PVO PROJECTS: 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 PROJECTS
Largest movements
- Financial fixed assets +€147,112
up €147,112 (+490.4%), from €30,000 to €177,112
- Tangible fixed assets +€51,695
up €51,695 (+8.9%), from €581,111 to €632,806
of which Land and buildings: +€63,178
- Receivables within one year -€25,014
down €25,014 (-30.4%), from €82,272 to €57,258
of which Other amounts receivable: -€32,822
- Cash +€9,507
up €9,507 (+21.7%), from €43,891 to €53,398
mainly Other debts (+€212,389) and Net result for the year (+€53,325)
- Other debts +€212,389
new in 2025: €212,389
- Debts after one year -€87,681
down €87,681 (-13.4%), from €654,224 to €566,543
of which Other amounts payable: -€207,750
- Reserves +€35,300
up €35,300 (+80.1%), from €44,096 to €79,396
- Profit (loss) carried forward +€17,192
up €17,192, from -€17,147 to €44
- Tax, wage and social debts +€13,300
up €13,300 (+213.5%), from €6,229 to €19,529
- Financial income +€50,961
up €50,961 (+2745.7%), from €1,856 to €52,817
- Gross operating margin +€17,990
up €17,990 (+38.1%), from €47,226 to €65,216
- Depreciation +€7,365
up €7,365 (+27.7%), from €26,571 to €33,935
- Taxes +€7,356
up €7,356 (+340.9%), from €2,158 to €9,513
- Other operating charges -€1,018
down €1,018 (-24.5%), from €4,163 to €3,144
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 | €737,274 | €922,843 | +€185,570 | +25.2% |
| Fixed assets | 21/28 | €611,111 | €809,918 | +€198,807 | +32.5% |
| Tangible fixed assets | 22/27 | €581,111 | €632,806 | +€51,695 | +8.9% |
| Land and buildings | 22 | €545,427 | €608,605 | +€63,178 | +11.6% |
| Plant, machinery and equipment | 23 | €228 | €768 | +€540 | +236.5% |
| Furniture and vehicles | 24 | €35,455 | €23,432 | -€12,023 | -33.9% |
| Financial fixed assets | 28 | €30,000 | €177,112 | +€147,112 | +490.4% |
| Current assets | 29/58 | €126,163 | €112,925 | -€13,238 | -10.5% |
| Amounts receivable within one year | 40/41 | €82,272 | €57,258 | -€25,014 | -30.4% |
| Trade receivables | 40 | €9,450 | €17,258 | +€7,808 | +82.6% |
| Other amounts receivable | 41 | €72,822 | €40,000 | -€32,822 | -45.1% |
| Cash at bank and in hand | 54/58 | €43,891 | €53,398 | +€9,507 | +21.7% |
| Deferred charges and accrued income | 490/1 | - | €2,270 | +€2,270 | |
| Total equity and liabilities | 10/49 | €737,274 | €922,843 | +€185,570 | +25.2% |
| Equity | 10/15 | €27,948 | €80,440 | +€52,492 | +187.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €44,096 | €79,396 | +€35,300 | +80.1% |
| Distributable reserves | 133 | €44,096 | €79,396 | +€35,300 | +80.1% |
| Profit (loss) carried forward | 14 | -€17,147 | €44 | +€17,192 | |
| Amounts payable | 17/49 | €709,325 | €842,403 | +€133,078 | +18.8% |
| Amounts payable after more than one year | 17 | €654,224 | €566,543 | -€87,681 | -13.4% |
| Financial debts | 170/4 | €446,474 | €566,543 | +€120,069 | +26.9% |
| Other amounts payable | 178/9 | €207,750 | - | -€207,750 | |
| Amounts payable within one year | 42/48 | €53,368 | €273,714 | +€220,346 | +412.9% |
| Current portion of amounts payable after more than one year | 42 | €36,998 | €38,380 | +€1,382 | +3.7% |
| Financial debts | 43 | €3,150 | - | -€3,150 | |
| Other loans | 439 | €3,150 | - | -€3,150 | |
| Trade debts | 44 | €6,991 | €3,415 | -€3,576 | -51.1% |
| Suppliers | 440/4 | €6,991 | €3,415 | -€3,576 | -51.1% |
| Taxes, remuneration and social security | 45 | €6,229 | €19,529 | +€13,300 | +213.5% |
| Taxes | 450/3 | €6,229 | €19,529 | +€13,300 | +213.5% |
| Other amounts payable | 47/48 | - | €212,389 | +€212,389 | |
| Accrued charges and deferred income | 492/3 | €1,733 | €2,147 | +€413 | +23.9% |
| Non-recurring operating income | 76A | €2,000 | €0 | -€2,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,571 | €33,935 | +€7,365 | +27.7% |
| Other operating charges | 640/8 | €4,163 | €3,144 | -€1,018 | -24.5% |
| Gross operating margin | 9900 | €47,226 | €65,216 | +€17,990 | +38.1% |
| Operating profit (loss) | 9901 | €16,492 | €28,136 | +€11,644 | +70.6% |
| Financial income | 75/76B | €1,856 | €52,817 | +€50,961 | +2745.7% |
| Recurring financial income | 75 | €1,856 | €52,817 | +€50,961 | +2745.7% |
| Financial charges | 65/66B | €19,117 | €18,116 | -€1,001 | -5.2% |
| Recurring financial charges | 65 | €19,117 | €18,116 | -€1,001 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | -€768 | €62,838 | +€63,606 | |
| Income taxes | 67/77 | €2,158 | €9,513 | +€7,356 | +340.9% |
| Profit (loss) for the period | 9904 | -€2,926 | €53,325 | +€56,250 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,926 | €53,325 | +€56,250 |
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 10 October 2026 via checked.be.