PVL - GROUP: 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.
What changed
PVL - GROUP
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€45,540
2024 · -€33,976-€11,564
Equity
€1.4m
2024 · €1.5m-€45,540
Cash
€83,250
2024 · €81,691+€1,558
Balance sheet total
€2.0m
2024 · €2.2m-€133,489
Largest movements
Assets
- Tangible fixed assets -€141,485
down €141,485 (-7.6%), from €1.9m to €1.7m
of which Land and buildings: -€102,828
Equity and liabilities
- Other debts -€66,504
down €66,504 (-11.1%), from €598,006 to €531,502
- Profit (loss) carried forward -€39,497
new in 2025: -€39,497
Income statement
- Gross operating margin -€32,611
down €32,611 (-15.6%), from €208,998 to €176,387
- Financial charges -€29,602
down €29,602 (-40.5%), from €73,095 to €43,494
- Depreciation +€11,223
up €11,223 (+7.6%), from €147,542 to €158,766
- Financial income +€6,321
up €6,321 (+1382.6%), from €457 to €6,778
- Other operating charges +€4,089
up €4,089 (+15.8%), from €25,905 to €29,994
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
-€33,976
Gross operating margin
-€32,611
Depreciation
-€11,223
Other operating charges
-€4,089
Financial income
+€6,321
Financial charges
+€29,602
Taxes
+€436
Result 2025
-€45,540
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
+€48,198
Investment
-€21,271
Financing
-€25,369
Cash 2024
€81,691
From operations (derived)
+€48,198
Net result for the year
-€45,540
Depreciation
+€158,766
Deferred charges and accrued income
-€2,447
Provisions
-€3,112
Trade debts
+€7,910
Tax, wage and social debts
-€945
Other debts
-€66,504
Accrued charges and deferred income
+€70
Investment (derived)
-€21,271
Investment in fixed assets (net)
-€17,281
Current investments
-€3,991
Financing
-€25,369
Debts after one year
-€4,256
Current portion of long-term debt
-€21,113
Cash 2025
€83,250
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,171,665 | €2,038,176 | -€133,489 | -6.1% |
| Fixed assets | 21/28 | €1,851,524 | €1,710,038 | -€141,485 | -7.6% |
| Tangible fixed assets | 22/27 | €1,850,265 | €1,708,780 | -€141,485 | -7.6% |
| Land and buildings | 22 | €1,708,873 | €1,606,046 | -€102,828 | -6.0% |
| Plant, machinery and equipment | 23 | €13,938 | €14,026 | +€89 | +0.6% |
| Furniture and vehicles | 24 | €127,454 | €88,708 | -€38,746 | -30.4% |
| Financial fixed assets | 28 | €1,258 | €1,258 | = | 0.0% |
| Current assets | 29/58 | €320,142 | €328,138 | +€7,996 | +2.5% |
| Current investments | 50/53 | €235,773 | €239,764 | +€3,991 | +1.7% |
| Cash at bank and in hand | 54/58 | €81,691 | €83,250 | +€1,558 | +1.9% |
| Deferred charges and accrued income | 490/1 | €2,677 | €5,124 | +€2,447 | +91.4% |
| Total equity and liabilities | 10/49 | €2,171,665 | €2,038,176 | -€133,489 | -6.1% |
| Equity | 10/15 | €1,483,234 | €1,437,694 | -€45,540 | -3.1% |
| Contributions | 10/11 | €181,000 | €181,000 | = | 0.0% |
| Contributions outside capital | 11 | €181,000 | €181,000 | = | 0.0% |
| Other | 1109/19 | €181,000 | €181,000 | = | 0.0% |
| Reserves | 13 | €1,302,234 | €1,296,191 | -€6,043 | -0.5% |
| Non-distributable reserves | 130/1 | €344,556 | €344,556 | = | 0.0% |
| Reserves not available under the articles | 1311 | €344,556 | €344,556 | = | 0.0% |
| Tax-exempt reserves | 132 | €97,111 | €91,068 | -€6,043 | -6.2% |
| Distributable reserves | 133 | €860,567 | €860,567 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€39,497 | -€39,497 | |
| Provisions and deferred taxes | 16 | €40,450 | €37,338 | -€3,112 | -7.7% |
| Deferred taxes | 168 | €40,450 | €37,338 | -€3,112 | -7.7% |
| Amounts payable | 17/49 | €647,981 | €563,144 | -€84,838 | -13.1% |
| Amounts payable after more than one year | 17 | €4,256 | - | -€4,256 | |
| Financial debts | 170/4 | €4,256 | - | -€4,256 | |
| Amounts payable within one year | 42/48 | €637,628 | €556,977 | -€80,652 | -12.6% |
| Current portion of amounts payable after more than one year | 42 | €25,369 | €4,256 | -€21,113 | -83.2% |
| Trade debts | 44 | €352 | €8,262 | +€7,910 | +2246.3% |
| Suppliers | 440/4 | €352 | €8,262 | +€7,910 | +2246.3% |
| Taxes, remuneration and social security | 45 | €13,902 | €12,957 | -€945 | -6.8% |
| Taxes | 450/3 | €13,902 | €12,957 | -€945 | -6.8% |
| Other amounts payable | 47/48 | €598,006 | €531,502 | -€66,504 | -11.1% |
| Accrued charges and deferred income | 492/3 | €6,097 | €6,167 | +€70 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €147,542 | €158,766 | +€11,223 | +7.6% |
| Other operating charges | 640/8 | €25,905 | €29,994 | +€4,089 | +15.8% |
| Gross operating margin | 9900 | €208,998 | €176,387 | -€32,611 | -15.6% |
| Operating profit (loss) | 9901 | €35,551 | -€12,372 | -€47,923 | |
| Financial income | 75/76B | €457 | €6,778 | +€6,321 | +1382.6% |
| Recurring financial income | 75 | €457 | €6,778 | +€6,321 | +1382.6% |
| Financial charges | 65/66B | €73,095 | €43,494 | -€29,602 | -40.5% |
| Recurring financial charges | 65 | €73,095 | €43,494 | -€29,602 | -40.5% |
| Profit (loss) for the period before taxes | 9903 | -€37,087 | -€49,088 | -€12,001 | -32.4% |
| Transfer from deferred taxes | 780 | €3,112 | €3,112 | = | 0.0% |
| Income taxes | 67/77 | - | -€436 | -€436 | |
| Profit (loss) for the period | 9904 | -€33,976 | -€45,540 | -€11,564 | -34.0% |
| Transfer from tax-exempt reserves | 789 | €6,043 | €6,043 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,933 | -€39,497 | -€11,564 | -41.4% |
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 12 October 2026 via checked.be.