PVO Advisory: 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.
PVO Advisory
Largest movements
- Current investments +€114,976
new in 2025: €114,976
- Cash +€91,049
up €91,049 (+150%), from €60,852 to €151,901
mainly Net result for the year (+€103,173) and Receivables within one year (+€64,277)
- Receivables within one year -€64,277
down €64,277 (-35.3%), from €182,252 to €117,975
- Reserves +€103,173
up €103,173 (+67.3%), from €153,208 to €256,381
- Tax, wage and social debts +€24,595
up €24,595 (+28.1%), from €87,643 to €112,238
- Other debts +€13,470
up €13,470 (+3,857%), from €349 to €13,819
- Gross operating margin +€44,392
up €44,392 (+42.0%), from €105,761 to €150,153
- Taxes +€14,178
up €14,178 (+51.3%), from €27,645 to €41,823
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 | €248,126 | €389,219 | +€141,094 | +56.9% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €3,818 | €3,161 | -€657 | -17.2% |
| Tangible fixed assets | 22/27 | €3,818 | €3,161 | -€657 | -17.2% |
| Plant, machinery and equipment | 23 | €2,885 | €2,546 | -€339 | -11.7% |
| Furniture and vehicles | 24 | €933 | €614 | -€319 | -34.2% |
| Current assets | 29/58 | €244,308 | €386,059 | +€141,751 | +58.0% |
| Amounts receivable within one year | 40/41 | €182,252 | €117,975 | -€64,277 | -35.3% |
| Trade receivables | 40 | €182,252 | €117,975 | -€64,277 | -35.3% |
| Current investments | 50/53 | - | €114,976 | +€114,976 | |
| Cash at bank and in hand | 54/58 | €60,852 | €151,901 | +€91,049 | +150% |
| Deferred charges and accrued income | 490/1 | €1,204 | €1,207 | +€3 | +0.2% |
| Total equity and liabilities | 10/49 | €248,126 | €389,219 | +€141,094 | +56.9% |
| Equity | 10/15 | €158,208 | €261,381 | +€103,173 | +65.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €153,208 | €256,381 | +€103,173 | +67.3% |
| Distributable reserves | 133 | €153,208 | €256,381 | +€103,173 | +67.3% |
| Amounts payable | 17/49 | €89,917 | €127,838 | +€37,921 | +42.2% |
| Amounts payable within one year | 42/48 | €89,917 | €127,838 | +€37,921 | +42.2% |
| Trade debts | 44 | €1,925 | €1,781 | -€144 | -7.5% |
| Suppliers | 440/4 | €1,925 | €1,781 | -€144 | -7.5% |
| Taxes, remuneration and social security | 45 | €87,643 | €112,238 | +€24,595 | +28.1% |
| Taxes | 450/3 | €87,643 | €112,238 | +€24,595 | +28.1% |
| Other amounts payable | 47/48 | €349 | €13,819 | +€13,470 | +3,857% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €646 | €657 | +€11 | +1.7% |
| Other operating charges | 640/8 | €446 | €400 | -€47 | -10.4% |
| Gross operating margin | 9900 | €105,761 | €150,153 | +€44,392 | +42.0% |
| Operating profit (loss) | 9901 | €104,669 | €149,097 | +€44,428 | +42.4% |
| Financial income | 75/76B | - | €668 | +€668 | |
| Recurring financial income | 75 | - | €668 | +€668 | |
| Financial charges | 65/66B | €4,616 | €4,769 | +€153 | +3.3% |
| Recurring financial charges | 65 | €4,616 | €4,769 | +€153 | +3.3% |
| Profit (loss) for the period before taxes | 9903 | €100,053 | €144,996 | +€44,943 | +44.9% |
| Income taxes | 67/77 | €27,645 | €41,823 | +€14,178 | +51.3% |
| Profit (loss) for the period | 9904 | €72,407 | €103,173 | +€30,766 | +42.5% |
| Profit (loss) for the period to be appropriated | 9905 | €72,407 | €103,173 | +€30,766 | +42.5% |
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 15 October 2026 via checked.be.