PVMA: 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.
PVMA
Largest movements
- Tangible fixed assets +€598,379
up €598,379 (+293.3%), from €203,984 to €802,362
of which Land and buildings: +€600,982
- Cash -€84,171
down €84,171 (-24.4%), from €344,817 to €260,646
mainly Investment in fixed assets (net) (-€652,706) and Current investments (-€50,830)
- Current investments +€50,830
new in 2025: €50,830
- Debts after one year +€403,854
up €403,854 (+216.2%), from €186,827 to €590,681
- Reserves +€79,349
up €79,349 (+14.2%), from €557,785 to €637,134
- Tax, wage and social debts +€50,113
up €50,113 (+240.1%), from €20,871 to €70,984
- Current portion of long-term debt +€26,413
up €26,413 (+102.8%), from €25,706 to €52,119
- Gross operating margin -€26,047
down €26,047 (-9.9%), from €263,295 to €237,248
- Depreciation +€21,306
up €21,306 (+64.5%), from €33,022 to €54,327
- Taxes -€16,123
down €16,123 (-24.4%), from €66,135 to €50,011
- Financial charges +€12,710
up €12,710 (+149.1%), from €8,527 to €21,237
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €818,282 | €1,383,577 | +€565,295 | +69.1% |
| Fixed assets | 21/28 | €233,119 | €831,497 | +€598,379 | +256.7% |
| Tangible fixed assets | 22/27 | €203,984 | €802,362 | +€598,379 | +293.3% |
| Land and buildings | 22 | €159,202 | €760,184 | +€600,982 | +377.5% |
| Plant, machinery and equipment | 23 | €11,561 | €10,923 | -€638 | -5.5% |
| Furniture and vehicles | 24 | €31,721 | €29,755 | -€1,966 | -6.2% |
| Other tangible fixed assets | 26 | €1,500 | €1,500 | = | 0.0% |
| Financial fixed assets | 28 | €29,135 | €29,135 | = | 0.0% |
| Current assets | 29/58 | €585,163 | €552,079 | -€33,084 | -5.7% |
| Amounts receivable within one year | 40/41 | €197,902 | €201,984 | +€4,081 | +2.1% |
| Trade receivables | 40 | €132,810 | €197,412 | +€64,603 | +48.6% |
| Other amounts receivable | 41 | €65,093 | €4,572 | -€60,521 | -93.0% |
| Current investments | 50/53 | - | €50,830 | +€50,830 | |
| Cash at bank and in hand | 54/58 | €344,817 | €260,646 | -€84,171 | -24.4% |
| Deferred charges and accrued income | 490/1 | €42,444 | €38,620 | -€3,825 | -9.0% |
| Total equity and liabilities | 10/49 | €818,282 | €1,383,577 | +€565,295 | +69.1% |
| Equity | 10/15 | €563,985 | €643,334 | +€79,349 | +14.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €557,785 | €637,134 | +€79,349 | +14.2% |
| Distributable reserves | 133 | €557,785 | €637,134 | +€79,349 | +14.2% |
| Amounts payable | 17/49 | €254,297 | €740,243 | +€485,946 | +191.1% |
| Amounts payable after more than one year | 17 | €186,827 | €590,681 | +€403,854 | +216.2% |
| Financial debts | 170/4 | €186,827 | €590,681 | +€403,854 | +216.2% |
| Amounts payable within one year | 42/48 | €67,470 | €149,562 | +€82,092 | +121.7% |
| Current portion of amounts payable after more than one year | 42 | €25,706 | €52,119 | +€26,413 | +102.8% |
| Trade debts | 44 | €8,293 | €13,589 | +€5,296 | +63.9% |
| Suppliers | 440/4 | €8,293 | €13,589 | +€5,296 | +63.9% |
| Taxes, remuneration and social security | 45 | €20,871 | €70,984 | +€50,113 | +240.1% |
| Taxes | 450/3 | €20,871 | €70,984 | +€50,113 | +240.1% |
| Other amounts payable | 47/48 | €12,600 | €12,870 | +€270 | +2.1% |
| Non-recurring operating income | 76A | €5,000 | - | -€5,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,022 | €54,327 | +€21,306 | +64.5% |
| Other operating charges | 640/8 | €7,793 | €7,260 | -€533 | -6.8% |
| Gross operating margin | 9900 | €263,295 | €237,248 | -€26,047 | -9.9% |
| Operating profit (loss) | 9901 | €222,480 | €175,661 | -€46,819 | -21.0% |
| Financial income | 75/76B | €17 | €160 | +€143 | +862.1% |
| Recurring financial income | 75 | €17 | €160 | +€143 | +862.1% |
| Financial charges | 65/66B | €8,527 | €21,237 | +€12,710 | +149.1% |
| Recurring financial charges | 65 | €8,527 | €21,237 | +€12,710 | +149.1% |
| Profit (loss) for the period before taxes | 9903 | €213,969 | €154,583 | -€59,386 | -27.8% |
| Income taxes | 67/77 | €66,135 | €50,011 | -€16,123 | -24.4% |
| Profit (loss) for the period | 9904 | €147,835 | €104,572 | -€43,263 | -29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €147,835 | €104,572 | -€43,263 | -29.3% |
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.