 | -23.9% |
| Financial debts | 170/4 | €61,976 | €47,137 | -€14,839 | -23.9% |
| Amounts payable within one year | 42/48 | €95,900 | €220,652 | +€124,752 | +130% |
| Current portion of amounts payable after more than one year | 42 | €14,294 | €14,839 | +€545 | +3.8% |
| Financial debts | 43 | €3,061 | - | -€3,061 | |
| Credit institutions | 430/8 | €3,061 | - | -€3,061 | |
| Trade debts | 44 | €3,768 | €4,947 | +€1,179 | +31.3% |
| Suppliers | 440/4 | €3,768 | €4,947 | +€1,179 | +31.3% |
| Advances received on contracts in progress | 46 | - | €169 | +€169 | |
| Taxes, remuneration and social security | 45 | €11,512 | €15,282 | +€3,771 | +32.8% |
| Taxes | 450/3 | €11,512 | €15,282 | +€3,771 | +32.8% |
| Other amounts payable | 47/48 | €63,266 | €185,415 | +€122,149 | +193% |
| Accrued charges and deferred income | 492/3 | €10,373 | €3,938 | -€6,435 | -62.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,204 | €30,427 | +€6,224 | +25.7% |
| Other operating charges | 640/8 | €1,299 | €1,374 | +€75 | +5.8% |
| Gross operating margin | 9900 | €72,944 | €60,155 | -€12,789 | -17.5% |
| Operating profit (loss) | 9901 | €47,442 | €28,354 | -€19,088 | -40.2% |
| Financial income | 75/76B | €344 | €4 | -€341 | -99.0% |
| Recurring financial income | 75 | €8 | €4 | -€4 | -55.5% |
| Non-recurring financial income | 76B | €336 | - | -€336 | |
| Financial charges | 65/66B | €8,689 | €6,625 | -€2,063 | -23.7% |
| Recurring financial charges | 65 | €8,689 | €6,625 | -€2,064 | -23.8% |
| Non-recurring financial charges | 66B | - | €1 | +€1 | |
| Profit (loss) for the period before taxes | 9903 | €39,097 | €21,732 | -€17,365 | -44.4% |
| Income taxes | 67/77 | €10,780 | €7,874 | -€2,906 | -27.0% |
| Profit (loss) for the period | 9904 | €28,317 | €13,858 | -€14,459 | -51.1% |
| Profit (loss) for the period to be appropriated | 9905 | €28,317 | €13,858 | -€14,459 | -51.1% |
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 30 October 2026 via checked.be.