PVO: 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.
PVO
Largest movements
- Tangible fixed assets +€291,326
up €291,326 (+1740.2%), from €16,741 to €308,067
of which Land and buildings: +€278,150
- Current investments +€150,000
new in 2025: €150,000
- Cash -€92,873
down €92,873 (-44.5%), from €208,712 to €115,839
mainly Investment in fixed assets (net) (-€301,971) and Current investments (-€150,000)
- Receivables within one year +€13,715
up €13,715 (+4789.8%), from €286 to €14,001
- Deferred charges and accrued income +€13,073
up €13,073 (+28.2%), from €46,318 to €59,391
- Reserves +€178,276
up €178,276 (+79.8%), from €223,286 to €401,563
- Debts after one year +€132,194
new in 2025: €132,194
of which Financial debts: +€131,936
- Current portion of long-term debt +€52,312
new in 2025: €52,312
- Accrued charges and deferred income +€8,892
up €8,892 (+870.4%), from €1,022 to €9,914
- Gross operating margin -€48,265
down €48,265 (-15.6%), from €309,624 to €261,359
- Taxes -€26,779
down €26,779 (-32.3%), from €83,009 to €56,230
- Staff costs +€11,492
new in 2025: €11,492
- Depreciation +€7,580
up €7,580 (+247.3%), from €3,065 to €10,645
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 | €272,057 | €647,298 | +€375,241 | +137.9% |
| Fixed assets | 21/28 | €16,741 | €308,067 | +€291,326 | +1740.2% |
| Tangible fixed assets | 22/27 | €16,741 | €308,067 | +€291,326 | +1740.2% |
| Land and buildings | 22 | - | €278,150 | +€278,150 | |
| Plant, machinery and equipment | 23 | €6,717 | €29,917 | +€23,200 | +345.4% |
| Furniture and vehicles | 24 | €10,024 | €0 | -€10,024 | -100.0% |
| Current assets | 29/58 | €255,316 | €339,231 | +€83,915 | +32.9% |
| Amounts receivable within one year | 40/41 | €286 | €14,001 | +€13,715 | +4789.8% |
| Other amounts receivable | 41 | €286 | €14,001 | +€13,715 | +4789.8% |
| Current investments | 50/53 | - | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €208,712 | €115,839 | -€92,873 | -44.5% |
| Deferred charges and accrued income | 490/1 | €46,318 | €59,391 | +€13,073 | +28.2% |
| Total equity and liabilities | 10/49 | €272,057 | €647,298 | +€375,241 | +137.9% |
| Equity | 10/15 | €233,286 | €411,563 | +€178,276 | +76.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €223,286 | €401,563 | +€178,276 | +79.8% |
| Distributable reserves | 133 | €223,286 | €401,563 | +€178,276 | +79.8% |
| Amounts payable | 17/49 | €38,771 | €235,735 | +€196,964 | +508.0% |
| Amounts payable after more than one year | 17 | - | €132,194 | +€132,194 | |
| Financial debts | 170/4 | - | €131,936 | +€131,936 | |
| Other amounts payable | 178/9 | - | €258 | +€258 | |
| Amounts payable within one year | 42/48 | €37,749 | €93,627 | +€55,878 | +148.0% |
| Current portion of amounts payable after more than one year | 42 | - | €52,312 | +€52,312 | |
| Trade debts | 44 | - | €2,756 | +€2,756 | |
| Suppliers | 440/4 | - | €2,756 | +€2,756 | |
| Taxes, remuneration and social security | 45 | €37,749 | €38,559 | +€810 | +2.1% |
| Taxes | 450/3 | €37,749 | €37,749 | = | 0.0% |
| Remuneration and social security | 454/9 | - | €810 | +€810 | |
| Accrued charges and deferred income | 492/3 | €1,022 | €9,914 | +€8,892 | +870.4% |
| Remuneration, social security and pensions | 62 | - | €11,492 | +€11,492 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,065 | €10,645 | +€7,580 | +247.3% |
| Other operating charges | 640/8 | €464 | €2,880 | +€2,417 | +521.0% |
| Gross operating margin | 9900 | €309,624 | €261,359 | -€48,265 | -15.6% |
| Operating profit (loss) | 9901 | €306,095 | €236,343 | -€69,753 | -22.8% |
| Financial income | 75/76B | €365 | €772 | +€407 | +111.5% |
| Recurring financial income | 75 | €365 | €772 | +€407 | +111.5% |
| Financial charges | 65/66B | €165 | €2,608 | +€2,443 | +1480.3% |
| Recurring financial charges | 65 | €165 | €2,608 | +€2,443 | +1480.3% |
| Profit (loss) for the period before taxes | 9903 | €306,295 | €234,506 | -€71,789 | -23.4% |
| Income taxes | 67/77 | €83,009 | €56,230 | -€26,779 | -32.3% |
| Profit (loss) for the period | 9904 | €223,286 | €178,276 | -€45,010 | -20.2% |
| Profit (loss) for the period to be appropriated | 9905 | €223,286 | €178,276 | -€45,010 | -20.2% |
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 5 October 2026 via checked.be.