PVR Management: 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.
What changed
PVR Management
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€18,790
2024 · -€1.1m+€1.1m
Equity
€4.3m
2024 · €4.3m+€18,790
Cash
€33,380
2024 · €88+€33,292
Balance sheet total
€5.0m
2024 · €4.8m+€194,962
Largest movements
Assets
- Tangible fixed assets +€116,558
up €116,558 (+11022.9%), from €1,057 to €117,616
of which Leasing and similar rights: +€115,260
Equity and liabilities
- Debts after one year +€106,272
up €106,272 (+24.3%), from €437,585 to €543,856
Income statement
- Write-downs -€1.0m
down €1.0m (-99.1%), from €1.0m to €8,877
- Gross operating margin +€116,442
up €116,442, from -€1,626 to €114,816
- Depreciation +€11,975
up €11,975 (+7848.6%), from €153 to €12,128
- Other operating charges +€1,493
up €1,493 (+73.0%), from €2,046 to €3,538
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.
Result 2024
-€1.1m
Gross operating margin
+€116,442
Staff costs
-€109
Depreciation
-€11,975
Write-downs
+€1.0m
Other operating charges
-€1,493
Other operating items
-€36,913
Financial charges
+€1,077
Taxes
-€263
Result 2025
€18,790
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.
From operations
+€32,499
Investment
-€128,686
Financing
+€129,479
Cash 2024
€88
From operations (derived)
+€32,499
Net result for the year
+€18,790
Depreciation
+€12,128
Receivables within one year
-€44,959
Deferred charges and accrued income
-€153
Trade debts
+€6,464
Tax, wage and social debts
+€22,053
Other debts
+€47,139
Accrued charges and deferred income
-€28,963
Investment (derived)
-€128,686
Investment in fixed assets (net)
-€128,686
Financing
+€129,479
Debts after one year
+€106,272
Current portion of long-term debt
+€23,207
Cash 2025
€33,380
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,759,534 | €4,954,496 | +€194,962 | +4.1% |
| Fixed assets | 21/28 | €4,229,743 | €4,346,301 | +€116,558 | +2.8% |
| Tangible fixed assets | 22/27 | €1,057 | €117,616 | +€116,558 | +11022.9% |
| Furniture and vehicles | 24 | €1,057 | €2,356 | +€1,298 | +122.8% |
| Leasing and similar rights | 25 | - | €115,260 | +€115,260 | |
| Financial fixed assets | 28 | €4,228,685 | €4,228,685 | = | 0.0% |
| Current assets | 29/58 | €529,791 | €608,195 | +€78,404 | +14.8% |
| Amounts receivable within one year | 40/41 | €529,703 | €574,663 | +€44,959 | +8.5% |
| Trade receivables | 40 | - | €23,443 | +€23,443 | |
| Other amounts receivable | 41 | €529,703 | €551,220 | +€21,517 | +4.1% |
| Cash at bank and in hand | 54/58 | €88 | €33,380 | +€33,292 | +37741.2% |
| Deferred charges and accrued income | 490/1 | - | €153 | +€153 | |
| Total equity and liabilities | 10/49 | €4,759,534 | €4,954,496 | +€194,962 | +4.1% |
| Equity | 10/15 | €4,258,367 | €4,277,157 | +€18,790 | +0.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,239,767 | €4,239,767 | = | 0.0% |
| Non-distributable reserves | 130/1 | €344,100 | €344,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €0 | = | |
| Other | 1319 | €344,100 | €344,100 | = | 0.0% |
| Distributable reserves | 133 | €3,895,667 | €3,895,667 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €18,790 | +€18,790 | |
| Amounts payable | 17/49 | €501,168 | €677,340 | +€176,172 | +35.2% |
| Amounts payable after more than one year | 17 | €437,585 | €543,856 | +€106,272 | +24.3% |
| Financial debts | 170/4 | €437,585 | €543,856 | +€106,272 | +24.3% |
| Amounts payable within one year | 42/48 | €2,743 | €101,607 | +€98,864 | +3603.6% |
| Current portion of amounts payable after more than one year | 42 | - | €23,207 | +€23,207 | |
| Trade debts | 44 | €194 | €6,658 | +€6,464 | +3335.9% |
| Suppliers | 440/4 | €194 | €6,658 | +€6,464 | +3335.9% |
| Taxes, remuneration and social security | 45 | €210 | €22,263 | +€22,053 | +10501.6% |
| Taxes | 450/3 | €210 | €22,263 | +€22,053 | +10501.6% |
| Other amounts payable | 47/48 | €2,340 | €49,479 | +€47,139 | +2014.7% |
| Accrued charges and deferred income | 492/3 | €60,839 | €31,876 | -€28,963 | -47.6% |
| Remuneration, social security and pensions | 62 | - | €109 | +€109 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €153 | €12,128 | +€11,975 | +7848.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,038,988 | €8,877 | -€1.0m | -99.1% |
| Other operating charges | 640/8 | €2,046 | €3,538 | +€1,493 | +73.0% |
| Non-recurring operating charges | 66A | - | €36,913 | +€36,913 | |
| Gross operating margin | 9900 | -€1,626 | €114,816 | +€116,442 | |
| Operating profit (loss) | 9901 | -€1,042,813 | €53,251 | +€1.1m | |
| Financial charges | 65/66B | €35,275 | €34,199 | -€1,077 | -3.1% |
| Recurring financial charges | 65 | €35,275 | €34,199 | -€1,077 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | -€1,078,088 | €19,053 | +€1.1m | |
| Income taxes | 67/77 | - | €263 | +€263 | |
| Profit (loss) for the period | 9904 | -€1,078,088 | €18,790 | +€1.1m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,078,088 | €18,790 | +€1.1m |
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.