PVR Management: 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.
PVR Management
Largest movements
- Tangible fixed assets -€46,417
down €46,417 (-9.0%), from €518,275 to €471,858
of which Furniture and vehicles: -€43,236
- Receivables within one year +€16,760
up €16,760 (+3.7%), from €450,527 to €467,287
of which Other amounts receivable: +€12,649
- Reserves +€65,884
up €65,884 (+5.9%), from €1.1m to €1.2m
- Debts after one year -€61,508
down €61,508 (-53.6%), from €114,826 to €53,318
- Current portion of long-term debt -€24,141
down €24,141 (-28.2%), from €85,649 to €61,508
- Gross operating margin -€60,801
down €60,801 (-32.1%), from €189,512 to €128,711
- Taxes -€18,792
down €18,792 (-42.3%), from €44,428 to €25,636
- Financial income -€14,469
down €14,469 (-48.1%), from €30,089 to €15,620
- Depreciation -€12,041
down €12,041 (-20.2%), from €59,632 to €47,591
- Financial charges -€2,466
down €2,466 (-47.2%), from €5,228 to €2,762
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 | €1,566,826 | €1,540,693 | -€26,133 | -1.7% |
| Fixed assets | 21/28 | €1,083,275 | €1,036,858 | -€46,417 | -4.3% |
| Tangible fixed assets | 22/27 | €518,275 | €471,858 | -€46,417 | -9.0% |
| Land and buildings | 22 | €425,000 | €425,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €4,542 | €1,361 | -€3,181 | -70.0% |
| Furniture and vehicles | 24 | €88,733 | €45,497 | -€43,236 | -48.7% |
| Financial fixed assets | 28 | €565,000 | €565,000 | = | 0.0% |
| Current assets | 29/58 | €483,551 | €503,835 | +€20,284 | +4.2% |
| Amounts receivable within one year | 40/41 | €450,527 | €467,287 | +€16,760 | +3.7% |
| Trade receivables | 40 | €9,965 | €14,076 | +€4,111 | +41.3% |
| Other amounts receivable | 41 | €440,562 | €453,211 | +€12,649 | +2.9% |
| Cash at bank and in hand | 54/58 | €32,157 | €35,681 | +€3,524 | +11.0% |
| Deferred charges and accrued income | 490/1 | €867 | €867 | +€1 | +0.1% |
| Total equity and liabilities | 10/49 | €1,566,826 | €1,540,693 | -€26,133 | -1.7% |
| Equity | 10/15 | €1,141,017 | €1,206,901 | +€65,884 | +5.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,122,417 | €1,188,301 | +€65,884 | +5.9% |
| Distributable reserves | 133 | €1,122,417 | €1,188,301 | +€65,884 | +5.9% |
| Amounts payable | 17/49 | €425,809 | €333,792 | -€92,017 | -21.6% |
| Amounts payable after more than one year | 17 | €114,826 | €53,318 | -€61,508 | -53.6% |
| Financial debts | 170/4 | €114,826 | €53,318 | -€61,508 | -53.6% |
| Amounts payable within one year | 42/48 | €310,982 | €280,474 | -€30,508 | -9.8% |
| Current portion of amounts payable after more than one year | 42 | €85,649 | €61,508 | -€24,141 | -28.2% |
| Trade debts | 44 | €16,253 | €25,309 | +€9,055 | +55.7% |
| Suppliers | 440/4 | €16,253 | €25,309 | +€9,055 | +55.7% |
| Taxes, remuneration and social security | 45 | €26,636 | €20,539 | -€6,097 | -22.9% |
| Taxes | 450/3 | €23,576 | €17,479 | -€6,097 | -25.9% |
| Remuneration and social security | 454/9 | €3,060 | €3,060 | = | 0.0% |
| Other amounts payable | 47/48 | €182,444 | €173,118 | -€9,326 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,632 | €47,591 | -€12,041 | -20.2% |
| Other operating charges | 640/8 | €3,601 | €2,459 | -€1,143 | -31.7% |
| Gross operating margin | 9900 | €189,512 | €128,711 | -€60,801 | -32.1% |
| Operating profit (loss) | 9901 | €126,279 | €78,661 | -€47,618 | -37.7% |
| Financial income | 75/76B | €30,089 | €15,620 | -€14,469 | -48.1% |
| Recurring financial income | 75 | €30,089 | €15,620 | -€14,469 | -48.1% |
| Financial charges | 65/66B | €5,228 | €2,762 | -€2,466 | -47.2% |
| Recurring financial charges | 65 | €5,228 | €2,762 | -€2,466 | -47.2% |
| Profit (loss) for the period before taxes | 9903 | €151,140 | €91,520 | -€59,620 | -39.4% |
| Income taxes | 67/77 | €44,428 | €25,636 | -€18,792 | -42.3% |
| Profit (loss) for the period | 9904 | €106,712 | €65,884 | -€40,828 | -38.3% |
| Profit (loss) for the period to be appropriated | 9905 | €106,712 | €65,884 | -€40,828 | -38.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.