PVR-78: 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.
PVR-78
Largest movements
- Receivables within one year -€333,860
down €333,860 (-89.0%), from €375,000 to €41,140
of which Other amounts receivable: -€375,000
- Current portion of long-term debt -€369,781
down €369,781 (-92.8%), from €398,682 to €28,902
- Other debts -€116,561
down €116,561 (-30.4%), from €382,871 to €266,310
- Reserves +€106,222
up €106,222 (+2.2%), from €4.8m to €4.9m
- Gross operating margin -€20,774
down €20,774 (-5.6%), from €373,974 to €353,200
- Financial charges -€15,511
down €15,511 (-6.7%), from €230,282 to €214,771
- Financial income -€13,430
down €13,430 (-29.9%), from €44,867 to €31,437
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 | €9,246,377 | €8,831,932 | -€414,446 | -4.5% |
| Fixed assets | 21/28 | €8,615,721 | €8,591,390 | -€24,331 | -0.3% |
| Tangible fixed assets | 22/27 | €76,352 | €52,022 | -€24,331 | -31.9% |
| Furniture and vehicles | 24 | €76,352 | €52,022 | -€24,331 | -31.9% |
| Financial fixed assets | 28 | €8,539,368 | €8,539,368 | = | 0.0% |
| Current assets | 29/58 | €630,657 | €240,542 | -€390,115 | -61.9% |
| Amounts receivable within one year | 40/41 | €375,000 | €41,140 | -€333,860 | -89.0% |
| Trade receivables | 40 | - | €41,140 | +€41,140 | |
| Other amounts receivable | 41 | €375,000 | - | -€375,000 | |
| Current investments | 50/53 | €167,599 | €187,613 | +€20,014 | +11.9% |
| Cash at bank and in hand | 54/58 | €88,057 | €11,788 | -€76,269 | -86.6% |
| Total equity and liabilities | 10/49 | €9,246,377 | €8,831,932 | -€414,446 | -4.5% |
| Equity | 10/15 | €4,819,675 | €4,925,897 | +€106,222 | +2.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €4,799,675 | €4,905,897 | +€106,222 | +2.2% |
| Distributable reserves | 133 | €4,799,675 | €4,905,897 | +€106,222 | +2.2% |
| Amounts payable | 17/49 | €4,426,702 | €3,906,035 | -€520,667 | -11.8% |
| Amounts payable after more than one year | 17 | €3,533,826 | €3,504,925 | -€28,902 | -0.8% |
| Financial debts | 170/4 | €33,826 | €4,925 | -€28,902 | -85.4% |
| Other amounts payable | 178/9 | €3,500,000 | €3,500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €892,876 | €401,111 | -€491,765 | -55.1% |
| Current portion of amounts payable after more than one year | 42 | €398,682 | €28,902 | -€369,781 | -92.8% |
| Financial debts | 43 | €10,129 | €11,776 | +€1,647 | +16.3% |
| Credit institutions | 430/8 | €10,129 | €11,776 | +€1,647 | +16.3% |
| Trade debts | 44 | €342 | €2,326 | +€1,984 | +580.1% |
| Suppliers | 440/4 | €342 | €2,326 | +€1,984 | +580.1% |
| Taxes, remuneration and social security | 45 | €100,852 | €91,797 | -€9,055 | -9.0% |
| Taxes | 450/3 | €100,852 | €91,797 | -€9,055 | -9.0% |
| Other amounts payable | 47/48 | €382,871 | €266,310 | -€116,561 | -30.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,331 | €24,331 | = | 0.0% |
| Other operating charges | 640/8 | €1,817 | €2,373 | +€556 | +30.6% |
| Gross operating margin | 9900 | €373,974 | €353,200 | -€20,774 | -5.6% |
| Operating profit (loss) | 9901 | €347,827 | €326,497 | -€21,330 | -6.1% |
| Financial income | 75/76B | €44,867 | €31,437 | -€13,430 | -29.9% |
| Recurring financial income | 75 | €44,867 | €31,437 | -€13,430 | -29.9% |
| Financial charges | 65/66B | €230,282 | €214,771 | -€15,511 | -6.7% |
| Recurring financial charges | 65 | €230,282 | €214,771 | -€15,511 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €162,413 | €143,163 | -€19,249 | -11.9% |
| Income taxes | 67/77 | €33,577 | €36,942 | +€3,365 | +10.0% |
| Profit (loss) for the period | 9904 | €128,836 | €106,222 | -€22,614 | -17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €128,836 | €106,222 | -€22,614 | -17.6% |
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.