PVZ: 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.
PVZ
Largest movements
- Cash +€42,524
up €42,524 (+92.0%), from €46,203 to €88,727
mainly Net result for the year (+€43,998) and Investment in fixed assets (net) (+€28,802)
- Financial fixed assets -€30,922
down €30,922 (-45.5%), from €68,000 to €37,078
- Receivables within one year +€13,550
up €13,550 (+29.6%), from €45,772 to €59,321
- Deferred charges and accrued income +€11,089
up €11,089 (+533.9%), from €2,077 to €13,166
- Intangible fixed assets -€5,400
down €5,400 (-22.2%), from €24,300 to €18,900
- Reserves +€43,165
up €43,165 (+24.6%), from €175,332 to €218,497
- Trade debts -€9,130
down €9,130 (-99.0%), from €9,223 to €94
- Tax, wage and social debts -€4,537
down €4,537 (-39.6%), from €11,447 to €6,910
- Accrued charges and deferred income -€3,522
no longer reported in 2025 (was €3,522)
- Gross operating margin +€20,356
up €20,356 (+19.4%), from €105,005 to €125,362
- Taxes +€6,349
up €6,349 (+53.6%), from €11,844 to €18,194
- Depreciation +€5,608
up €5,608 (+82.8%), from €6,776 to €12,383
- Financial income +€4,463
up €4,463 (+121.2%), from €3,683 to €8,146
- Financial charges -€3,944
down €3,944 (-6.3%), from €62,166 to €58,223
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 | €205,357 | €231,334 | +€25,977 | +12.6% |
| Fixed assets | 21/28 | €111,305 | €70,120 | -€41,185 | -37.0% |
| Intangible fixed assets | 21 | €24,300 | €18,900 | -€5,400 | -22.2% |
| Tangible fixed assets | 22/27 | €19,005 | €14,141 | -€4,864 | -25.6% |
| Furniture and vehicles | 24 | €19,005 | €14,141 | -€4,864 | -25.6% |
| Financial fixed assets | 28 | €68,000 | €37,078 | -€30,922 | -45.5% |
| Current assets | 29/58 | €94,052 | €161,214 | +€67,162 | +71.4% |
| Amounts receivable within one year | 40/41 | €45,772 | €59,321 | +€13,550 | +29.6% |
| Other amounts receivable | 41 | €45,772 | €59,321 | +€13,550 | +29.6% |
| Cash at bank and in hand | 54/58 | €46,203 | €88,727 | +€42,524 | +92.0% |
| Deferred charges and accrued income | 490/1 | €2,077 | €13,166 | +€11,089 | +533.9% |
| Total equity and liabilities | 10/49 | €205,357 | €231,334 | +€25,977 | +12.6% |
| Equity | 10/15 | €180,332 | €223,497 | +€43,165 | +23.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €175,332 | €218,497 | +€43,165 | +24.6% |
| Distributable reserves | 133 | €175,332 | €218,497 | +€43,165 | +24.6% |
| Amounts payable | 17/49 | €25,025 | €7,837 | -€17,188 | -68.7% |
| Amounts payable within one year | 42/48 | €21,503 | €7,837 | -€13,666 | -63.6% |
| Trade debts | 44 | €9,223 | €94 | -€9,130 | -99.0% |
| Suppliers | 440/4 | €9,223 | €94 | -€9,130 | -99.0% |
| Taxes, remuneration and social security | 45 | €11,447 | €6,910 | -€4,537 | -39.6% |
| Taxes | 450/3 | €11,447 | €6,910 | -€4,537 | -39.6% |
| Other amounts payable | 47/48 | €833 | €833 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,522 | - | -€3,522 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,776 | €12,383 | +€5,608 | +82.8% |
| Other operating charges | 640/8 | €1,017 | €710 | -€307 | -30.2% |
| Gross operating margin | 9900 | €105,005 | €125,362 | +€20,356 | +19.4% |
| Operating profit (loss) | 9901 | €97,213 | €112,269 | +€15,056 | +15.5% |
| Financial income | 75/76B | €3,683 | €8,146 | +€4,463 | +121.2% |
| Recurring financial income | 75 | €3,683 | €8,146 | +€4,463 | +121.2% |
| Financial charges | 65/66B | €62,166 | €58,223 | -€3,944 | -6.3% |
| Recurring financial charges | 65 | €62,166 | €58,223 | -€3,944 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €38,729 | €62,192 | +€23,462 | +60.6% |
| Income taxes | 67/77 | €11,844 | €18,194 | +€6,349 | +53.6% |
| Profit (loss) for the period | 9904 | €26,885 | €43,998 | +€17,113 | +63.7% |
| Profit (loss) for the period to be appropriated | 9905 | €26,885 | €43,998 | +€17,113 | +63.7% |
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.