PVRD: 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.
PVRD
Largest movements
- Tangible fixed assets -€168,271
down €168,271 (-25.7%), from €654,993 to €486,722
of which Land and buildings: -€168,711
- Receivables within one year +€16,340
new in 2025: €16,340
of which Other amounts receivable: +€15,108
- Other debts -€212,628
down €212,628 (-77.1%), from €275,688 to €63,061
- Reserves +€79,387
up €79,387 (+81.4%), from €97,554 to €176,941
- Debts after one year -€29,671
down €29,671 (-41.8%), from €71,019 to €41,348
- Tax, wage and social debts +€24,498
up €24,498 (+353%), from €6,947 to €31,445
of which Remuneration and social security: +€22,561
- Accrued charges and deferred income -€8,937
down €8,937 (-35.0%), from €25,543 to €16,606
- Gross operating margin +€51,307
up €51,307 (+37.6%), from €136,505 to €187,812
- Taxes +€21,444
up €21,444 (+131%), from €16,387 to €37,831
- Financial charges -€7,463
down €7,463 (-35.5%), from €21,050 to €13,586
- Depreciation -€7,274
down €7,274 (-12.6%), from €57,720 to €50,446
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 | €683,604 | €536,552 | -€147,053 | -21.5% |
| Fixed assets | 21/28 | €654,993 | €486,722 | -€168,271 | -25.7% |
| Tangible fixed assets | 22/27 | €654,993 | €486,722 | -€168,271 | -25.7% |
| Land and buildings | 22 | €642,316 | €473,605 | -€168,711 | -26.3% |
| Plant, machinery and equipment | 23 | €9,827 | €7,398 | -€2,429 | -24.7% |
| Furniture and vehicles | 24 | €2,851 | €5,719 | +€2,868 | +101% |
| Current assets | 29/58 | €28,611 | €49,830 | +€21,219 | +74.2% |
| Amounts receivable within one year | 40/41 | - | €16,340 | +€16,340 | |
| Trade receivables | 40 | - | €1,233 | +€1,233 | |
| Other amounts receivable | 41 | - | €15,108 | +€15,108 | |
| Cash at bank and in hand | 54/58 | €27,391 | €31,678 | +€4,287 | +15.7% |
| Deferred charges and accrued income | 490/1 | €1,220 | €1,812 | +€591 | +48.5% |
| Total equity and liabilities | 10/49 | €683,604 | €536,552 | -€147,053 | -21.5% |
| Equity | 10/15 | €273,852 | €353,239 | +€79,387 | +29.0% |
| Contributions | 10/11 | €176,297 | €176,297 | = | 0.0% |
| Reserves | 13 | €97,554 | €176,941 | +€79,387 | +81.4% |
| Distributable reserves | 133 | €97,554 | €176,941 | +€79,387 | +81.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €409,753 | €183,313 | -€226,440 | -55.3% |
| Amounts payable after more than one year | 17 | €71,019 | €41,348 | -€29,671 | -41.8% |
| Financial debts | 170/4 | €71,019 | €41,348 | -€29,671 | -41.8% |
| Amounts payable within one year | 42/48 | €313,190 | €125,359 | -€187,832 | -60.0% |
| Current portion of amounts payable after more than one year | 42 | €28,741 | €29,671 | +€930 | +3.2% |
| Trade debts | 44 | €1,814 | €1,182 | -€632 | -34.8% |
| Suppliers | 440/4 | €1,814 | €1,182 | -€632 | -34.8% |
| Taxes, remuneration and social security | 45 | €6,947 | €31,445 | +€24,498 | +353% |
| Taxes | 450/3 | €6,947 | €8,884 | +€1,937 | +27.9% |
| Remuneration and social security | 454/9 | - | €22,561 | +€22,561 | |
| Other amounts payable | 47/48 | €275,688 | €63,061 | -€212,628 | -77.1% |
| Accrued charges and deferred income | 492/3 | €25,543 | €16,606 | -€8,937 | -35.0% |
| Non-recurring operating income | 76A | - | €94,072 | +€94,072 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,720 | €50,446 | -€7,274 | -12.6% |
| Other operating charges | 640/8 | €8,067 | €6,562 | -€1,505 | -18.7% |
| Gross operating margin | 9900 | €136,505 | €187,812 | +€51,307 | +37.6% |
| Operating profit (loss) | 9901 | €70,717 | €130,804 | +€60,087 | +85.0% |
| Financial charges | 65/66B | €21,050 | €13,586 | -€7,463 | -35.5% |
| Recurring financial charges | 65 | €21,050 | €13,586 | -€7,463 | -35.5% |
| Profit (loss) for the period before taxes | 9903 | €49,668 | €117,218 | +€67,550 | +136% |
| Income taxes | 67/77 | €16,387 | €37,831 | +€21,444 | +131% |
| Profit (loss) for the period | 9904 | €33,280 | €79,387 | +€46,107 | +139% |
| Profit (loss) for the period to be appropriated | 9905 | €33,280 | €79,387 | +€46,107 | +139% |
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 27 October 2026 via checked.be.