PVP 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.
PVP Projects
Largest movements
- Receivables within one year -€38,244
down €38,244 (-23.7%), from €161,190 to €122,945
of which Other amounts receivable: -€30,162
- Cash +€4,241
up €4,241 (+30.6%), from €13,872 to €18,114
mainly Net result for the year (+€94,076) and Other debts (+€65,113)
- Reserves -€67,964
no longer reported in 2025 (was €67,964)
- Other debts +€65,113
up €65,113 (+122.9%), from €52,963 to €118,076
- Debts after one year -€11,528
down €11,528 (-6.1%), from €189,620 to €178,093
- Trade debts -€10,820
down €10,820 (-22.3%), from €48,554 to €37,734
- Tax, wage and social debts -€8,654
down €8,654 (-22.0%), from €39,297 to €30,643
- Depreciation -€28,073
down €28,073 (-73.2%), from €38,364 to €10,291
- Gross operating margin +€25,066
up €25,066 (+23.1%), from €108,325 to €133,391
- Taxes +€12,246
up €12,246 (+85.5%), from €14,319 to €26,565
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 | €411,554 | €378,074 | -€33,481 | -8.1% |
| Fixed assets | 21/28 | €236,492 | €237,015 | +€522 | +0.2% |
| Tangible fixed assets | 22/27 | €236,492 | €237,015 | +€522 | +0.2% |
| Land and buildings | 22 | €196,498 | €191,698 | -€4,800 | -2.4% |
| Plant, machinery and equipment | 23 | €39,994 | €41,935 | +€1,941 | +4.9% |
| Furniture and vehicles | 24 | - | €3,382 | +€3,382 | |
| Current assets | 29/58 | €175,062 | €141,059 | -€34,003 | -19.4% |
| Amounts receivable within one year | 40/41 | €161,190 | €122,945 | -€38,244 | -23.7% |
| Trade receivables | 40 | €8,083 | - | -€8,083 | |
| Other amounts receivable | 41 | €153,107 | €122,945 | -€30,162 | -19.7% |
| Cash at bank and in hand | 54/58 | €13,872 | €18,114 | +€4,241 | +30.6% |
| Total equity and liabilities | 10/49 | €411,554 | €378,074 | -€33,481 | -8.1% |
| Equity | 10/15 | €69,964 | €2,000 | -€67,964 | -97.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €67,964 | - | -€67,964 | |
| Distributable reserves | 133 | €67,964 | - | -€67,964 | |
| Amounts payable | 17/49 | €341,590 | €376,074 | +€34,483 | +10.1% |
| Amounts payable after more than one year | 17 | €189,620 | €178,093 | -€11,528 | -6.1% |
| Financial debts | 170/4 | €189,620 | €178,093 | -€11,528 | -6.1% |
| Amounts payable within one year | 42/48 | €151,970 | €197,981 | +€46,011 | +30.3% |
| Current portion of amounts payable after more than one year | 42 | €11,156 | €11,528 | +€372 | +3.3% |
| Trade debts | 44 | €48,554 | €37,734 | -€10,820 | -22.3% |
| Suppliers | 440/4 | €48,554 | €37,734 | -€10,820 | -22.3% |
| Taxes, remuneration and social security | 45 | €39,297 | €30,643 | -€8,654 | -22.0% |
| Taxes | 450/3 | €39,297 | €30,643 | -€8,654 | -22.0% |
| Other amounts payable | 47/48 | €52,963 | €118,076 | +€65,113 | +122.9% |
| Remuneration, social security and pensions | 62 | €2,526 | €2,544 | +€18 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,364 | €10,291 | -€28,073 | -73.2% |
| Other operating charges | 640/8 | €1,194 | €754 | -€440 | -36.8% |
| Gross operating margin | 9900 | €108,325 | €133,391 | +€25,066 | +23.1% |
| Operating profit (loss) | 9901 | €66,241 | €119,801 | +€53,560 | +80.9% |
| Financial income | 75/76B | €6,794 | €7,480 | +€686 | +10.1% |
| Recurring financial income | 75 | €6,794 | €7,480 | +€686 | +10.1% |
| Financial charges | 65/66B | €5,752 | €6,639 | +€887 | +15.4% |
| Recurring financial charges | 65 | €5,752 | €6,639 | +€887 | +15.4% |
| Profit (loss) for the period before taxes | 9903 | €67,282 | €120,641 | +€53,359 | +79.3% |
| Income taxes | 67/77 | €14,319 | €26,565 | +€12,246 | +85.5% |
| Profit (loss) for the period | 9904 | €52,963 | €94,076 | +€41,113 | +77.6% |
| Profit (loss) for the period to be appropriated | 9905 | €52,963 | €94,076 | +€41,113 | +77.6% |
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.