PVMD2: what changed
Two fiscal 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.
PVMD2
Largest movements
- Current investments -€34,987
down €34,987 (-17.1%), from €204,989 to €170,002
- Cash +€14,771
up €14,771 (+64.5%), from €22,917 to €37,688
mainly Net result for the year (+€60,036) and Current investments (+€34,987)
- Tangible fixed assets -€12,096
down €12,096 (-68.7%), from €17,604 to €5,508
of which Furniture and vehicles: -€10,863
- Other debts -€30,000
down €30,000 (-100.0%), from €30,000 to €0
- Trade debts -€3,317
down €3,317 (-70.3%), from €4,722 to €1,404
- Tax, wage and social debts -€2,985
down €2,985 (-25.5%), from €11,691 to €8,706
of which Taxes: -€3,094
- Depreciation -€22,608
down €22,608 (-73.6%), from €30,726 to €8,118
- Financial income +€18,640
up €18,640 (+783.6%), from €2,379 to €21,019
- Taxes +€7,291
up €7,291 (+47.5%), from €15,358 to €22,648
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 | €270,876 | €234,610 | -€36,266 | -13.4% |
| Fixed assets | 21/28 | €17,604 | €5,508 | -€12,096 | -68.7% |
| Tangible fixed assets | 22/27 | €17,604 | €5,508 | -€12,096 | -68.7% |
| Land and buildings | 22 | €5,083 | €4,508 | -€575 | -11.3% |
| Plant, machinery and equipment | 23 | €1,659 | €1,000 | -€659 | -39.7% |
| Furniture and vehicles | 24 | €10,863 | €0 | -€10,863 | -100.0% |
| Current assets | 29/58 | €253,272 | €229,102 | -€24,170 | -9.5% |
| Amounts receivable within one year | 40/41 | €20,387 | €18,695 | -€1,692 | -8.3% |
| Trade receivables | 40 | €19,751 | €16,000 | -€3,751 | -19.0% |
| Other amounts receivable | 41 | €637 | €2,695 | +€2,058 | +323.3% |
| Current investments | 50/53 | €204,989 | €170,002 | -€34,987 | -17.1% |
| Cash at bank and in hand | 54/58 | €22,917 | €37,688 | +€14,771 | +64.5% |
| Deferred charges and accrued income | 490/1 | €4,979 | €2,717 | -€2,262 | -45.4% |
| Total equity and liabilities | 10/49 | €270,876 | €234,610 | -€36,266 | -13.4% |
| Equity | 10/15 | €224,464 | €224,500 | +€36 | 0.0% |
| Contributions | 10/11 | €30,630 | €30,630 | = | 0.0% |
| Reserves | 13 | €193,834 | €193,870 | +€36 | 0.0% |
| Distributable reserves | 133 | €193,834 | €193,870 | +€36 | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €46,412 | €10,110 | -€36,302 | -78.2% |
| Amounts payable within one year | 42/48 | €46,412 | €10,110 | -€36,302 | -78.2% |
| Trade debts | 44 | €4,722 | €1,404 | -€3,317 | -70.3% |
| Suppliers | 440/4 | €4,722 | €1,404 | -€3,317 | -70.3% |
| Taxes, remuneration and social security | 45 | €11,691 | €8,706 | -€2,985 | -25.5% |
| Taxes | 450/3 | €8,635 | €5,541 | -€3,094 | -35.8% |
| Remuneration and social security | 454/9 | €3,056 | €3,165 | +€109 | +3.6% |
| Other amounts payable | 47/48 | €30,000 | €0 | -€30,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €25,380 | €25,804 | +€424 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,726 | €8,118 | -€22,608 | -73.6% |
| Other operating charges | 640/8 | €1,656 | €2,536 | +€880 | +53.1% |
| Gross operating margin | 9900 | €98,218 | €99,034 | +€816 | +0.8% |
| Operating profit (loss) | 9901 | €40,456 | €62,575 | +€22,119 | +54.7% |
| Financial income | 75/76B | €2,379 | €21,019 | +€18,640 | +783.6% |
| Recurring financial income | 75 | €2,379 | €21,019 | +€18,640 | +783.6% |
| Financial charges | 65/66B | €463 | €910 | +€447 | +96.4% |
| Recurring financial charges | 65 | €463 | €910 | +€447 | +96.4% |
| Profit (loss) for the period before taxes | 9903 | €42,371 | €82,685 | +€40,313 | +95.1% |
| Income taxes | 67/77 | €15,358 | €22,648 | +€7,291 | +47.5% |
| Profit (loss) for the period | 9904 | €27,014 | €60,036 | +€33,023 | +122.2% |
| Profit (loss) for the period to be appropriated | 9905 | €27,014 | €60,036 | +€33,023 | +122.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.