PVL Holding: 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.
PVL Holding
Largest movements
- Cash +€87,676
up €87,676 (+162%), from €53,963 to €141,639
mainly Stocks and contracts (+€68,563) and Other debts (+€47,785)
- Stocks and contracts -€68,563
down €68,563 (-6.1%), from €1.1m to €1.0m
- Other debts +€47,785
up €47,785 (+9.6%), from €500,362 to €548,148
- Gross operating margin -€226,742
down €226,742, from €193,211 to -€33,532
- Taxes -€50,206
down €50,206 (-100%), from €50,206 to €0
- Financial charges -€20,741
down €20,741 (-48.7%), from €42,602 to €21,861
- Financial income -€4,035
down €4,035 (-8.1%), from €49,947 to €45,912
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 | €4,475,735 | €4,494,885 | +€19,150 | +0.4% |
| Fixed assets | 21/28 | €2,126,896 | €2,123,134 | -€3,761 | -0.2% |
| Tangible fixed assets | 22/27 | €6,727 | €2,966 | -€3,761 | -55.9% |
| Land and buildings | 22 | €6,727 | €2,966 | -€3,761 | -55.9% |
| Financial fixed assets | 28 | €2,120,168 | €2,120,168 | = | 0.0% |
| Current assets | 29/58 | €2,348,839 | €2,371,750 | +€22,911 | +1.0% |
| Stocks and contracts in progress | 3 | €1,116,439 | €1,047,876 | -€68,563 | -6.1% |
| Stocks | 30/36 | €1,116,439 | €1,047,876 | -€68,563 | -6.1% |
| Amounts receivable within one year | 40/41 | €1,128,494 | €1,136,323 | +€7,830 | +0.7% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €1,128,494 | €1,136,323 | +€7,830 | +0.7% |
| Cash at bank and in hand | 54/58 | €53,963 | €141,639 | +€87,676 | +162% |
| Deferred charges and accrued income | 490/1 | €49,944 | €45,912 | -€4,032 | -8.1% |
| Total equity and liabilities | 10/49 | €4,475,735 | €4,494,885 | +€19,150 | +0.4% |
| Equity | 10/15 | €3,891,236 | €3,874,334 | -€16,903 | -0.4% |
| Contributions | 10/11 | €78,200 | €78,200 | = | 0.0% |
| Capital | 10 | €78,200 | €78,200 | = | 0.0% |
| Issued capital | 100 | €78,200 | €78,200 | = | 0.0% |
| Reserves | 13 | €7,820 | €7,820 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,820 | €7,820 | = | 0.0% |
| Legal reserve | 130 | €7,820 | €7,820 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,805,216 | €3,788,314 | -€16,903 | -0.4% |
| Amounts payable | 17/49 | €584,499 | €620,551 | +€36,052 | +6.2% |
| Amounts payable within one year | 42/48 | €570,374 | €600,478 | +€30,104 | +5.3% |
| Financial debts | 43 | €21,325 | €8,000 | -€13,325 | -62.5% |
| Credit institutions | 430/8 | €21,325 | €8,000 | -€13,325 | -62.5% |
| Trade debts | 44 | €14,072 | €9,716 | -€4,356 | -31.0% |
| Suppliers | 440/4 | €14,072 | €9,716 | -€4,356 | -31.0% |
| Taxes, remuneration and social security | 45 | €34,614 | €34,614 | = | 0.0% |
| Taxes | 450/3 | €34,614 | €34,614 | = | 0.0% |
| Other amounts payable | 47/48 | €500,362 | €548,148 | +€47,785 | +9.6% |
| Accrued charges and deferred income | 492/3 | €14,125 | €20,074 | +€5,949 | +42.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,800 | €3,761 | -€39 | -1.0% |
| Other operating charges | 640/8 | €5,468 | €3,661 | -€1,807 | -33.0% |
| Gross operating margin | 9900 | €193,211 | -€33,532 | -€226,742 | |
| Operating profit (loss) | 9901 | €183,943 | -€40,954 | -€224,897 | |
| Financial income | 75/76B | €49,947 | €45,912 | -€4,035 | -8.1% |
| Recurring financial income | 75 | €49,947 | €45,912 | -€4,035 | -8.1% |
| Financial charges | 65/66B | €42,602 | €21,861 | -€20,741 | -48.7% |
| Recurring financial charges | 65 | €42,602 | €21,861 | -€20,741 | -48.7% |
| Profit (loss) for the period before taxes | 9903 | €191,289 | -€16,903 | -€208,191 | |
| Income taxes | 67/77 | €50,206 | €0 | -€50,206 | -100% |
| Profit (loss) for the period | 9904 | €141,083 | -€16,903 | -€157,985 | |
| Profit (loss) for the period to be appropriated | 9905 | €141,083 | -€16,903 | -€157,985 |
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 24 October 2026 via checked.be.